Document:

Exhibit 10.4

 

Execution copy

Account Control Agreement

This ACCOUNT CONTROL AGREEMENT (this “Agreement”), dated as of March 12, 2018, by and among Yield Endurance, Inc., a New Jersey corporation (the “Grantor”), ____________ (the “Secured Party”) and Madison Partners, LLC, a Delaware limited liability company (the “Depository”), is delivered pursuant to Section 2(b) of that certain security agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), dated as of March 12, 2018 made by the Grantor and the Secured Party. This Agreement is entered into by the parties hereto for the purpose of perfecting the security interests of the Secured Party granted by the Grantor in the Account described below. All references herein to the “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of Illinois. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Security Agreement.

 

1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)                 “Account Expenses” has the meaning assigned to such term in Section 15 hereof.

(b)                 “Agreement” has the meaning assigned to such term in the Preamble hereof.

 

(c)                 “Account” has the meaning assigned to such term in Section 2(b) hereof.

 

(d)                 “Bitcoin” means the type of virtual currency based on an open source cryptographic protocol existing on the Bitcoin Network.

 

(e)                 “Depository” has the meaning assigned to such term in the Preamble hereof.

 

(f)                  “Grantor” has the meaning assigned to such term in the Preamble hereof.

 

(g)                 “Notice of Sole Control” has the meaning assigned to such term in Section 11.

 

(h)                 “Secured Party” has the meaning assigned to such term in the Preamble hereof.

 

(i)                  “Security Agreement” has the meaning assigned to such term in the Preamble hereof.

 

(j)                  “UCC” has the meaning assigned to such term in the Preamble hereof.

2. Representations; Covenants. The Depository hereby confirms and agrees that:

(a) The Depository is engaged in the business of cryptocurrency block trading and execution.

(b) The Depository has established an account for the Grantor for the deposit of Bitcoin assets and other assets and maintains the account(s) listed in Schedule 1 annexed hereto (such account(s), together with each such other account maintained by the Grantor with the Depository collectively, the “Accounts” and each an “Account”). The Grantor is the Depository’s customer with respect to the Accounts.

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(c) Each Account will be maintained in the manner set forth herein until termination of this Agreement.

(d) This Agreement is the valid and legally binding obligation of the Depository.

The Depository has not entered into any currently effective agreement with any person relating to the Accounts and/or any of assets credited thereto under which the Depository may be obligated to comply with instructions originated by a person other than the Grantor or the Secured Party. Until the termination of this Agreement, the Depository will not enter into any agreement with any person relating to the Accounts and/or any of the assets credited thereto under which the Depository may be obligated to comply with instructions originated by a person other than the Grantor or the Secured Party.

(e) The Depository has all licenses and permits required of it to carry out its business as contemplated by the Confidential BTC Lending Participation Agreement (the “BTC Agreement”) between the Grantor and the Depository dated the date of this Agreement.

(f) The Depository shall provide the Grantor with continuing access, by email and as otherwise reasonably requested by the Grantor, to all records maintained by the Depository with respect to the Accounts including loans the Depository makes using the Bitcoin delivered to it by or on behalf of the Grantor including all private keys.  In the event the Depository files for bankruptcy whether voluntarily or involuntarily or is otherwise subject to any temporary restraining order or injunction (or similar order), Grantor shall be permitted to use the private keys to redeliver any Bitcoin delivered hereunder or in accordance with the BTC Agreement for purposes of redelivering the Bitcoin to the Grantor as determined in its sole discretion.  In the case of any segregated accounts which hold cash, Grantor shall further be permitted to cause any such third parties holding such cash to deliver such cash based on the value of Bitcoin as of such date as reported by Bloomberg L.P.

(g) Depository hereby represents and warrants that all representations, warranties, covenants and such other obligations as set forth in the BTC Agreement are true and correct in all respects and shall continue to be true and correct while this Agreement remains in full force and effect and are hereby incorporated herein by reference and made a part hereof of this Agreement.

3. Control. Following receipt of a Notice of Sole Control, the Depository shall comply with instructions originated by the Secured Party in accordance with this Agreement without the further consent of the Grantor or any person acting or purporting to act for the Grantor, including, directing disposition of the Accounts. The Depository shall also comply with instructions from the Grantor directing the disposition of funds in each Account originated by the Grantor until such time as the Secured Party delivers a Notice of Sole Control pursuant to Section 11(a) hereof to the Depository. The Depository shall comply with, and is fully entitled to rely upon, any instruction from the Secured Party, even if such instruction is contrary to any instruction that the Grantor may give or may have given to the Depository.

4. Subordination of Lien; Waiver of Set-Off.

(a) The Depository hereby agrees that any security interest in, lien on, encumbrance, claim or (except as provided in the next sentence) right of set-off against, the Accounts or any funds therein it now has or subsequently obtains shall be subordinate to the security interest of the Secured Party in the Account and the assets therein or credited thereto.

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(b) The Depository agrees not to exercise any present or future right of recoupment or set-off against the Account or to assert against the Account any present or future security interest or any other lien or claim (including claim for penalties) that the Depository may at any time have against or in any of the Account or any funds therein; provided, however, that the Depository may set off all amounts due to the Depository in respect of its customary fees and expenses for the routine maintenance and operation of the Account.

5. Depository’s Responsibility.

(a) The Depository will not be liable to the Secured Party for complying with instructions from the Grantor concerning the Account that is received by the Depository before the Depository receives, and has a reasonable opportunity to act on, a Notice of Sole Control.

(b) The Depository will not be liable to the Grantor or the Secured Party for complying with a Notice of Sole Control or with instructions concerning the Account originated by the Secured Party, even if the Grantor notifies the Depository that the Secured Party is not legally entitled to issue the Notice of Sole Control or instructions, unless the Depository takes the actions after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process.

(c) This Agreement does not create any obligation of the Depository except for those expressly set forth in this Agreement. In particular, the Depository need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor to give instructions concerning any Account or a Notice of Sole Control. The Depository may rely on notices and communications it believes to be given by the appropriate party.

6. Indemnification and Reimbursement.

(a) The Grantor agrees to indemnify the Depository, its officers, directors, employees and agents against all claims incurred, sustained or payable by the Depository, or such other indemnitee, arising out of this Agreement except to the extent caused by the Depository’s, or such other indemnitee’s bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment. The Depository agrees to indemnify the Grantor, its officers, directors, employees and agents against all claims incurred, sustained or payable by the Grantor, or such other indemnitee, arising out of this Agreement except to the extent caused by the Grantor’s, or such other indemnitee’s bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment.

(b) The Secured Party agrees to reimburse the Depository for any charge against the Account for which there were insufficient funds in the Account to satisfy the charge. Such reimbursement will be limited to the aggregate amount transferred from the Account as a result of the Depository’s acting upon instructions originated by the Secured Party as contemplated in this Agreement. No demand by the Depository for reimbursement under this Section 6(b) may be made later than five (5) days after the termination of this Agreement. The Depository may not make a claim for reimbursement under this Section 6(b) unless:

	
(i)

	
the Grantor fails to satisfy the claim within five (5) days after the Depository makes a demand on the Grantor under Section 6(a); or

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(ii)

	
the Depository is enjoined, stayed or prohibited by operation of law from making the demand on the Grantor.

(c) The Secured Party’s reimbursement obligation under Section 6(b) will not apply to:

	
(i)

	
a charge for reimbursement or indemnification for any out-of-pocket or allocable internal legal fees and expenses incurred by the Depository in connection with any claim or defense by the Depository against the Secured Party relating to this Agreement; or

	
(ii)

	
the amount of loss incurred by the Depository to the extent caused by the Depository’s gross negligence or willful misconduct. If the Depository satisfies any claim referred to in the foregoing clause (i) against the Grantor by charging the Account, the amount of the Secured Party’s maximum liability for reimbursement obligations under Section 6(b) will be reduced by the amount of the claim so satisfied.

(d) If the Secured Party fails to reimburse the Depository for any amount under Section 6(b), the Secured Party will pay for the Depository’s out-of-pocket fees and expenses in collecting from the Secured Party the amount payable.

(e) The Secured Party agrees to indemnify the Depository against all other claims incurred, sustained or payable by the Depository arising from the Depository following instructions originated by the Secured Party, or from the Depository’s transfer of funds pursuant to this Agreement, except to the extent caused by the Depository’s bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment.

7. Choice of Law; Waiver of Jury Trial.

(a) Both this Agreement and the deposit shall be governed by the laws of the State of Illinois. The Depository and the Grantor may not change the law governing any Account without the Secured Party’s prior written consent.

(b) To the extent permitted by applicable law, each party waives all rights to trial by jury in any action, claim or proceeding (including any counterclaim) of any type arising out of or directly or indirectly relating to this Agreement.

8. Conflict with Other Agreements. As of the date hereof, there are no other agreements entered into between the Depository and the Grantor with respect to any Account or any funds credited thereto (other than standard and customary documentation with respect to the establishment and maintenance of such Account and the BTC Agreement).  The Depository and the Grantor will not enter into any other agreement with respect to any Account unless the Secured Party shall have received prior written notice thereof. The Depository and the Grantor have not and will not enter into any other agreement with respect to control of the Account or purporting to limit or condition the obligation of the Depository to comply with any orders or instructions with respect to any Account as set forth in Section 3 hereof without the prior written consent of the Secured Party acting in its sole discretion. In the event of any conflict with respect to control over any Account between this Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail.

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9. Account Statements. On or before the 5th (Fifth) day of each month, the Depository shall furnish to the Secured Party and the Grantor the most recent account statement issued by the Depository with respect to each of the Accounts and the balances held therein. Each such statement shall accurately reflect the assets held in such Account as of the date thereof. The Depository’s liability for failing to provide any account statement will not exceed the Depository’s cost of providing the statement. The Grantor authorizes the Depository to provide the Secured Party, whether by internet access or otherwise, any other information concerning the Account that the Depository may agree to provide to the Secured Party at the Secured Party’s request.

10. Notice of Adverse Claims. Except for the claims and interests of the Secured Party and of the Grantor in the Accounts, the Depository on the date hereof does not know of any claim to, security interest in, lien on, or encumbrance against, any Account or in any funds credited thereto and does not know of any claim that any person or entity other than the Secured Party has been given control (within the meaning of UCC) of any Account or any such funds. If the Depository becomes aware that any person or entity is asserting any lien, encumbrance, security interest or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process or any claim of control) against any funds in any Account, the Depository shall promptly notify the Secured Party and the Grantor thereof.

11. Maintenance of Accounts. In addition to the obligations of the Depository in Section 3 hereof, the Depository shall maintain the Account, and Grantor agrees to such maintenance of the Account, as follows and: If at any time the Secured Party delivers to the Depository a notice instructing the Depository to terminate the Grantor’s access to any Account (a “Notice of Sole Control”), the Depository agrees that, after receipt of such notice, it will take all instructions with respect to such Account solely from the Secured Party, terminate all instructions and orders originated by the Grantor with respect to the Account or any funds therein, and cease taking instructions from the Grantor, including, without limitation, instructions for distribution or transfer of any funds in any Account. The Depository shall provide prompt notice to the Grantor of such action.

12. Binding Effect. The terms of this Agreement shall become effective when it has been executed by the Grantor, the Secured Party and the Depository, and thereafter shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns and transferees.

13. Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, by overnight delivery service or by email addressed to the party at the address set forth below.

 

Yield Endurance, Inc.

101 Hudson Street, 21st Floor

Jersey City, New Jersey 07302

Email: david@sportendurancehq.com

Attention: Mr. David Lelong

 

Madison Partners, LLC

 

14. Termination; Survival. Except as otherwise provided in this Section 14, this Agreement and the obligations of the Depository hereunder shall continue in effect until the security interests of the Secured Party in the Account and any and all funds therein have been terminated pursuant to the terms of the 

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Security Agreement and the Secured Party has notified the Depository of such termination in writing. This Agreement may be terminated by:

(a) the Secured Party at any time by written notice to the other parties; or

(b) the Depository, at any time by written notice delivered to the Secured Party and the Grantor not less than 30 days prior to the effective termination date; or

(c) the Grantor, by written notice signed by the Grantor and the Secured Party, delivered to the Depository not less than 30 days prior to the effective termination date; provided, however, that if the Depository ceases operations, is (i) subject to a temporary restraining order or injunction (or similar order) restraining it from performing its duties under this Agreement or the BTC Agreement, (ii) a bankruptcy or insolvency petition filed against it or (iii) the filing of bankruptcy or insolvency petition by it, the 30-day notice period shall not be required. Prior to any termination of this Agreement pursuant to this Section 14, the Depository hereby agrees that it shall promptly take, at the Grantor’s sole cost and expense, all actions necessary to transfer any funds or Bitcoin in the Account as follows: (a) in the case of a termination of this Agreement under Section 14(b) hereof, to the institution designated in writing by the Grantor; and (b) in all other cases, to the institution designated in writing by the Secured Party.

Sections 6 through 17 of this Agreement will survive termination of this Agreement.

15. Fees and Expenses. The Depository agrees to look solely to the Grantor for payment of any and all fees, costs, charges and expenses incurred or otherwise relating to the Account and services provided by the Depository hereunder (collectively, the “Account Expenses”), and the Grantor agrees to pay such Account Expenses to the Depository on demand therefor. The Grantor acknowledges and agrees that it shall be, and at all times remains, solely liable to the Depository for all Account Expenses.

16. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois.  EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF, AND VENUE IN, ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION LOCATED IN COOK COUNTY, STATE OF ILLINOIS, SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREIN, AND HEREBY WAIVES, AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT HEREOF, THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPLICABLE OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SAID COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION SHALL BE HEARD AND DETERMINED IN SAID COURTS.  THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE.

17. Severability. If any term or provision set forth in this Agreement shall be invalid or unenforceable, the remainder of this Agreement, other than those provisions held invalid or unenforceable, shall be construed in all respects as if such invalid or unenforceable term or provision were omitted.

18. Amendment. No amendment to this Agreement will be binding on any party unless it is in writing 

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and signed by all of the parties. Any provision of this Agreement benefiting a party may be waived only by a writing signed by that party.

19. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same agreement and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Agreement electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Agreement.

 

 

 

 

[Signature page follows]

 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	
 

 

	
Yield Endurance, Inc.

 

	
 

 

	
By_____________________

Name: David Lelong

Title: Chief Executive Officer

 

	
Madison Partners, LLC

 

	
 

 

	
By_____________________

Name:

Title:

 

	
 

 

	
 

 

	 
	
 

 

	
By_____________________

Name:

Title:

 

8Exhibit 10.5

 

Execution copy

SUBORDINATION AGREEMENT

March 12, 2018

Ladies and Gentlemen:

The undersigned lender (“Creditor”) is a creditor of Sport Endurance, Inc. (“Company”), Yield Endurance, Inc. (“Yield”), a wholly-owned subsidiary of the Company together with any direct or indirect subsidiary of the Company hereafter formed or acquired (Yield and each future subsidiary, a “Borrower” and collectively referred to herein as “Borrowers”), wish to accommodate the extension of credit by ______________ (“Senior Lender”) to Yield pursuant to that certain Note Purchase Agreement, dated March 12, 2018 among the Company, Yield and Senior Lender (“Purchase Agreement”) and the Transaction Documents thereto.  Defined terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

In order to induce Senior Lender to enter into the Transaction Documents and to extend credit thereunder and to grant such renewals or extensions of such credit as Senior Lender may deem advisable, Creditor is willing to subordinate, on the terms of this agreement (the “Agreement”): (i) all of the Company’s indebtedness and obligations to Creditor, whether presently existing or arising in the future (the “Subordinated Debt”), to all of Yield’s indebtedness and obligations to Senior Lender pursuant to the Senior Secured Demand Promissory Note (“Note”) and the Company’s Guaranty; and (ii) all of Creditor’s security interests in the Company’s property to all of Senior Lender’s security interests in  the  property of the Company and Yield in connection with the Transaction Documents.

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

1. Any and all claims of Creditor against the Company or any Borrower, now or hereafter existing, are, and shall be at all times, subject and subordinate to any and all claims, now or hereafter existing which Senior Lender may have against the Company or any Borrower (including any claim by Senior Lender for interest accruing after any assignment for the benefit of Creditor by the Company or any Borrower or the institution by or against the Company or any Borrower of any proceedings under the Bankruptcy Code, or any claim by Senior Lender for any such interest which would have accrued in the absence of such assignment or the institution of such proceedings) arising under the Note and interest thereon.

2. Creditor agrees (i) not to commence or threaten to commence any action or proceeding, sue upon, or to collect, or to receive payment of the principal or interest of any claim or claims now or hereafter existing which such Creditor may hold against the Company or any Borrower, (ii) not to sell, assign, transfer, pledge, hypothecate, or encumber such claim or claims except subject expressly to this Agreement, and not to enforce or apply any security now or hereafter existing therefor, (iii) not to file or join in any petition to commence any proceeding under the Bankruptcy Code, and (iv) not to take any lien or security on any of any or the Company’s or Borrower’s property, real or personal (which shall not require the termination of a lien or security of Creditor that exists on the date hereof, provided that such lien or security is not 

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amended following the date hereof), in each case, until 91 days following the date all claims of Senior Lender against the Company or any Borrower have been indefeasibly satisfied in full.

3. In case of any assignment for the benefit of Creditor by the Company or any Borrower or in case any proceedings under the Bankruptcy Code are instituted by or against the Company or any Borrower, or in case of the appointment of any receiver for the Company or any Borrower’s business or assets, or in case of any dissolution or winding up of the affairs of the Company or any Borrower: (a) Company and Borrower and any assignee, trustee in Bankruptcy, receiver, debtor in possession or other person or persons in charge are hereby directed to pay to Senior Lender the full amount of Senior Lender claims against the Company or any Borrower (including interest to the date of payment) before making any payment of principal or interest to Creditor, and insofar as may be necessary for that purpose,  Creditor hereby assigns and transfers to Senior Lender all security or the proceeds thereof, and all rights to any payments, dividends or other distributions, and (b) Creditor hereby irrevocably constitutes and appoints each Senior Lender its true and lawful attorney to act in its name and stead:  (i) to file the appropriate claim or claims on behalf of such Creditor if such Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if Senior Lender elects at its sole discretion to file such claim or claims and (ii) to accept or reject any plan of reorganization or arrangement on behalf of Creditor, and to otherwise vote Creditor’s claims in respect of any indebtedness now or hereafter owing from the Company or any Borrower to Creditor in any manner Senior Lender deems appropriate for its own benefit and protection.

4. Senior Lender is hereby authorized by Creditor to: (a) renew, compromise, extend, accelerate or otherwise change the time of payment, or any other terms, of the extension of credit pursuant to the Note, (b) increase or decrease the rate of interest payable thereon or any part thereof, (c) exchange, enforce, waive or release any security therefor, (d) apply such security and direct the order or manner of sale thereof in such manner as such Senior Lender may at its discretion determine, and (e) release the Company, any Borrower or any guarantor of any indebtedness of a Borrower from liability, all without notice to Creditor and without affecting the subordination provided by this Agreement.  Upon receiving the express written consent of the Creditor, Senior Lender shall be authorized to make optional future advances to any Borrower. Provided, however, no consent of the Creditor shall be required for the Senior Lender to make future advances to Yield.

5. Creditor hereby covenants to not sell, assign, transfer or hypothecate the Subordinated Debt or any portion thereof unless the party to which such sale, assignment, transfer or hypothecation is made shall execute and deliver this Agreement, mutatis mutandis, to  Senior Lender in advance as a condition precedent to such sale, assignment, transfer or hypothecation.  Any sale, assignment, transfer or hypothecation of Subordinated Debt by Creditor that is not in compliance with this provision shall be null and void, ab initio.

6. In the event that any payment or any cash or noncash distribution is made to Creditor in violation of the terms of this Agreement, such Creditor shall receive same in trust for the benefit of Senior Lender, and shall forthwith remit it to Senior Lender in the form in which it was received, together with such endorsements or documents as may be necessary to effectively negotiate or transfer same to the Senior Lender.

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7. Until all such claims of Senior Lender against the Borrowers, now or hereafter existing, shall be paid in full, no gift or loan shall be made by the Company or any Borrower to any Creditor.

8. For violation of this Agreement, Creditor shall be liable for all loss and damage sustained by reason of such breach, and upon any such violation Senior Lender may, at its option, accelerate the maturity of any of its existing or future claims against the Guarantor or any Borrower.

9. This Agreement shall be binding upon the heirs, successors and assigns of Creditor, the Company, the Borrowers and the Senior Lender.  This Agreement and any existing or future claim of a Senior Lender against a Borrower may be assigned by such Senior Lender, in whole or in part, without notice to the Creditor, the Company or such Borrower.  In addition, the Company and Borrower shall cause any direct and indirect subsidiaries hereafter formed or acquired to acknowledge and agree to the terms hereof, and deliver written evidence to the Senior Lender with respect thereto contemporaneous with any such acquisition or formation.

10. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.

11. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement.

12. This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.

13. The provisions of this Agreement are solely to define the relative rights of the Creditor on the one hand and Senior Lender on the other hand.  Nothing in this Agreement shall impair, as between the Company and the Creditor, the unconditional and absolute obligation of Company to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Debt in accordance with the terms thereof, subject to the rights of Senior Lender under this Agreement.  This Agreement constitutes the entire agreement among the parties with respect to the matters covered hereby and thereby and supersede all previous written, oral or implied understandings among them with respect to such matters.

14. The invalidity of any portion hereof shall not affect the validity, force or effect of the remaining portions hereof.  If it is ever held that any restriction hereunder is too broad to permit enforcement of such restriction to its fullest extent, such restriction shall be enforced to the maximum extent permitted by law.

15. Each of the parties hereto acknowledges that this Agreement has been prepared jointly by the parties hereto, and shall not be strictly construed against either party.

 

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have caused this Subordination Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

By: __________________________

Name:

Title:

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Acceptance of Subordination Agreement by Borrower

The undersigned being Borrowers and Company referred to in the foregoing Subordination Agreement, hereby accept and consent thereto and agrees to be bound by all the provisions thereof and to recognize all priorities and other rights granted thereby to Senior Lender, its respective successors and assigns, and to perform in accordance therewith.

Dated:  March ___, 2018

YIELD ENDURANCE, INC.

By: _____________________

Name: David Lelong

Title: President and CEO

SPORT ENDURANCE, INC.

By: _____________________

Name: David Lelong

Title: Chief Executive Officer

 

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