Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 SMART ABS
SERIES 2015-1US TRUST 
 AGENCY AGREEMENT 

US$ NOTE TRUST DEED 
 NOTICE OF
CHANGE TO APPENDIX A 
 January 19, 2016 

Reference is hereby made to (1) that certain SMART ABS Series 2015-1US Trust US$ Note Trust Deed (the “Trust Deed”), dated
March 10, 2015, among Macquarie Securities Management Pty Limited (the “Manager”), Macquarie Leasing Pty Limited (“MLPL”), Perpetual Trustee Company Limited (as “Issuer”) and The Bank of New York Mellon, as US$
Note Trustee (the “US$ Note Trustee”), and (2) that certain Agency Agreement (the “Agency Agreement”), dated March 10, 2015, among the Issuer, the Manager, the US$ Note Trustee and The Bank of New York
Mellon, as Principal Paying Agent, US$ Note Registrar and Agent Bank. 
 The parties to the Trust Deed are hereby notified of and consent to the update to
Appendix A – Servicing Criteria to Schedule 6 of the Trust Deed as indicated in Exhibit A attached hereto in order that the procedures with respect to the servicing criteria are consistent within the SMART program. The parties to the
Trust Deed hereby acknowledge and agree that the Trust Deed remains in full force and effect and, other than as updated pursuant to this notice, is not amended or varied in any way. 

The parties to the Agency Agreement are hereby notified of and consent to the update to Appendix A – Servicing Criteria to Schedule 1 of the Agency
Agreement as indicated in Exhibit B attached hereto in order that the procedures with respect to the servicing criteria are consistent within the SMART program. The parties to the Agency Agreement hereby acknowledge and agree that the Agency
Agreement remains in full force and effect and, other than as updated pursuant to this notice, is not amended or varied in any way. 
 This notice may be
executed in any number of counterparts all of which taken together will be deemed to constitute one and the same document. 
 [SIGNATURE PAGE
FOLLOWS] 

 IN WITNESS WHEREOF, parties hereto acknowledge the foregoing notice and consent to the change to schedules as of
the day and year first above written. 
 PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

									
					
	 By:
	 	 /s/ Hagbarth Strom
	 		 	 By:
	 	 /s/ Nora McDonnell

	 Name:
	 	Hagbarth Strom	 		 	Name:	 	Nora McDonnell
	 Title:
	 	Senior Transaction Manager	 		 	Title:	 	Manager

 MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

									
					
	 By:
	 	 /s/ Kevin Lee
	 		 	 By:
	 	 /s/ Kristen Adler

	 Name:
	 	Kevin Lee	 		 	Name:	 	Kristen Adler
	 Title:
	 	Division Director	 		 	Title:	 	Associate Director

 MACQUARIE LEASING PTY LIMITED 

ABN 38 002 674 982 

									
					
	 By:
	 	 /s/ Karleen Anne Munns
	 		 	 By:
	 	 /s/ Jennifer Chamberlain

	 Name:
	 	Karleen Anne Munns	 		 	 Name:
	 	Jennifer Chamberlain
	 Title:
	 	Executive Director	 		 	 Title:
	 	

 THE BANK OF NEW YORK MELLON 

									
					
	 By:
	 	 /s/ Teresa Wyszomierski
	 		 		 	
	 Name:
	 	Teresa Wyszomierski	 		 		 	
	 Title:
	 	Vice-President	 		 		 	

 Exhibit A 

Trust Deed 
 Appendix A
– Servicing Criteria 

 APPENDIX A 
  

							
	SERVICING CRITERIA	 	  	 	
APPLICABLE

  SERVICING CRITERIA*  

	 		 	 
	Reference	 	Criteria	 	  	 	  
	 		 	 
	  	 	General Servicing Considerations	 	  	 	  
	
1122(d)(1)(i)
	 	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	 	 	 
	
1122(d)(1)(ii)
	 	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such
servicing activities.	 	 	 	 
	
1122(d)(1)(iii)
	 	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	 	 	 	 
	
1122(d)(1)(iv)
	 	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by
and otherwise in accordance with the terms of the transaction agreements.	 	 	 	 
	
1122(d)(1)(v)**  
	 	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	 	 	 
	 			 
	  	 	Cash Collection and Administration	 	  	 	  
	
1122(d)(2)(i)
	 	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	 	 	 	 
	
1122(d)(2)(ii)
	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	 	 	x
	
1122(d)(2)(iii)
	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified
in the transaction agreements.	 	 	 	 
	
1122(d)(2)(iv)
	 	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.	 	 	 	x
	
1122(d)(2)(v)
	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured
depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	 	 	 	x
	
1122(d)(2)(vi)
	 	Unissued checks are safeguarded so as to prevent unauthorized access.	 	 	 	x
	
1122(d)(2)(vii)
	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	 	 	 	x
	 			 
	 	 	 Investor Remittances and Reporting
	 	 	 	 
	
1122(d)(3)(i)
	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically,
such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the	 	 	 	 

 
  

	*	The assessment of compliance to be delivered by the US$ Note Trustee shall address at a minimum the criteria identified below in Appendix A (the checked items) as “Applicable Servicing Criteria.”

	**	The criterion to be included on and after 23 November 2015. 

							
	SERVICING CRITERIA	 	  	 	
APPLICABLE

  SERVICING CRITERIA*  

	 		 	 
	Reference	 	Criteria	 	  	 	  
	 	 	Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets
serviced by the Servicer.	 	 	 	 
	
1122(d)(3)(ii)
	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	 	 	 x
(solely with respect to
 remittance)

	
1122(d)(3)(iii)
	 	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	 	 	 	x
	
1122(d)(3)(iv)
	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	 	 	x
	 			 
	  	 	Pool Asset Administration	 	  	 	  
	
1122(d)(4)(i)
	 	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	 	 	 	 
	
1122(d)(4)(ii)
	 	Pool assets and related documents are safeguarded as required by the transaction agreements	 	 	 	 
	
1122(d)(4)(iii)
	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	 	 	 
	
1122(d)(4)(iv)
	 	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two
business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	 	 	 	 
	
1122(d)(4)(v)
	 	The Servicer’s records regarding the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 	 	 	 
	
1122(d)(4)(vi)
	 	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-aging) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	 	 	 	 
	
1122(d)(4)(vii)
	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 	 	 	 
	
1122(d)(4)(viii)  
	 	Records documenting collection efforts are maintained during the period an account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	 	 	 	 
	
1122(d)(4)(ix)
	 	Adjustments to interest rates or rates of return for accounts with variable rates are computed based on the related account documents.	 	 	 	 
	
1122(d)(4)(x)
	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual
basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	 	 	 	 
	
1122(d)(4)(xi)
	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices
for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	 	 	 

							
	SERVICING CRITERIA	 	  	 	
APPLICABLE

  SERVICING CRITERIA*  

	 		 	 
	Reference	 	Criteria	 	  	 	  
	
1122(d)(4)(xii)  
	 	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late
payment was due to the obligor’s error or omission.	 	 	 	 
	
1122(d)(4)(xiii)  
	 	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the
transaction agreements.	 	 	 	 
	
1122(d)(4)(xiv)  
	 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	 	 	 
	
1122(d)(4)(xv)  
	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	 	 	 

 Exhibit B 

Agency Agreement 

Appendix A – Servicing Criteria 

 APPENDIX A - SERVICING CRITERIA 

 

							
	SERVICING CRITERIA	 	  	 	APPLICABLE
  SERVICING CRITERIA*  
	 			 
	Reference	 	Criteria	 	  	 	  
	 			 
	  	 	General Servicing Considerations	 	  	 	  
	
1122(d)(1)(i)
	 	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	 	 	 
	
1122(d)(1)(ii)
	 	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such
servicing activities.	 	 	 	 
	
1122(d)(1)(iii)
	 	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	 	 	 	 
	
1122(d)(1)(iv)
	 	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by
and otherwise in accordance with the terms of the transaction agreements.	 	 	 	 
	
1122(d)(1)(v)**  
	 	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	 	 	 
	 			 
	  	 	Cash Collection and Administration	 	  	 	  
	
1122(d)(2)(i)
	 	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	 	 	 	 
	
1122(d)(2)(ii)
	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	 	 	x
	
1122(d)(2)(iii)
	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified
in the transaction agreements.	 	 	 	 
	
1122(d)(2)(iv)
	 	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.	 	 	 	x
	
1122(d)(2)(v)
	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured
depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	 	 	 	x
	
1122(d)(2)(vi)
	 	Unissued checks are safeguarded so as to prevent unauthorized access.	 	 	 	x
	
1122(d)(2)(vii)
	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	 	 	 	x
	 			 
	  	 	Investor Remittances and Reporting	 	  	 	  
	
1122(d)(3)(i)
	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically,
such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction	 	 	 	 

 
  

	*	The assessment of compliance to be delivered by the US$ Note Trustee shall address at a minimum the criteria identified below in Appendix A (the checked items) as “Applicable Servicing Criteria.”

	**	The criterion to be included on and after 23 November 2015. 

							
	SERVICING CRITERIA	 	  	 	APPLICABLE
  SERVICING CRITERIA*  
	 			 
	Reference	 	Criteria	 	  	 	  
	 	 	agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	 	 	 	 
	
1122(d)(3)(ii)
	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	 	 	x (solely with respect to remittance)
	
1122(d)(3)(iii)
	 	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	 	 	 	x
	
1122(d)(3)(iv)
	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	 	 	x
	 			 
	  	 	Pool Asset Administration	 	  	 	  
	
1122(d)(4)(i)
	 	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	 	 	 	 
	
1122(d)(4)(ii)
	 	Pool assets and related documents are safeguarded as required by the transaction agreements	 	 	 	 
	
1122(d)(4)(iii)
	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	 	 	 
	
1122(d)(4)(iv)
	 	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two
business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	 	 	 	 
	
1122(d)(4)(v)
	 	The Servicer’s records regarding the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 	 	 	 
	
1122(d)(4)(vi)
	 	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-aging) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	 	 	 	 
	
1122(d)(4)(vii)
	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 	 	 	 
	
1122(d)(4)(viii)  
	 	Records documenting collection efforts are maintained during the period an account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	 	 	 	 
	
1122(d)(4)(ix)
	 	Adjustments to interest rates or rates of return for accounts with variable rates are computed based on the related account documents.	 	 	 	 
	
1122(d)(4)(x)
	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual
basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.	 	 	 	 
	
1122(d)(4)(xi)
	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices
for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	 	 	 

							
	SERVICING CRITERIA	 	  	 	APPLICABLE
  SERVICING CRITERIA*  
	 			 
	Reference	 	Criteria	 	  	 	  
	
1122(d)(4)(xii)
	 	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late
payment was due to the obligor’s error or omission.	 	 	 	 
	
1122(d)(4)(xiii)  
	 	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the
transaction agreements.	 	 	 	 
	
1122(d)(4)(xiv)
	 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	 	 	 
	
1122(d)(4)(xv)
	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.Exhibit 10.1

 

THIS NOTE WAS ORIGINALLY ISSUED
ON JANUARY 15, 2016, AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE SECURITIES
LAW.

 

PROMISSORY NOTE

 

	January 15, 2016	$400,000.00

 

JetPay Corporation, a
Delaware corporation (the "Company"), hereby promises to pay to the order of Bipin C. Shah (the "Holder"),
the principal amount of $400,000.00, together with interest thereon calculated from the date hereof (collectively, the "Payment
Obligation Amount"), in each case in accordance with the provisions of this Note.

 

1.          Payment
of Commitment Fee and Interest. The Company shall on the date hereof pay to the Holder as a commitment fee an amount equal
to 5% of the initial principal amount of this Note. Except as otherwise expressly provided in Section 3, interest
shall accrue at the rate of twelve percent (12%) per annum (compounded quarterly at the end of each calendar quarter and computed
on the basis of a 365-day year and the actual number of days elapsed in a year) on the unpaid principal amount of this Note outstanding
from time to time, or (if less) the highest rate then permitted under applicable law. The Company shall pay in cash to the holder
of this Note all accrued interest on the Maturity Date (as defined in Section 2(a)). Unless prohibited under applicable
law, any accrued interest which is not paid on the date on which it is payable shall bear interest at the same rate at which interest
is then accruing on the principal amount of this Note until such interest is paid.

 

2.           Payment
of Principal.

 

(a)         Scheduled
Payment. The Company shall pay the principal amount of $400,000.00 (or such lesser principal amount then outstanding), together
with all accrued and unpaid interest thereon, to the holder of this Note on the Maturity Date. This Note shall mature at the earlier
to occur of the following (the "Maturity Date"): (i) April 14, 2016 and (ii) an Event of Default (as
defined in Section 3) which has not been duly cured or waived.

 

(b)         Optional
Prepayments. The Company may, at any time and from time to time without premium or penalty, prepay all or a portion (in whole
number multiples of $1,000 only) of the outstanding principal amount of the Notes. The Company shall send written notice to the
Holder of its election to make a prepayment on this Note at least five days prior to the date of prepayment.

 

     

     

    

 

(c)         Mandatory
Prepayments. The Company shall, without premium or penalty, make mandatory prepayments of this Note within one business day of
the occurrence of any of the following events: (i) the Company or any of its Subsidiaries consummates any debt financing, or any
equity financing (but only if such equity financing occurs after January 31, 2016), in which case the amount of such prepayment
shall be equal to the amount of net cash proceeds received by the Company or any of its Subsidiaries in such debt or equity financing,
up to the unpaid Payment Obligation Amount then outstanding hereunder and (ii) any amount of cash is released to the Company or
any of its subsidiaries from Wells Fargo Bank, N.A. pursuant to the Merchant Financial Services Agreement by and between Wells
Fargo Bank, N.A. and JetPay, LLC, in which case the amount of such prepayment shall be equal to the amount of such cash being released,
up to an amount equal to the unpaid Payment Obligation Amount then outstanding hereunder.

 

(d)          Application
of Payments. Payments under this Note shall be applied (i) first to the payment of accrued and unpaid interest hereunder until
all such interest is paid and (ii) second, to the repayment of the principal outstanding hereunder.

 

3.           Events
of Default.

 

(a)          Definition.
For purposes of this Note, an Event of Default shall have occurred if:

 

(i)          the
Company fails to pay when due any payment (whether interest or principal) owed on this Note;

 

(ii)         the
Company fails to perform or observe in any material respect any provision contained in this Note or in the Side Letter;

 

(iii)        any
representation, warranty or information contained in the Side Letter is inaccurate, false or misleading on the date made or furnished;

 

(iv)        the
Company or any Subsidiary makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts
generally as they become due; or an order, judgment or decree is entered adjudicating the Company or any Subsidiary bankrupt or
insolvent; or any order for relief with respect to the Company or any Subsidiary is entered under the Federal Bankruptcy Code;
or the Company or any Subsidiary petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or
liquidator of the Company or any Subsidiary, or of any substantial part of the assets of the Company or any Subsidiary, or commences
any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any Subsidiary) relating to the Company
or any Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation
law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Company
or any Subsidiary and either (A) the Company or any such Subsidiary by any act indicates its approval thereof, consent thereto
or acquiescence therein or (B) such petition, application or proceeding is not dismissed within 60 days;

 

(v)         the
Company or any Subsidiary defaults in the performance of any obligation if the effect of such default is to cause an amount exceeding
$250,000 to become due prior to its stated maturity or to permit the holder or holders of such obligation to cause an amount exceeding
$250,000 to become due prior to its stated maturity; or

 

    	 	-2-	 

     

    

 

(vi)        a
Sale of the Company is consummated.

 

The foregoing shall constitute
Events of Default whatever the reason or cause for any such Event of Default and whether it is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body and regardless of the effects of any subordination provisions (structural or otherwise).

 

(b)         Consequences
of Events of Default.

 

(i)          If
an Event of Default other than of the type described in Section 3(a)(iv) has occurred, the interest rate on the Notes
shall increase immediately to a rate of twenty-five percent (25%) per annum (compounded quarterly at the end of each calendar quarter
and computed on the basis of a 365-day year and the actual number of days elapsed in a year), to the extent permitted by law.

 

(ii)         If
an Event of Default has occurred, the aggregate Payment Obligation Amount shall become immediately due and payable without any
action on the part of the holder of this Note, and the Company shall immediately pay to the holder of this Note the entire unpaid
Payment Obligation Amount then outstanding.

 

(iii)        Each
holder of this Note shall also have any other rights which such holder may have been afforded under any contract or agreement at
any time and any other rights which such holder may have pursuant to applicable law.

 

(iv)        The
Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this
Note, and expressly agrees that this Note, or the payment hereunder, may be extended from time to time and that the holder hereof
may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Company
hereunder.

 

4.           Transfers.
The holder of this Note (including the Holder) shall have the right to assign or transfer all or any part of this Note. The Company
shall maintain a register for recording the ownership and the transfer of this Note. Upon surrender of this Note for registration
of transfer or for exchange to the Company at its principal office, the Company at its sole expense shall execute and deliver
in exchange there for a new Note or Notes, as the case may be, as requested by the holder or transferee, which aggregate the unpaid
Payment Obligation Amount, registered as such holder or transferee may request, dated so that there will be no loss of interest
on such surrendered Note and otherwise of like tenor. The issuance of new Note(s) shall be made without charge to the holder(s)
of the surrendered Note for any issuance tax in respect thereof or other cost incurred by the Company in connection with such
issuance. The Company shall be entitled to regard the registered holder of this Note as the owner and holder of the Notes so registered
for all purposes until the Company is required to record a transfer of this Note on its register.

 

5.           Replacement.
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, the
Company, at its expense, shall execute and deliver, in lieu thereof, a new Note of like tenor and dated the date of such lost,
stolen, destroyed or mutilated Note. Any Note in lieu of which any such new Note has been so executed and delivered by the Company
shall not be deemed to be an outstanding Note.

 

    	 	-3-	 

     

    

 

6.          Amendment
and Waiver. Except as otherwise expressly provided herein, the provisions of the Notes may be amended and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained
the written consent of the Holder.

 

7.          Definitions.
For purposes of this Note, the following capitalized terms have the following meaning.

 

"Affiliate"
of any Person means any other Person controlled by, controlling or under common control with such Person. As used in this definition,
"control" (including, with its correlative meanings, "controlling," "controlled by" and "under
common control with") shall mean possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities, by contract or otherwise).

 

"Person"
means an individual, a partnership, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision thereof.

 

"Sale of the
Company" means the sale of the Company to any Person or group of Persons pursuant to which such Person or Persons acquire
(i) capital stock of the Company either representing more than 50% of the outstanding capital stock of the Company and/or
possessing the voting power to elect a majority of the board of directors of the Company (whether by merger, consolidation, sale,
or transfer of the Company's capital stock) or (ii) all or substantially all the Company's assets determined on a consolidated
basis.

 

"Side Letter"
means that certain letter agreement, dated as of the date hereof, by and between the Company and the Holder.

 

"Subsidiary"
means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity
of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if
a limited liability company, partnership, association or other business entity, a majority of the partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries
of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated
a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control
any managing director or general partner of such limited liability company, partnership, association or other business entity.

 

    	 	-4-	 

     

    

 

8.          Cancellation.
After the entire Payment Obligation Amount at any time owed on this Note has been paid in full, this Note shall be surrendered
to the Company for cancellation and shall not be reissued.

 

9.          Form
of Payments. All payments to be made to the holder of this Note shall be made in the lawful money of the United States of
America in immediately available funds.

 

10.         Business
Days. If any payment is due, or any time period for giving notice or taking action expires, on a day which is a Saturday,
Sunday or legal holiday in the State of Pennsylvania, the payment shall be due and payable on, and the time period shall automatically
be extended to, the next business day immediately following such Saturday, Sunday or legal holiday, and interest shall continue
to accrue at the required rate hereunder until any such payment is made.

 

11.         Governing
Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Note shall be
governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State
of Delaware shall control the interpretation and construction of this Note, even though under that jurisdiction's choice of law
or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

12.         Usury
Laws. It is the intention of the Company and the holder of this Note to conform strictly to all applicable usury laws now
or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the
maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over
such matters. If the maturity of this Note is accelerated by reason of an Event of Default, voluntary prepayment by the Company
or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof
until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore
paid, shall at the option of the holder hereof either be rebated to the Company or credited on the principal amount of this Note,
or if this Note has been paid, then the excess shall be rebated to the Company. The aggregate of all interest (whether designated
as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances
exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest
does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore
paid, rebated to the Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess
shall be rebated to the Company.

 

* * * * *

 

    	 	-5-	 

     

    

 

IN WITNESS WHEREOF, the
Company has executed and delivered this Note on the date first written above.

 

	 	JETPAY CORPORATION
	 	 	 
	 	By:	/s/ Peter B. Davidson
	 	 	 
	 	Its:	Vice Chairman

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