Document:

Exhibit 10.5

 

GUARANTY
AGREEMENT

 

THIS GUARANTY AGREEMENT
(this “Guaranty”) is made as of June 22, 2017, (the “Effective Date”) by JETPAY CORPORATION,
a Delaware corporation (“Guarantor”) for the benefit of FIFTH THIRD BANK, an Ohio banking corporation,
its successors and assigns (“Lender”).

 

WITNESSETH:

 

WHEREAS, pursuant to that
certain Credit Agreement dated as of the date hereof between JetPay Payment Services, FL, LLC, a Delaware limited liability company
(“Borrower”) and Lender (together with all renewals, amendments, modifications, increases and extensions thereof,
the “Credit Agreement”), Lender has agreed to make a loan to Borrower in the amount of One Million Six Hundred
Thousand and No/100 Dollars ($1,600,000.00) (the “Loan”). The Loan is evidenced by that certain Promissory Note
dated of even date herewith, executed by Borrower and made payable to the order of Lender in the stated principal amount of
$1,600,000.00 (as modified, renewed or otherwise amended from time to time, the “Note”);

 

WHEREAS, the Loan is secured
by that certain Security Agreement by Borrower for the benefit of Lender dated of even date herewith (together with all renewals,
modifications, increases and extensions thereof, the “Security Agreement”), which grants Lender a first priority
security interest in the Collateral (as defined therein);

 

WHEREAS, Lender is contemporaneously
entering into a certain Master Equipment Lease Agreement (the “Master Lease” and collectively, together with
the Credit Agreement, the Note, the Security Agreement, any Rate Management Agreement (as defined in the Credit Agreement) and
each of the other documents evidencing or securing the Loan or the Master Lease, the “Obligor Loan Documents”)
to provide leasing (the “Lease”) to Borrower;

 

WHEREAS, Lender is not
willing to make the Loan, to enter into the Lease or to otherwise extend credit to Borrower unless Guarantor unconditionally guarantees
payment and performance to Lender of the Guaranteed Obligation (as herein defined); and

 

WHEREAS, Guarantor is the
owner of a direct or indirect interest or has a financial interest in Borrower, and Guarantor will directly benefit from Lender’s
making the Loan to Borrower and entering into the Master Lease with Borrower.

 

NOW, THEREFORE, as an inducement
to Lender to make the Loan to Borrower, to enter into the Master Lease with Borrower and to extend such additional credit as Lender
may from time to time agree to extend under the Obligor Loan Documents, and for other good and valuable consideration, the receipt
and legal sufficiency of which are hereby acknowledged, Guarantor does hereby agree as follows:

 

     

     

    

 

Article
1

DEFINED TERMS

 

Section
1.1           Defined Terms. Capitalized terms used in this
Guaranty and not specifically defined in this Guaranty have the meaning provided in the Credit Agreement.

 

Article
2

NATURE AND SCOPE OF GUARANTY

 

Section
2.1           Guaranty of Obligation. Guarantor hereby irrevocably
and unconditionally guarantees to Lender the payment and performance of the Guaranteed Obligation (as hereinafter defined) as and
when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably
and unconditionally covenants and agrees that Guarantor is liable for the Guaranteed Obligation as a primary obligor.

 

Section
2.2           Definition of Guaranteed Obligation. The term
“Guaranteed Obligation” means (i) the payment when and as due and payable of the principal of and interest
on the Loan or so much thereof as may be advanced from time to time, and any and all late charges, Additional Costs (as defined
in the Note), and all other indebtedness, loans, advances, and each and every obligation and liability evidenced by, owing, arising
under or in connection with the Loan, the Security Agreement, the Note, the Master Lease and/or any of the other Obligor Loan Documents,
together with any extensions, modifications, renewals or refinancings of any of the foregoing; (ii) the payment of all other expenses,
costs, advances and indebtedness which the Security Agreement by its terms secures and which the Master Lease by its terms secures;
(iii) the performance and observance of the covenants and agreements contained in the Security Agreement, the Note, the Master
Lease and each of the other Obligor Loan Documents; (iv) the Rate Management Obligations, except for Rate Management Obligations
that constitute Excluded Swap Obligations; (v) all obligations to perform or forbear from performing acts, and agreements, Agreements
and documents evidencing, guarantying, securing or otherwise executed in connection with any of the foregoing, together with any
amendments, modifications and restatements thereof, and all expenses and attorneys’ fees incurred by Lender hereunder or
any other document, Agreement or agreement related to any of the foregoing to the extent required to be paid or reimbursed by Borrower
thereunder; and (vi) all other loans, advances, indebtedness and each and every other obligation or liability of Borrower owed
to each of Lender and/or any affiliate of Fifth Third Bancorp or its successors, however created, of every kind and description
whether now existing or hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute or contingent,
liquidated or unliquidated, matured or unmatured, participated in whole or in part, created by trust agreement, lease overdraft,
agreement or otherwise, whether or not secured by additional collateral, whether originated with Lender or owed to others and acquired
by Lender by purchase, assignment or otherwise, and all obligations to perform or forbear from performing acts, and agreements,
Agreements and documents evidencing, guarantying, securing or otherwise executed in connection with any of the foregoing, together
with any amendments, modifications and restatements thereof, and all expenses and attorneys’ fees incurred by Lender hereunder
or any other document, instrument or agreement related hereto or to any of the foregoing to the extent required to be paid or reimbursed
by Borrower thereunder.

 

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Article
3

GENERAL TERMS AND CONDITIONS

 

Section
3.1           Nature of Guaranty. This Guaranty is an irrevocable,
absolute, continuing guaranty of payment and not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall
continue to be effective with respect to any Guaranteed Obligation existing after any attempted revocation by Guarantor. This Guaranty
may be enforced by Lender and any subsequent holder of any of the Notes and shall not be discharged by the assignment or negotiation
of all or part of the Obligor Loan Documents.

 

Section
3.2           Guaranteed Obligation Not Reduced by Offset.
The Guaranteed Obligation shall not be reduced, discharged or released because or by reason of any existing or future offset, claim
or defense of Borrower or any other Person (as defined below) against Lender or against payment of the Guaranteed Obligation, whether
such offset, claim or defense arises in connection with the Guaranteed Obligation (or the transactions creating the Guaranteed
Obligation) or otherwise. As used in this Guaranty, “Person” shall mean any individual, corporation, partnership, joint
venture, association, joint stock company, trust, trustee, estate, limited liability company, unincorporated organization, real
estate investment trust, government or any agency or political subdivision thereof, or any other form of entity.

 

Section
3.3           No Duty To Pursue Others. Lender has the right
to require Guarantor to pay, comply with and satisfy the Guaranteed Obligation under this Guaranty, and shall have the right to
proceed immediately against Guarantor with respect thereto. Without limitation of the generality of the foregoing, it shall not
be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce
the Guaranteed Obligation against Guarantor, first to (i) institute a suit or exhaust its remedies against Borrower or others liable
on the Loan, the Master Lease or the Guaranteed Obligation or any other Person or any of the collateral for the Loan or the Master
Lease, (ii) enforce Lender’s rights against any of the collateral for the Loan or the Master Lease, (iii) join Borrower or
any others liable on the Guaranteed Obligation in any action seeking to enforce this Guaranty, (iv) demonstrate that the collateral
for the Loan provides inadequate security for the Loan or that the collateral for the Master Lease provides inadequate security
for the Master Lease, or (v) resort to any other means of obtaining payment of the Guaranteed Obligation.

 

Section
3.4           Payments; Interest on Amounts Payable Hereunder.
If all or any part of the Guaranteed Obligation shall not be punctually paid when due (taking into account any cure periods provided
under the Obligor Loan Documents), whether on demand, maturity, acceleration or otherwise, Guarantor shall pay, immediately upon
demand by Lender and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate
the maturity, or notice of acceleration of the maturity, in immediately available lawful money of the United States of America,
as an addition to the Guaranteed Obligation, interest on the Guaranteed Obligation (to the extent not paid when due) at a rate
equal to the interest rate specified in the Note increased by three percentage points (3%) until paid in full (without duplication
of any imposition of the Default Rate as defined in and pursuant to the Note). Lender may apply all money received by Lender from
Guarantor to payment or reduction of the Loan, the obligations under the Master Lease or reimbursement of Lender’s expenses
to the extent payable pursuant to the Obligor Loan Documents, in such priority and proportions, and at such time or times as Lender
may elect in its sole discretion.

 

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Section
3.5           Enforcement Costs. Guarantor hereby agrees to
pay, on written demand by Lender, all reasonable, documented and out-of-pocket costs incurred by Lender in collecting any amount
payable under this Guaranty or enforcing or protecting its rights under the Obligor Loan Documents, in each case whether or not
legal proceedings are commenced (the “Enforcement Costs”). Such fees and expenses shall be in addition to the
Guaranteed Obligation and shall include, without limitation, costs and expenses of outside counsel, paralegals and other hired
professionals, special servicing fees (including portfolio management fees), court fees, costs incurred in connection with pre-trial,
trial and appellate level proceedings (including discovery and expert witnesses), costs incurred in post-judgment collection efforts
or in any Bankruptcy Proceeding to the extent such costs relate to the Guaranteed Obligation or the enforcement of this Guaranty.
Amounts incurred by Lender shall be immediately due and payable, and shall bear interest at the Default Rate from the date of disbursement
until paid in full upon Lender’s written demand for payment. This Section 3.5 shall survive the payment in full of the Guaranteed
Obligation.

 

Section
3.6           Cumulative Remedies. Guarantor acknowledges
that, following an Event of Default, Lender is entitled to accelerate the Loan and/or the Master Lease and to exercise all other
rights and remedies as have been provided to Lender under the Obligor Loan Documents and by law or in equity, including, without
limitation, enforcement of this Guaranty. All rights and remedies of Lender are cumulative and may be exercised independently,
concurrently or successively in Lender’s sole discretion and as often as occasion therefor shall arise. Lender’s delay
or failure to accelerate the Loan or the Master Lease or to exercise any other remedy upon the occurrence of an Event of Default
shall not be deemed a waiver of such right or remedy. No partial exercise by Lender of any right or remedy will preclude further
exercise thereof. Notice or demand given to Guarantor in any instance will not entitle Guarantor to notice or demand in similar
or other circumstances nor constitute Lender’s waiver of its right to take any future action in any circumstance without
notice or demand. Lender may release other security for the Loan or the Master Lease, may release any party liable for the Loan
or the Master Lease, may grant extensions, renewals or forbearances with respect thereto, may accept a partial or past due payment
or grant other indulgences, or may apply any other security held by it to payment of the Loan or the Master Lease, in each case
without prejudice to its rights under this Guaranty and without such action being deemed an accord and satisfaction or a reinstatement
of the Loan or the Master Lease. Lender will not be deemed as a consequence of its delay or failure to act, or any forbearances
granted, to have waived or be estopped from exercising any of its rights or remedies.

 

Section
3.7           Unimpaired Liability. Guarantor acknowledges
and agrees that all obligations hereunder are and shall be absolute and unconditional under any and all circumstances without regard
to the validity, regularity or enforceability of any or all of the Obligor Loan Documents or the existence of any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Without limiting the foregoing,
Guarantor acknowledges and agrees that the liability hereunder shall in no way be released, terminated, discharged, limited or
impaired by reason of any of the following (whether or not Guarantor has any knowledge or notice thereof):

 

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(a)          Borrower’s
or any other Person’s lack of authority or lawful right to enter into any of the Obligor Loan Documents or any officers’
or representatives’ lack of authority or right to enter into Obligor Loan Documents on its behalf, or the obligations thereunder
being ultra vires;

 

(b)          any
modification, supplement, extension, consolidation, restatement, waiver or consent provided by Lender with respect to any of the
Obligor Loan Documents including, without limitation, the grant of extensions of time for payment or performance;

 

(c)          the
failure to record any Loan Document or to perfect any security interest intended to be provided thereby;

 

(d)          the
release, surrender, exchange, subordination, deterioration, waste, loss, impairment or substitution, in whole or in part, of any
collateral for the Loan or the Master Lease, the failure to protect, secure or insure any such collateral, the acceptance of additional
collateral for the Loan or the Master Lease or the failure of Lender or any other party to exercise diligence or reasonable care
in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral for the
Loan or the Master Lease;

 

(e)          Lender’s
failure to exercise, or delay in exercising, any rights or remedies Lender may have under the Obligor Loan Documents, or under
this Guaranty, or otherwise available at law or in equity, including but not limited to any neglect, delay, omission, failure or
refusal of Lender (i) to take or prosecute any action for the collection of all or any part of the Guaranteed Obligation, or (ii)
to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any
collateral for the Loan or the Master Lease, or (iii) to take or prosecute any action in connection with any instrument or agreement
evidencing or securing all or any part of the Guaranteed Obligation;

 

(f)           the
release of Borrower or any other Person now or hereafter party to a Loan Document from performance, in whole or in part, under
any of the Obligor Loan Documents to which each is a party, in each case whether by operation of law, Lender’s voluntary
act, or otherwise;

 

(g)          any
bankruptcy, insolvency, reorganization, adjustment, dissolution, liquidation or other like proceeding involving or affecting Borrower
or any other Person;

 

(h)          the
termination or discharge of the Security Agreement or any other Loan Document or the exercise of any power of sale or any foreclosure
(judicial or otherwise) or delivery or acceptance of a deed-in-lieu of foreclosure;

 

(i)           the
existence of any claim, setoff, counterclaim, defense or other rights which Guarantor may have against Borrower, Lender or any
other Person, whether in connection with the Loan, the Master Lease or any other transaction;

 

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(j)           the
accuracy or inaccuracy of the representations and warranties made by Borrower or any other Person in any of the Obligor Loan Documents;

 

(k)          any
adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or any other Person;

 

(l)           any
sale, lease or transfer of any or all of the assets of Borrower or any other Person;

 

(m)         any
valid defenses, claims or offsets (whether at law, in equity or by agreement) by Borrower which render the Guaranteed Obligation
wholly or partially uncollectible from Borrower, whether arising in connection with the Obligor Loan Documents or otherwise,

 

(n)          the
illegality or unenforceability of, or the inability to collect, the Guaranteed Obligation;

 

(o)          any
of the Obligor Loan Documents being irregular or not genuine or authentic; or

 

(p)          any
changes (whether directly or indirectly) in the shareholders, partners or members of Borrower or the reorganization, merger or
consolidation of Borrower into or with any other Person.

 

Section
3.8           Waivers. Guarantor hereby waives and relinquishes,
to the fullest extent permitted by law: (a) all rights or claims of right to cause a marshalling of assets or to cause Lender to
proceed against any of the collateral for the Loan or the Master Lease before proceeding under this Guaranty against Guarantor
or any other guarantor or indemnitor under the Loan or the Master Lease; (b) all rights and remedies accorded by applicable law
to sureties or guarantors, except any rights of subrogation and contribution (the exercise of which are subject to the terms of
this Guaranty); (c) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding
brought by or against Guarantor; (d) notice of acceptance of this Guaranty and of any action taken or omitted in reliance hereon;
(e) presentment for payment, demand, protest, notice of nonpayment or failure to perform or observe, or any other proof, notice
or demand to which they might otherwise be entitled with respect to the Guaranteed Obligation; (f) all homestead or exemption rights
against the Guaranteed Obligation and the benefits of any statutes of limitation or repose; and (g) any defense based upon an election
of remedies by Lender, including any election to proceed by judicial or non-judicial foreclosure of any such collateral, whether
real property or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale
is commercially reasonable or any election of remedies, including remedies relating to real property or personal property security,
which destroys or otherwise impairs the subrogation rights of Guarantor or the rights of Guarantor to proceed against Borrower
or any other guarantor for reimbursement, or both.

 

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Section
3.9           Waivers of Notice. Guarantor agrees to the provisions
of the Obligor Loan Documents and hereby waives notice of (a) any disbursements thereunder made by Lender to Borrower, (b) any
amendment or extension of the Obligor Loan Documents, (c) the execution and delivery by Borrower and Lender of any other loan or
credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Obligor
Loan Documents or in connection with the Property, (d) the occurrence of any Event of Default, (e) Lender’s transfer or disposition
of the Guaranteed Obligation, or any part thereof, (f) the sale or foreclosure (or posting or advertising for sale or foreclosure)
of the Property, (g) any default by Borrower or any other Person under or with respect to the Obligor Loan Documents, or (h) any
other action at any time taken or omitted by Lender and, generally, all demands and notices of every kind in connection with this
Guaranty and the other Obligor Loan Documents.

 

Section
3.10         Guarantor Bound by Judgment Against Borrower. Guarantor
agrees that Guarantor shall be bound conclusively, in any jurisdiction, by the judgment in any action by Lender against Borrower
in connection with the Obligor Loan Documents (wherever instituted) as if Guarantor was a party to such action even if not so joined
as a party.

 

Section
3.11         Certain Consequences of Borrower’s Bankruptcy.

 

(a)          Any
payment made on the Loan or in connection with the Master Lease, whether made by Borrower or Guarantor or any other Person, that
is required to be refunded or recovered from Lender as a preference or a fraudulent transfer or is otherwise set-aside pursuant
to 11 U.S.C. § 101 et seq., as the same may be amended from time to time (the “Bankruptcy Code”), or any other
present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively with the Bankruptcy
Code, the “Debtor Relief Laws”) shall not be considered as a payment made on the Loan, the Master Lease or under this
Guaranty. Guarantor’s liability under this Guaranty shall continue with respect to any such payment, or be deemed reinstated,
with the same effect as if such payment had not been received by Lender, notwithstanding any notice of revocation of this Guaranty
prior to such avoidance or recovery or payment in full of the Loan or the obligations in connection with the Master Lease, until
such time as all periods have expired within which Lender could be required to return any amount paid at any time on account of
the Guaranteed Obligation.

 

(b)          Until
payment in full of the Obligations (as defined in the Credit Agreement) (including interest accruing after the commencement of
a proceeding by or against Borrower under the Bankruptcy Code or any other Debtor Relief Law, which interest the parties agree
remains a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in
cases under any applicable Debtor Relief Law generally), Guarantor agrees not to accept any payment or satisfaction of any kind
of indebtedness of Borrower to Guarantor and hereby assigns such indebtedness to Lender, including the right (but not the obligation)
to file proof of claim and to vote in any other bankruptcy or insolvency action, including the right to vote on any plan of reorganization,
liquidation or other proposal for debt adjustment under Federal or state law.

 

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Section
3.12         Subrogation and Contribution. Guarantor agrees that no
payment by Guarantor under this Guaranty shall give rise to, and Guarantor hereby unconditionally and irrevocably waives, releases
and abrogates any and all rights Guarantor may now or hereafter have under any agreement, at law or in equity (including, without
limitation, any law subrogating Guarantor to the rights of Lender) to assert, (a) any rights of subrogation against Borrower or
the collateral for the Loan or the Master Lease, or (b) any rights of contribution against any other guarantor of the Loan or the
Master Lease or any other Person, in each case unless and until Lender has received full and indefeasible payment of the Obligations.
If the deferral of such rights shall be unenforceable for any reason, Guarantor agrees that: (x) Guarantor’s rights of subrogation
shall be junior and subordinate to Lender’s rights against Borrower and the collateral for the Loan or the Master Lease,
and (y) such Guarantor’s rights of contribution against any such other guarantor shall be junior and subordinate to Lender’s
rights against such other guarantor.

 

Section
3.13         Subordination of Debt to any Guarantor.

 

(a)          Any
indebtedness of Borrower to any Guarantor, whether now or hereafter existing, whether direct, contingent, primary, secondary, several,
joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account
or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have
been or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor, including, without
limitation, all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of
Guarantor’s payment of all or a portion of the Guaranteed Obligation, together with any interest thereon (collectively, “Guarantor
Claims”), shall be and hereby is deferred, postponed and subordinated to the prior payment in full of
the Loan and the Master Lease. Further, until payment in full of the Obligations, Guarantor agrees that should the Guarantor receive
any payment, satisfaction or security for any Guarantor Claim, then upon request of the Lender, the same shall be delivered to
Lender in the form received (endorsed or assigned as may be appropriate) for application on account of, or as security for,
the Loan and the Master Lease and until so delivered to Lender, shall be held in trust for Lender as security for the Loan and
the Master Lease.

 

(b)          In
the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving
Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder
and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable
upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against
the Guaranteed Obligation, any dividend or payment which is otherwise payable to Guarantor and which, as between Borrower and Guarantor,
shall constitute a credit against the Guarantor Claims, then, upon payment to Lender in full of the Guaranteed Obligation, Guarantor
shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed
toward the liquidation of the Guaranteed Obligation, and such subrogation shall be with respect to that portion of the Guaranteed
Obligation which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

 

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(c)          Guarantor
agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing
payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens,
charges or other encumbrances upon Borrower’s assets securing payment of the Guaranteed Obligation, regardless of whether
such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written
consent of Lender, Guarantor shall not (i) exercise or enforce any creditor’s right Guarantor may have against Borrower,
or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise,
including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief
or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other
encumbrances held by Guarantor on assets of Borrower.

 

Section
3.14        Lender Transferees; Secondary Market Activities; No Transfer
by Guarantor. Guarantor acknowledges and agrees that Lender, without notice to Guarantor or Guarantor’s consent, may
assign all or any portion of its rights hereunder in connection with any sale or assignment of the Loan or servicing rights related
to the Loan, grant participations in the Loan, transfer the Loan as part of a securitization in which Lender assigns its rights
to a securitization trustee, or contract for the servicing of the Loan, and that each such assignee, participant or servicer shall
be entitled to exercise all of Lender’s rights and remedies hereunder. Guarantor further acknowledges that Lender may provide
to third parties with an existing or prospective interest in the servicing, enforcement, ownership, purchase, participation or
securitization of the Loan, including, without limitation, any rating agency rating the securities issued in respect of a securitization
or participation of the Loan, and any entity maintaining databases on the underwriting and performance of commercial mortgage loans,
any and all information which Lender now has or may hereafter acquire relating to the Loan, the Property or with respect to Borrower
or Guarantor, as Lender determines necessary or desirable. Guarantor irrevocably waives all rights Guarantor may have under applicable
law, if any, to prohibit such disclosure, including, without limitation, any right of privacy. Guarantor may not assign any of
Guarantor’s rights, powers, duties and obligations hereunder, or substitute another Person in lieu of Guarantor as the obligor
hereunder.

 

Section
3.15         Financial Statements. Guarantor represents and warrants
to Lender that (i) the financial statements of Guarantor previously submitted to Lender are true, complete and correct in all material
respects, disclose all actual and contingent liabilities, and fairly present the financial condition of Guarantor, and do not contain
any untrue statement of a material fact or omit to state a fact material to the financial statements submitted or this Guaranty,
and (ii) no material adverse change has occurred in the financial statements from the dates thereof until the date hereof. Guarantor
shall furnish to Lender the financial information and reports as set forth in Section 6.6 of the Credit Agreement.

 

Section
3.16         No reliance. Guarantor agrees and acknowledges that: (a)
Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
ability to collect, or value of the collateral for the Loan or the Master Lease; (b) Guarantor may be required to pay the Guaranteed
Obligation in full without assistance or support of any other party, and (c) Guarantor has not been induced to enter into this
Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay the Guaranteed
Obligation, or that Lender will look to other parties to pay or perform the Guaranteed Obligation.

 

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Section
3.17        Termination. This Guaranty shall be automatically discharged
as of the date on which the Obligations have been indefeasibly paid in full.

 

Section
3.18         Setoff. Guarantor hereby grants to Lender a security interest
in, and Lender is hereby authorized at any time following an Event of Default, without prior notice to Guarantor (any such notice
hereby being expressly waived by Guarantor), to set off and apply, any and all accounts and deposits (general or special, time
or demand, provisional or final) at any time held by Lender, or any branch, subsidiary, or affiliate of Lender, and all other indebtedness
at any time owing by Lender or any branch, subsidiary, or affiliate of Lender, to or for the credit or the account of Guarantor
(including all accounts held jointly with another, but excluding any IRA or Keogh accounts, or any trust accounts for which a security
interest would be prohibited by law), against any and all of the obligations of Guarantor due and payable under this Guaranty.
Such security interest may be enforced, and such right of setoff may be exercised, by Lender irrespective of whether or not Lender
shall have made any demand under this Guaranty. Lender agrees promptly to notify a Guarantor after any such setoff and application,
provided that the failure to give such notice shall not affect the validity or such setoff and application. The rights of Lender
under this section are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Lender
may have.

 

Section 3.19         Intentionally
Omitted.

 

Section
3.20         Minimum Liquidity. Until such time as the Loan and the
obligations in connection with the Master Lease have been indefeasibly paid in full, Guarantor and its wholly-owned and controlled
consolidated subsidiaries shall maintain a minimum, unrestricted and unpledged Liquidity of Two Million and No/100 Dollars ($2,000,000.00),
which shall be tested quarterly as of the last day of each fiscal quarter of Guarantor. As used herein “Liquidity”
means, without duplication, unrestricted and unpledged (i) cash (including cash pledged in favor of Lender); (ii) certificates
of deposit or time deposits with terms of six (6) months or less; (iii) A-1/P-1 commercial paper with a term of six (6) months
or less; (iv) U.S. treasury bills and other obligations of the Federal government, all with terms of six (6) months or less; (v)
readily marketable securities (excluding “margin stock” within the meaning of Regulation U of the Board of Governors
of the Federal Reserve System), restricted stock and stock subject to the provisions of Rule 144 of the Securities and Exchange
Commission); (vi) bankers’ acceptances issued for terms of six (6) months or less by satisfactory financial institutions;
(vii) repurchase agreements with terms of six (6) months or less covering U.S. government securities; and (viii) a publicly traded
fund, other than a hedge fund, that invests in any of the items (i) – (vii). Notwithstanding anything herein to the contrary,
cash that is pledged in favor of Lender shall not be excluded for purposes of calculating Liquidity.

 

    	 	10	 

     

    

 

Article
4

REPRESENTATIONS AND WARRANTIES

 

Section
4.1           Guarantor Due Diligence and Benefit. Guarantor
represents and warrants to Lender that (a) the Loan, the Master Lease and this Guaranty are for commercial purposes, (b) Guarantor
has had adequate opportunity to review the Obligor Loan Documents, (c) Guarantor is fully aware of obligations of Borrower thereunder
and of the financial condition, assets and prospects of Borrower, and (d) Guarantor is executing and delivering this Guaranty based
solely upon Guarantor’s own independent investigation of the matters contemplated by clauses (a) through (c) of this Section
4.1 and in no part upon any representation, warranty or statement of Lender with respect thereto.

 

Section
4.2           General. Guarantor represents and warrants to
Lender that:

 

(a)          Authority.
Guarantor has all requisite corporate authority to execute and deliver this Guaranty and perform Guarantor’s obligations
hereunder.

 

(b)          Valid
and Binding Obligation. This Guaranty constitutes Guarantor’s legal, valid and binding obligation, enforceable against
Guarantor in accordance with its terms, except to the extent enforceability may be limited under applicable bankruptcy and insolvency
laws and similar laws affecting creditors’ rights generally and to general principles of equity.

 

(c)          No
Conflict with Other Agreement. Guarantor’s execution, delivery and performance of this Guaranty will not (i) violate
any of the organizational documents of Guarantor, (ii) result in the breach of, or conflict with, or result in the acceleration
of, any obligation under any guaranty, indenture, credit facility or other instrument to which Guarantor, Borrower or any of their
respective assets may be subject, or (iii) violate any order, judgment or decree to which Guarantor, Borrower or any of their respective
assets are subject.

 

(d)          No
Pending Litigation. No action, suit, proceeding or investigation, judicial, administrative or otherwise (including without
limitation any reorganization, bankruptcy, insolvency or similar proceeding), currently is pending or, to the best of Guarantor’s
knowledge, threatened against Guarantor which, either in any one instance or in the aggregate, may have a material, adverse effect
on Guarantor’s ability to perform Guarantor’s obligations under this Guaranty.

 

(e)          Consideration.
Guarantor owns a direct or indirect interest or has a financial interest in Borrower and will derive substantial benefit from Lender’s
making of the Loan to Borrower and entering into the Master Lease.

 

(f)           Financial
Condition. Guarantor currently is solvent and will not be rendered insolvent by providing this Guaranty. No adverse change
has occurred in the financial condition of Guarantor since the date of Guarantor’s most recent financial statements submitted
to Lender, other than such changes that have been disclosed in writing to Lender and acknowledged by Lender.

 

    	 	11	 

     

    

 

Article
5

EVENT OF DEFAULT

 

Section
5.1           Default. Any Event of Default hereunder shall
be deemed an “Event of Default” under the Credit Agreement and the other Obligor Loan Documents. Any of the
following occurrences shall constitute an “Event of Default” under this Guaranty:

 

(a)          An
Event of Default occurs under the terms of the Obligor Loan Documents, as “Event of Default” shall be defined therein.

 

(b)          Guarantor
shall fail to observe or perform any covenant, condition, or agreement under this Guaranty for a period of thirty (30) days from
the date of such breach, or any representation or warranty of Guarantor set forth in this Guaranty shall be materially inaccurate
or misleading when made or delivered.

 

(c)          The
monetary default by Guarantor under the terms of any indebtedness of Guarantor now or hereafter existing, which default has not
been cured within any time period permitted pursuant to the terms and conditions of such indebtedness and which would impair Lender’s
ability to exercise its rights under the Obligor Loan Documents.

 

(d)          The
commencement by Guarantor of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect; or the entry of a decree or order for relief in respect of Guarantor in a case under any such law or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of Guarantor, or for any substantial part of
Guarantor’s property, or ordering the wind-up or liquidation of Guarantor’s affairs; or the filing or pendency for
sixty (60) days without dismissal of a petition initiating an involuntary case under any such bankruptcy, insolvency or similar
law; or the making by Guarantor of any general assignment for the benefit of creditors; or the failure of Guarantor generally,
to pay Guarantor’s debts as such debts become due; or the taking of action by Guarantor in furtherance of the foregoing.

 

(e)          The
revocation or attempted revocation of this Guaranty by Guarantor before the termination of this Guaranty in accordance with its
terms, or the assignment or attempted assignment of this Guaranty by Guarantor.

 

Article
6

MISCELLANEOUS

 

Section
6.1           Notices. All notices or other written communications
hereunder shall be deemed to have been properly given (a) upon delivery, if delivered in person, (b) one (1) business day after
having been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) business days after
having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered
or certified mail, postage prepaid, return receipt requested, addressed to the addresses set forth below in this Section or as
such party may from time to time designate by written notice to the other parties. Either party by notice to the other in the manner
provided herein may designate additional or different addresses for subsequent notices or communications:

 

    	 	12	 

     

    

 

	To Lender:	Brian Holliday, Vice President
	 	Fifth Third Bank
	 	201 East Kennedy Blvd.
	 	Suite 1800, Tampa, Florida 33602
	 	 
	With copy to:	Fifth Third Equipment Finance Company
	 	38 Fountain Square Plaza
	 	MD10904A
	 	Cincinnati, Ohio 45263
	 	Facsimile:  (513) 534-6706
	 	 
	And to:	Bradley Arant Boult Cummings LLP
	 	100 North Tampa Street
	 	Suite 2200
	 	Tampa, Florida 33602-5809
	 	Attn: Stephanie Kane, Esq.
	 	 
	To Guarantor:	JetPay Corporation 
	 	3939 West Drive
	 	Center Valley, PA 18037
	 	Attn: Gregory M. Krzemien
	 	 
	With copy to:	Dechert LLP
	 	Cira Centre
	 	2929 Arch Street
	 	Philadelphia, Pennsylvania  19104-2808
	 	Attn: Gary L. Green, Esq.

 

Section
6.2           Invalid Provisions. If any provision of this
Guaranty is held to be illegal, invalid or unenforceable in whole or in part, such provision shall be fully severable; this Guaranty
shall be construed and enforced as if such illegal, invalid or unenforceable provision (or portion thereof) had never comprised
a part hereof; the remaining provisions hereof shall remain in full effect and shall not be affected by the illegal, invalid, or
unenforceable provision or by its severance therefrom; and in lieu of such illegal, invalid or unenforceable provision there shall
be added automatically as a part of this Guaranty a provision as similar in terms to such illegal, invalid or unenforceable provision
as may be possible to be legal, valid and enforceable.

 

Section
6.3           Time of the Essence. Time is of the essence
with respect to this Guaranty and the performance and observance by Guarantor of each covenant, agreement, provision and term of
this Guaranty.

 

Section
6.4           Successors and Assigns. This Guaranty shall
be binding upon Guarantor and Guarantor’s heirs, representatives, successors and assigns and shall inure to the benefit of
the Lender, and its successors and assigns, except that (a) Guarantor may not assign or transfer Guarantor’s rights hereunder
or any interest herein or delegate its duties hereunder, and (b) Lender shall have the right to assign its rights hereunder in
accordance with the Credit Agreement.

 

    	 	13	 

     

    

 

Section
6.5          JURY WAIVER. GUARANTOR
AND LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG GUARANTOR AND LENDER
ARISING OUT OF OR IN ANY WAY RELATED TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT, OR ANY RELATIONSHIP BETWEEN GUARANTOR AND LENDER.
THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE LOAN AND THE MASTER LEASE DESCRIBED HEREIN AND IN THE OTHER OBLIGOR
LOAN DOCUMENTS.

 

Section
6.6           Governing Law. This Guaranty shall be governed
by and construed in accordance with the laws of the State of New York.

 

Section
6.7           JURISDICTION AND VENUE. GUARANTOR HEREBY AGREES
THAT ALL ACTIONS OR PROCEEDINGS INITIATED BY GUARANTOR AND ARISING DIRECTLY OR INDIRECTLY OUT OF THIS GUARANTY MAY BE LITIGATED
IN THE CIRCUIT COURT OF HILLSBOROUGH COUNTY, FLORIDA OR HAMILTON COUNTY, OHIO, OR THE UNITED STATES DISTRICT COURT FOR THE MIDDLE
DISTRICT OF FLORIDA OR, IF LENDER INITIATES SUCH ACTION, ANY COURT IN WHICH LENDER SHALL INITIATE SUCH ACTION AND WHICH HAS JURISDICTION.
GUARANTOR HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED BY LENDER
IN ANY OF SUCH COURTS, AND HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN,
AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED
TO GUARANTOR, AT THE ADDRESS TO WHICH NOTICES ARE TO BE SENT PURSUANT TO THIS GUARANTY. GUARANTOR WAIVES ANY CLAIM THAT HILLSBOROUGH
COUNTY, FLORIDA, HAMILTON COUNTY, OHIO OR THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA IS AN INCONVENIENT
FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD GUARANTOR, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER TO ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE MAILING THEREOF, GUARANTOR SHALL BE
DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY LENDER AGAINST GUARANTOR AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR GUARANTOR SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE
THE ENFORCEMENT BY LENDER OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING BY LENDER OF ANY ACTION TO ENFORCE THE SAME
IN ANY OTHER APPROPRIATE JURISDICTION, AND GUARANTOR HEREBY WAIVES THE RIGHT, IF ANY, TO COLLATERALLY ATTACK ANY SUCH JUDGMENT
OR ACTION.

 

    	 	14	 

     

    

 

Section
6.8           Entire Agreement. This Guaranty embodies the
entire agreement and understanding between Lender and Guarantor with respect to the subject matter hereof and supersedes all prior
agreements and understandings between such parties relating to the subject matter hereof. Accordingly, this Guaranty may not be
contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements
between the parties.

 

Section
6.9           Phrases. When used in this Guaranty, the phrase
“including” (or a word of similar import) shall mean “including, but not limited to,” the phrase “satisfactory
to Lender” shall mean “in form and substance satisfactory to Lender in all respects,” the phrase “with
Lender’s consent” or “with Lender’s approval” shall mean such consent or approval at Lender’s
discretion, and the phrase “acceptable to Lender” shall mean “acceptable to Lender at Lender’s discretion”,
except as provided otherwise herein. Wherever the context of this Guaranty may so require, the gender shall include the masculine,
feminine and neuter, and the singular shall include the plural and vice versa. This Guaranty shall be construed as though drafted
by all of the parties hereto and shall not be construed against or in favor of any party.

 

Section
6.10         Titles of Articles, Sections and Subsections. All titles
or headings to articles, sections, subsections or other divisions of this Guaranty or the exhibits hereto are only for the convenience
of the parties and shall not be construed to have any effect or meaning with respect to the other content of such articles, sections,
subsections or other divisions, such other content being controlling as to the agreement between Guarantor and Lender.

 

Section
6.11         Survival. All of the representations, warranties, covenants,
and indemnities hereunder, and any modification or amendment hereof, shall survive the closing and funding of the Loan and the
Master Lease, shall not be deemed to have merged herein, and shall (except to the extent expressly provided for herein) remain
as continuing representations, warranties, covenants and indemnities so long as any Obligations is outstanding.

 

Section
6.12         Representation by Legal Counsel. Guarantor acknowledges
that Guarantor has been advised by Lender to seek the advice of legal counsel in connection with the negotiation and preparation
of this Guaranty. If Guarantor has chosen not to obtain legal representation, whether due to cost considerations or for other reasons,
the lack of such representation shall not furnish Guarantor with any defense to the enforcement of Lender’s rights hereunder.

 

Section
6.13         Injunctive Relief. Guarantor recognizes that in the event
Guarantor fails to perform, observe or discharge any of Guarantor’s obligations hereunder, no remedy of law will provide
adequate relief to Lender, and agrees that Lender shall be entitled to pursue temporary and permanent injunctive relief in any
such case without the necessity of proving actual damages.

 

Section
6.14         Credit Agreement. Guarantor hereby agrees to be bound by
any covenants applicable to, or binding upon, Guarantor in the Obligor Loan Documents and such covenants are hereby incorporated
by reference as if fully set forth herein.

 

Section
6.15         Modification. This Guaranty shall not be modified, supplemented,
or terminated, nor any provision hereof waived, except by a written instrument signed by the party against whom enforcement thereof
is sought, and then only to the extent expressly set forth in such writing.

 

    	 	15	 

     

    

 

Section
6.16         Duplicate Originals; Counterparts. This Guaranty may be
executed in any number of duplicate originals, and each duplicate original shall be deemed to be an original. This Guaranty (and
each duplicate original) also may be executed in any number of counterparts, each of which shall be deemed an original and all
of which together constitute a fully executed Guaranty even though all signatures do not appear on the same document. Receipt of
an executed signature page to this Guaranty by facsimile or other electronic transmission shall constitute effective delivery thereof

 

Section
6.17         Recitals. The recital and introductory paragraphs hereof
are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred
to therein.

 

Section
6.18         Joint and Several Obligations. If Guarantor is a partnership,
the obligations of Guarantor under this Guaranty are the joint and several obligation of each general partner thereof Any married
person signing this Guaranty agrees that recourse may be had against community property assets and against his or her separate
property for the satisfaction of all obligations contained herein.

 

Section
6.19         Reliance. Lender would not make the Loan or the Master
Lease to the Borrower without this Guaranty. Accordingly, Guarantor intentionally and unconditionally enters into the covenants
and agreements herein and understands that, in reliance upon and in consideration of such covenants and agreements, the Loan and
the Master Lease shall be made and, as part and parcel thereof, specific monetary and other obligations have been, are being and
shall be entered into which would not be made or entered into but for such reliance.

 

Section
6.20         Waiver of Bankruptcy Stay. Guarantor covenants and agrees
that upon the commencement of a voluntary or involuntary Bankruptcy Proceeding by or against Guarantor, Guarantor shall not seek
a supplemental stay or otherwise pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Code or any other Debtor
Relief Law, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights of Lender against Guarantor
by virtue of this Guaranty or otherwise.

 

Section
6.21         Further Assurances. Guarantor shall, upon request by Lender,
execute, with acknowledgment or affidavit if required, and deliver, any and all documents and instruments required to effectuate
the provisions hereof and of any other Loan Document.

 

[Remainder of
page INTENTIONALLY LEFT blank;

signature PAGE FOLLOWS]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Guaranty as of the Effective Date.

 

	 	GUARANTOR:
	 	 
	 	JETPAY CORPORATION, 
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Gregory M. Krzemien
	 	Name:  	Gregory M. Krzemien
	 	Its:  	Chief Financial Officer

 

	STATE OF PENNSYLVANIA	)
	 	)  SS.
	COUNTY OF Lehigh	)

 

The undersigned, a Notary
Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Gregory M. Krzemien the Chief Financial Officer
of JETPAY CORPORATION, a Delaware corporation, who is personally known to me to be the same person whose name is subscribed
to the foregoing instrument appeared before me this day in person and acknowledged that he/she signed and delivered the said instrument
as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses and purposes therein
set forth.

 

GIVEN under my hand and
notarial seal this 22nd day of June, 2017.

 

	 	/s/ Lisa J. Sell
	 	Notary Public
	 	 
	 	My Commission Expires:
	 	 
	 	8-26-2019

 

Signature Page to Guaranty AgreementExhibit 10.6

 

NOTE REGARDING FLORIDA DOCUMENTARY
STAMP TAX: THIS PROMISSORY NOTE: (a) IS NOT SECURED BY AN INTEREST IN FLORIDA REAL PROPERTY; AND (b) HAS BEEN MADE, EXECUTED
AND DELIVERED BY BORROWER TO LENDER OUTSIDE OF THE TERRITORIAL LIMITS OF THE STATE OF FLORIDA. THEREFORE, NO DOCUMENTARY STAMP
TAX IS DUE HEREON.

 

$1,000,000.00

 

AMENDED AND RESTATED

REVOLVING PROMISSORY NOTE

 

THIS AMENDED AND RESTATED
REVOLVING PROMISSORY NOTE (this “Note”) is made as of June 22, 2017 (the “Effective Date”)
in the principal amount of One Million and No/100 Dollars ($1,000,000.00).

 

RECITALS

 

A.           This
Note is made by JETPAY PAYMENT SERVICES, FL, LLC, a Delaware limited liability company, successor in interest to CSI ACQUISITION
SUB ONE, LLC, a Delaware limited liability company (“Borrower”), having an address of 1175 Lancaster
Ave., Suite 200, Berwyn, PA 19312, and is payable to the order of FIFTH THIRD BANK, an Ohio banking corporation, its successors
and assigns (“Lender”), 201 East Kennedy Blvd., Suite 1800, Tampa, Hillsborough County, Florida 33602, pursuant
to the terms and conditions set forth in that certain Credit Agreement dated as of June 1, 2016 by and between Borrower and Lender,
as amended by that certain Modification of Credit Agreement and Other Loan Documents dated as of March 23, 2017 and that certain
Second Modification of Credit Agreement and Other Loan Documents dated of even date herewith (the “Credit Agreement”).
The amount disbursed by Lender to Borrower, repayment of which is evidenced by this Note, is referred to as the “Loan”.

 

B.           This
Note is secured, among other items, by that certain Security Agreement dated June 1, 2016 by and between Borrower and Lender (the
“Security Agreement”), encumbering certain interests in personal property as more particularly described therein
(the “Property”) (the Note, the Security Agreement, the Credit Agreement, and all other documents evidencing
or securing the Loan are hereinafter collectively referred to herein as the “Loan Documents”). All of the agreements,
conditions, covenants, provisions and stipulations contained in the Credit Agreement and other Loan Documents are hereby made a
part of this Note to the same extent and with the same force and effect as if they were fully set forth herein and Borrower covenants
and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms.

 

     

     

    

 

1.           Agreement
to Pay.

 

A.           Maturity
Date. Borrower hereby promises to pay to the order of Lender the principal sum of One Million and No/100 Dollars ($1,000,000.00),
or so much thereof as may be outstanding hereunder, in lawful money of the United States of America on or before the earlier of
June 1, 2018 (the “Maturity Date”) or upon acceleration of the Note, together with interest thereon at the rate
or rates hereinbelow set forth.

 

B.           Interest
Rate. Interest on the Loan shall accrue on the outstanding principal balance of this Note from the date of the initial disbursement
through the Maturity Date. Commencing on the first day of August, 2017 and on the first day of each successive month thereafter
(subject to earlier prepayment as provided in Section 8 hereof), until the Loan has been fully paid and satisfied in cash,
Borrower shall make payments to Lender of accrued interest.

 

2.           Defined
Terms. In addition to the terms defined elsewhere in this Note, the following terms shall have the following meanings when
used in this Note. All capitalized terms used in this Note and not otherwise defined shall have the meanings ascribed thereto in
the Credit Agreement.

 

A.           “Adjusted
LIBOR Rate” shall mean a rate per annum equal to two percent (2.00%) plus the LIBOR Rate for such Interest Period.

 

B.           “Business
Day” shall mean (i) with respect to all notices and determinations in connection with the LIBOR Rate, any day (other
than a Saturday or Sunday) on which commercial banks are open in London, England, New York, New York, and Cincinnati, Ohio for
dealings in deposits in the London Interbank Market; and (ii) in all other cases, any day on which commercial banks in Cincinnati,
Ohio are required by law to be open for business; provided that, notwithstanding anything to the contrary in this definition of
“Business Day”, at any time during which a Rate Management Agreement (as defined in the Credit Agreement) with Lender
is then in effect with respect to all or a portion of this Note, then the definitions of “Business Day” and “Banking
Day”, as applicable, as set forth in such Rate Management Agreement shall govern with respect to all applicable notices and
determinations in connection with such portion of this Note subject to such Rate Management Agreement.

 

C.           “Default”
shall mean when used in reference to this Note or any other document, or in reference to any provision or obligation under this
Note or any other document, the occurrence of an event or the existence of a condition which, with the passage of time or the giving
of notice, or both, would constitute an Event of Default under this Note or such other document, as the case may be.

 

D.           “Default
Rate” as defined in Section 5 hereof.

 

E.           “Event
of Default” shall mean (i) when used in reference to this Note, one or more of the events or occurrences referred to
in Section 9.A. of this Note; and (ii) when used in reference to any other document, a default or event of default under
such document that has continued after the giving of any applicable notice and the expiration of any applicable grace or cure periods.

 

    	 	2	 

     

    

 

F.           “Interest
Period” shall mean a period of one month, at Borrower’s election, which period shall commence on a Business Day
selected by Borrower subject to the terms of this Note and shall be determined by Lender in accordance with this Note and Lender’s
loan systems and procedures periodically in effect, including, without limitation, in accordance with the following terms and conditions,
as applicable:

 

(a)          In
the case of immediately successive Interest Periods with respect to a continued LIBOR Rate Loan, each successive Interest Period
shall commence on the day on which the immediately preceding Interest Period expires, with interest for such day to be calculated
based upon the LIBOR Rate in effect for the new Interest Period;

 

(b)          If
a Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall end on the next succeeding
Business Day; provided that, if the next succeeding Business Day falls in a new month, such Interest Period shall end on the immediately
preceding Business Day; and

 

(c)          If
any Interest Period begins on a Business Day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period, then the Interest Period shall end on the last Business Day of the calendar month ending at the end of
such Interest Period.

 

G.           “Interest
Rate” shall mean the Adjusted LIBOR Rate for the applicable Interest Period.

 

H.           “LIBOR
Rate” shall mean, for the Interest Period applicable thereto in accordance with this Note, the rate of interest (rounded
upwards to the next 1/8th of one percent (1%) and adjusted by Lender for reserves if Lender is required to maintain reserves with
respect to the Loan (or portion thereof)) fixed by the ICE Benchmark Administration Limited (or any successor thereto, or replacement
thereof, as approved by Lender each an “Alternate LIBOR Source”) at approximately 11:00 a.m., London, England
time (or at the relevant time established by an Alternate LIBOR Source or by Lender), two Business Days prior to the commencement
of the requested Interest Period, relating to quotations for the one month London Interbank Offered Rate, as selected by Borrower
in accordance with this Note, on U.S. Dollar deposits, as displayed by Bloomberg LP (or any successor thereto, or replacement thereof,
as approved by Lender, each an “Approved Bloomberg Successor”), all as determined by Lender in accordance with
this Note and Lender’s loan systems and procedures periodically in effect. If the LIBOR Rate is no longer displayed on Bloomberg
LP (or any Approved Bloomberg Successor), the LIBOR Rate shall be determined in good faith by Lender from such other sources as
it shall determine to be comparable to Bloomberg LP (or any Approved Bloomberg Successor) all as determined by Lender in accordance
with this Note and Lender’s loan systems and procedures periodically in effect. Notwithstanding anything to the contrary
contained herein, in no event shall the LIBOR Rate be less than 0% as of any date (the “LIBOR Rate Minimum”); provided
that, at any time during which a Rate Management Agreement (as defined in the Credit Agreement) with Lender is then in effect with
respect to all or a portion of the Obligations, the LIBOR Rate Minimum shall be disregarded and no longer of any force and effect
with respect to such portion of the Obligations subject to such Rate Management Agreement. Each determination by Lender of the
LIBOR Rate shall be final, binding and conclusive in the absence of manifest error.

 

    	 	3	 

     

    

 

3.           Computation
of Interest. Moneys deposited by Lender in an escrow shall be deemed to have been disbursed as of, and shall bear interest
from, the date of deposit in escrow. Interest on this Note shall be payable for the day a disbursement of proceeds of the Loan
is made. Regularly scheduled payments of interest on this Note shall include interest accrued to but not including the day on which
the payment is made. Payments of principal on this Note shall include interest on the amount paid to but not including the date
of payment if payment is received prior to 2:00 P.M. Eastern Time, and if payment is received after such time, payment of principal
on this Note shall include interest to and including the day of payment.

 

4.           Payment
Terms. The Loan shall be due and payable, and Borrower hereby promises to pay the outstanding principal amount of the Loan
to Lender, together with all accrued interest thereon then remaining unpaid and all other unpaid amounts, charges, fees and expenses
outstanding under this Note or under any of the other Loan Documents, on the Maturity Date.

 

5.           Late
Payments; Default Rate; Fees. If any payment is not paid within ten (10) days of when due under this Note or any of the
other Loan Documents, Borrower agrees to pay to Lender a late payment fee of five percent (5%) of the payment amount with a minimum
fee of $20.00. After an Event of Default, Borrower agrees to pay to Lender a fixed charge of $25.00, or Borrower agrees that Lender
may, without notice, increase the Interest Rate by five percentage points (5.00%) (the “Default Rate”) for the
period of time the default is continuing. Lender may impose a non-sufficient funds fee for any check that is presented for payment
that is returned for any reason.

 

6.           Rounding
and Rate Management Agreement. At any time during which a Rate Management Agreement is then in effect with respect to this
Note, the provisions contained in this Note which round up the Interest Rate to the nearest 118th shall be disregarded
and no longer of any force and effect, notwithstanding anything to the contrary contained in this Note.

 

7.           Maximum
Interest Rate. Notwithstanding any provisions of this Note or any instrument securing payment of the indebtedness evidenced
by this Note to the contrary, it is the intent of Borrower and Lender that Lender shall never be entitled to receive, collect or
apply, as interest on principal of the indebtedness, any amount in excess of the maximum rate of interest permitted to be charged
by applicable law; and if under any circumstance whatsoever, fulfillment of any provision of this Note, at the time performance
of such provision shall be due, shall involve transcending the limit of validity prescribed by applicable law, then, ipso facto,
the obligation to be fulfilled shall be reduced to the limit of such validity; and in the event Lender ever receives, collects
or applies as interest any such excess, such amount which would be excess interest shall be deemed a permitted partial prepayment
of principal without penalty or premium and treated hereunder as such; and if the principal of the indebtedness evidenced hereby
is paid in full, any remaining excess funds shall forthwith be paid to Borrower. In determining whether or not interest of any
kind payable hereunder exceeds the highest lawful rate, Borrower and Lender shall, to the maximum extent permitted under applicable
law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, and (b) amortize, prorate,
allocate and spread such payment so that the interest on account of such indebtedness does not exceed the maximum amount permitted
by applicable law; provided that if the amount of interest received for the actual period of existence thereof exceeds the maximum
lawful rate, Lender shall refund to Borrower the amount of such excess. Lender shall not be subject to any penalties provided by
any laws for contracting for, charging or receiving interest in excess of the maximum lawful rate.

 

    	 	4	 

     

    

 

8.           Revolving
Loan. Provided that no Default or Event of Default under this Note or any of the other Loan Documents has occurred and
is continuing, any portion of the principal balance of this Note which is repaid may be reborrowed by Borrower prior to the Maturity
Date. There shall be no prepayment penalty or premium.

 

9.           Default
and Remedies.

 

A.           An
“Event of Default” shall occur under this Note upon the occurrence of (a) the failure of Borrower to make any
principal or interest payment owing hereunder on the date which is ten (10) days after the date when due, (b) the failure by Borrower
to pay any other amount payable to Lender under this Note within ten (10) days after the date when any such payment is due in accordance
with the terms hereof, (c) a breach by Borrower of any of the covenants, agreements, representations, warranties or other provisions
hereof, which is not cured within the grace or cure period, if any, applicable thereto, or (d) the occurrence of any Event of Default
under any of the other Loan Documents. An Event of Default under this Note shall also be deemed an Event of Default under the other
Loan Documents.

 

B.           If
an Event of Default has occurred and is continuing, Lender shall have the option, without demand or notice, other than specified
herein or in the other Loan Documents, to declare the unpaid principal of this Note, together with all accrued interest, prepayment
premium, if any, and other sums secured by the Security Agreement, or other Loan Documents, at once due and payable to the extent
permitted by law, to foreclose the Security Agreement and the other liens or security interests securing the payment of this Note,
and to exercise any and all other rights and remedies available at law or in equity under the Security Agreement or the other Loan
Documents.

 

C.           The
remedies of Lender, as provided herein or in the Security Agreement or any of the other Loan Documents shall be cumulative and
concurrent, and may be pursued singularly, successively or together, at the sole discretion of Lender, and may be exercised as
often as occasion therefor shall arise. No act of omission or commission of Lender, including specifically any failure to exercise
any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only
through a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with
reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right,
remedy or recourse as to a subsequent event.

 

    	 	5	 

     

    

 

10.         Costs
and Attorneys’ Fees. If any Event of Default under this Note shall occur, or if Lender incurs
any expenses or costs in connection with the protection or realization of any collateral, whether or not suit is filed thereon
or on any instrument granting a security interest in said collateral, Borrower promises to pay all costs of collection of every
kind, including but not limited to all appraisal costs, reasonable attorneys’ fees, court costs, and expenses of every kind,
incurred by Lender in connection with such collection or the protection or enforcement of any or all of the security for this Note,
whether or not any lawsuit is filed with respect thereto.

 

11.         Waiver.
Borrower, and each surety and endorser hereon waives grace, notice, notice of intent to accelerate, notice of default, protest,
demand, presentment for payment and diligence in the collection of this Note, and in the filing of suit hereon, and agrees that
his or its liability and the liability of his or its heirs, beneficiaries, successors and assigns for the payment hereof shall
not be affected or impaired by any release or change in the security or by any increase, modification, renewal or extension of
the indebtedness or its mode and time of payment. It is specifically agreed by the undersigned that the Lender shall have the right
at all times to decline to make any such release or change in any security given to secure the payment hereof and to decline to
make any such increase, modification, renewal or extension of the indebtedness or its mode and time of payment.

 

12.         Notices.
All notices or other communications required or permitted hereunder shall be delivered in the manner set forth in the Credit
Agreement.

 

13.         Application
of Payments. All payments on account of the indebtedness evidencing the Note shall first be applied to late charges and
costs and fees incurred by Lender in enforcing its rights hereunder or under the Security Agreement and the other Loan Documents,
second to accrued interest on the unpaid principal balance, and third to reduce unpaid principal in inverse chronological order
of maturity. Any payments and other amounts owing under this Note shall be made at Lender’s address above unless otherwise
designated by Lender in writing.

 

14.         Miscellaneous.

 

A.           The
headings of the paragraphs of this Note are inserted for convenience only and shall not be deemed to constitute a part hereof.

 

B.           All
payments under this Note shall be payable in lawful money of the United States which shall be legal tender for public and private
debts at the time of payment; provided that a check will be deemed sufficient payment so long as it clears when presented for payment.
Each payment of principal or interest under this Note shall be paid not later than 2:00 P.M. Eastern Time on the date due therefor
and funds received after that hour shall be deemed to have been received by Lender on the following Business Day. If any payment
of principal, interest or any other amount due under this Note shall become due on a day which is not a Business Day, the due date
for such payment shall be automatically extended to the next succeeding Business Day, and, in the case of a principal payment,
such extension of time shall be included in computing interest on such principal. If an Event of Default has occurred and remains
uncured, Lender is hereby authorized to charge any account of Borrower maintained with Lender for each payment of principal, interest
and other amounts due under this Note, when each such payment becomes due. All amounts payable under this Note and the other Loan
Documents shall be paid by Borrower without offset or other reduction.

 

    	 	6	 

     

    

 

C.           The
obligations and liabilities under this Note of Borrower shall be binding upon and enforceable against Borrower and its heirs, legatees,
legal representatives, successors and assigns. This Note shall inure to the benefit of and may be enforced by Lender, its successors
and assigns.

 

D.           If
any provision of this Note or any payments pursuant to the terms hereof shall be invalid or unenforceable to any extent, the remainder
of this Note and any other payments hereunder shall not be affected thereby and shall be enforceable to the greatest extent permitted
by law.

 

E.           If
this Note is executed by more than one party as Borrower, the obligations and liabilities of each Borrower under this Note shall
be joint and several and shall be binding upon and enforceable against each Borrower and their respective successors and assigns.

 

F.           Lender
may at any time assign its rights in this Note and the Loan Documents, or any part thereof and transfer its rights in any or all
of the collateral, and Lender thereafter shall be relieved from all liability with respect to such collateral. In addition, the
Lender may at any time sell one or more participations in the Note. Borrower may not assign its interest in this Note, or any other
agreement with Lender or any portion thereof, either voluntarily or by operation of law, without the prior written consent of Lender.

 

G.           Time
is of the essence of this Note and of each and every provision hereof.

 

H.           This
Note, together with the other Loan Documents, sets forth all of the covenants, promises, agreements, conditions and understandings
of the parties relating to the subject matter of this Note, and there are no covenants, promises, agreements, conditions or understandings,
either oral or written between them relating to the subject matter of this Note or other than as are set forth herein and in the
other Loan Documents. This Note and the other Loan Documents supersede all prior written and oral commitments and agreements relating
to the Loan. Borrower acknowledges that it is executing this Note without relying on any statements, representations or warranties,
either oral or written, that are not expressly set forth herein or in the other Loan Documents.

 

I.            This
Note and each provision hereof may be modified, amended, changed, altered, waived, terminated or discharged only by a written instrument
signed by the party sought to be bound by such modification, amendment, change, alteration, waiver, termination or discharge.

 

    	 	7	 

     

    

 

J.            Each
party to this Note and the legal counsel to each party have participated in the drafting of this Note, and accordingly the general
rule of construction to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract
shall not be employed in the construction and interpretation of this Note.

 

K.          Borrower
certifies that the proceeds of this Loan are to be used for business purposes.

 

15.         Choice
of Laws. This Note shall be governed by and construed in accordance with the laws of the State of Florida.

 

16.         JURY
WAIVER. BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG
BORROWER AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE, ANY OTHER LOAN DOCUMENT, OR ANY RELATIONSHIP BETWEEN BORROWER
AND LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE LOAN DESCRIBED HEREIN AND IN THE OTHER LOAN DOCUMENTS.

 

17.         JURISDICTION
AND VENUE. BORROWER HEREBY AGREES THAT ALL ACTIONS OR PROCEEDINGS INITIATED BY BORROWER AND ARISING DIRECTLY OR INDIRECTLY
OUT OF THIS NOTE SHALL BE LITIGATED IN THE CIRCUIT COURT OF HILLSBOROUGH COUNTY, FLORIDA, OR THE UNITED STATES DISTRICT COURT FOR
THE MIDDLE DISTRICT OF FLORIDA OR, IF LENDER INITIATES SUCH ACTION, ANY COURT IN WHICH LENDER SHALL INITIATE SUCH ACTION AND WHICH
HAS JURISDICTION. BORROWER HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED
BY LENDER IN ANY OF SUCH COURTS. BORROWER WAIVES ANY CLAIM THAT HILLSBOROUGH COUNTY, FLORIDA OR THE MIDDLE DISTRICT OF FLORIDA
IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD BORROWER, AFTER BEING SO SERVED, FAIL TO APPEAR OR
ANSWER TO ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW, BORROWER SHALL BE DEEMED
IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY LENDER AGAINST BORROWER AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT,
PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR BORROWER SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT
BY LENDER OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING BY LENDER OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE
JURISDICTION, AND BORROWER HEREBY WAIVES THE RIGHT, IF ANY, TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

 

    	 	8	 

     

    

 

18.         Patriot
Act. Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies
Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify
Borrower in accordance with the Act.

 

19.         BillPayer
Service. Any payments and other amounts owing under this Note shall be initiated by Lender in accordance with the terms
of this Note from Borrower’s account through Auto BillPayer (or Lender’s then current automated billing paying service)
(“BillPayer Service”). Borrower hereby authorizes Lender to initiate such
payments from Borrower’s primary depository account with Lender. Borrower acknowledges and agrees that use of the
BillPayer Service shall be governed by the then current standard terms and conditions thereof, and Borrower hereby acknowledges
receipt of such Terms and Conditions as in effect on the date hereof. Borrower further acknowledges and agrees to maintain payments
hereunder through the BillPayer Service throughout the term of this Note (to the extent Lender and its affiliates continue to provide
such service). If the BillPayer Service is cancelled at any time, Borrower may be required to pay Lender the then current amount
of the difference between Lender’s customary Note processing fee and the discounted Note processing fee received by Borrower
in consideration of its use of the BillPayer Service.

 

20.         Amended
and Restated. This Note renews, amends, replaces and supersedes that certain Revolving Promissory Note dated June 1, 2016,
in the original principal amount of Five Hundred Thousand and No/100 Dollars ($500,000.00) executed by Borrower in favor of Lender
(the “Prior Note”). It is the intention of Lender and Borrower that while this Note renews, amends, replaces
and supersedes the Prior Note, it is not in payment or satisfaction of the Prior Note, but rather is the substitution of one evidence
of debt for another without any intent to extinguish the old. Should there be any conflict between any of the terms of the Prior
Note and the terms of this Note, the terms of this Note shall control.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK; 

SIGNATURE PAGE FOLLOWS]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
Borrower has executed, sealed and delivered this Note as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	JETPAY PAYMENT SERVICES, FL, LLC, a Delaware limited liability company
	 	 	 	 
	 	By:	JetPay Corporation, its sole member
	 	 	 	 
	 	 	By:	/s/ Gregory M. Krzemien
	 	 	Name:	Gregory M. Krzemien
	 	 	Its: 	Chief Financial Officer

 

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