Document:

exhibit4-5.htm

Exhibit 4.5

  

 

[FORM OF] ELIGIBLE LENDER TRUST AGREEMENT

 

 

between

 

 

NAVIENT STUDENT LOAN TRUST 20[__]-[__]

 

 

and

 

 

 

[________],

not in its individual capacity but solely

as Eligible Lender Trustee for the benefit of Navient Student Loan Trust 20[__]-[__]

 

 

 

 

 

 

 

Dated as of [________], 20[__]

 

TABLE OF CONTENTS

 

Page

	
ARTICLE I

	
Definitions and Usage

	
1

	
ARTICLE II

	
Appointment of Eligible Lender Trustee; Sharing of Relevant LID

	
1

	
SECTION 2.1.

	
Appointment of Eligible Lender Trustee

	
1

	
SECTION 2.2.

	
Declaration of Trust

	
2

	
SECTION 2.3.

	
Title to Trust Loans

	
2

	
ARTICLE III

	
Representations and Warranties of the Trust

	
2

	
ARTICLE IV

	
Authority and Duties of Eligible Lender Trustee

	
3

	
SECTION 4.1.

	
General Authority

	
3

	
SECTION 4.2.

	
General Duties

	
3

	
SECTION 4.3.

	
No Duties Except as Specified in this Agreement

	
3

	
SECTION 4.4.

	
No Action Except Under Specified Documents

	
3

	
SECTION 4.5.

	
Restrictions

	
3

	
SECTION 4.6.

	
Further Actions

	
4

	
ARTICLE V

	
Concerning the Eligible Lender Trustee

	
4

	
SECTION 5.1.

	
Acceptance of Trust and Duties

	
4

	
SECTION 5.2.

	
Representations and Warranties

	
5

	
SECTION 5.3.

	
Not Acting in Individual Capacity

	
5

	
SECTION 5.4.

	
Eligible Lender Trustee Not Liable for the Trust Loans

	
5

	
SECTION 5.5.

	
Obligations to the Secretary and Guarantors

	
6

	
ARTICLE VI

	
Compensation and Indemnity of Eligible Lender Trustee

	
6

	
ARTICLE VII

	
Termination of Eligible Lender Trust Agreement

	
6

	
ARTICLE VIII

	
Successor Eligible Lender Trustees

	
7

	
SECTION 8.1.

	
Eligibility Requirements for Eligible Lender Trustee

	
7

	
SECTION 8.2.

	
Resignation or Removal of Eligible Lender Trustee

	
7

	
SECTION 8.3.

	
Successor Eligible Lender Trustee

	
8

	
SECTION 8.4.

	
Merger or Consolidation of Eligible Lender Trustee

	
8

	
ARTICLE IX

	
Miscellaneous

	
9

	
SECTION 9.1.

	
Supplements and Amendments

	
9

	
SECTION 9.2.

	
Notices

	
9

	
SECTION 9.3.

	
Severability

	
10

	
SECTION 9.4.

	
Separate Counterparts

	
10

	
SECTION 9.5.

	
Successors and Assigns

	
10

	
SECTION 9.6.

	
Headings

	
10

	
SECTION 9.7.

	
Governing Law

	
10

	
SECTION 9.8.

	
Force Majeure

	
10

	
SECTION 9.9.

	
Waiver of Jury Trial

	
10

	
SECTION 9.10.

	
Patriot Act Compliance

	
10

	
SECTION 9.11.

	
Third-Party Beneficiary

	
10

	
SECTION 9.12.

	
Limitation of Liability of Owner Trustee

	
11

ELIGIBLE LENDER TRUST AGREEMENT

 

ELIGIBLE LENDER TRUST AGREEMENT (the “Agreement”), dated as of [________], 20[__], between NAVIENT STUDENT LOAN TRUST 20[__]-[__]  (the “Trust”) as the Purchaser of certain Loans, and [________], a national banking association, not in its individual capacity but solely as Eligible Lender Trustee (the “Eligible Lender Trustee”).

 

WHEREAS, on the Closing Date, Navient Funding, LLC (the “Depositor”) has acquired certain Loans from subsidiaries or affiliates of Navient Corporation, and will subsequently enter into a Sale Agreement with the Trust, for the purpose of effecting the sale of such Loans to the Trust;

 

WHEREAS, during the Supplemental Purchase Period, the Depositor may acquire Additional Trust Student Loans from subsidiaries or affiliates of Navient Corporation and subsequently enter into one or more Additional Sale Agreements with the Trust, for the purpose of effecting the sale of such Additional Trust Student Loans (collectively, the applicable Initial Trust Student Loans and the applicable Additional Trust Student Loans are referred to herein as the “Trust Loans”);

 

WHEREAS, the Eligible Lender Trustee is an “eligible lender” within the meaning of Section 435(d) of the Higher Education Act and is willing to hold legal title to the Trust Loans on behalf and for the benefit of the Trust.

 

NOW, THEREFORE, the Trust and the Eligible Lender Trustee hereby agree as follows:

 

ARTICLE I

 

Definitions and Usage

 

Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Indenture, dated as of [________], 20[__] (the “Indenture”), among the Trust, the Eligible Lender Trustee and [________], not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), as may be amended or supplemented from time to time, which also contains rules as to usage that shall be applicable herein.

 

ARTICLE II

 

Appointment of Eligible Lender Trustee; Sharing of Relevant LID

 

SECTION 2.1.       Appointment of Eligible Lender Trustee.  The Trust hereby appoints the Eligible Lender Trustee, effective as of the date hereof, as trustee, to have all the rights, powers and duties set forth herein, including, without limitation:

 

	

	
1.

	
to hold legal title to the Trust Loans on behalf and for the benefit of the Trust;

 

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2.

	
to enter into and perform its obligations as the Eligible Lender Trustee under this Agreement and the other Basic Documents to which it is a party (including any Additional Sale Agreements entered into during the Supplemental Purchase Period); and

 

	

	
3.

	
to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

 

SECTION 2.2.       Declaration of Trust.  The Eligible Lender Trustee hereby declares that it will hold the Trust Loans in trust upon and subject to the conditions set forth herein for the use and benefit of the Trust, subject to the obligations of the Eligible Lender Trustee under this Agreement and the other Basic Documents to which it is a party.  Effective as of the date hereof, the Eligible Lender Trustee shall have all rights, powers and duties set forth herein with respect to accomplishing the purposes of this Agreement.  Legal title to all of the Trust Loans shall be vested at all times in the Eligible Lender Trustee for the benefit of and on behalf of the Trust.

 

SECTION 2.3.       Title to Trust Loans.  Legal title to all of the Trust Loans shall be vested at all times in the Eligible Lender Trustee on behalf of and for the benefit of the Trust, under U.S. Department of Education LID number [______] (the “Related LID”).  The Related LID is being jointly shared with the Depositor and other affiliated entities pursuant to an existing agreement between the Eligible Lender Trustee and the Depositor.

 

ARTICLE III

 

Representations and Warranties of the Trust

 

The Trust hereby represents and warrants to the Eligible Lender Trustee that:

 

	

	
1.

	
It is duly organized and validly existing as a Delaware statutory trust in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 

	

	
2.

	
It has all necessary power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement has been duly authorized by the Trust by all necessary action.

 

	

	
3.

	
This Agreement constitutes a legal, valid and binding obligation of the Trust enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally and subject to general principles of equity.

 

	

	
4.

	
The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the certificate of formation or limited liability company operating agreement, in effect as of the date

 

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hereof, of the Trust, or any indenture, agreement or other instrument to which the Trust is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than as contemplated by the Basic Documents); nor violate any law or any order, rule or regulation applicable to the Trust of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust or its properties.

 

ARTICLE IV

 

Authority and Duties of Eligible Lender Trustee

 

SECTION 4.1.       General Authority.  The Eligible Lender Trustee is authorized and directed to execute and deliver this Agreement and the other Basic Documents to which it is a party and each certificate or other document attached as an exhibit to or contemplated by such agreements, in each case, in such form as the Trust shall approve as evidenced conclusively by the Eligible Lender Trustee’s execution thereof.  The Eligible Lender Trustee is also authorized and directed on behalf and for the benefit of the Trust to acquire and hold legal title to all Trust Loans to be sold by the Depositor, with beneficial ownership to be held by the Trust, and to take all actions required of the Eligible Lender Trustee pursuant to this Agreement and the other Basic Documents to which it is a party.

 

SECTION 4.2.       General Duties.  It shall be the duty of the Eligible Lender Trustee to discharge (or cause to be discharged) all its responsibilities as the Eligible Lender Trustee pursuant to the terms of this Agreement and the other Basic Documents to which it is a party.

 

SECTION 4.3.       No Duties Except as Specified in this Agreement.  The Eligible Lender Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, service, dispose of or otherwise deal with the Trust Loans, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Eligible Lender Trustee is a party, except as expressly provided by the terms of this Agreement and the other Basic Documents to which it is a party; and no implied duties or obligations shall be read into any such agreement against the Eligible Lender Trustee.  In particular, the Eligible Lender Trustee agrees to cooperate fully and assist the Servicer in connection with guarantee claims for Guarantee Payments with the related Guarantors, and all claims and collections with regard to Interest Subsidy Payments and Special Allowance Payments to be received from the Department on the Trust Loans.

 

SECTION 4.4.       No Action Except Under Specified Documents.  The Eligible Lender Trustee shall not otherwise deal with the Trust Loans except in accordance with the powers granted to and the authority conferred upon the Eligible Lender Trustee pursuant to this Agreement and the other Basic Documents to which it is a party.

 

SECTION 4.5.       Restrictions.  The Eligible Lender Trustee shall not take any action that is inconsistent with the purposes of the Trust set forth in the Basic Documents.

 

SECTION 4.6.       Further Actions.  (a) The Eligible Lender Trustee shall execute and deliver all written instruments and take any and all other actions that the Depositor or the

 

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Administrator may reasonably direct in writing in order to maintain all Federal Contracts and Guarantee Agreements relating to the Trust Loans and take any other actions with respect to and in furtherance of such agreements as reasonably requested in writing by the Depositor or the Administrator for the benefit of the Trust.

 

(b)           The Eligible Lender Trustee shall promptly notify the Indenture Trustee, the Administrator and the Trust upon any change of address of the Eligible Lender Trustee that would require the filing of new Form UCC-1’s or Form UCC-3’s to maintain the perfected security interest of the Indenture Trustee (on behalf of the Noteholders) in the Trust Loans.

 

ARTICLE V

 

Concerning the Eligible Lender Trustee

 

SECTION 5.1.       Acceptance of Trust and Duties.  The Eligible Lender Trustee accepts the trust hereby created and agrees to perform its duties hereunder with respect to such trust but only upon the terms of this Agreement.  The Eligible Lender Trustee shall not be answerable or accountable hereunder or under this Agreement and the other Basic Documents to which it is a party under any circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 5.2 below expressly made by the Eligible Lender Trustee.  In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

	

	
1.

	
The Eligible Lender Trustee shall not be liable for any error of judgment made by a responsible officer of the Eligible Lender Trustee.

 

	

	
2.

	
No provision of this Agreement and the other Basic Documents to which it is a party shall require the Eligible Lender Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under the other Basic Documents to which it is a party, if the Eligible Lender Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it.

 

	

	
3.

	
The Eligible Lender Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Trust or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Loans or for or in respect of the validity or sufficiency of the other Basic Documents to which it is a party.

 

	

	
4.

	
In no event shall the Eligible Lender Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever irrespective of whether the Eligible Lender Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

SECTION 5.2.       Representations and Warranties.  The Eligible Lender Trustee hereby represents and warrants to the Trust that:

 

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1.

	
It is duly organized and validly existing in good standing under the laws of its governing jurisdiction and has an office located within the State of Minnesota, at which it will act as trustee for the Trust. It has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and the other Basic Documents to which it is a party.

 

	

	
2.

	
It has taken all action necessary to authorize the execution and delivery by it of this Agreement and the other Basic Documents to which it is a party, and this Agreement and the other Basic Documents to which it is a party have been executed and delivered by two of its officers who are duly authorized to execute and deliver the same on its behalf.

 

	

	
3.

	
Neither the execution nor the delivery by it of this Agreement and the other Basic Documents to which it is a party, nor the consummation by it of the transactions contemplated thereby or hereby nor compliance by it with any of the terms or provisions thereof or hereof will contravene any Federal, Delaware, New York or other applicable state law, governmental rule or regulation governing the banking or trust powers of the Eligible Lender Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws.

 

	

	
4.

	
It is and will maintain its status as an “eligible lender” (as such term is defined in Section 435(d) of the Higher Education Act) for purposes of holding legal title to the Trust Loans as contemplated by this Agreement and the other Basic Documents to which it is a party, and it is and will at all times remain the owner of the Related LID and has and will have in effect a Guarantee Agreement with each of the Guarantors with respect to the Trust Loans.

 

SECTION 5.3.       Not Acting in Individual Capacity.  Except as provided in this Article V, in accepting the trust hereby created, [________] acts solely as Eligible Lender Trustee hereunder and not in its individual capacity.

 

SECTION 5.4.       Eligible Lender Trustee Not Liable for the Trust Loans.  The Eligible Lender Trustee makes no representations as to the validity or sufficiency of this Agreement, any other Basic Document to which it is a party or of any Trust Loan or related documents.  The Eligible Lender Trustee shall not at any time have any responsibility or liability (except for willfully or negligently terminating or allowing to be terminated any of the Guarantee Agreements, in a case where the Eligible Lender Trustee knows of any facts or circumstances which will or could reasonably be expected to result in any such termination) for or with respect to the legality, validity, enforceability and eligibility for Guarantee Payments, federal reinsurance, Interest Subsidy Payments or Special Allowance Payments, as applicable, in respect of any Trust Loan, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Excess Distribution Certificateholder or the Noteholders including the existence and contents of any computer or other record of any Trust Loan; the validity of the assignment of any Trust Loan to the Eligible Lender Trustee on behalf of the Trust; the completeness of any Trust Loan; the performance or enforcement (except as expressly set forth in any Basic Document) of any Trust Loan; the compliance by the Servicer

 

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with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Eligible Lender Trustee or the Trust.

 

SECTION 5.5.       Obligations to the Secretary and Guarantors. Notwithstanding any other provision in the Basic Documents to which the Eligible Lender Trustee is a party, nothing in such Basic Documents will be construed to limit the legal responsibility of the Eligible Lender Trustee to the United States Secretary of Education (the “Secretary”) or a Guarantor for any violations of statutory or regulatory requirements that may occur under the Higher Education Act or implementing regulations.  For the avoidance of doubt, the Eligible Lender Trustee shall in no event be liable or legally responsible hereunder to the other parties hereto or to any party to any Basic Document to which it is a party for any violations of statutory or regulatory requirements under the Higher Education Act or implementing regulations that occurred prior to the date hereof.

 

ARTICLE VI

 

Compensation and Indemnity of Eligible Lender Trustee

 

	

	
1.

	
The Eligible Lender Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Trust and the Eligible Lender Trustee, and the Eligible Lender Trustee shall be entitled to be reimbursed by the Trust, to the extent provided in such separate agreement, for its other reasonable expenses hereunder.

 

	

	
2.

	
The Depositor shall cause the Administrator to indemnify the Eligible Lender Trustee in its individual capacity and any of its officers, directors, employees and agents as and to the extent provided for in Section 4.2 of the Administration Agreement.

 

ARTICLE VII

 

Termination of Eligible Lender Trust Agreement

 

This Agreement (other than Article VI) and the trust created hereby shall terminate and be of no further force or effect upon the earlier of (i) the termination of the Trust pursuant to Section 9.1 of the Trust Agreement and (ii) the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s, living on the date hereof.

 

ARTICLE VIII

 

Successor Eligible Lender Trustees

 

SECTION 8.1.       Eligibility Requirements for Eligible Lender Trustee.  The Eligible Lender Trustee shall at all times be a corporation or banking association (i) qualifying as an “eligible lender” as such term is defined in Section 435(d) of the Higher Education Act for purposes of holding legal title to the Trust Loans on behalf and for the benefit of the Trust, with a

 

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valid lender identification number with respect to the Trust Loans from the Department; (ii) being authorized to exercise corporate trust powers and hold legal title to the Trust Loans; (iii) having in effect Guarantee Agreements with each of the Guarantors as may be directed, in writing, by the Depositor or the Administrator, as applicable; (iv) having a combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by federal or state authorities; and (v) having (or having a parent which has) a rating in respect of its long-term senior unsecured debt of at least "BBB-" (or the equivalent) by each of the Rating Agencies (or which, if the long-term senior unsecured debt of such corporation or association is not rated by any Rating Agency, shall have provided to the Administrator (A) written confirmation from such Rating Agency that the appointment of such corporation or association to serve as Eligible Lender Trustee will not result in and of itself in a reduction or withdrawal of the then current rating of any of the outstanding Notes or (B) evidence of at least 10 days prior written notice to such Rating Agency (or such shorter period as is acceptable to each such Rating Agency) during which time no Rating Agency shall have notified the Eligible Lender Trustee in writing that such action might or will result in the downgrade, qualification or withdrawal of the then current rating of any of the outstanding Notes.  If the Eligible Lender Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Eligible Lender Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In case at any time the Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of this Section, the Eligible Lender Trustee shall resign immediately in the manner and with the effect specified in Section 8.2.

 

SECTION 8.2.       Resignation or Removal of Eligible Lender Trustee.  The Eligible Lender Trustee may at any time resign and be discharged from the trust hereby created by giving written notice thereof to the Trust.  Upon receiving such notice of resignation, the Trust shall promptly appoint a successor Eligible Lender Trustee meeting the eligibility requirements of Section 8.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Eligible Lender Trustee and one copy to the successor Eligible Lender Trustee.  If no successor Eligible Lender Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Eligible Lender Trustee may petition any court of competent jurisdiction for the appointment of a successor Eligible Lender Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Eligible Lender Trustee from any obligations otherwise imposed on it under this Agreement and the other Basic Documents to which it is a party until such successor has in fact assumed such appointment.

 

If at any time the Eligible Lender Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section 8.1 and shall fail to resign after written request therefor by the Trust, then the Trust may remove the Eligible Lender Trustee.  If the Trust shall remove the Eligible Lender Trustee under the authority of the immediately preceding sentence, the Trust shall promptly appoint a successor Eligible Lender Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Eligible Lender Trustee so removed and one copy to the successor Eligible Lender Trustee together with payment of all fees owed to the outgoing Eligible Lender Trustee.

 

Any resignation or removal of the Eligible Lender Trustee and appointment of a successor Eligible Lender Trustee pursuant to any of the provisions of this Section shall not

 

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become effective until acceptance of appointment by the successor Eligible Lender Trustee pursuant to Section 8.3 and payment of all fees and expenses owed to the outgoing Eligible Lender Trustee.

 

SECTION 8.3.       Successor Eligible Lender Trustee.  Any successor Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute, acknowledge and deliver to the Trust and to its predecessor Eligible Lender Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Eligible Lender Trustee shall become effective and such successor Eligible Lender Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Eligible Lender Trustee.  The predecessor Eligible Lender Trustee shall upon payment of its fees and expenses deliver to the successor Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible, to the successor Eligible Lender Trustee any lender identification number obtained from the Department with respect to the Trust Loans; and the Trust and the predecessor Eligible Lender Trustee, at the sole cost and expense of the Depositor, shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Eligible Lender Trustee all such rights, powers, duties and obligations.

 

No successor Eligible Lender Trustee shall accept such appointment as provided in this Section unless at the time of such acceptance such successor Eligible Lender Trustee shall be eligible pursuant to Section 8.1.

 

Upon acceptance of appointment by a successor Eligible Lender Trustee pursuant to this Section, the Administrator shall mail notice of the successor of such Eligible Lender Trustee to the Trust, the Excess Distribution Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies then rating the Notes.  If the Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the successor Eligible Lender Trustee, the successor Eligible Lender Trustee shall cause such notice to be mailed at the expense of the Administrator.

 

SECTION 8.4.       Merger or Consolidation of Eligible Lender Trustee.  Any corporation or banking association into which the Eligible Lender Trustee may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, conversion or consolidation to which the Eligible Lender Trustee shall be a party, or any corporation or banking association succeeding to all or substantially all the corporate trust business of the Eligible Lender Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Eligible Lender Trustee hereunder; provided that such corporation or banking association shall be eligible pursuant to Section 8.1; and provided further that the Eligible Lender Trustee shall mail notice of such merger or consolidation to the Rating Agencies then rating the Notes not less than 15 days prior to the effective date thereof.

 

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ARTICLE IX

 

Miscellaneous

 

SECTION 9.1.       Supplements and Amendments.  This Agreement may be amended by the Trust and the Eligible Lender Trustee, with prior written notice to the Rating Agencies then rating the Notes, without the consent of any of the Noteholders or any Excess Distribution Certificateholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder whose consent has not been obtained or any Excess Distribution Certificateholder.

 

This Agreement may also be amended from time to time by the Trust and the Eligible Lender Trustee, with prior written notice to the Rating Agencies then rating the Notes and with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement; provided, however, that no such amendment shall reduce the aforesaid percentage of the Outstanding Amount of the Notes required to consent to any such amendment, without the consent of all the outstanding Noteholders.

 

Promptly after the execution of any such amendment or consent, the Eligible Lender Trustee shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee and each of the Rating Agencies then rating the Notes.

 

It shall not be necessary for the consent of the Noteholders or the Excess Distribution Certificateholder pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization of the execution thereof shall be subject to such reasonable requirements as the Eligible Lender Trustee may prescribe.

 

Prior to the execution of any amendment to this Agreement, the Eligible Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement.  The Eligible Lender Trustee may, but shall not be obligated to, enter into any such amendment which affects the Eligible Lender Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

SECTION 9.2.       Notices.  Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Eligible Lender Trustee shall be deemed given only upon actual receipt by the Eligible Lender Trustee), if to the Eligible Lender Trustee, addressed to its Corporate Trust Office; if to the Trust, addressed to Navient Student Loan Trust 20[__]-[__], 2001 Edmund Halley Drive, Reston, Virginia 20191, or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

 

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SECTION 9.3.       Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 9.4.       Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 

SECTION 9.5.       Successors and Assigns.  All covenants and agreements contained herein shall be binding upon and to the benefit of, the Trust and its successors and the Eligible Lender Trustee and its successors, all as herein provided.

 

SECTION 9.6.       Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

SECTION 9.7.       Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

 

SECTION 9.8.       Force Majeure.  In no event shall the Eligible Lender Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Eligible Lender Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance of its obligations as soon as practicable under the circumstances.

 

SECTION 9.9.       WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 9.10.       Patriot Act Compliance. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Relevant Law”), the Eligible Lender Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Eligible Lender Trustee. Accordingly, each of the parties agrees to provide to the Eligible Lender Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Eligible Lender Trustee to comply with Relevant Law.

 

SECTION 9.11.       Third-Party Beneficiary.  This Agreement will inure to the benefit of and be binding upon the parties hereto, the Indenture Trustee for the benefit of the Noteholders,

 

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the Depositor and the Excess Distribution Certificateholder, each of which shall be considered to be a third-party beneficiary hereof. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder.

 

SECTION 9.12.       Limitation of Liability of Owner Trustee.  Notwithstanding anything contained herein to the contrary, this Agreement has been signed by [_______], not in its individual capacity, but solely in its capacity as Owner Trustee for the Trust and in no event shall [________], in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Trust or the Owner Trustee hereunder or in any of the certificates, notices or agreements delivered pursuant hereto as to all of which recourse shall be had solely to the assets of the Trust.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

11

IN WITNESS WHEREOF, the parties hereto have caused this Eligible Lender Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

 

	  	
[________], not in its individual capacity but solely as Eligible Lender Trustee for the benefit of Navient Student Loan Trust 20[__]-[__]

	  	  	  
	  	  	  
	  	
By:   

	
_______________________________

	  	  	
Name:

	  	  	
Title:

	  	  	  
	  	  	  
	  	  	  
	  	
NAVIENT STUDENT LOAN TRUST 20[__]-[__],

	  	
in its capacity as Purchaser

	  	  	  
	  	  	  
	  	
By: [_______], not in its individual capacity but solely as Owner Trustee

	  	  	  
	  	  	  
	  	
By:

	
_______________________________

	  	  	
Name:

	  	  	
Title:exhibit1024.htm

Exhibit 10.24

 

TECHNOLOGY SERVICES AGREEMENT

 

 

THIS TECHNOLOGY SERVICES AGREEMENT (“TSA”) is made as of this 20th day of December, 2015 (the “Effective Date”), by and among CannaSys, Inc., a Colorado corporation with an office at 1720 South Bellaire Street, Suite 325, Denver, CO 80222 (“CannaSys”), and National Concessions Group, Inc., a Colorado corporation (“NCG”) with offices at 1058 Delaware St. Denver CO 80204, ( “Licensee”). CannaSys and NCG are sometimes each referred to herein as a “Party” and collectively as the “Parties.”

 

Recitals

 

A.           Licensee desires to engage CannaSys to develop customized software packages based on CannaSys’s BumpUp applications (the “Technology”) to be: (i) branded and implemented by Licensee; (ii) managed by CannaSys; and (iii) supported by CannaSys and Licensee, and CannaSys desires to accept such engagement. A description of the Technology, software, services, products, scope of work, period of performance, payment terms, deliverables, and other terms and conditions of this TSA is set forth on the Statement of Work attached hereto as Exhibit A (the “SOW”), the terms of which are incorporated herein by reference.

 

B.           Licensee desires to obtain from CannaSys, and CannaSys wishes to grant and provide to Licensee, a license to use the Technology for exclusive use with businesses that directly advertise in, market to, or serve the lawful cannabis industry (the “Sector”) on terms and conditions set forth in this TSA.

 

Agreement

 

NOW, THEREFORE, in consideration of the premises stated in Recitals, which are incorporated herein and form part of the operative terms of this TSA, the mutual covenants and agreements contained herein, and other good and valuable considerations exchanged, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.           Grant of License. CannaSys hereby grants to Licensee, subject to the terms and conditions set forth in this TSA, a perpetual, exclusive, non-royalty-bearing, nontransferable license (with no right to sublicense) to use the Technology in the Sector.

 

2.           Limitation of Rights. Unless otherwise specifically set forth in the SOW, Licensee acknowledges that Licensee’s rights in and to the Technology are solely as set forth in Section 1 above and do not include any rights of ownership in any of the Technology. Licensee agrees that CannaSys owns all right, title, and interest, including copyright, patent, trade secret, and all other intellectual property rights, in and to the Technology, and any changes, modifications, or corrections thereof. Licensee hereby irrevocably assigns to CannaSys any and all rights it may be deemed to have in any changes, modifications, or corrections to the Technology, including copyright rights, and agrees to execute all documents necessary to implement and effect such assignment at CannaSys’s sole expense. Licensee shall not, and shall not permit any third party to: (a) modify or use the Technology except to the extent permitted in Section 1 of this TSA; or (b) decompile, reverse-engineer, disassemble, or otherwise determine or attempt to determine source code (or the underlying ideas, algorithms, structure, or organization) of any object code contained in the Technology. This TSA and the license granted pursuant hereto may not be assigned, sublicensed, or otherwise transferred by Licensee without the prior written consent of CannaSys.

 

3.           Term; Termination.

 

(a)           Term. The term of this TSA commences on the Effective Date and ends 18 months thereafter unless earlier terminated or extended as provide below or by mutual agreement of the Parties (the “Term”).

  

1

  

 

(b)           Exclusivity Period. In accordance with the terms of Section 2(c) of the SOW, a review by the Parties of the exclusivity of the Technology shall take place 12 months after the Effective Date and any extension of the Exclusivity Period (as defined in the SOW) shall be mutually agreed to by the Parties. If the Parties agree to extend the Exclusivity Period beyond 18 months after the Effective Date, the Term of this TSA shall continue until the expiration of the extended term of the Exclusivity Period. If the Parties do not extend the Exclusivity Period beyond 18 months, then Licensee may elect to terminate or renew this TSA (without exclusivity) by providing written notice to CannaSys 30 days before the end of the initial Term. Each renewal of the Term (without exclusivity) will be for an additional term of 12 months.

 

(c)           Termination. Notwithstanding the above, a Party may terminate this TSA if another Party defaults in its performance of any provision hereunder, and if such default continues and is not cured within 30 days after written notice thereof by the defaulting Party. Such termination right is in addition to, and not in limitation of, any other right or remedies available to the Parties under applicable law.

 

(d)           Effect of Termination. Notwithstanding anything to the contrary in this TSA, any termination of this TSA shall not relieve a Party of any of its obligations or liabilities accrued hereunder prior to such termination. Within 10 days after termination of this Agreement, Licensee shall return to CannaSys or destroy, as instructed by CannaSys, all copies of the Technology then in Licensee’s possession.

 

4.           License Fee. In consideration of the license granted under this TSA, Licensee shall pay CannaSys a monthly license fee of $7,500.00 commencing on the Commercial Launch (as defined in the SOW) of the Technology and continuing throughout the original Term. The Commercial Launch is estimated to be within 80 days from the Effective Date. The License Fee will include 15 hours of development time each month by CannaSys for customizations and enhancements to the Technology. CannaSys will invoice Licensee each month during the Term for license fees. Invoices shall be submitted to Licensee via email addressed to Jeremy@openvape.com.

 

5.           Use of Technology. The use of the Technology by Licensee and its customers and distributors (together its “Customers”) is subject to the terms and conditions of CannaSys’s standard End User License Agreement (“EULA”), the form of which is attached hereto as Exhibit B, which contains, among other things, warranty disclaimers, liability limitations, and use limitations. The form of EULA will be presented to Licensee’s Customers upon their use of the Technology and must be agreed to by the Customers in order for the registration process to be completed and for the Customers to use the Technology.

 

6.           Duties of Licensee. Licensee agrees to use the Technology only for lawful purposes, and Licensee acknowledges that using the Technology in connection with, or adjunct to, any matter or thing that violates any federal (with the exception of the U.S. Controlled Substance Act (“CSA”) as it applies to the cannabis industry), municipal, state, or county statute or regulation is strictly prohibited. Licensee agrees that it, or any third-party for which it is responsible, will not use the Technology in violation of the law or aid in any unlawful act. Licensee agrees to indemnify and hold harmless CannaSys from and against any and all claims, actions, causes of actions, administrative or governmental action, and losses or damages (including legal fees and expenses) arising from Licensee’s or Licensee’s Representatives (as defined below) use of the Technology in violation of this TSA.

 

7.           Compliance with Laws. Except as set forth above respecting the CSA and the cannabis industry, the Parties agree that they will comply with all applicable laws and regulations of governmental bodies or agencies in their respective performance of their obligations under this TSA.

 

  

2

  

 

8.           Indemnification.

 

(a)           By the Parties. Each Party, at its own expense, shall indemnify, defend, and hold harmless the other Parties and their subsidiaries, affiliates, or assignees, and their respective partners, directors, officers, employees, and agents, from and against any third-party claim, suit, demand, cause of action, debt, or liability resulting in liabilities, damages, costs, losses, and expenses, including court costs and reasonable attorneys’ fees that arise out of or are related to a third-party claim based on: (i) allegations of fraud, gross negligence, or willful misconduct by a Party or its employees, subcontractors, or agents; or (ii) the failure to observe or perform any or all of the Party’s covenants, agreements, obligations, representations, and warranties contained in this TSA.

 

(b)           CannaSys Options. If any of the Technology becomes, or in the opinion of CannaSys may become, the subject of a claim of infringement of any duly issued U.S. patent or a registered U.S. copyright, CannaSys may, at its option: (i) procure for Licensee the right to use the Technology free of any liability; (ii) replace or modify the Technology to make it non-infringing; or (iii) remove the Technology, or any part thereof, from the scope of this TSA. CannaSys shall not be liable for any costs or expenses incurred by Licensee in connection with any potential claim of infringement without its prior written authorization.

 

(c)           No CannaSys Liability. CannaSys assumes no liability hereunder for, and shall have no obligation to defend Licensee or to pay costs, damages, or attorney’s fees for, any claim based upon: (i) any method or process in which the Technology may be used by Licensee; (ii) any results of using the Technology; (iii) any use of other than a current, unaltered release of BumpUp software; or (iv) the combination, operation, or use of any Technology furnished hereunder with non-CannaSys programs or data if such infringement would have been avoided by the combination, operation, or use of the Technology with other programs or data.

 

(d)           Damages. In no event shall any Party or its employees, agents, affiliates, owners, or officers be liable to the other for special, consequential, incidental, indirect, punitive, or exemplary damages, however caused, whether for breach of warranty, contract, tort (including negligence), strict liability, or otherwise, even if the Party has been advised to the possibility of such damages.

 

THE FOREGOING STATES THE SOLE AND EXCLUSIVE LIABILITY OF CANNASYS FOR ANY INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS.

 

9.           Confidentiality.

 

(a)           In the course of performing or receiving Technology in connection with this TSA, CannaSys or Licensee (each and its affiliates, when receiving information from the other, the “Receiving Party”) may be given or have access to confidential and proprietary information of the other Parties or their affiliates, subsidiaries, third-party independent contractors, business partners, and licensors (each Party and its affiliates, when furnishing information to the other, the “Disclosing Party”). The information so disclosed by a Disclosing Party may include pricing information, marketing strategies and tactics, general processes, research and development information, operation of its computer systems and data relating to the approval, administration, use, or experience for any or all of the Disclosing Party’s products and services (whether marketed or in development), business proposals, manufacturing and distribution processes, customer lists, computer software and related documentation, financial information, and employee data, whether tangible or intangible, and including all copies, analyses, and derivatives thereof, that is marked or otherwise identified as proprietary or confidential at the time of disclosure or which by its nature would be understood by a reasonable person to be sensitive, proprietary, or confidential (collectively, “Confidential Information”).

 

 

  

3

  

 

 

(b)           The Receiving Party shall not, without the Disclosing Party’s prior written consent, disclose to any third party, any of the Disclosing Party’s Confidential Information. The Receiving Party shall employ the same standard of care in protecting disclosed Confidential Information as it would employ to protect its own Confidential Information, but shall in no event use less than reasonable care. The Receiving Party shall disseminate Confidential Information to its personnel and any advisers, employees, or contractors (its “Representatives”) only on a “need-to-know” basis. The Receiving Party shall cause each of its Representatives who has access to Confidential Information to comply with the terms of this section in the same manner as it is bound by this section, with the Receiving Party remaining responsible for the actions and disclosures of its Representatives.

 

(c)           For purposes hereof, “Confidential Information” does not include information that: (i) was rightfully in the Receiving Party’s possession without restriction before disclosure hereunder; (ii) was or becomes public knowledge through no fault of the Receiving Party; (iii) was rightfully disclosed to the Receiving Party without restriction by a third party not bound by a confidentiality restriction; or (iv) was independently developed by the Receiving Party or its personnel. The restrictions in this section shall not prevent disclosures required by law, court order, or other governmental order or demand; provided that the Receiving Party provides prompt written notice and reasonable assistance to the Disclosing Party prior to such disclosure, so that the Disclosing Party may seek a protective order or other appropriate remedy to protect against or limit such disclosure. The confidentiality obligations set forth in this TSA shall expire five years from the Effective Date.

 

10.           Ownership of Technology and Work-for-Hire Deliverables. Unless otherwise specifically stated in the SOW:

 

(a)           Patent. Within thirty (30) days from the Effective Date, CannaSys and Licensee agree to engage appropriate counsel to jointly file a provisional patent covering the Technology in this TSA and related SOW, to the extent such Technology is patentable. To the extent the Technology, or particular code, sections, or applications of such Technology is patentable, such patent will be filed and CannaSys and Licensee agree to provide each of the other party with a royalty free, exclusive lifetime license to such patentable technology. To the extent the Technology or certain code, sections, or applications of such technology are not patentable, Sections (10) b-e shall govern. This clause (10)a shall apply to any and all SOWs under this TSA or amendments thereto. 

 

(b)           CannaSys Technology; Development of the Technology. CannaSys shall retain all intellectual property rights in CannaSys’s preexisting owned proprietary software, systems, data, programs, other intellectual property, and all products, items, or materials (including data and code related to or arising from the development of the Technology) developed or acquired by CannaSys prior to the Effective Date or developed or acquired by CannaSys after the Effective Date, including the development or acquisition of intellectual property created during provision of this TSA. Licensee acknowledges that in carrying out projects for other Customers in the future, CannaSys may use for itself or others the general knowledge and experience acquired in the course of providing services to Licensee.

 

(c)           Third Party Intellectual Property. In providing services that involve creating intellectual property embodied in deliverables due from CannaSys to Licensee, CannaSys warrants that such intellectual property so developed will be entirely attributable to CannaSys’s own work performed for Licensee hereunder and that CannaSys will not knowingly infringe in any third party’s intellectual property.

 

(d)           Licensee Intellectual Property. Licensee, however, will retain all rights to repurpose, extend, augment and discard any and all of the developed intellectual property under this TSA and the SOW. At such time that Licensee desires the source code and / or other intellectual property developed under this TSA and the SOW, Licensee may request such intellectual property from CannaSys and CannaSys shall deliver such intellectual property to licensee within 72 (seventy two) hours of receiving such request. Licensee herein agrees not to resell the developed intellectual property for profit.

 

 

  

4

  

 

 

(e)           Codeveloped Intellectual Property. Licensee and CannaSys may separately agree in the SOW that certain Deliverables to be developed thereunder will be attributable to a codevelopment activity, wherein each Party is contributing business case data or development resources. In the event such codevelopment activity is provided for in the SOW, Licensee and CannaSys must set forth in writing: (i) which Deliverables thereunder involve codevelopment activity; (ii) what allocations of license or sublicense fees charged to third parties shall be applicable; and (iii) which Deliverables are deemed “works for hire,” in which case the intellectual property rights will belong to Licensee.

 

11.           General; Miscellaneous.

 

(a)           Governing Law. This TSA shall be governed by and construed in accordance with the laws of the state of Colorado without giving effect to any choice or conflict of law provision or rule (whether the state of Colorado or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the state of Colorado.

 

(b)           Notices. Any notice, demand, request, or other communication permitted or required under this TSA shall be in writing and shall be deemed to have been given as of the date delivered, if personally delivered; as of the date sent, if sent by electronic mail and receipt is acknowledged by the recipient; and one day after the date sent, if delivered by overnight courier service:

 

To Licensee:

National Concessions Group, Inc.

1058 Delaware St

Denver CO 80204

Attention: Jeremy Heidl

Email: jeremy@openvape.com

Telephone: 720.335.0931

To CannaSys:

CannaSys, Inc.

1720 S Bellaire Street, Suite 325

Denver, Colorado 80222

Attention: _______________

Email: _______________

Telephone: _______________

Each Party, by notice given in accordance herewith, may specify a different address for the giving of any notice hereunder.

 

(c)           Counterparts. This TSA may be executed simultaneously in one or more counterparts, each of which when executed will be deemed an original, but all of which taken together will constitute one and the same instrument. Telecopy or electronic signatures shall be deemed valid and binding to the same extent as the original.

 

(d)           Amendment of TSA. This TSA may not be amended, modified, or waived, except by an instrument in writing signed by both Parties.

 

(e)           Successors and Assigns; Assignability. This TSA shall be binding upon, inure to the benefit of, and be enforceable by the respective successors and permitted assigns of the Parties. This TSA may not be assigned by any Party without the prior written consent of the other Parties. Any assignment or attempted assignment in contravention of this subsection shall be void ab initio and shall not relieve the assigning Party of any obligation under this TSA.

 

 

  

5

  

 

(f)           Severability. If one or more provisions of this TSA are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then: (i) such provision shall be excluded from this TSA; (ii) the balance of the TSA shall be interpreted as if such provision were so excluded; and (iii) the balance of the TSA shall be enforceable in accordance with its terms.

 

(g)           Insider-Trading and Tipping Notice. Licensee acknowledges that the federal securities laws, other applicable law, and CannaSys’s policies and procedures prohibit any person or entity that has received material, nonpublic information about CannaSys from purchasing or selling securities of CannaSys or from communicating such information to any other person or entity that may sell or purchase such securities.

 

(h)           Entire Agreement. This TSA, together with the EULA, SOW, and Consulting Agreement (defined in the SOW), as amended, including all exhibits, attachments, and schedules, relating thereto, is the complete and exclusive statement of agreement respecting the subject matter hereof and supersedes and renders null and void any and all prior agreements, letters of intent, and proposals (oral or written), understandings, representations, conditions, and other communications among the Parties relating hereto and shall constitute the only valid binding and enforceable agreement among them.

 

(i)           No Waiver; Remedies. No failure or delay by any Party in exercising any right, power, or privilege under this TSA shall operate as a waiver of the right, power, or privilege. A single or partial exercise of any right, power, or privilege shall not preclude any other or further exercise of the right, power, or privilege or the exercise of any other right, power, or privilege. The rights and remedies provided in this TSA shall be cumulative and not exclusive of any rights or remedies provided by law.

 

(j)           Public Announcements. The Parties agree that no public release, announcement, or any other disclosure concerning any of the transactions contemplated hereby shall be made or issued by any Party without the prior written consent of all Parties (which consent shall not be unreasonably withheld or delayed), except to the extent such release, announcement, or disclosure may be required by law, in which case the Party required to make the release, announcement, or disclosure shall allow the other Parties, as applicable, reasonable time to comment on such release, announcement, or disclosure in advance of such issuance or disclosure; but no notice is required if the disclosure is determined by CannaSys’s legal counsel to be required under federal or state securities laws or exchange regulation applicable to CannaSys.

 

IN WITNESS WHEREOF, the Parties, each acting with due and proper authority, and agreeing to be bound by the terms hereof have executed this TSA as of the Effective Date.

 

	
Licensee:

	  	  
	  	  	  
	
National Concessions Group, Inc.

	  	
CannaSys, Inc.

	  	  	  
	  	  	  
	
By:

	
/s/ Jeremy Heidl

	  	
By:

	
/s/ Michael Tew

	
Name:

	
Jeremy Heidl

	  	
Name:

	
Michael Tew

	
Title:

	
C.O.O.

	  	
Title:

	
C.E.O.

	  	  	  	  	  

  

6

  

 

 

EXHIBIT A

 

STATEMENT OF WORK

 

This Statement of Work (“SOW”) dated as of the Effective Date, between and among CannaSys and Licensee, is entered into as part of the Technology Services Agreement (the “TSA”) among the Parties of even date hereof and is subject to the terms and conditions of the TSA and EULA, which are incorporated in this SOW by reference. If there is a conflict or ambiguity between any term of this SOW and the terms of the TSA or EULA, the terms of this SOW will control only as to the matters within the scope of Services provided in this SOW, and the terms of the TSA or EULA shall control as to all other matters. Capitalized terms not otherwise defined in this SOW will have the meanings set forth in the TSA or EULA as applicable.

 

Licensee and CannaSys agree to the following terms and conditions:

 

1.           Scope of Work. The Parties will work together to develop a customized software package based on CannaSys’s BumpUp applications to be branded and implemented by Licensee, managed by CannaSys, and supported by CannaSys and Licensee, intending that the final branded, white-label product for Licensee will be known as [“O.penVapeBumpUp”] (the “Technology”) and offered by Licensee to its Customers. The Technology, software, and other services to be provided by CannaSys under this SOW are defined herein as the “Services.” All work relating to the Services for version 1 (“V1”) and a copy of the “renderings” for the Technology are set forth on Schedule 1 and Schedule 1A attached hereto and incorporated herein.

 

2.           Term; Period of Performance; Exclusivity.

 

(a)           Term. The term of this SOW will be 18 months commencing upon the Effective Date, unless earlier terminated under the provisions of the TSA or as mutually agreed by all Parties.

 

(b)           Period of Performance. The Technology shall be developed and commercialized along the following timeline:

 

(i)           Beta Launch. The Parties estimate that the beta version of the Technology will be available for release to no more than 20 stores in approximately 50 days from the Effective Date.

 

(ii)           Commercial Launch. The “Commercial Launch” of the Technology to a wider distribution (as directed by Licensee) is estimated to be implemented within 80 days from the Effective Date.

 

(c)           Exclusivity. During the Exclusivity Period (defined below), CannaSys will not develop a white-label product based on its BumpUp application for another entity for products involving the sale and distribution of cannabinoid vaporizer prefilled cartridge systems sold through licensed medical and recreational cannabis dispensaries until the later of: (i) 18 months from the Effective Date; and (ii) 12 months from the date of Commercial Launch (as defined above), or as otherwise agreed by the Parties (the “Exclusivity Period”). Notwithstanding the above, 12 months after the Effective Date, the Parties will review the Exclusivity Period and discuss extending the period. Any extension of the Exclusivity Period will be subject to mutual agreement of the Parties.

 

 

  

A-1

  

 

3.           Authorized Representatives. For all matters related to this SOW that require approval or authorization of a Party, including the approval of any change order, the following individuals will be the authorized representatives of the Parties:

 

(a)           for Licensee:  Jeremy Heidl; and

 

(b)           for CannaSys:  Brandon C. Jennewine or Michael Tew.

 

4.           Reports/Deliverables. CannaSys will provide the following Services to Licensee:

 

(a)           Updates/Upgrades. Licensee shall have access to all upgrades and updates compatible with its existing front-end system relating to the Services.

 

(b)           Customization. Initially, CannaSys shall develop customized software for V1 of the Technology prior to implementation. An estimate of the total cost of the development of V1 is attached hereto as Schedule 2 and incorporated herein. Any additional development or customization requested by Licensee in addition to the items listed on Schedule 2 shall be fulfilled and billed on a time-and-materials basis.

 

(c)           Support. Tier 1 support will be provided by Licensee for white-labelled application using online tools, primarily, with a goal of minimalizing human interaction. CannaSys shall handle Tier 2 support through a ticketing system to be implemented and agreed to by the Parties. For BumpUp resales, it is presumed that Licensee’s sales associate will be trained to field many basic calls, however, support responsibility for direct BumpUp sales will fall upon CannaSys; CannaSys owns the customer relationship for BumpUp sales referred by Licensee.

 

(d)           Test Flight. While developing the application, a “scaled-down” version of the iOS Technology could be released as a test flight for approval, if requested by Licensee. Wait times for approval of the application is a variable and, depending on the reviewer at Apple, could add significant additional time to the expected release dates. If a test flight release is requested, it is anticipated that CannaSys would cease development on the Technology, which could add additional ramp up/ramp down costs yet to be determined. Currently, approval times for iOS apps are approximately seven business days.

 

5.           Fees; Expenses; Invoices.

 

(a)           Fees. In consideration of the performance of the Services encompassed in this SOW by CannaSys and all other covenants, duties, and obligations of each Party under this SOW, Licensee will pay CannaSys as follows:

 

(i)           Licensing Fees. Licensee shall pay CannaSys the license fees as set forth in Section 4 of the TSA.

 

(ii)           Base Development Fees. The base fees related to the custom development of the V1 for the Technology are estimated to be $65,700 and shall to be paid as follows:

 

(1)           A deposit of $21,900 was paid on the execution of the letter of intent between the Parties dated August 12, 2015, the receipt of which is acknowledged by CannaSys.

 

(2)           $21,900 is due on September 15, 2015; and

 

(C)           $21,900 is due on October 15, 2015.

 

 

  

A-2

  

 

(iii)           Time and Materials. In addition to the base fee, any additional expense not contemplated under Schedule 2 or any additional development or customization requested by Licensee during the development of the Technology in addition to the items listed on Schedule 2 shall be fulfilled and billed on a time-and-materials basis.

 

(iv)           Text Messages. The monthly license fee includes the expense for up to 250,000 text messages per month and unlimited push notifications to commence on the Commercial Lunch. Text messages in excess of 250,000 per month will be billed at $0.0125 a text message. Pricing only includes simple messaging system, or SMS, and does not include multimedia messaging service, or MMS, texts, if implemented.

 

(b)           Stamp Issuance Expense. CannaSys purchases “stamps” from Snowshoe Stamp to verify Customer identity at point of purchase under its BumpUp program. CannaSys will purchase the stamps for the Technology on behalf of Licensee directly from Snowshoe Stamp, and Licensee shall be responsible for reimbursing CannaSys for costs of the stamps.

 

(c)           Billing; Invoices. CannaSys will invoice Licensee monthly, or at any other mutually-agreed interval in arrears or upon the completion of stages of the Services, as the case may be, for license fees, other work performed, materials supplied, reimbursable expenses, and any surcharges or over-usage fees incurred under this SOW. Invoices shall be submitted to Licensee via email addressed to Jeremy@openvape.com.

 

(d)           Weekly Budget Meeting. CannaSys will hold weekly budget meetings with Licensee in-person or remotely in order to keep within project budget/timeline goals and to prioritize items. These meetings will also be used to define change orders, as needed.

 

(e)           Core Development. CannaSys will bill Licensee based on the customized Technology defined herein, including customer-specific reporting and workflow (e.g., street team functionality); however, Licensee will not be billed for work related to core enhancements to CannaSys’s “back-end” software defined as the BumpUp database and API. This includes any functionality related to database design, web portal, and API changes required to support the Licensee’s white-labelled application which CannaSys plans to resell for other white-labelled implementations.

 

6.           Additional Terms.

 

(a)           Data Ownership. Licensee shall have the right to any customer data generated or learned by transactions specifically using the Technology. From time to time, CannaSys may request certain aggregate data from Licensee for marketing, development, or information purposes not to include specific end-user or Licensee-level personal profiling information. Licensee shall have right-of-first refusal to share any such data with CannaSys. If request is made by CannaSys in good faith, for reasonable business purposes, and does not conflict with the goals of the Parties’ business relationship, Licensee shall grant CannaSys access to such aggregate data in a timely manner as follows:

 

(i)           Upon request, not to exceed one request per month during the Exclusivity Period, or at the termination of TSA, Licensee shall make all data available to CannaSys via a useable form such as spreadsheets or detached database.

 

 

  

A-3

  

 

(ii)           CannaSys will segment user data at Licensee’s expense and will setup and configure a separate instance of a production server, also at Licensee’s expense. At the point when CannaSys sets up a separate server, the company providing the server will bill Licensee directly for all costs and expenses relating to the installation and maintenance of the server. The time and expense required for migrating Licensee’s data to a dedicated server is outside of the scope of work for this SOW and will be billed separately on a time-and-materials basis.

 

(b)           Notices. All notices required or permitted to be given hereunder shall be in writing and shall be deemed received when delivered in the manner set forth in Section 11(b) of the TSA.

 

(c)           Entire Agreement. All of the terms, covenants, and conditions described in the TSA are incorporated herein by reference as if the same had been described in full herein. This SOW, the TSA, the Consulting Agreement, and the EULA, as amended, including all exhibits, attachments, and schedules, relating thereto, constitute the entire understanding among the Parties regarding the subject matter of this SOW. The Parties have not made any oral or written representations, warranties, agreements, arrangements, or undertakings among themselves respecting the subject matter of this SOW that are not fully expressed in this SOW.

 

IN WITNESS WHEREOF, the Parties, each acting with due and proper authority, and agreeing to be bound by the terms hereof have executed this SOW as of the Effective Date.

 

	
Licensee:

	  	  
	  	  	  
	
National Concessions Group, Inc.

	  	
CannaSys, Inc.

	  	  	  
	  	  	  
	
By:

	
/s/ Jeremy Heidl

	  	
By:

	
/s/ Michael Tew

	
Name:

	
Jeremy Heidl

	  	
Name:

	
Michael Tew

	
Title:

	
C.O.O.

	  	
Title:

	
C.E.O.

	  	  	  	  	  

 

 

  

A-4

  

SCHEDULE 1

 

Functional Development/Enhancements for V1

 

Note – Items highlighted in yellow are V2 requested items marked for further discussion but not provided in original pricing estimate for V1.

 

	
  

	
1.

	
App Features

 

	
  

	
1.

	
Roles

 

	
  

	
1.

	
Create following roles

 

	
  

	
1.

	
Budtender

 

	
  

	
2.

	
Store Manager

 

	
  

	
3.

	
Sales Manager

 

	
  

	
4.

	
Admin

 

	
  

	
2.

	
Create News section (“Buzz”)

 

	
  

	
1.

	
Content defined in dashboard

 

	
  

	
2.

	
Content

 

	
  

	
1.

	
Thumbnail image

 

	
  

	
2.

	
Headline

 

	
  

	
3.

	
Full story

 

	
  

	
4.

	
Link to share to Social Media

 

	
  

	
5.

	
Earn rewards based on sharing activity (every time a Facebook/Twitter user clicks on shared link, user gets a defined amount of points added to account)

 

	
  

	
3.

	
Create Locator Map

 

	
  

	
1.

	
Map zoomed to 25 mile radius based on current location

 

	
  

	
2.

	
O.Pen location overview when clicking on pin

 

	
  

	
1.

	
Description

 

	
  

	
2.

	
Photo

 

	
  

	
3.

	
Hours of operation

 

	
  

	
3.

	
List view - sort by distance

 

	
  

	
4.

	
Navigate to location

 

	
  

	
5.

	
Display products available at specific reward location

 

	
  

	
6.

	
Pinpoints based on filter criteria

 

	
  

	
1.

	
Rec vs Med

 

	
  

	
2.

	
Rewards location or all locations

 

	
  

	
3.

	
Product

 

 

  

I-5

  

 

 

	
  

	
4.

	
Help

 

	
  

	
1.

	
Link to FAQ – mobile web map

 

	
  

	
2.

	
Form to submit warranty request

 

	
  

	
1.

	
Goes to warranty@openvape.com email

 

	
  

	
3.

	
Form to submit tech support request

 

	
  

	
1.

	
Goes to support@openvape.com email

 

	
  

	
5.

	
Login/Registration

 

	
  

	
1.

	
Age Gate

 

	
  

	
2.

	
Geolocation gate to only allow in medical/rec states

 

	
  

	
3.

	
Quick training cards (3)

 

	
  

	
1.

	
Swipe each one to move past

 

	
  

	
2.

	
Click dismiss to go to login/registration

 

	
  

	
4.

	
In-app registration

 

	
  

	
5.

	
Facebook integration

 

	
  

	
1.

	
Email, DOB, gender, profile pic

 

	
  

	
6.

	
Fields

 

	
  

	
1.

	
FirstName

 

	
  

	
2.

	
LastName

 

	
  

	
3.

	
Referral code

 

	
  

	
4.

	
Email Address (required)

 

	
  

	
5.

	
Phone # (required)

 

	
  

	
6.

	
Password

 

	
  

	
7.

	
Password confirm

 

	
  

	
8.

	
DOB

 

	
  

	
7.

	
Error display for unable to connect/missing required fields

 

	
  

	
6.

	
Account Profile

 

	
  

	
1.

	
Change fname, lname, email, password, profile picture

 

	
  

	
7.

	
Customer Role

 

	
  

	
1.

	
Earn

 

	
  

	
1.

	
Display product(s) available at rewards location

 

	
  

	
2.

	
Add/Remove item from “basket”

 

	
  

	
3.

	
Checkout

 

	
  

	
4.

	
Confirmation screen/waiting for stamp

 

	
  

	
5.

	
Validate Stamp and tie to location/budtender

 

	
  

	
6.

	
Confirmation of purchase

 

	
  

	
7.

	
Geolocation and validate stamp based on radius around store lat/long

 

 

  

I-6

  

 

 

	
  

	
2.

	
Burn

 

	
  

	
1.

	
Display earned rewards and pushed rewards

 

	
  

	
2.

	
Select reward

 

	
  

	
3.

	
Confirmation screen/waiting for stamp

 

	
  

	
4.

	
Validate Stamp

 

	
  

	
5.

	
Confirmation of redemption

 

	
  

	
3.

	
Deals

 

	
  

	
1.

	
Display pushed deal by parent (o.pen) and store-specific deals

 

	
  

	
2.

	
Select deal

 

	
  

	
3.

	
Confirmation screen with stamp/qr

 

	
  

	
4.

	
When stamped, it will determine budtender/store and validity of deal to confirm or reject use of deal

 

	
  

	
4.

	
Refer a friend

 

	
  

	
1.

	
Sends email/text with link to trackable URL

 

	
  

	
2.

	
When friend download and signs into app, points are rewarded

 

	
  

	
1.

	
Define whether these are configurable or a static amount

 

	
  

	
8.

	
Budtender Role

 

	
  

	
1.

	
Inherit customer roles

 

	
  

	
1.

	
Add sizing information for swag (shirt, pants, other?)

 

	
  

	
2.

	
Account Profile addition

 

	
  

	
1.

	
Stamp manager stamp to activate budtender role

 

	
  

	
2.

	
Stamp unassigned stamp to link stamp to budtender

 

	
  

	
3.

	
Only allow 1 stamp per budtender account per location

 

	
  

	
3.

	
Burn to include reserved/delivered items

 

	
  

	
1.

	
Self-stamped

 

	
  

	
4.

	
Ability to redeem consumer smart coupon TBD

 

	
  

	
5.

	
Send Invite

 

	
  

	
1.

	
Add points when invite is accepted, new customer account is created and new customer logs in for first time

 

	
  

	
1.

	
Use budtender “bar tab” to define reward

 

	
  

	
2.

	
Points defined globally?

 

	
  

	
9.

	
Store Manager role

 

	
  

	
1.

	
Account profile

 

	
  

	
1.

	
Stamp store manager stamp to activate store manager role

 

	
  

	
2.

	
Stamp store manager stamp to link stamp to store manager

 

	
  

	
1.

	
Multiple managers at store?

 

	
  

	
2.

	
Multiple stamps per manager?

 

	
  

	
2.

	
Override capabilities for large purchases to keep fraud

 

 

  

I-7

  

 

 

	
  

	
10.

	
Street Team

 

	
  

	
1.

	
Account profile

 

	
  

	
1.

	
Admin Stamp to activate street team role

 

	
  

	
2.

	
Stamp street team stamp to link stamp to street team member

 

	
  

	
1.

	
Deals which street team has ability to bump to customers will be globally defined according to experiences.

 

	
  

	
2.

	
Invite customer offline/online sync to onboard consumers

 

	
  

	
1.

	
Define points rewarded

 

	
  

	
11.

	
Sales Rep

 

	
  

	
1.

	
Account profile

 

	
  

	
1.

	
Stamp admin stamp to activate Sales Rep stamp

 

	
  

	
2.

	
Stamp Sales Rep stamp to link stamp to Sales Rep member

 

	
  

	
12.

	
Backend

 

	
  

	
1.

	
Admin

 

	
  

	
1.

	
Define products which are available throughout network

 

	
  

	
2.

	
Setup campaigns based on product deals

 

	
  

	
1.

	
BOGO

 

	
  

	
2.

	
Free

 

	
  

	
3.

	
% off

 

	
  

	
3.

	
Define point rewards

 

	
  

	
1.

	
Reward by role type

 

	
  

	
1.

	
Budtender

 

	
  

	
2.

	
Street Team

 

	
  

	
3.

	
Customer

 

	
  

	
4.

	
Manager?

 

	
  

	
2.

	
Setup how reward is delivered

 

	
  

	
1.

	
On The Spot

 

	
  

	
2.

	
Reserved (e.g. concert tickets)

 

	
  

	
3.

	
Via email (email sent to o.pen for delivery)

 

	
  

	
4.

	
Define reward locations

 

	
  

	
1.

	
Store info

 

	
  

	
2.

	
Lat/Long

 

	
  

	
3.

	
Contact info

 

	
  

	
4.

	
Hours of operation

 

	
  

	
5.

	
Link to website

 

 

  

I-8

  

 

 

	
  

	
5.

	
Stamp management

 

	
  

	
1.

	
View stamps by store, global

 

	
  

	
2.

	
Disable stamp

 

	
  

	
3.

	
Link stamp to user record

 

	
  

	
6.

	
Mimic User

 

	
  

	
1.

	
Allow mimicking any backend user

 

	
  

	
2.

	
Audit session

 

	
  

	
7.

	
User Management

 

	
  

	
1.

	
Create/update/delete user

 

	
  

	
2.

	
Add/redeem deals for user

 

	
  

	
3.

	
Update user information

 

	
  

	
4.

	
Add note as contact record

 

	
  

	
5.

	
Attach warranty issue report/summary of past warranty claims

 

	
  

	
8.

	
Reports

 

	
  

	
1.

	
Street team activity

 

	
  

	
1.

	
Assign Street team member to experience.

 

	
  

	
2.

	
Track locations

 

	
  

	
2.

	
Report on aggregate/drill-down earns

 

	
  

	
3.

	
Report on aggregate/drill-down burns

 

	
  

	
4.

	
Report, by store, on redemptions of product

 

	
  

	
1.

	
Ability to “clear” pending redemptions

 

	
  

	
1.

	
Attach date/time/PO?

 

	
  

	
2.

	
Note

 

	
  

	
5.

	
App activity by date range

 

	
  

	
1.

	
Signups

 

	
  

	
2.

	
Transactions

 

	
  

	
2.

	
Budtender (could be anonymous link to redemption page or inside app depending on budget remaining)

 

	
  

	
1.

	
Redeem offer

 

	
  

	
1.

	
Search for smart coupon and redeem

 

	
  

	
3.

	
Store Manager

 

	
  

	
1.

	
Edit store information

 

	
  

	
1.

	
Hours of operation

 

	
  

	
2.

	
Stamp management

 

	
  

	
1.

	
View stamps by store

 

	
  

	
2.

	
Disable stamp

 

 

  

I-9

  

 

 

	
  

	
3.

	
Reports

 

	
  

	
1.

	
Emailed daily activity reports below

 

	
  

	
2.

	
Budtender Activity – by start/end date

 

	
  

	
1.

	
Items earned/burned per budtender

 

	
  

	
3.

	
Sales Report – by start/end date

 

	
  

	
1.

	
Rollup of budtender

 

	
  

	
2.

	
How to handle discrepancy or bad actor?

 

	
  

	
4.

	
Setup customized deal for store with approval queue

 

	
  

	
4.

	
Sales Manager

 

	
  

	
1.

	
Configure campaigns as admin above

 

	
  

	
2.

	
Configure stamps as admin above

 

	
  

	
3.

	
User management as admin above

 

	
  

	
4.

	
View activity reports as admin above

 

	
  

	
5.

	
Customer Service Rep

 

	
  

	
1.

	
User Admin as admin above

 

	
  

	
2.

	
Stamp management as admin above

 

 

 

  

I-10

  

 

 

SCHEDULE 1A

 

Renderings for Technology

 

 

1A-1

  

  

  

 

SCHEDULE 2

 

Total Estimated V1 CannaSys Costs

 

Total estimated V1 Provider Costs

 

	
Item

	
#/hr

	
$/hr

	
Item Total

	
Notes

	
Profile

	  	  	  	  
	
Login/Registration

	
8

	
$65.00

	
$     520.00

	  
	
Consumer Registration

	
6

	
$65.00

	
$     390.00

	  
	
Budtender Registration

	
8

	
$65.00

	
$     520.00

	  
	
Street Team Registration

	
6

	
$65.00

	
$     390.00

	  
	
Facebook Integration

	
6

	
$65.00

	
$     390.00

	  
	
Edit Profile

	
8

	
$65.00

	
$     520.00

	  
	
Geolocation for signup for legal states

	
20

	
$65.00

	
$  1,300.00

	  
	  	  	  	  	  
	
Common Screens

	  	  	  	  
	
Find OpenVape products (anon)

	
20

	
$65.00

	
$  1,300.00

	
Map centered at current location with zoom to see participating stores w/pins and driving directions

	
Earn (user)

	
45

	
$65.00

	
$  2,925.00

	
Tiled screens for products and ability to easily add/remove from "basket" before confirming

	
Burn (Redeem) (user)

	
35

	
$65.00

	
$  2,275.00

	
List of earned and pushed rewards to redeem

	
Summary Screen

	
25

	
$65.00

	
$  1,625.00

	
Summary and stamping screen

	
Refer a Friend (user)

	
16

	
$65.00

	
$  1,040.00

	
When a referred friend signs up, TBD points will be added to referrer's account

	
Help Page

	
10

	
$65.00

	
$     650.00

	
CMS integration for data stream for presentation layer

	
News Page

	
8

	
$65.00

	
$     520.00

	
CMS integration for data stream for presentation layer

	
Events Page

	
8

	
$65.00

	
$     520.00

	
CMS integration for data stream for presentation layer

	  	  	  	  	  
	
Budtender Rewards

	  	  	  	  
	
Reservation of reservable items

	
20

	
$65.00

	
$  1,300.00

	
For concert tickets and items that require reservations

	
Branch for Budtender rewards vs. consumer rewards

	
15

	
$65.00

	
$     975.00

	  
	  	  	  	  	  
	
Manager Screens/webapp

	  	  	  	  
	
Reset Child Stamp Screen

	
30

	
$65.00

	
$  1,950.00

	  
	
Daily Report with approval from Store Manager w/trending data

	
25

	
$65.00

	
$  1,625.00

	  
	
Branch for Manager rewards vs. consumer rewards

	
15

	
$65.00

	
$     975.00

	  
	  	  	  	  	  
	
Reporting

	  	  	  	  
	
Reconciliation report for free product to stores

	
30

	
$65.00

	
$  1,950.00

	  
	
R/T Street Team Manager report

	
30

	
$65.00

	
$  1,950.00

	  
	
Budtender Activity report based on signup user activities

	
55

	
$65.00

	
$  3,575.00

	  
	  	  	  	  	  
	
Configuration

	  	  	  	  
	
Configure appstore/google play/phonegap build/etc

	
25

	
$65.00

	
$  1,625.00

	  
	  	  	  	  	  
	
Design/Asset creation (20%)

	
94.8

	
$85.00

	
$  8,058.00

	  
	
Architecture/Design (20%)

	
94.8

	
$110.00

	
$10,428.00

	  
	
Testing/QA (30%)

	
142.2

	
$55.00

	
$  7,821.00

	  
	
15 % variance

	  	  	
$  8,567.55

	  
	
Subtotal

	  	  	
$65,684.55

	  

 

 

2-1

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