Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - SPEEDEMISSIONS INC | ex31_2.htm |
| EX-32.1 - EXHIBIT 32.1 - SPEEDEMISSIONS INC | ex32_1.htm |
| EX-32.2 - EXHIBIT 32.2 - SPEEDEMISSIONS INC | ex32_2.htm |
| EX-23.1 - EXHBIT 23.1 - SPEEDEMISSIONS INC | ex23_1.htm |
| EX-10.30 - EXHIBIT 10.30 - SPEEDEMISSIONS INC | ex10_30.htm |
| EX-10.28 - EXHIBIT 10.28 - SPEEDEMISSIONS INC | ex10_28.htm |
| EX-10.29 - EXHIBIT 10.29 - SPEEDEMISSIONS INC | ex10_29.htm |
| EX-10.27 - EXHIBIT 10.27 - SPEEDEMISSIONS INC | ex10_27.htm |
| EX-10.31 - EXHIBIT 10.31 - SPEEDEMISSIONS INC | ex10_31.htm |
| EX-31.1 - EXHIBIT 31.1 - SPEEDEMISSIONS INC | ex31_1.htm |
| 10-K - FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015 - SPEEDEMISSIONS INC | s32516010k.htm |
Exhibit 10.32
Samson Partnersl'h. (347) 442-7999 (718) 304-1163Contract ID# 729022 Sales Partner: Steve Marlmwitz, Jr. Samson PartnersREVENUE BASED FACTORING (RBF/ACH) AGREEMENTAgreement dated October 11.2015 between Samson Partners ("FUNDER") and the merchant listed below ("the Merchant"). (Month) (Day) (Year)MEHCIIANT INJ<ORMA TrONMerchant's Legal Name: SpeedEmissions Inc. I SpeedEmissions Car Care. LLC I SpcedEmissions Acquisition Company LLCD/B/A: Specdcmissions CACI--Il (LF) 2 State oflncorporation I Organization: GAType of entity: ( ) Corporation ( ) Limited Liability Company ( ) Limited Partnership ( ) Limited Liability Partnership ( ) Sole ProprietorPhysical Address: 1015 Tyrone Road Suite 220Mailing Address:Date business started (mm/yy): 01/01City: TvroneCity:Federal ID# 33-0961488State: GA State:Zip: 30290Zip:PURCHASE AND SALE OF FUTUH.E RECEIVABLESMerchant hereby sells, assigns and transfers to Funder, as the lead purchaser for itself and co-investors f making Fundcr on behalf of itself and all co-investors (collectively the Funders), the absolute owner] in consideration of the funds provided ('"Purchase Price") specified below, all of Merchant's future receipts, accounts, contract rights and other obligations arising from or relating to the payment of monies from Merchant's customers' and/or other third party payors (collectively the "Receipts" defined as all payments made by cash, check, electronic transfer or other fOrm ofmonetmy payment in the ordinal)' course of the merchant's busin :ss), until such time as the "Receipts Purchased Amount" has been delivered by Merchant to FUNDER. The Receipts Purchased Amount shall be paid to FUNDER by the Merchant irrevocably authorizing only one depositing account acceptable to FUNDER (the "hmillU") to remit the percentage specilled below (the "Specil[ed Percentage") oft he Merchant's Receipts, until such time as FUNDER receives payment in ful! of the Receipts Purchased Amount. In consideration of servicing the account, the Merchant hereby authorizes FUNDER to ACH Debit the "Specified Daily Amount" from the merchant's bank account as the base payment credited against the Specified Percentage due. It is the Merchants responsibility to provide bank statements for any and all bank accounts held by the Merchant to reconcile the daily payments made against the Specified Percentage permilling FUNDER to debit or credit the difference to the merchant so that payment equals the Spccilled Percentage. Failure to provide all of their bank statements in a timely manner or missing a month shall forfCit all rights to future reconciliations. FUNDER may, upon Merchant's request, adjust the amount of any payment due under this Agreement at FUNDER's sole discretion and as it deems appropriate in servicing this Agreement. Merchant understands that it is responsible for ensuring that funds adequate to cover amount to be debited by FUNDER remains in the account. Merchant will be held responsible fOr any fees incurred by FUNDER resulting from a rejected ACJ-1 attempt or an event of default. (See Appendix A) FUNDER is not res]xmsible for any overdrafts or rejected transactions in the Merchants account which may result from FUNDER' scheduled ACH debit under the terms of this agreement. Notwithstanding anything to the contrary in this Agreement or any other agreement between FUNDER and Merchant, upon the violation of any provision contained in Section 1.11 of the MERCHANT AGREEMENT TERMS AND CONDITIONS or the occurrence of" an Event of" Default under Section 3 of the MERCHANT AGREEMENT TERMS AND CONDITIONS, the Specified Percentage shall equal 100%. A list of all fees npplicable under this agreement is contained in Appendix A.Purchase J•ricc: $75.000.00 Specified Pe1·centagc: lf'Yu Sjlecific Daily Amount: $469.00 Receipts Purchased Amount: $101.250.00THE TERMS, DEFINITlONS, CONDITIONS AND INFORMATION SET FORTH ON J>AGE 2, THE "MERCHANT SECURITY AGREEMENT" AND "ADMINISTRATIVE FORM HEREOF ARE HEREBY INCORPORATED IN AND MADE A l'AH.T OF THIS MERCHANT AGREEMENT.FOR THE MERCHANT<#!)By Richard Parlontieri (Print Name and Title)FOR THE MERCHANT !#2)By -----=-:-::-:--..,-;;c.,--,-------(Print Name and Title)OWNIW../GUARANTOR #1By Richard Parlontieri(Print Name)OWNER/GUARANTOR #2By ------;;-;-c-:-;:-;--,---------(Print Name)(Signature) (Signature) (Signature){Signature)ignHere ignHere ignHereign Heres mson Jl l·tnerslly c---::=--c----------(Company Officer)Sales Associate Name: -------::c:-=c:cc:c:---------(Signuture)To the extent set forth herein, each of the pa1iies is obligated upon his, her or its execution of the Agreement to all terms of the Agreement, including the Additional Terms set forth below. Each ofabove.signed Merchant and Owner(s) represents that he or she is authorized to sign this Agreement for Merchant, legally binding said Merchant to repay this obligation and that the information provided herein and in all ofFUNDER doc\lments, forms and recorded interviews is true, accurate and complete in all respects. If any such information is false or misleading, Merchant shall be deemed in material breach of all agreements between Merchant and FUNDER and FUNDER shall be entitled to all remedies available under law. Merchant and each of the above-signed Owners authorizes FUNDER, its agents and representatives and any credit repmiing agency engaged by FUNDER, to (i) investigate any references given or any other statements or data obtained from or about Merchant or any of its Owners for the purpose of this Agreement, and (ii) obtain credit repo11 at any time now or!Or so long as Merchant and/or Ownersls) continue to have any obligation owed to FUNDERANY MISREPRESENTATION MADE BY MERCHANT OR OWNEH IN CONNECTION WITH THIS AGREEMENT MAY CONSTITUTE A SEPARATE CAUSE OF ACTION FOR Fl AUD OR INTENTIONAL FHAUUULENT INDUCEMENT TO OBTAIN FINANCING.MERCIIAN1' AGREEMENT TERMS AND CoNmTIONSI. TERMS OF ENROLLMENT IN PROGRAM1.! 1\kt·d•nnt l)<>n.,sit A,•n•t•mt•nt. Merchant shall cxcculc"" agrecmco\ (the"Mc•ri:l1anl [knNil Am..·nwn!") acccplablc lo FUN[)ER, with o BankacccJ>IOhlc to !'UNDER, to obtain ckctrnnie lund \ran•fcr services. Merchant•hall prnndc Flll\.'DER and/or it'• o1>1hori"'d agcnl with all of the infomoai<On. authoriznlions necessary for \'tttf}1ng Merchant'• receivables, receipts and dcpo•it< into the account Mcrchonl shall mothoriro FUNl>ER and/or H's agent to dednctthc amounts owed to FUNDER for the Rc'<:Ct)>tS as >1>ecofoed heocin from sclllcnlcnl alliOUnls whoch would olhe"'ise be due 10 Mcrchrud by penn•uing FUNDER to mlhdmw Ute specific daily amouou cocd!\cd llga!n>llhc specifocd pclccn\llgCi by ACH debit of the Mcochw11 accounl. The an 1mi'"tion shall be itTcvoc•ble"itlwut the \\1ilten consmt ofFliNDER.1.2 1\Tm uf Agr·eento'tll. Thi1 AJ;!"CCU>cnt shall have "'' mdernulc tenn that sh•ll I;!St ci 1cr until ;oil te Meochant's obligation• lo FUNDER nrc fldl) solisfic<l. This shall in dude but noI be limited to any rcr1ewals, outstanding fc'<'S N(-'<JSISI .J Fntuo·c Punh8S<''· FUNDER resco·ws the rigllllo rescind the offer lo makeOll)' pmch:.se pa)1ncnls hcroundor, in its sole dtscrct.on1.4 Finnndal ConditiOll, Merchant and Guaranto>1•) nulhnrlzc FUNDER and in a oenls lo invosli ate their fin nda!t'CSIWnsihilil)' and hillol')', tnd will11roddc lu FUNDER any hank or finandal s\Ricmcnts, tX rchtrns, ole., us FUNDER d•·cms nccc"ary 11rior to or ny time dlcl'Cxerution ufthiJ Al'.rctmenl. A jllwto<u]IY of O.i> utllhurb.:dion "UI e decm•d m l!U<pt>lltl< fur relc:o•c <1ffinunci:ol iltf<lrmlltiun. FUNDER iJ autl•oo·izcd tUttjJdalc >ItCh infurm»!iou »nd llnand lltrufilcfrom time lo limeit d<"<:nl>UllJIWJll'i:tiC.1.5 Tnonsn<'liunul llillt!t]'· Merchant nuthooi;;:s their bauk to IJru\'idc FUNDER with Merchant's banking or ptoocssing hislm)' lo dotcmJinc qualification orconlinualion in this p1o ;rruu1.(, hookmnillrn!iuro. Merchant and Guurw11or(s) joi11tly and scHJally mdemnify and hold hanlllcss l'mco>.<OIIThmk, ill <•fiiccrs, dircCI<l!S ond shmclwldcrs against all losses, damages, claims, liabilities atld c pcn•cs (including reasonable altomey's fees) incuncd by Processor n:sulting from (a) claims asscnM by t>UNDER for n1onics owed !o FUNDER from Merchant and (b) actions t;d;cn by Processor in reliance upon infonnation or ins uc ons pto\'idcd by FUNDERL7 N" Liahilitv. In no c\'en!will FUNDER(or ru•y of the Fundcrs) be habitfor nny claims ll.'iscnM by Mcrchw>l under uny legal theory for loslprofill, los\rcl·cmoc>, lo•l b"'inc>i opponunilies, excmplal)·. puniti\'e, spccoal. metdttotal. indirect or consequcn\lal dao<Jages, cud1 of which is wat\"Cd by Mc<ehan! andCmaranlor(•)I.K Reli:mq: on Terms Section!.!, 1.7. I.K mod 2.S of this ,\grccmcntruc<l$1Ccd to for 1!1e b011cfit of Mcrdoon\. FUNPER and Proccooor, and notwi oslanding the fact that l'roccssor is not a pmly o!' 01is Agreement. l'wccswr ma) ocly upon thcirtenns and rai>c them us a dd'<»•c on any action1.9 Snl£ nf Rcrcipts. Merchant and FUNDER ng.ree that the l'llrchusc Price under this Agoccrncnl ;, in cxdnU ge for the l'nrdoa cd Amo1oot nod thnl such Purchase Price is not intendM to be, nnr snail il be conslmcd :.sa loon liom FUNDER to Merchanl. Merchant agrees oat the !'llrchasc f'ncc IS in exchange fot 1hc sale of future Receipt< pursuM\Io this Agreement equals the fair markc! Yalue of such Receipts. FUNDER has purchased ru•d shall 0\\11 all the Receipts described in this Agreement up to the full Purchased Amonnl as the Receipts arc crcMcd. Pa)'nlen\s made lo FUNDER in respect !o 01c full wnounl of the RC\:cipts shall be conditioned upo" Merchaf!l's sale ofpmducl.\ and se"•iecs and the payment therefore by Merchont's customcos in 01c manner pto\'idcd in Sec lion 1.1_ In no c\'cnl shnllthc ggrcgatc of all mnounts be deemed a< int«cst hereunder '"'d chrngc•d or collf>Otcd hc•eund<..- cxccc>.l the lnghosl rntc permissible at lnw. In 1l1e C\'Cn\ that a cuuot delcnnines that FUNDER has chorgcd or rccci\cd inter,;:.! hcreumic1 in exec» of tlw highest •pplicablc tole, the rate in effect hercMclcr sl•oll automoticollv be rcdnced to domaximt•m r,o\e pcrmiucd by opphcablc !w w1d !'UNDER shall p10mp!ly ocfund to Morchan! any inlcrcsl lecei,·cd by FUNDER 1n excess of the maximum lawful ralc, 11 bc1ng inlcndod thai /T.fcrchonl nol pay oo contr <:llo pay. and tho\ FUNDER not oc.:ciYe or crnuracllo rccc1\'e, dorceUy or lnd rcctl· in Wl)' mrunocr wl alsoc\'cr, onl<'IcSI in execs> of thai wl1id• may be paid by Mcochant under lplicablc law.I. 10 l'rrwer of Al!IJrncy Mc.-.:hanl irrc•·ocably appoints FUNDER "" its llgCn\ and allorncy·il!-facl with full authority to toke any attion or cxceu\e any insuumcnl or docun1cn1 to Stille all obligations due to FUNDER frnm Proecsrorffiank, or "' the coso of a \'iolalion by Merchant of Section !.12 or the occuorcnec of nn E\'cnt ofDcfatol! under Section 4 hcocof, fmm Mcochant, under this Agrccmcnl, including without limitation (!)to obtain and adjust imuronce: (ii) to coli eel monies d11c or to become due under or in respect of ""Y of the Collatcrul; (ioi) to rccci\'c, cndoosc und collwl any checks, notes, dtnfls, insltuments, docurncnU or chollclpaper in connectioo," with claiiSC (1) or clause (ii) above: (i\') to sil(rt Merchant's name on M)' im nice, bill of lading, or assi nmcnt dirc"<:ting customers or acco1tnl debtors to muke payoncnl ireclly lo F(JNDER; and (\·) lo file any cbims cr t;d;e Wl)' action or m<lilute any ptocccdinwhich FUNDER n>a)' deem ncccsoary for the collection of atl}' of the unpo•d PurchosM Amount from c Collateral, or otherwise to enforce"' rights wnh rcspec!to paymcl!l of the Purchased Amount1.11 Pl'<o\ r(i<on< A1•ainSI lkf:H>Il. The following Pro\CC!<ons llluough 7 may be inl'okcd by FUNDER. inuued1alt:ly ;md without noli« to Mcrchon\ in the eHnt (a) Merchant chw1gcs its B.ll<ll\gcmcn\0 with Proceswr/B.,nk in WIY wny that is ad,·crse to FONDER; (b) Mcochanl change> the dcpuoit account through\\lmh the RoceipiS we se!tlcd., or I>CtiiHlS any c\•enllo occur that could causedi\'ersioo of WI)' of Mercha t's lt:U!Saetoono 10 wwthco nccooml: (c) Mc«hant mlcol'upt> the operation of this businc>S (other than ad\'erse weather, nutural di as\ ..-s or net<>f GO<!) transfers, move•. sdls, distlOSes, Iran sfcos or oti1crwis oowcys ill busincso or llSsets witl•out (i) the express prior \\Tillcn con•cnt of FUNDER, atd (ii) the wrillcn ngrucmcnl of m•r purchaser or trwlsfcrcc 10 the assumption of all of Mcrcha<H's obligations undc< thi• Agreement pursuml lo docmuentatio11 satisfactcl)' to FUNDER; or (d) Merchant takes all\' action, faol• to t;d;c any action, or on'crs ru>y mccn\1\'c-----c<:<lllOmie or od•crwi•c--{hc result of which will be to 1nduce any customer or cuHmncrto poy for Merchant's scrvtccs with at!)' means other thou d1ccks tho\ nrc scllled through Processor These protections arc in llddtlwn lo any olhct remedies a\'Uiloblc lo FUNDER at law,"' equity or othcowisc put<u.,tto llus Agreementi'roteci!OII L The full uncollcc!M Pu>chasc Amount plus oil fees due onder lh!S AJ;• nen\ and the attached Security Agreement bccOn1e due and payable in full i1nmcdintclyI'IU\eovtion 2 FUNDER mur enforce the pro\'isions oft he Pcooonnl Guru an tee of l'cofonnuncc against Ole GoariiJ\tor.l'ro\wtion 3, Merchant shall, upon cxccuti\>n of tlns Agocen•ent, deh\'er to FUNDER an executed confc .<ion of judgnocnl in favor of I'UNDER in the amount of the Purl;!,asc Anwunl staled in " Agreement. Upon bococh uf ""Y pro,ision in this paragraph 1.11, FUNDER 1110) enter tho\ confcssio11 of JUdgment as ajudgmcntwotll the Clcd; of the Ccun and execute thereon l'mtecuon 4_ F\JNOER may enforce its sccutil)' intcrcs! in tl1c CollotcralidcntifiM in Arllcle Ill h01eof.l'10te<Uon 5_ The entire Purchase ,\mollnl shall bccon1e unmMimcly rcfundo lc to FUNDER from MctchantPmtecuon (, FUNDER rna)- proceed 10 protect aud enforce its nghl< andremedies by lawsltil. In any such lawsuiin wl<ich FUN[)ER sh"li oecm·cr judgment agam>l Mcochant, /T.Jcochru1t shall be liable foo all of HINDER's coots of law•uit, oncluding but not hnntcd to oil reaoonablc ntlomcys' fees and court coml'ootcclion 7. Mctchant shu\1, upon c ccutioll of this Agrccmcnl, dcl\,·cr \oFUNDER un nccut•·d a..ignmcnl nfleHoc ofMnrhant's Jtremiico in fa\'or ofFUNIJEK. Upon bocach of any pro\'!Sioll ;,. tim pnragruph 1.11. r:uNDER onoy exercise its rights under ,uch nss•gnmcnl of leaseProtection 8 FUNDER may deb1\ Mcochant's dcposi\OIY accountwhct'CI'CI situated by means of ACH ticbit or facsimile signature on a con,pulcr-gcncralcd check drown on Merchant's bonk account oroll<cowise1.12 Protrction <1f lnfurmution Mcrd1i1J\l and each person St&ning thisAgoccmcnt on beltnlf of Mcrehnn\ and/or as Owner, in respect of himself or herself pcosonal!y. nuthm;,.,, FUNDER to disclose infotmation conccmin& Merchant's nnd each Owner's cre-dit otat!!ling (including credit bureau reports tho\ FUNDER obtain•) anti busine" conduct only tu al(c!l!s, aJf1lintcs.1nbsidi0l;es, ond credit rcpuoting bureaus. Mcrchnnl and each Owner heocby woi\·es 10 lhc IIHL ln>Unl CX\cnlpenniltcd by law at\)' claim for damogco agoiml FUNDER or anv of its al'foliatcs ond the Fundcrs relating to anr (!) uwestigalionundcual<en hy Or on behalf of FUNDER os pcrmiUM by this Agreement or (i•)disclosure of information as penni tied hr thi1 Agreement1.13 Confidentiality. Mcrchonl understands w1d agocco that the len"' and conditions of lloc products ·.u.l sernccs oiTcrM hy FUNDER, indnd'mg ll•i•,\goecmcnt and any other FUNDER dooumcntmimos (collccti\cly. "Confidential lnfonnation") arc pmptictaoy nnd eonf1dcn\!al mfonnntion of FUNDER Aeco><hngly unlcso di,cloourc" rcqnired by law or courl mder. Meochnnl shall no\ disclose Coof>dentiollnfmmntion of FUNDER to ony per on othcr thn a. anomer. nccounlat!l, fonnocinl olti\'iror or employee of Meod ant who needs lo know such inJOnnntion for \he pm)>OSC llf odvising Mcf(hrnll (''Ad,·isor"), p1o•·idW such Ad, isnr u cs such infonnolion solely for the l""l"''e of advising Mcn;hont nnd lirsl ogoccs in \\1itinJ( to be bo11nd by tloc tcnns ('!'this Section1.13.1:14 Puhlidtv. Merchant and cnch Own01· only authori""s FUNDER to uoe ill, Ins or her name on a hsllng of chonts nd Ill ad\'crtismg and mwkclmg malt:tials witlo then express \\TiUcn consent1.15 lliBIA's_ Merchant heteby aeknowiMgcs ar1d llgtces that FUNDER ma;be min"doi11g busill«< os" or "dlbla" nwnes in Collncc!ion with variousmailers relating to the trll!l!ncllon between FUNDER wod Meochwll, iucludin&the filing ofULC·I fonnncing statcmcnb nnd othcr notoccs or filing>II, REPRESENTATIONS, WARRANTiES AND COVENANTS Mcrchw!l"'prcscnll. waomnts ad cm·cnM!> 01s1 us of this dale and during the !com of lhi•1\grccment2.1 Finnndnl Cpndilimt 1111d filttntciijllnfununtinn. Its b;u1k m1d Jinuncial>tatcm nls. copies of which ha,·e been fumished 10 FUNDER, and fututc statement• which will be fumished hC!'caftcr at c dos rction of FUNDEK, fuioly rcprcsenldoc financial condition of Merchant a\ sucl1 dales, and since those dales th rr hns been no mal<'l;ul &tlt_,chnngcs, finar1 ial or otherwise, in such condition, opcmtion or omtcn:hip of Merchant. Mcrchat!t h<ll a eontinui11g, alimn ti\'e obligation 10 d\'iSc FUNDER of any rnalcrial cloangc in itsfinw•cial colldt on, opemloon or owno<>hip FUNDER may request stoten>en\S at ony time during the performance of this Agreement and the Merchant shall pro,·idc !hem 10 FUNDER within 5 business days_ Mcrci1ant's fuilure to do so i1 n malc<inl brcndt of this Agreement2 2 Gowr mcnt:ol Am>rovllk McrchrnH is m comphancc and sl1all comply with nlll""s wod hru; \'ulid permits, noti<On'l,1\<ons ""d li ensco to own, opcmlc and lease ill properties and lo conduct the business '" wlnh il ts pocscnlly cn llged2.3 Authuri"Uiun. Merchant. and lito person(s) 1igning ;,Agreement on behalf of lo.kr hant, have full l'"" ' ;u1d authority to incm w1d pclform thenblig tions nmlct this Ag1ecmcnt, all of\\hich ha\'C bcm dul)- uthori""d2.4Merchant "ill mamlam busincs ·intcn-uption i11snrrutcc nat11ing FUNDER s los payee and additicno\ in><orc..:J in omounts ruul i!J(Oinsl risks "' ore satisfac\<11)' to F\JNDER and shall prm·idc fUND En Jll'<>Of of such insurat!cc upon request25 lmcnnonallrollllttcd2.(, Ch ngr nf Name m· l.nration. Mcrcloan! \1111 not cunduc! Mcrdom•(sbusinesses under ""Y nome other 1an as dtsdosed to tl1e Processor ndFUNDER or c!oMge ru1)' of i!s places of business2 1 Daih· Bajelt Out Merchant will balch oul receipts with the Processor on a datlybasis2 g E.tuuptl U•flifitntc Mcochant will at ""Y hn>c, nnd frolll lime lo time.upon a\ Ieos! one (J) day's prior notice from FUNDER to Mcrchanl, execute, acknowledge and dehcr to FUN[)ER and/or to any other person, per5on lim1 or corpormion ipccifu;d b)' F\JNDER. a sto!cmcnt cco1ifying that 1is Agr!."<:mcnl is unmodified anti in full force m1d e!\Cct (or, if 1erc hu1·c been modifications, \hal the same is in full force nnd cOCci., modified and stating the modirtcaticns) and stoting the dales \\hich 1hc Pmchasccl AtllOltnl ot :uly ponion thereof lm.< been rcpa.d2 9 No Rankruntc)' «r lnsul.-enn·. Aof the date of tim Agreement, Moochrn11represents that it;, no\ msoii'CIII ;lnd doco no\ cuntcmploto >nd has 1!0\ fikd any pch!n>n for hW>kntplcy protection under Title II of the United Stoles Code and there has bocn no U!\'O!Unlat)' petition brought or pending "!!0!1\S\ Mcrchon\ Mcrchatol fnuhcr wwfll!ll< that it docs ItO!nnlic1patc filing w>y such bankmplcy petition ;md it docs liOI Wlltc!palc \hal an tn\'olunta1;-· pchholl will be filM ogain>l 1\ In the e\'cntthat the Mcrchonl files for banktup!(;)' p<otcction or is pbccd undcr n i•wolurotruy roli11g Poo\cclions 2 nnd 3 nrc immedialcl)·invoke<!2.10 Atlditlu11nl 'iunndn1•- Mcn-hHnl>lmll nul enter into any arntngconcnl, agt"Ccmcnt u•· 'ommilmcnt for au)' ndditionnl finm1cilog, 11ltcther in the form uf a JIUr<·bns.·of "'rcil'ahks or a lom1 to tltc husincu 1\ith any pa11 · other than FUNilER without lhcirwriltcn pcrmiuion.2. II Ptwncumhc•yd R£cdnu. /T.lcochant has good, complete ...,d marketabletitle I<> all Receipts, foec and deor of at\)' at\!l all habilitico, lien•, c!oims, ehanJ(es, resttictions, cortditions, options, 1;glm, mortJ(uges, security interest•, cquit!C>, pledges a11d encumbrances of any ind or nature whatsoc\"Cr 01 any other rights or mlcrcsts O•at may be inconsiotcnt with the tr.,.,sactions contemplated with, Ot adYC!SC to the intctC<IS of FUNDER.2 12 flu>im·"l'urnnsc. Merchant i•" \'a lid busmess in good struoding under the laws of 01e JUriSdictions in "hidt it is organ,,.,d and/or operates. and Merchm1t is enlcr'mg into th'os A reemcn\ for bn•mcss purpose• and not as u consumer for personal, famtl)' or hnuschold purposcs2.13 llrfun!l \Jndrj' Oth1•r C"n\l'rj b. Mclcl!ant's c'cculion of a!ld/Ot pcrformMce tinder U1is Agreement \\ill not .;ause oo coca\c"" e\enl of dcfaull by Mc:rchnnl 11ndco ""Y conlfa<t \\'iOo at\Nhc!pc1wn 01 entity.Ill. EVENTS OF l>EfAtJLT ANil REMElliES3.1 Ewnu of ll•·fnult. The OCCIIIH:<tcc of rnoy of the following c\'Cn\5 •hall constitute on "E,·em of Default" hereunder: (o) Mcochant shall \'i.:.latc any tc<m or CO\'Ct)(Ull in this Ag<eement: (h) An)' •·cprc•S<•n\alilln ot waiYnnt)' by Mc!charl\ in thi•llgrecment sl <lllpron to ha\'C been incmreel, false or misleading i11 any malco;al rc.<pcct when mode, (c) Mcrchanl shall admit in writing its inability to pay ill dchls, or shall onakc a general s•ig11ment for the benefit of creditors; or anr proeecdmg shull be i"'titutcd hyor ogrun•l Merchant seeking to adjudic"te it o bankrupt ot insokent, or seeking rcorgwlilJ!Uon, nrrru>J(CinCil\, od)us\mcnl, orcompositiun uf it Qt its dcb\S; (d) the omdin!( of notice of tcnuinal\On b) Guor:lll\or: (c) Mcrchw11 •hall transport, mo\'e, inteiiUJlt, suspend, diosokc ot tcnni11otc its busines•: (f) Merchant shall transfer or «II all or subs\llllliolly oil of Its llSScts; (h) Mcrchont shall make or >e<ld notice of any intended bulk solo or transfer hy Merchrn>l: (i) Mcrcha<ll shall usc mulllplc dcpmitory accounts without tltc p!ior wrillcn consf!ll of I'UNDER; li) Merchonl shll change ill depo•itmg account without the prior ""ill ell con sell\ of FUNDER, (k) Merchant shallperfoom any aclthut reduces the \'aluc of any Collotcoal granted u11dcr this Ago cement, or (I) Mcrchlllll shall dclault under nny of the \cmlS, co\·cnants W\d conditions of any other a<:recmcnt with FUNDER.3.2 In cas:my E\'enl <1f Default occur• nnd is no\ waived pursuant to Section 4 4 I hcrcuf, FUNDER on its n1m nnd on behalf of 01e fuo1dcrs may ptocced to pootcc\ and enforce its ngl1l.\ ot ocmedics by sui1 in equity or b acti•>n at law, 01 both, whethct for the specific performance of on)· CO\'CI\Ml. agrccmctll or uther Jl!lwision COillat!lcd hcrci11, m to enfo1ce tltc Uiochorgc of Mc-o;hw•t's obli alions hereunder (i11duding the l'ersllnal Guaran!ec) or "'')' othct logo! or equitable right or rcmcd)·. All righli, poll'ci'S a<td rcmc>.lics of FUNDER in connection with ·is Agrcconcnl mar be cxerei•M o\ On)' hone by FUNDER aflcr the occutrCI!CC of a1 E\·cnl of Default, ..-c cumulati,·c atld no! cxdu,<;l\'C, and shall be in addolion lo any other riglots, 11owcrs or reme<l!os pro\ idM by law oreqni\y.3 3 £!!ill. Morch;mt shall pay to FUNDEK all rcnsot ablc costs associate<! with(a) n brcnch by Mcrc!trnl\ of the CO\'Cm!!!IS in this Agrcen>cnt at1d theenforcement thereof, wod (b) tloc cnforcemCill of FUNDER's remedies SCI fonh in Section 4 2 aboYc. including butnotlim!lcd 10 courl cools w1d oll<!mcy•' fees3.4 Remtil'fd No@calh1ns fcon:hllnt il •·e4uircd tu l!ii'C FUNDEII \Hillennotkc \\ilhin 24 lwur> of 1111)' lllinl! und•·r Title 11 of (he (J!Iil<tl Stul<'S Code. Mcn:hunt iJ !'C4uircd tgi\·c FUNDER snm dKys' \lTittcu notice 11rior to the clusinl! llf un)' 5ulc ofull ur •oh•tKn\iully all of tltc Mcn:hant's unci.\ oo· stock.IV. MISCELLANEOUS4_\ Mndificatinn•· Agrcrmenu. No onodificalion, rnncndmcnt, w:.il'cr or consent of ony p1o\'i1ion of 1l1is Ag1ccmcnt shall be en·ccti\'c unless the same sholl be in writing and ignM by FUNDER4.2 Assh•nmrnl. Mcrchan! acknowledge• ru1d Ul\dC<Slw1dS thai FUNDER is acting on ill own behalf :llld os the administrator and lead in,·cstor foro gm•p of independent paoticip3nts a list of which can be pro\·1ded to Mcrchw•t aficr fundinand upon wriucn nn\lCC to FUNDER FUNDER lUll}' asst n.lrru•sfcr or sell its •ighls lo rccci\'c the Purehasrd Amount or delegate its duties hereunder, cl\hcr m whole or in paot4.3 Notire•- All notices, requests, eon>ont, demands atd o1l1cr conln>un•c tions hereunder shall be delivered by ccrt ied mn1l, return receipt requested, to the1cspccti\'C pwties to this Agreement a\ the oddrcnes 101 forth in thi.< Ag1ccmcnt and shall bc <>me cll'cclil'c only upon <cccipt4 4 Wnhv Rcnn·dip. No failure on the par\ of FUNDEil. to exercise, und no delay in exerci1ing, any right under this Agreement shall opcrote os a waiHr thereof, nor shall M)' sin£lc or partial exercise of ru•y tight under litis Ag ecmcm preclude my other or further exercise thtocof or Ute c,e,cisc of WI)' other t!ghl The remedies provided hereunder arc cumulati\'C and no\ cxclusi•·c of any remedies pro.-idcd by law or equity4.5 IJin inv Effect· Goycrnin<• L•w Vt•nm·and Jurl<dic!ion. This Agreement shall be binding npon and inure lo 01e bonefit of Merchant, Ft..'NDER (and it's Panicipw1ts) ruod their respcctil'c successors nnd aosigus. Ft..'NDER's Parlicipanls shall be thiod pruly bcncfteiaries of nil such agreements except tl!al Me«hiUit shall 1101 ha-·c the ugh\ to mgn tl.\ tights hcocunder or any inlercsl hcocon without e l"ior \\1ittcn consa>\ of FUNDEK which consent may be withheld in FUNDER's sole discr lion. FUN[)ER tcscovcs the tights to assign this Agre<1ncn1 with or without prior written notice to Merchnnt. This Agreement shall be gQI·concd h onti com uM in accordi!JICC with the laws o!' the State of New York, without ;cpr<ls t<• ""'l appli<ablc principals of confliciS of law ,\n) suit, ctinn or proceeding arisinJ( hcn:w1dcr, or the mtcrprclation, pcrformMcc or bread• hereof, shall, if FUNDER so clccl.\, be imlituted in :my court silting in New York, (lhe "Acceptable Fmuml) Morchrntl agrees that the Acceptable Fomms arc coowcnicnt to iand submits to lhe jurisd•elion of the Aceeptllblc Fooums and waiHs any and all obJcoUons lo)urisd!ction of\·cnuc. Should •uch proeecdmg be initiated '" ony other fmum, Mcrdoanl waiHs any ltghtlo oppose any motion or application made by F\INDER to transfer such proceeding 10 an,\cccpt"blc Fonnu4.G SHI'il'a] uf i{t•nrcso·npti•1n Cll', /Ill representations, wat1'artlics and CO\'CnWJIS herem shnll ,urvi,·c lhe cxccutoon and dchc1y of this Agreement and shall continue in full force until all obligations under this Agoccmen\ shall ha1·c been satisfied in full and this Agreement slo ll ha\'e \cmlinatcd4.7 S•·•w>thi!i!J' In case any of the pm\'isions in this Agreement is fonnto be in1·ahd, illeJJal ot unenforceable n1 any tc<pe\:t, c \'alidil)', legality l!l<d enforceability of MY other provision cmunincd herein shall not in any way be affected or impaired4_& Entin- APJ\'!'nwnt. Any p1m·ision hereof ptohibited by law •hall betneffeclii'C only to the extent of such prohibition without in\'alidaling 01e rcmamins provisions hereof. This Agreement atld Sccu1·ity A rccmcnt l10rc\o embody !he entire agrcenlcnl bc\1\'Cen Mcochw11 .,,u FUNDER ond supersede all ptim agreements and nndcrstandins rcbting to ll<c subjcc!mallcr horcof4.9Jllln'TnlAL WAIVER. THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MA'ITER ARISING IN CONNECTION WITII OR IN ANY WAY RELATED TO Til£ TRANSACTIONS OF WlllClll'lliS AGREEMENT IS A i'Alrf OR THE ENFORCEMENT HEREOF. TilE PARTIES HERETO ACKNOWLEIJGE THAT EACil MAKES TillS WAIVER KNOWINGLY, WILLINGLY AND \'OLlJNTARILY ANil WITI\OliT DURESS, ANIJ ONLY AfTER EXTENSIVE CONSIDERATION OF Til£ RAMIFICATIONS OFTliiS WAIVER WITH THEIR ATTOI{NEYS.4.1{1 CLASS AQ'ION WAIVER. THE PARTIES HERETO WAIVE ANYRIGHT TO ASSERT ANY CLAIMS AGAINST TilE OTIIEH PAIH\' AS A REPRESENTATIVE OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIV :ll !S PROliiiJITEI) IIV LAW AGAINST l'UBUC POLICY. TO THE EXTENT EITIIEl{ PAlHl' IS PERMITI'Ellll\' LAW OR COURT Of LAW TO PltOCEED WiTH A ('LASS OR REPRESENTATTVE ACTION AGAINST TilE 01'11£1{, THE PARTIES HEREBY AGREE TIIAT: (1) TIH: PREVAILING I'ARTY SHALL NOT IJE ENTITI.Eil TO RECOVER ATTORNEYS' FEF.S OH COSTS ASSOCIATE!) WITH PURStiiNG THE CLASS OR ltEPRES :NTATIVE ACTION (NOT WITUSTANDlNG ANY OTiiER PROVISION IN THIS AGREEMENT); ANI> (2) TilE PARTY WHO INITIATES OR I'ARTICII'AT£S AS A MEMUER Of TilE CLASS WILL NOT SUlll\-IIT A CLAIM OR OTHERWISE I'ARTICII'ATE IN ANV UECO\'ElW s•:CURED T!IROUGll THE CLASS OR REPRESENT.HJV•:AC1'10N..J II F nimilc A<rrnwnr . Fac im<lc signaluoes sltt>ll he dccmc.i aocqllahlcf1•r ll pmposcslnilial1: _Samson l'artners- SECURITY AGREEMENT AND GUARANTYMerchant's Legal Name: SpcedEmissions Inc. I SpeedEmissions Car Care. LLC I SpecdEmissions Acquisition Company. LLC D!B/A Speedemissions iACHl (LFl 2Physical Address: I 015 Tyrone Road Suite 220Federa\ID# 33-0961488City: Tyrone State: GA Zip: 30290SECUH.ITV AGH.EEMENTSecurity Tntct·cst To secure Merchant's payment and performance obligations to FUNDER, as the lead purchaser for itself and its alfiliates or the Funders, a list of which may be provided to the Merchant upon written notice after the funding of the purchase closes under the Merchant Agreement {the "Factoring Agreement"), Merchant hereby grants to FUNDER a security interest in (a) al! accounts, chattel paper, documents, equipment, general intangibles, instruments, and inventory, as those terms are defined in Article 9 of the Uniform Commercial Code (the "UCC"), now or herealier owned or acquired by Merchant; and (b) all proceeds, as that term is defined in Article 9 of the UCC (a and b collectively, the "Collateral").Cross Collatcml. To secure Guarantor's payment and performance obligations to FUNDER (and its the Funders) under this Security Agreement and Guaranty (the"Agreement"), Guarantor hereby grants FUNDER, for itself and its participants, a security interest in SpeedEmissions Inc. I SpccdEmissions Car Care LLC ISpeed Emissions Acquisition Company LLC {d/b/a Speedemissions CACI-ll CLFU (the "Additional Collateral"). Guarantor understands that FUNDER will have a security interet in the aforesaid Additional Collateral upon execution of this Agreement.Merchant and Guarantor each acknowledge and agree that any security interest granted to FUNDER under any other agreement between Mcrchunt or Guarantor andFONDER (the ''Cross Collateral") will secure the obligations hereunder and under the Merchant AgreementMerchant and Guarantor each agrees to execute any documents or take uny action in connection with this Agreement as FONDER deems necessary to perfect or maintuin FUNDER's first priority security interest in the Collateral, the Additional Collateralund the Cross-Collateral, including the execution ofuny account control agreements. Merchant and Gumantor each hereby authorizes FUNDER to file any financing statements deemed necessary by FUNDER to perfect or maintain FUNDER's security interest, which financing statement may contain notificution that Merchant and Guarantor have granted a negative pledge to FUNDER with respect to the Collateral, the Additional Collateral and the Cross-Collateral, and that any subsequent lienor may be tortiously interfering with FUNDER's rights. Merchant und Guarantor shall be liable for and FONDER may charge and collect all costs and expenses, including but not limited to attorney's fees, which may be incurred by FUNDER in protecting, preserving and enforcing FUNDER's security interest and rights.Nl'gative Pledge, Merchant and Guarantor each agrees not to create, incur, assume, or permit to exist, directly or indirectly, uny lien on or with respect to any of theCollateral, the Additional Collateral or the Cross-Collateral, as applicable.Consent to Enter Pl"emises and Assign Lease FUNDER shall have the right to cure Merchant's dciUult in the payment of rent on the fo!lowing terms. In the event Merchunt is served with papers in an action against Merchant for nonpayment of rent or for summary eviction, FUNDER may execute its rights and remedies under the Assignment of Leusc. Merchant also agrees that FUNDER may enter into an agreement with Merchant's landlord giving FONDER the right: (a} to enter Merchant's premises and to tuke possession of the fixtures and equipment therein for the purpose of protecting and preserving same; and (b) to assign Merchant's leuse to another quulified Merchant capable of operating a business comparable to Mcrchunt's at such premisesReml.'dics_ Upon any Event of Default, FUNDER may pursue any remedy available at law (including those available under the provisions of the UCC), or in equity to collect, enforce, or satisfY any obligations then owing, whether by acceleration or otherwise.GUARANTYPersonal Guaranty of Performance. The undersigned Guarantor(s} hereby guarantees to FUNDER, and its affiliates or the Funders, Merchant's performance of all of the representations, warranties, covenants made by Merchant in this Agreement and the Merchant Agreement, as each agreement may be renewed, amended, extended or otherwise modified (the "Guaranteed Obligations"}. Guarantor's obligations arc due (i) at the time of any breach by Merchant of any representation, warranty, or covenant made by Merchant in this Agreement and the Merchant Agreement, and (ii} ut the time Merchant admits its inability to pay its debts, or makes a general assignment for the benet1t of creditors, or any proceeding shall be instituted by or against Merchant seeking to adjudicate it bankrupt or insolvent, or seeking reorgani7..ation, arrangement, adjustment, or composition of it or its debtsGuarantol' "'aivct·s. ln the event that Merchant tails to muke a payment or perform any obligation when due under the Merchant Agreement, FUNDER may enforce its rights under this Agreement without first seeking to obtain payment tfom Merchant, any other guarantor, or any Co!luteral, Additional Col!uteral or Cross Collateral FUNDER may hold pursuant to this Agreement or any other guaranty.FUNDER does not have to notify Guarantor of any of the following events and Guarantor will not be released from its obligations under this Agreement if it is not notified of: (i) Merchant's failure to pay timely any amount owed under the Merchant Agreement; (ii} any adverse change in Merchant's Jlnancial condition or business; (iii) any sale or other disposition of any collateral securing the Guaranteed Obligations or any other guarantee of the Guaranteed Obligutions; (iv} FUNDER's acceptance of this Agreement, und (v) any renewal, extension or other modification of the Merchant Agreement or Merchant's other obligations to FUNDER. In addition, FUNDER may take any of the following actions without releasing Guarantor from any of its obligations under this Agreement : (i) renew, extend or otherwise modify the Merchant Agreement or Merchant's other obligations to FUNDER; (ii} release Merchant from its obligations to FUNDER; (iii) sell, release, impair, waive or otherwise IUil to realize upon any collateral securing the Guaranteed Obligations or any other guarantee of the Guaranteed Obligations; and (iv) foreclose on uny col!uteral securing the Guaranteed Obligations or any other guarantee of the Guaranteed Obligations in a manner that impairs or precludes the right of Gul\Tantor to obtain reimbursement for payment unde1 this Agreement. Until the Merchant Amount plus any accrued but unpuid interest and Merchant's other obligations to FUNDER under the Merchant Agreement and this Agreement arc paid in full, Guarantor shall not seek reimbursement from Merchant or any other guarantor for any amounts paid by it under thts Agreement. Guarantor pennuncntly waives and shall not seck to exercise any of the following rights that it may have against Merchant, any other guarantor, or any collateral provided by Merchant or any other guarantor, for any amounts paid by it, or acts performed by it, under this Agreement: (i) subrogation ; (ii) reimbursement; (iii) performance; (iv) indemnification; or (v) contribution. In the event that FUNDER must return any amount paid by Merchant or any other guurantor of the Guaranteed Obligations because that person has become subject to a proceeding under the United States Bankruptcy Code or any similar law, Guarantor's obligations under this Agreement shall include that amountGuarantor· Acknowledgement. Guarantor acknowledges that: (i} He/She understands the seriousness of the provisions of this Agt·eement; (ii) He/She has had a full oppo!"tunity to consult with munscl of his/he!' choice; and (iii) He/She has consulted with counsel of its choice ot· has decided not to a\' ail himsclf/het"sclf of that oppor·tunity.INITIAL:---02-02-15Colonial Funding Network as Servicing Agent.Joint and Several Liability. The obligations hereunder of the persons or entities constituting Guarantor under this Agreement are joint and several.THE TERMS, DEFINITIONS, CONDITIONS AND INFOHMATION SET FOUTII IN THE "MERCHANT AGREEMENT", INCLUDING THE "TERMS AND CONDITIONS", AUE HEUEB"\' INCORPORATED IN AND MADE A PART OF TillS SECURITY AGUEEMENT AND GUARANTY. CAPITALIZED TERMS NOT DEFINED IN THIS SECURITY AGREEMENT AND GUARANTY, SHALL HAVE THE MEANING SET FORTH IN THE MERCHANT AGH.EEMENT, INCLUDING THE TERMS AND CONDITIONS.MEHCHANTS ANI> OWNEHS/GUARANTORS ACKNOWLEDGE THAT THIS WIUTING HEI'RESENTS nm ENTIHE AGREEMENT BETWEEN THE PARTIES HERETO. IT IS UNI>EHSTOOD THAT ANY REI'RESENTATIONS OH. ALLEGED PHOMISES BY INDEPENDENT BH.OKERS OH AGENTS OF ANY PARTY IF NOT INCLUDED IN TillS WRITTEN AGREEMENT ARE CONSIDERED NULL AND VOID. ANY MODII<ICATION OR OTHER ALTEHATION TO THE AGREEMENT MUST BE IN WRITING AND EXECUTED BY THE PAH.TIES TO TillS CONTHACT.MERCHANT#IBy H.ichard Parlontieri (Print Name and Title) (Signature)ignHcreSS# 285-40-9642Drivers License Number: 018466983 GAMERCHANT #2By (Print Name and Title) (Signature)ignllereSS#Drivers License Number:OWNER/GUARANTOR #IBy Hichar·d Parlontiel"i (Print Name) (Signature)ignllereSS# 285-40-9642Drivers License Number: 018466983-GAOWNEIVGUARANTOH. #2By ------:::-c-:-o-;--;------(Print Name) (Signature)ign HereSS#Drivers License Number:AUTHORIZED SERVICING AGENT- Colonial Funding Network, Inc.Colonial Funding Network, Inc. (Colonial) is the Autllol·ized Sen•icing Agent of Samson Partners for this contral"t providing administrative, bookkeeping, reporting and support services for Samson J'artm•rs and the Merchant. Colonial is not affiliated o1· owned by the Samson Partners and is acting as independent agent for services including but not limited to background checks, credit checks, general underwriting review, filing UCC-1 security interests, cash management, account reporting and t·emit capture. Colonial may at its sole disct·etion participate in this financing by providing a small portion of the funds for this transaction directly to Samson Partners. Colonial is not a ct·edit card processor, or in the business of processing credit cards. Merchant hereby acknowledges that in no event will Colonial be liable for any claims made against the Samson Partners or the Processor undet· any legal theory for lost profits, lost revenues, lost business opportunity, exemplal'}\ punitive, special, incidental, indirect or consequential damages, each of which is waived by the Merchant and Owner/Guarantor.By ----c=====;c;------Sign:------=----,----------"_:<;' Sign Here(Print Name and Title)(Signature)-:;::;:.,colonialfur1d ingnct-workOrigination Fee- to cover underwriting and related expensesAmount Funded Origination FccUnder $7,500.00 $199.00$7,500.00-$25,000.00 $295.00$25,001.00-$50,000.00 $395.00$50,001.00-$100,000.00 $595.00$100,001.00-$250,000.00 $795.00Over $250,000.00 $995.00*There may be an additional fcc charged to cover the cost of conducting a site inspection.a) ACH Program Fee- $ 395.00 ACH's are labor intensive and are not an automated process requiring us to charge this fee to cover costsb) NSF Fee (Standard)- $ 50.00ea Up to FOUR TIMES ONLY before a default is declaredc) Rejected ACHDaily ACH Program Amount FundedWhen the merchant directs the bank to Reject our Debit ACHReject Feei. Up to $7,500.00ii. $7,501.00-$50,000.00iii. $50,001.00-$100,000.00$ 25.00$ 35.00$ 50.00iv. $100,001.00-$250,000.00 $ 75.00 v. Over $250,000.00 $100.00Weekly ACH Program Amount FundedReject Feevi. Up to $7,500.00vii. $7,501.00-$50,000.00$ 75.00$ 99.00viii. $50,001.00-$100,000.00 $175.00 ix. $100,001.00-$250,000.00 $275.00 x. Over $250,000.00 $395.00d) Bank Change Fee-$75.00 requiring us to adjust our systemWhen Merchant requires a change of account to be Debitede) Blocked Account- $2,500.00 places them in default (per coutract)When Merchant BLOCKS account from our Debit ACH whichf) Default Fee Collectionsg) UCC Termination Fee- $150.00$5,000.00 When Merchant changes bank account cutting us off from om·When Merchant request a UCC terminationMiscellaneous Service Fees. Merchant shall pay to Colonial certain fees Merchant funding is done electronically to their designated bank account and charged a tee of$35.00 for a Fed Wire or $15.00 for an ACH The fee for underwriting and origination is paid fi·om the funded amount in accordance with the schedule below. If Merchant is utilizing a Bridge I Control Account, there is an upfi·ont tee of $395.00 tOr the bank fees and administrative costs of maintaining such account for each cash advance agreement with Merchant. Fund transfers from Bridge I Control Accounts to Merchant's operating bank account will be charged $10.95 per month via ACH. This fee will continue if the bridge account remains open after the RTR is paid. Merchant will be charged $50.00 for each change of its operating bank account once active with Colonial. Any administrative adjustments associated with changes to the Specified Percentage will incur a fee of$75.00 per occurrence. (All fees are subject to change)L--------------------------- ··------ jMerchant Initials: _STRATEGIC[Missing Graphic Reference]1501 Broadway Suite 1515New York, NY 10036Phone: 212-354-1400Fax:212-354-1544Contract Balance Buy Out FormOctober 12, 2015To Whom It May Concern:As part of the new Strategic Funding Source, Inc. Agreement Contract #729022 dated and signed on October 12, 2015, Speed Emissions, Inc. I SpeedEmissions Car Care, LLC I SpeedEmissions Acquisition Company, LLC DBA: Speedemissions located at 1015Tyrone Road Suite 220 Tyrone GA 30290 agrees to buy out the remaining balance due in the amount of S 18,030.00 on the Strategic Funding Source, Inc. Agreement Contract#473162 dated and signed on Apri/16, 2015.Thank you,X Richard ParlontieriOwnerACH Authorization FormBusiness Authorized to Debit/Credit Amount:Merchant Cash Advance One 347-442-79994459 Amboy RoadSuite 3Staten Island NY10312Account Holder Information:Richard Par!ontieriSpeedemissionsAccount Holder NameAccount Holder D.B.A. NameAccount Holder Phone1015 Tyrone Road Suite 220 Tyrone GA30290Account Holder AddressCity State ZipAccount Holders' Bank Information:Account Holder's Bank Name Branch CityStateZipBank Routing NumbersBank Account NumberTransaction Information:UNDERWRITER FEEGoods Purchases/Services Rendered$999.00October 12, 2015Amount of TransactionAuthorization:Effective DateIn exchange for products and/or services listed above the undersigned hereby authorizesMerchant Cash Advance OneTo electronically draft via the automated clearing house system the amounts indicated above from the account identified above. This authority will continue until withdrawn in writing by the undersigned account holder. The undersigned hereby certifies that they are duly authorized to execute this form on behalf of the above listed account holder. I acknowledge that I am subject to a $35.00 reject fee if item is returned for insufficient funds.Richard ParlontieriSignature of Account Holder Name/Title of Account Holder Date