GENERAL CREDIT AND SECURITY AGREEMENTGeneral Credit and Security Agreement • September 30th, 2022 • JanOne Inc. • Retail-home furniture, furnishings & equipment stores • Minnesota
.THIS AGREEMENT (the "Agreement"), dated as of September 26, 2022, between Gulf Coast Bank and Trust Company, a Louisiana corporation, having its mailing address and principal place of business at 8011 - 34th Avenue South, Suite 205, Bloomington, Minnesota 55425-1581 (herein called "Gulf Coast"), and ARCA Recycling, Inc., a California corporation, having the mailing address and principal place of business at 7301 Ohms Lane, Suite 320, Edina Minnesota 55439 (herein called "Borrower").
DEBT SUBORDINATION AGREEMENTDebt Subordination Agreement • September 30th, 2022 • JanOne Inc. • Retail-home furniture, furnishings & equipment stores • Minnesota
superior security interest in all of Borrower's property and assets, whether tangible or intangible (the "Collateral"), and any security interest claimed therein (including any proceeds thereof) by Creditor shall be and remain fully subordinate for all purposes to the security interest of Lender therein for all purposes whatsoever. Creditor will not exercise collection rights as to any Collateral, will not take possession of, collect, sell or dispose of any Collateral, will not claim recoupment, setoff, or any defense or counterclaim against any Collateral, will not notify or contact Borrower's account debtors, and will not exercise or enforce any other right or remedy of any kind which may be available to Creditor before or after default, without Lender's prior written consent. Creditor waives any rights it has or may have to require Lender to marshal any or all Collateral. Creditor acknowledges that Lender makes no representation or warranty concerning the Collateral or the validity,
GUARANTY BY CORPORATIONGuaranty Agreement • September 30th, 2022 • JanOne Inc. • Retail-home furniture, furnishings & equipment stores • Minnesota
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Gulf Coast Bank and Trust Company, a Louisiana corporation (herein, with its participants, successors and assigns, called "Gulf Coast11), at its option, at any time or from time to time to make loans, buy accounts receivable, buy or finance purchase orders, or extend other accommodations to or for the account of ARCA Recycling, Inc., a California corporation (herein called "Borrower") or to engage in any other transactions with Borrower, the undersigned hereby absolutely and unconditionally guarantees to Gulf Coast the full and prompt payment when due, whether at maturity or earlier by reason of acceleration, demand or otherwise, of any and all present and future debts, liabilities and obligations owed by Borrower to Gulf Coast; and the undersigned acknowledges and agrees with Gulf Coast that:
