ContractAssignment of Promissory Note as Collateral Security • May 5th, 2020
EX-10.5 6 exhibit105assignmentofprom.htm EXHIBIT 10.5 EXHIBIT 10.5 Assignment of Promissory Note as Collateral Security THIS Assignment of Promissory Note as Collateral Security (the “Assignment”) is entered into as of October 15, 2013 by and between WESSCO, LLC, a Delaware limited liability company, (the "Assignor") and THE BANK OF KENTUCKY, INC., a Kentucky banking corporation, (the "Assignee"). RECITALS: A. Assignor is the owner of that certain Promissory Note in the original principal amount of $3,000,000.00, dated October 15, 2013, executed by INDUSTRIAL SERVICES OF AMERICA, INC., a Florida corporation, ("Maker") and currently held by Assignor (including all amendments, modifications, restatements, and proceeds thereof, the "Assigned Note"), a true and accurate copy of which is attached hereto as Exhibit A, which is incorporated herein by reference. B. On even date herewith, Assignee made two loans (collectively, the “Loan”) to Assignor in the amounts of Three Million Dollars ($3,
