|
EXHIBIT 5 M Farm Products, companies, partnerships, joint ventures,
<br /> trusts, governments and agencies and
<br /> PERSONAL PROPERTY PROMISSORY NOTE SECURITY AGREEMENT (g) Fixtures; departments thereof and every other entity of
<br /> every kind
<br /> Security Agreement (h) General Intangibles including
<br /> patents and trademarks, 2• SECURITY.
<br /> 2.1. General Security Interest.
<br /> This Security Agreement,in favor of Alliance requires,when used herein,the following terms (1) Goods and all Accessions 2.1.A. Grant
<br /> Management,LLC,as receiver in the civil action shall have the following meanings thereto;and Goods with which the Goods As security for the payment and
<br /> styled Mercuria Investments US, hic v Ouray 1.1. Agreement are commingled, performance of all of the Obligations,
<br /> Silver Mines, Inc,a Ouray County, Colorado
<br /> Case No 2022CV30006(the"Creditor") The "Agreement"means this Security Agreement 0) Instruments; Debtor hereby assigns, pledges, and
<br /> Debtor and the Creditor are sometimes referred and all amendments, modifications and grants to Creditor a lien on and continuing
<br /> to individually as a"Party"and collectively as supplements hereto. (k) Inventory; security interest in and to all of Debtor's
<br /> the"Parties" 1.2. Banking Day right, title, and interest in the
<br /> "Banking Day"means any day that banks in (0 Investment Property; Collateral.
<br /> 1. RECITALS the State of Colorado are not required or 2.1.B. Continuous Existence
<br /> permitted to be closed. (m) Letter-of-Credit Rights,and Creditor's security interest shall
<br /> A. Creditor and Debtor have executed a continually exist until all Obligations have
<br /> 1.3. Bankruptcy Code been paid in full
<br /> promissory note in the amount of tc�' (n) Proceeds and products of all of
<br /> $3,300,000(the"Note"). "Bankruptcy Code"means the United States the foregoing.
<br /> B. In order to secure Debtor's obligations
<br /> Bankruptcy Code,as amended from time to 2.2. Covenants and Representations.
<br /> time. With respect warrants and represents that.
<br /> to all of the Collateral,Debtor
<br /> under the Note, Creditor has requested covenants,warr
<br /> Debtor to execute this Agreement and 1.4. Business Premises.
<br /> Debtor has agreed to execute and deliver this .. 1.6. Event of Default 2.2.A. Good Order.
<br /> "Business Premises means Debtor's chief "Event of Default" shall mean any of the
<br /> Agreement. executive office located at XXX, Ouray, 2.2.A.1. Covenant.
<br /> Colorado,80XXX events described in Section 5 hereof
<br /> Debtor will maintain the Collateral in
<br /> 2. AGREEMENT 1.5. Certified. 1.7. Loan Documents good order and condition comparable
<br /> "Certified"shall mean that the information, "Loan Documents" means this Agreement to the condition in which the Debtor
<br /> Now,therefore,in consideration of the mutual statement,schedule,report or other document and the Note. received it, ordinary wear and tear
<br /> covenants contained herein,Debtor and Creditor required to be "Certified" shall contain a 1.8. Obli ate ions excepted, and will use, operate and
<br /> hereby agree as follows maintain the Collateral in compliance
<br /> representation of a duly authorized officer of "Obligations"includes the full and punctual
<br /> with all Laws,and in compliance with
<br /> 1. CONSTRUCTION AND DEFINITION OF Debtor that such information, statement,
<br /> observance and performance of all present all applicable insurance requirements
<br /> TERMS. schedule,report or other document is true and and future duties, covenants and
<br /> All terms used herein without definition which complete responsibilities due to Creditor by Debtor and regulations
<br /> are defined by the Colorado Uniform 1.1 Collateral "Collateral"shall mean under the Loan Documents. 2.2.A.2. Notice
<br /> Commercial Code shall have the meanings all of Debtor's personal property, both now 1.9. Obligor. Debtor will promptly notify Creditor in
<br /> assigned to them by the Colorado Uniform owned and hereafter acquired,including,but not writing of any material litigation
<br /> Commercial Code, as in effect on the date limited to "Obligor" means individually and involving or affecting the Collateral
<br /> hereof,unless and to the extent varied by this collectively, Debtor and each endorser, which Debtor knows or has reason to
<br /> Agreement. All accounting terms used herein guarantor,and surety of the Obligations,any
<br /> gr g (a) Accounts; person who is primarily or secondarily liable believe is pending or threatened
<br /> without definition shall have the meanings Debtor will promptly pay when due all
<br /> assigned to them as determined by generally (b) As-extracted Collateral; for the repayment of the Obligations,or any taxes and all transportation, storage,
<br /> accepted accounting principles The use of any portion thereof, and any person who has warehousing and other such charges
<br /> gender or the neuter herein shall also refer to the (c) Chattel Paper, granted security for the repayment of any of and fees affecting or arising out of or
<br /> other gender or the neuter and the use of the the Obligations. relating to the Collateral and shall
<br /> plural shall also refer to the singular,and vice (d) Documents; 1.10. Person defend the Collateral, at Debtor's
<br /> versa In addition to the terms defined elsewhere "Person" includes natural persons, expense, against all claims and
<br /> in this Agreement,unless the context otherwise (e) Equipment; corporations, associations, limited liability demands of any persons claiming any
<br /> Exhibit 1 Exhibit 1
<br /> Page 47 of 73 Page 48 of 73
<br />
|