6.3. EDSR 12-21-2015 - Laserfiche WebLink

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2. The Project. The Project consists of two parts: (i) an expansion of the Borrower's manufacturing facility at 17520 Tyler Street NW, Elk River, Minnesota (the "Expansion"); and (ii) the purchase of the Equipment. Borrower has provided Lender a list of the Equipment that it intends to purchase for use in its business, attached hereto as Exhibit A. Borrower will complete the purchase of the Equipment and, to the extent possible, take delivery of the same, on or before November 1, 2013. Borrower will provide Lender a final list of Equipment purchased, including any VIN or serial or unit number, within five (5) business days after taking receipt of the Equipment. 3. Security Agreement. The Security Agreement will provide Lender with a 1St position security interest in the Equipment. Prior to closing, Borrower will provide a subordination agreement (the "Subordination Agreement"), in form and content acceptable to Lender (in Lender's sole discretion) from the Bank of Elk River (the "Bank"), subordinating any and all security interests the Bank may have against the Equipment to Lender's security interest therein. Borrower agrees to promptly and fully observe and comply with the reasonable requirements of Lender with respect to the Security Agreement, disbursements of funds and such other reasonable requirements as Lender may make. 4. Documents to be Delivered. Borrower covenants and agrees to immediately cause the compliance with the following conditions: (a) Note. Deliver to Lender the Note. (b) Security Agreement. Deliver to Lender the Security Agreement, together with evidence that the Security Agreement has been or will be duly filed for record. (c) Guaranty. Deliver to Lender the Guaranty. (d) Subsidy Agreement. Deliver to Lender the Subsidy Agreement. (e) Subordination Aereement. Deliver to Lender the Subordination Agreement. (f) Other Financing Documentation/Consents. Deliver to Lender all documentation for the loan facility entered into between Borrower and the Bank of Elk River for the Project ("Other Financing"), as well as all documentation for any other loan facility that provides any third party a security interest in the assets of Borrower. (g) Organizational Documents and Resolutions. Deliver to Lender copies of Borrower's: (i) articles of organization, certified by the Minnesota Secretary of State, (ii) a certificate of good standing issued by the Minnesota Secretary of State; (iii) member control agreement and bylaws; and (iv) resolutions certified to Lender authorizing the execution and delivery of this -2-