Common use of Collateral for the Note Clause in Contracts

Collateral for the Note. The Note shall be secured by the following: (a) The collateral set forth in that certain Security Agreement attached hereto as Exhibit B listing all of Company’s assets as security for Company’s obligations under the Transaction Documents (the “Company Security Agreement”). (b) The collateral set forth in that certain Security Agreement attached hereto as Exhibit C listing all of Boatworks’ assets, including without limitation a floating custom home/vessel known as the “Miss ▇▇▇▇” and a floating custom home/vessel known as the “Luxuria I” (HIN ADX15001J516), as security for Company’s obligations under the Transaction Documents (the “Boatworks Security Agreement,” and together with the Company Security Agreement, the “Security Agreements”). (c) A Guaranty substantially in the form attached hereto as Exhibit D whereby ▇▇▇▇▇▇ ▇▇▇▇, an officer and affiliate of the Company and Boatworks, will personally guaranty all of Company’s and Boatworks’ obligations under the Transaction Documents (as amended from time to time, the “Guaranty”).

Collateral for the Note. The Note shall be secured by the following: (a) The collateral set forth in that certain Security Agreement attached hereto as Exhibit B listing all of Company’s assets as security for Company’s obligations under the Transaction Documents (the “Company Security Agreement”). (b) The collateral set forth in that certain Security Agreement attached hereto as Exhibit C listing all of Boatworks’ assets, including without limitation a floating custom home/vessel known as the “Miss ▇▇▇▇Luxuria I” (HIN ADX15001J516) and a floating custom home/vessel currently under construction known as the “Luxuria I” (HIN ADX15001J516)II”, as security for Company’s obligations under the Transaction Documents (the “Boatworks Security Agreement,” and together with the Company Security Agreement, the “Security Agreements”). (c) A Guaranty substantially in the form attached hereto as Exhibit D whereby ▇▇▇▇▇▇ ▇▇▇▇, an officer and affiliate of the Company and Boatworks, will personally guaranty all of Company’s and Boatworks’ obligations under the Transaction Documents (as amended from time to time, the “Guaranty”).