SECURITY AGREEMENTSecurity Agreement • October 10th, 2019 • Transportation & Logistics Systems, Inc. • Transportation services • New York
THIS SECURITY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of August 30, 2019 between Transportation and Logistics Systems, Inc., a Nevada corporation, Prime EFS, LLC, a New Jersey limited liability company and Shypdirect LLC, a New Jersey limited liability company, (collectively, the “Company”) (together with each other Person who becomes a party to this Agreement by execution of a joinder in the form of Exhibit A attached hereto, which shall include all wholly-owned or majority-owned subsidiaries of the Company acquired after the date hereof for so long as this Agreement remains in effect, are hereinafter sometimes referred to individually as a “Debtor” and, collectively, as the “Debtors”) and Cavalry Fund I LP, a Delaware limited partnership, in its capacity as Collateral Agent for the benefit of itself and each of the Purchasers (as hereinafter defined) (each, together with its respective successors and assigns, a
