Statement Advance Agreement 

Revised August 13th, 2024

1. Preamble

This Keep Statement Advance Agreement “Agreement” is a legal agreement between Client and Keep and governs your use of the Statement Advance Services. In this Agreement, unless specifically stated to the contrary, “Client” or “you” means the business that is applying for or has opened a Keep Account to use Keep’s Services, and “Keep”, “Us”, “Our” or “we” means Keep Technologies Corp. and its past, present, or future affiliates, successors, and assigns, unless stated otherwise. 

References to “Keep Statement Advance Agreement” or “Statement Advance Agreement” mean this document that you are reading and any terms, agreements, and policies referenced herein.

Client and Keep may be collectively referred to  herein as the “Parties” and each a “Party.”  Client may request a copy of this Agreement by emailing Keep at support@trykeep.com. 

2. Defined Terms

Advance Services or Statement Advance Services – shall mean the service provided within this agreement.

Deposit Account – shall mean Client’s bank accounts to which the proceeds of daily settlement are being remitted by the Processor and to which Keep has been given access as further described in sec. 7;

Failure To Pay - shall mean the inability or unwillingness to pay your Outstanding Balance on the specified due date within your Periodic Statement as defined in the Keep Cardholder Agreement, whether by intent, non-sufficient funds or technological or service failure outside of Keep’s control, up to and including delays by your banking institution.

Future Receivables – shall mean Client’s future receipts and contract rights arising from or relating to any proceeds of sale received by and accepted as a form of payment by Client;

Client – shall mean the client signatory to this Agreement and shall include any of its holding companies, affiliates and/or subsidiaries in the case of a corporate entity; or any and all partners in the case of a partnership;

Outstanding Balance - shall mean amounts owed to Keep for Charges, Fees, or Fines on Cards. 

Periodic Statement or Statement - shall mean the periodic statements that reflect activity for all Cards issued to Client identifying Charges, Fees, Fines, refunds, or other amounts owed or credited to your Keep Account during the time covered by that statement.

Processor – shall mean credit card/debit card processor(s) for the processing of debit/credit cards transactions;

Purchase Price – shall mean the amount agreed upon by the Parties and paid by Keep for Client’s Future Receivables, as further defined herein;

Purchased Receivables – shall mean the amount specified in Schedule A, which constitutes the total amount payable by Client to Keep in consideration for the Purchase Price;

Set Amount – shall mean the amount specified in Schedule A, which constitutes a fixed dollar amount as determined by Client and Keep; and

Repayment Frequency - shall mean the frequency of repayments in equal installments as mutually agreed upon by the Parties from the following available options: Daily, Weekly, Bi-Weekly, Monthly

Specified Percentage – shall mean the amount specified in Schedule A, which constitutes a percentage of the total amount of payments processed by Client on any given day.

3. Transaction 

1. Subject to all terms and conditions set forth in this Agreement and in the event of a Failure To Pay, Keep shall, without the need for further notice to the Client or action by the Client, make funds available to Client equivalent to the Purchase Price set out in Schedule A hereto (the “Initial Purchase and Sale Schedule”). These funds are only to be used for settling any Outstanding Balance or charges, fines, or fees owed on a Client’s Periodic Statement and will not be remitted to Client’s possession at any time.
2. In consideration of the Purchase Price, Client sells, assigns and transfers, without recourse (except to the extent provided herein), and Keep purchases, Client’s entire right, title and interest in a percentage specified in the Initial Purchase and Sale Schedule of each of Client’s Future Receivables until the Purchased Receivables have been paid to Keep . 
3. Client shall not repurchase or resell any part of or all the Future Receivables to any third party and hereby declares itself a bare trustee of Keep with respect to all Purchased Receivables pending payment in full to Keep. 
4. In the occurrence of an Event of Default, Keep shall possess the unilateral authority to modify and select an alternate Initial Purchase and Sale Schedule from those outlined in Schedule A. This right enables Keep to adjust the repayment terms in response to the changed circumstances presented by the Event of Default, ensuring the continuity of the repayment process.
5. Fee Compliance. Pursuant to the provisions set forth in the Criminal Code of Canada, the aggregate difference between the Purchase Price and the Purchased Receivables, plus any fees or penalties shall not result in an effective Annual Percentage Rate (APR) exceeding sixty percent (60%).

4. Payment of purchase price.

1. In lieu of direct payment of Purchase Price to Client, Keep shall use the Purchase Price to set-off against Client’s Outstanding Balance on their Periodic Statement. 
2. Upon setting-off of the Purchase Price against Client’s Outstanding Balance, Keep shall acquire full, final and unconditional right for the Purchased Receivables of the Client.

5. Collection of Future Receivables

1. Keep shall collect Future Receivables from the Client’s account in accordance with the provisions contained herein. 
2. The collection of funds shall be done on a daily basis, calculated in accordance with Schedule “A” either as the Specified Percentage or as the Set Amount. Keep shall have full and irrevocable authorization to debit Client’s account for any amounts calculated by Keep in accordance with this Agreement.

6. Security Interest

Immediately upon set-off of the Purchase Price amount and until full and final repayment of the Purchased Receivables, Client grants to Keep a security interest, as continuing and collateral security for the due and punctual performance of all present and future obligations and liabilities of Client to Keep under this Agreement (to which Personal Property Security Act (Ontario) and the regulations thereto, or other equivalent personal property security legislation, in each case as the same may be amended from time to time applies) in and grants, mortgages and charges as and by way of a fixed and specific mortgage and charge to and in favor of Keep, all of the Client’s rights, title, and interests in and to each and every Future Receivable, all pursuant to and in accordance with the provisions of this Agreement; and irrevocably authorizes Keep to file one or more financing or continuation statements, or amendments thereto, without the signature of Client where permitted by law, as may be necessary or appropriate to perfect and maintain the perfection of the Keep‘s perfected security interest in the Future Receivables.

7. Deposit Account(s)

1. In the event of a Failure To Pay, Client shall provide Keep, with access to view in “read-only” format the transactions of each Deposit Account. 
2. The Future Receivables shall be paid to Keep by Keep debiting the Client’s Deposit Account(s) or, if Keep is for any reason unable to debit the Deposit Account(s), from any other bank account maintained and used by Client, by electronic funds transfer (“EFT”) in accordance with the provisions of this Agreement and Schedule A. Upon execution of this Agreement, Client shall remit to Keep a void cheque, bank statement, or any other official document containing the institution number, branch number, and account number for all bank accounts maintained by Client. 
3. Except as might be otherwise agreed by the Parties, the Client shall not change its Deposit Account(s), shall not open new or alternative Deposit Accounts, and shall not act in any other way which will result in preventing Keep from collecting its Future Receivables in accordance with the provisions of this Agreement.

8. Access to Information

1. Client hereby grants to Keep an irrevocable right and authorizes it to access and retrieve information pertaining to Deposit Account(s) from third parties on Client’s behalf.
2. Client hereby appoints Keep as its true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for Client in Client’s name, place and stead, to gain access to third party internet sites, servers or documents, setup access accounts, retrieve information, and use Client’s information, required for the purpose of performing Parties’ responsibilities and obligations contemplated herein.
3. Client agrees, confirms and instructs third party account providers to rely on the foregoing authorization, agency and power of attorney granted to Keep. Client understands and agrees that some of the actions contemplated herein Keep might perform through its service providers, choice of which shall be at the sole discretion of the Keep.

9. Processing

Until the Purchased Receivables have been paid to Keep in full, Client shall have settlements made by its Processor(s) or banks deposited into Deposit Account(s) at a frequency chosen solely by Keep of either Daily, Weekly or Monthly as described below. If no frequency is chosen, the default shall be deemed to be Daily. In the event that any Processor Agreement is terminated for any reason and/or Client enters into any new Processor Agreement, Client must notify Keep immediately and no later than 30 days before such change comes into force.

10. Business PAD 

1. Keep shall draw a Business Pre Authorized Debit to the Client’s Deposit Accounts for the purpose of receiving payment for the Future Receivables purchased hereunder (the “Business PAD''). The Business PAD shall permit Keep to withdraw varying amounts at varying intervals from the Deposit Account and all other accounts maintained by Client in accordance with the terms of this Agreement. Each Business PAD shall be for the Specified Percentage and/or the Set Amount as applicable until such time that Keep receives payment in full of the Purchased Receivables, or for any other amount which is or may become payable by Client to Keep hereunder. 
2. Client acknowledges that the applicable financial institution is not required to verify that any purpose of payment for which a pre-authorized debit was issued has been fulfilled by Keep or that a pre-authorized debit has been issued in accordance with the particulars of Client’s authorization including, but not limited to, the amount, as a condition to honoring a Business PAD. 
3. In any case of a discrepancy or disputed Business PAD, Client shall prepare and submit a declaration to this effect to the bank branch of the Client’s Deposit Account, with a copy delivered to Keep on the same day, up to and including ten (10) calendar days after the date on which the disputed debit was posted to Client’s account. Should no notice be received within 10 calendar days, the Business PAD shall be considered correct and final and no further claims shall be made by the Client relating to the correctness of the Business PAD or the amounts withdrawn. To obtain more information on Client’s recourse rights, Client may contact its financial institution or visit https://www.payments.ca Client acknowledges that provision and delivery of this Agreement to Keep constitutes delivery by Client to its financial institution(s). 
4. Client agrees with Keep to waive the requirement under the Rules of the Canadian Payments Association (the “CPA Rules”) to receive a written pre-notification prior to each debit as set out in the CPA Rules. Revocation of this Business PAD constitutes a breach under and does not terminate this Agreement. Client’s authorization hereunder applies only to the method of payment and does not otherwise have any bearing on this Agreement. 
5. Client understands and agrees to the disclosure of any confidential information to any third parties as may be required to process the pre-authorized debits in accordance with the CPA Rules.

11. Rebate for Excessive Withdrawal of Set Amount

1. Keep shall be entitled to withdraw the Set Amount from the Deposit Account(s) up to a maximum of the Specified Percentage of Client’s total revenue for the month in which such withdrawals are made. If Client believes that Keep has made withdrawals from Deposit Account(s) in an amount that is greater than the Specified Percentage of Client’s total revenue for the month in which such withdrawals were made (“Excessive Withdrawal”), it is the sole responsibility of Client to deliver written notice to Keep of any purported discrepancy (“Notice of Excessive Withdrawal”) within ten (10) days of the end of the month in which the Excessive Withdrawal was made. 
2. Notice of Excessive Withdrawal must be accompanied by evidence satisfactory to Keep of the Excessive Withdrawal, including, but not limited to, bank statements, sales receipts and Client records. If Client provides Notice of Excessive Withdrawal and evidence satisfactory to Keep within the ten (10) day period, Keep shall provide a rebate to Client to the extent that the Excessive Withdrawal exceeds the Specified Percentage of Client’s total revenue for the month in which the Excessive Withdrawal was made. 

12. Due diligence and conditions 

1. UPON AGREEMENT OF THESE TERMS, CLIENT AUTHORIZES KEEP, IN ITS SOLE DISCRETION TO CONDUCT: BACKGROUND CHECKS, ONSITE INSPECTIONS, FINANCIAL EXAMINATIONS, CREDIT REPORTS ON THE BUSINESS, AND IN THE CASE WHERE PERMISSION HAS BEEN GIVEN BY THE INDIVIDUAL, CREDIT REPORTS FOR PARTNERS OR SHAREHOLDERS, OTHER OWNERS, AND ALL GUARANTORS. THE SCOPE AND TYPE OF THESE CHECKS WILL BE DECIDED BY THE KEEP. SUCH CHECKS ARE MANDATORY FOR KEEP TO PROVIDE THESE ADVANCE SERVICES.
2. By agreeing to these checks, the Client is not considering it a breach of their privacy or that of any associated third parties.
3. Onsite checks might verify that the Client's business operations match their claims. These checks will be done after informing the Client in advance and during regular business hours.
4. If the Client isn't a publicly traded entity, Keep can examine the background and finances of main stakeholders owning more than 10% of the Client. Such checks are again vital to provide these Advance Services.
5. Client must provide any necessary documents or permissions for these checks. If the Client or the Guarantors don't provide requested info promptly, Keep will assume any owed amount with respect to the Principal Amount has been wrongly retained by the Client. If this happens, the Client will have to immediately pay the entire owed amount.
6. Keep can visit the Client's site to verify the information shared by the Client. This can be during the application process or at any time during the agreement's term. If Keep visits due to non-payment or any other breach by the Client, a $500 fee will be charged for each visit. This fee covers Keep’s losses and is not a penalty.
7. Keep has the right to decline the Receivables based on its own rules. Reasons for declining may include: (i) Unsatisfactory transaction history of the Client, (ii) Concerns from the background checks, (iii) if the total of Client's card receipts, 4 days before getting the Principal Amount, is less than 5% of the Principal Amount.

13. Indemnification

Client hereby agrees to indemnify, defend and hold harmless Keep, and its shareholders, directors, officers, managers, owners, affiliates, employees, agents and representatives (the “Indemnitees”) from and against any claim, demand, loss, financial or otherwise, damage, liability or cost, including legal fees and expenses, caused by or from: (i) any intentional, negligent or innocent misrepresentation by Client; (ii) a breach of the terms hereof; (iii) an Event of Default; (iv) negligence, fraud or intentional wrongdoing by Client or any of its affiliates.

14. Representations, Warranties and Covenants. 

Client hereby represents, warrants and covenants to Keep, and declares that Keep relies on such representations and warranties in its decision to enter into this Agreement, as follows on the date hereof and so long as any amount is owing from Client to Keep hereunder: (i) Client shall not change, terminate, limit or otherwise modify its operations, business structure, ownership or any other characteristics of its business which, in the view of a reasonable business person, could jeopardize or limit Keep’s rights under this Agreement, without express written consent of Keep; (ii) all of the information provided by or on behalf of Client to Keep on its application and in connection with this Agreement, is true and correct in all material respects; (iii) Client is in compliance with all applicable laws, rules, regulations, permits, licenses, approvals, consents and other authorizations necessary to conduct its business; Client is in compliance with any and all applicable federal, provincial and local laws rules, regulations, and possesses and is in compliance with any and all permits, authorizations and licenses, approvals and consents to own, operate and lease its properties, and to conduct the business in which it is presently engaged; (iv) Client, and the individual(s) signing this Agreement on behalf of Client, have full power and authority to enter into and perform the obligations of Client under this Agreement, all of which have been duly authorized by all necessary and proper action and are not in contravention of the Client’s articles or by-laws or any unanimous shareholder agreement; (v) there is no criminal proceeding or civil claim, action, suit, demand, enforcement, arbitration or other proceeding or investigation pending before any court, government agency, arbitration panel, or administrative tribunal or, to Client’s knowledge, threatened against Client, involving a dispute(s) of more than $5,000 in the aggregate; (vi) Client is the owner or authorized lessor of its business premises and has presented documentation verifying to this extent to Keep; (vii) Client has not entered into an agreement similar to this Agreement with another company for which any sums are still outstanding; (viii) neither Client nor any of its principals have declared bankruptcy in the past two years and neither are undischarged bankrupts; (ix) no portion of the Future Receivables, or any other assets pledged pursuant to this Agreement, is subject to any lien, security interest, assignment, option or encumbrance, other than the security interest(s) granted to Keep, Client’s current credit card and/or debit card processor(s) pursuant to existing agreements, and/or Client’s bank(s) pursuant to existing banking agreements; (x) Client has filed or caused to be filed any and all federal, provincial, local and foreign tax returns which are required to be filed, and has paid or caused to be paid any and all taxes as shown on such returns or on any assessment received by Client to the extent that such taxes have become due, and Client has no knowledge of any material liability for any tax to be imposed on Client or any of its assets or properties for which adequate provision has not been made in its financial statements; (xi) Client and Guarantor (as defined hereinafter) are solvent, do not have any outstanding payables past thirty (30) days and have no knowledge of any potential or real material changes to Client or Guarantor pending in the next ninety (90) days (and its underlying client); and (xiii) during the term of this Agreement, Client shall proceed with the batch closing of this credit and debit cards payments no less than ten (10) times per month; (xii) each Future Receivable, when created, shall be a legal, valid and binding obligation of the Client; (xiii) any and all representations made in this Agreement, and any and all financial statements delivered to Keep , are true and correct, and no material fact has been omitted; and (xiv) each and all of the foregoing representations shall be deemed to be continuing covenants of Client, and shall remain true and accurate at all times after the date of this Agreement, until the Purchased Receivables have been paid in full.

15. Timing and Method of Set-off

Client and Keep agree that the purchase of the Purchased Receivables shall be deemed to occur on the date of Client’s Failure To Pay with title in and to the Purchased Receivables passing to Keep on such date. Client and Keep also agree that Keep, at its sole discretion, may refuse to purchase the Purchased Receivables for any or no reason. Client and Keep further agree that Keep will not, at any time, be providing funds directly to client in consideration for this purchase.

16. Events of Default

In addition to any event of default described as such in this Agreement, any of the following shall constitute an “Event of Default”: 

(i) Client fails to direct all payments relating to the credit card and debit card receivables exclusively to the Deposit Account(s) or changes, terminates or closes the Deposit Account(s) without the prior written agreement of Keep; 

(ii) Client refuses to accept a debit or credit card as a form of payment; 

(iii) Client obtains additional financing or advances without the express prior written consent of Keep; 

(iv) Client, without the prior written consent of Keep, enters into any transaction involving the sale of Client, or any substantial change in its ownership or controlling interest; 

(v) Client sells or otherwise hypothecates or grants security or otherwise encumbers the Future Receivables to another person, company or entity; 

(vi) any of the representations, warranties and covenants contained in this Agreement are not true or are materially incorrect or misleading; 

(vii) Client fails to make any remittance or payment provided for hereunder or pursuant to any settlement, arrangement or payment plan agreed upon by the parties in connection with this Agreement, or breaches any other covenants contained in this Agreement; or 

(viii) except as otherwise permitted herein, Client permits any lien, security interest or hypothec to be granted against or registered against the Purchased Receivables or any proceeds therefrom or a Deposit Account(s); 

(ix) bankruptcy order or receivership of either Client or guarantor or a general assignment in bankruptcy. For greater certainty, any act or omission carried out by an affiliate, shareholder, director, officer, employee or agent of Client that, if carried out by Client itself, would be an Event of Default, shall be deemed to be an Event of Default hereunder. Client hereby acknowledges and agrees that, in order to verify Client’s compliance hereunder, Keep shall have a right of access, during the regular working hours, to any premises where Client conducts.

17. Remedies 

Upon the occurrence of an Event of Default, Keep shall be entitled to all remedies available at law as well as the right to terminate this Agreement and recover by EFT or via other means acceptable to Keep, from the Deposit Account(s) or any other account maintained by Client any unpaid portion of the Purchased Receivables and any other amounts payable to Keep under this Agreement. In any action for breach of the Agreement, Keep shall be entitled to damages equal to the Purchase Price less the amount received by Keep from remittances to the said date, together with legal costs and a charge amounting to the greater of $500 or 10% of the amount outstanding at the time of the Event of Default, intended as liquidated damages and not a penalty fee. In the event that any payment to be made by Client hereunder, whether by EFT, cheque, credit card or pre- authorized debit, is refused for insufficiency of funds or for any other reason whatsoever, or in the event that immediately prior to withdrawal of any pre-authorized debit payment Client does not have sufficient funds in the Deposit Account (an “NSF Payment”), Keep shall be entitled to charge to Client, for each NSF Payment, a fee of CAD$100 as described in section 2.4.3 (Pre-Authorized Debit Failure) of the Linked Accounts Agreement. In the event Client changes its Deposit accounts without prior written authorization of Keep, Keep shall be entitled to charge the Client a fee of CAD$250.00 intended as liquidated damages and not a penalty.

18. Client Not Acting As a Consumer 

In entering into this Agreement, the Client is acting in its capacity as a business enterprise and not as a consumer. Client acknowledges and agrees that this transaction is made only for business purposes and not for personal, family or other household purposes and agrees to waive any application of the consumer protection laws to this Agreement

19. Waiver 

Keep’s failure to exercise any right under this Agreement does not constitute a waiver on the Keep’s part to exercise such rights at a later time. Nor shall any singular or partial exercise of any right under this Agreement preclude Keep from any other future exercise of any right. The remedies provided hereunder are cumulative and not exclusive of any remedies provided by law or equity.

20. Binding Effect 

This Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, heirs and assigns.

21. Notices to Company 

Any notice to Keep required or permitted under this Agreement shall be in writing and may be given by personal service, registered or first class mail, postage prepaid, to the address of Keep as it appears above, or as changed through written notice to Client.

22. No Interest; Not a Loan 

The Parties hereby agree, declare and consent that the transaction contemplated herein shall not constitute a loan and laws applicable to loans shall not apply to it. Keep does not charge any interest, finance charges, late fees or similar charges as the transactions contemplated herein are not intended to constitute a loan. Instead, Keep is purchasing the Future Receivables at a discount. There are no scheduled payments for Client and no repayment term for Client. Keep is not an investor in the business of Client. Client is responsible to account for the transactions made herein in accordance with the provisions hereof and acknowledges that Client’s method of accounting, if in contradiction with the terms hereof, shall not change in any way the nature of the transactions contemplated in this agreement nor bind Keep in any way to account in the same manner. Notwithstanding the foregoing and for greater certainty, should it be determined by an applicable authority that the transaction contemplated by this Agreement constitutes a loan and should it be determined that any provision of this Agreement would oblige Client to make any payment which is construed by an applicable authority to be an amount which would be prohibited by applicable law, then notwithstanding such provision, such amount shall be deemed to have been adjusted nunc pro tunc to the maximum amount, as the case may be, as would not be so prohibited by applicable law, such adjustment to be affected by reducing the Purchased Receivables under this Agreement until such amount becomes equal to the Purchase Price. Notwithstanding the potential reduction contemplated in this sec. 22, nothing herein constitutes agreement that the transactions contemplated by this Agreement are loans or are intended to be loans.

23. Costs and Expenses 

Keep shall be entitled to recover from Client any and all reasonable costs and legal fees (on a substantial indemnity basis) associated with and/or resulting from the enforcement of its rights and remedies hereunder or at law.

24. Entire Agreement

This Agreement contains the entire understanding of the parties hereto and supersedes all prior negotiations, whether oral or written. No changes to this Agreement shall be valid or enforceable, unless made by both parties in writing, in which case such change shall come to force of the date of the later party signing the change

25. Severability

Should any term or provision of this Agreement be deemed invalid, illegal or unenforceable, then such invalid, illegal or unenforceable term or provision shall be null and void, and all other terms and provisions of this Agreement shall continue in full force and effect as though such invalid, illegal or unenforceable term or provision had never been a part hereof.

26. Governing Law

This Agreement shall be governed by and to be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein without regard to principles of conflicts of law and treated in all respects as an Ontario contract. The parties to this Agreement hereby irrevocably and unconditionally attorn to the exclusive jurisdiction of the courts of the Province of Ontario.

27. Language 

The parties have requested that this Agreement be drawn in English language.

Client represents that: 

(i) they have read and understood the TERMS AND CONDITIONS set out in this Agreement, 

(ii) they have the signing authority to bind their respective corporate entities or businesses to all terms and conditions stipulated in this Agreement and 

(iii) each party had an opportunity to review this Agreement and receive legal or any other advise it deems necessary; 

(iv) Client has taken all corporate or other proceedings necessary to authorize the execution and delivery of this Agreement by Client and Client’s performance of its obligations hereunder.

SCHEDULE A

Initial Purchase and Sale Schedule

Personal Guarantee

Revised April 11th, 2024

IN CONSIDERATION of Keep Technologies Corp. (“Keep”) providing services to the Client (as defined in the Statement Advance Agreement), and after having reviewed and understood the Keep Platform Agreement (including without limitation the Cardholder Agreement, the Business Account Agreement and the Statement Advance Agreement), of which this Guarantee forms a part (the “Agreement”), the guarantor (the “Guarantor”) in favour and for the benefit of Keep, hereby unconditionally and irrevocably guarantees payment to Keep, of all present and future debts and liabilities in any currency, direct and indirect, absolute, contingent or otherwise, matured or not matured now or at any time, and from time to time, due or owing to Keep from or by the Client or any successor to the Client or his/her/their executors, liquidators, administrators or legal representatives, including, without limitation, all principal and interest together with all fees, costs and expenses (including, without limitation, the reasonable fees and expenses incurred by Keep’s counsel in enforcing any rights under this Guarantee, the Agreement and any other documents delivered pursuant thereto), causes of action and indemnities (collectively, the “Obligations”). The liability of the Guarantor under this Guarantee is unlimited. The Guarantor’s liability under this Guarantee shall arise immediately upon written demand for payment from Keep to the Guarantor. 

The Guarantor agrees that his/her/their obligations under this Guarantee are irrevocable, continuing, absolute and unconditional, and shall not be discharged or impaired or otherwise affected by, and the Guarantor hereby irrevocably waives, any defences to enforcement he or she may have (now or in the future) by reason of:

1. any illegality, invalidity or unenforceability of any Obligation, the Agreement or any documents delivered pursuant thereto for any reason whatsoever;
2. any change in, or variation of, the Obligations or any other obligation of any party under the Agreement or any other documents delivered pursuant thereto including, without limitation, any increase in the Obligations, any change in the interest or fees payable, any renewal, extension, amendment, rescission, waiver, release, discharge, indulgence, compromise, arrangement or other variation in connection with the Obligations, the Agreement or any other documents delivered pursuant thereto; 
3. any taking, exchange, substitution, variation, release, impairment, subordination or non-perfection of any security or collateral for the Obligations, or any taking, release, impairment, amendment, waiver or other modification of any guarantee of the Obligations;
4. any manner of sale, disposition or application of proceeds of any collateral or other assets to all or part of the Obligations;
5. any loss or diminution in value of the security or collateral held for the Obligations, whether such loss or diminution arises from any act or omission of Keep;
6. any default, failure or delay, wilful or otherwise, in the performance of the Obligations;
7. any change in the name, object, capital, ownership or control, or constitution of the Client, the Guarantor, any other guarantor or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Client, the Guarantor, any other guarantor or their assets or any resulting restructuring, compromise, release or discharge of any Obligations;
8. any merger, amalgamation, consolidation or other fundamental change of the Client, the Guarantor or any other guarantor;
9. any failure of Keep to disclose to the Guarantor any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Client now or hereafter known to Keep and the Guarantor hereby waives any duty of Keep to disclose such information;
10. the failure of any other guarantor or third party to execute or deliver this Guarantee or any other guarantee or agreement, or the release or reduction of liability of the Guarantor or any other guarantor or surety with respect to the Obligations;
11. the failure of Keep to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of the Agreement, any security for the Obligations, in law or otherwise;
12. any defence, set-off or counterclaim (other than a defence of payment or performance) that may at any time be available to, or be asserted by, the Client or the Guarantor against Keep; or
13. any other circumstance, act or omission that might vary the risk of the Guarantor or otherwise operate as a defence available to, or a legal or equitable discharge of, the Guarantor’s obligations.

The Guarantor further acknowledges and agrees as follows:

1. The Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guarantee and acknowledges that this Guarantee is continuing in nature, shall guarantee any ultimate balance owing to Keep, and applies to all presently existing and future Obligations, until the complete, irrevocable and indefeasible payment and satisfaction in full of the Obligations.
2. This Guarantee is a guarantee of payment and performance and not of collection. Keep shall not be obligated to enforce or exhaust its remedies against the Client or under the Agreement before proceeding to enforce this Guarantee. The liability of the Guarantor to make payment under this Guarantee shall arise immediately upon delivery to the Guarantor of a written demand for payment by Keep.
3. This Guarantee is a direct guarantee and independent of the obligations of the Client to Keep. Keep may resort to the Guarantor for payment and performance of the Obligations whether or not Keep shall have resorted to any of its collateral or shall have proceeded against the Client or any other guarantors with respect to the Obligations. Keep may, at Keep’s option, proceed against the Guarantor and the Client, jointly and severally, or against the Guarantor only without having obtained a judgment against the Client.
4. The Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of non-performance, default, acceleration, protest or dishonour, and any other notice with respect to any of the Obligations and this Guarantee, and any requirement that Keep protect, secure, perfect or insure any encumbrance or any property subject thereto.
5. The Guarantor agrees that his/her/their guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time all or part of any payment of any Obligation is voided, rescinded or recovered or must otherwise be returned by Keep upon the insolvency, bankruptcy, reorganization, dissolution or winding-up of the Client.
6. This Guarantee shall continue to apply to all Obligations owing to Keep by any amalgamated corporation resulting from the Client amalgamating with one or more other corporations.
7. The Guarantor (i) has received independent legal advice (”ILA”) from their own lawyer at their own cost with respect to the terms of this Guarantee before its execution; or (ii) has been given the opportunity and encouraged to receive ILA, but has declined to do so (in their sole discretion).
8. The Guarantor has read this Guarantee, understands it and agrees to be bound by its terms and conditions.

The Guarantor waives and shall not exercise any rights that it may acquire by way of subrogation, contribution, reimbursement or indemnification for payments made under this Guarantee until all Obligations shall have been paid and discharged in full. Subject to the foregoing, upon full and final payment and performance of all Obligations, the Guarantor shall be subrogated to the rights of Keep against the Client, and Keep agrees to take such steps as the Guarantor may reasonably request, at the Guarantor’s expense, to give effect to such subrogation.

It is agreed that the Guarantor shall be liable to Keep in respect of all debts and liabilities, stated to be owing to Keep by Client under this Agreement with respect to such debts and liabilities, notwithstanding whether such agreement or any provision thereof is invalid, void, illegal, or unenforceable and notwithstanding whether such agreement was properly completed, entered into or authorized. The Guarantor shall indemnify and save Keep harmless from any losses which may arise by virtue of any debts and liabilities stated to be owing to Keep by Client, being or becoming for any reason whatsoever in whole or in part (a) void, voidable, null, ultra vires, illegal, invalid, ineffective or otherwise unenforceable in accordance with its terms, or (b) released or discharged by operation of law (all of the foregoing being an "Indemnifiable Circumstance"). For greater certainty, the losses shall include the amount of all debts and liabilities owing to Keep by Client which would have been payable by Client but for the Indemnifiable Circumstance.

It is further agreed that Keep without the consent of the Guarantor and without exonerating in whole or in part the Guarantor may grant time, renewals, extensions, indulgences, releases and discharges to, may abstain from taking, perfecting or realizing upon security from, may release security to, may accept compositions from, and may otherwise change the terms of any of the debts and liabilities hereby guaranteed and otherwise deal with Client as Keep may see fit.

This Guarantee is unlimited, absolute and without condition, and is binding upon Guarantor, his/her/their heirs, legal representatives, executors, liquidators, administrators, personal representatives, successors and assigns. Guarantor waives any and all rights to require Keep or any other Indemnitee (as defined in the Agreement) to proceed against Client before taking action against him/her/them. This Guarantee shall be construed in accordance with the laws of the Province of Ontario and for the purpose of legal proceedings this contract shall be deemed to have been made in the said province and to be performed there, and the courts of that province shall have non-exclusive jurisdiction over all disputes which may arise under this contract, provided always that nothing herein contained shall prevent Keep from proceeding at its election against the Guarantor in the courts of any other province or country. If any provision of this Guarantee are determined to be unenforceable, prohibited, invalid or illegal, it shall be severed from this Guarantee solely to the extent of such unenforceability, prohibition, invalidity or illegality and the remainder of such provision and the remainder of this Guarantee shall be unaffected thereby. 

All present and future indebtedness and liability of the Client to the Guarantor is hereby subordinated and postponed in right of payment to the prior payment in full of the Obligations, as confirmed in writing by Keep. Until the date upon which the Obligations have been repaid in full, as confirmed in writing by Keep, the Guarantor agrees that the Client cannot pay and the Guarantor cannot receive any payment in cash, property or security, by set-off or otherwise, owing and which may hereafter come owing by the Client to the Guarantor, including on account of the intercompany loans from the Guarantor to the Client. Any amounts received by the Guarantor in violation of this clause shall be held by the Guarantor in trust for the benefit of Keep and forthwith upon receipt paid over to Keep without in any way reducing, lessening or limiting the obligations of the Guarantor under this Guarantee. This subordination and postponement is independent of the Guarantee and shall remain in force until all Obligations shall have been paid and discharged in full.

GUARANTOR HEREBY AUTHORIZES INQUIRY BY KEEP INTO HIS/HER/THEIR PERSONAL AND BUSINESS FINANCIAL INFORMATION, INCLUDING, BUT NOT LIMITED TO, BANKING RELATIONSHIPS, CONSUMER REPORTS AND CREDIT BUREAUS, AND AUTHORIZE INQUIRY INTO HIS/HER/THEIR PERSONAL HISTORY INCLUDING INVESTIGATION OF ALL CRIMINAL AND CIVIL MATTERS.

To the maximum extent permitted by applicable law, Keep may apply any amounts owing to, or sums standing to the credit of, the Guarantor to the payment when due of any amounts owing by the Guarantor under this Guarantee.

This Guarantee will be governed and interpreted in accordance with the laws of the Province of Ontario and the applicable laws of Canada. In the event of a dispute, you agree that the courts in the Province of Ontario shall be competent to hear such dispute and you agree to be bound by any judgment of that court.

The Guarantor acknowledges and agrees that Keep may make a claim or demand payment hereunder notwithstanding any limitation period regarding such claim or demand set forth in the Limitations Act, 2002 (Ontario) or under any other applicable law with similar effect and, to the maximum extent permitted by applicable law, any limitations periods set forth in such act or applicable law are hereby explicitly excluded or, if excluding such limitations periods is not permitted by such act or applicable law, are hereby extended to the maximum limitation period permitted by such act or applicable law. For greater certainty, the Guarantor acknowledges and agrees that this Guarantee is a "business agreement" as defined under Section 22 of the Limitations Act, 2002 (Ontario).

The rights and remedies of Keep under this Guarantee are cumulative and are in addition to and not in substitution for any other rights and remedies available at law, or in equity or otherwise.

This Guarantee constitutes the sole and entire agreement of the Guarantor and Keep with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. No amendment or waiver of any provision of this Guarantee shall be valid and binding unless it is in writing and signed, in the case of an amendment, by both parties, or in the case of a waiver, by the party against which the waiver is to be effective. 

The Guarantor acknowledges having read the terms of the Agreement and this Guarantee, and Guarantor’s agreement to the Keep Platform Agreement, Cardholder Agreement and Statement Advance Agreement shall serve as confirmation that Guarantor understands all of the terms and provisions of the Agreement and this Guarantee. Rights of Keep hereunder against the Guarantor are, if applicable, joint and several. 

THE GUARANTOR, AS AN OWNER, AGENT, DIRECTOR OR SIGNING OFFICER OF CLIENT HEREBY AGREES THAT THEIR AGREEMENT TO THE KEEP PLATFORM AGREEMENT, CARDHOLDER AGREEMENT AND STATEMENT ADVANCE AGREEMENT ELECTRONICALLY CONSTITUTES HIS/HER/THEIR ELECTRONIC SIGNATURE TO THIS GUARANTEE. THE GUARANTOR ALSO AGREES THAT HIS/HER/THEIR ELECTRONIC CONSENT TO THIS GUARANTEE HAS AND WILL HAVE THE SAME LEGAL EFFECT AS A PHYSICAL SIGNATURE. BY AGREEING TO THE TERMS OF THE GUARANTEE, THE GUARANTOR CONSENTS TO KEEP PROVIDING NOTICES TO THE GUARANTOR ELECTRONICALLY, AND THE GUARANTOR UNDERSTANDS THAT THIS CONSENT HAS THE SAME LEGAL EFFECT AS A PHYSICAL SIGNATURE.