Minnesota
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000-25385
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41-1853993
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(State
or Other Jurisdiction
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(Commission
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(
I.R.S. Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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6950
Central Highway, Pennsauken, NJ
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08109
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(Address
of Principal Executive Offices)
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(Zip
Code)
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a
-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d -2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e -4(c))
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ITEM
2.03.
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CREATION
OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE
SHEET ARRANGEMENT OF A REGISTRANT.
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·
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Hereafter
grant any lien upon the collateral except in favor of
Lender;
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·
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Enter
into any acquisition, merger, consolidation, reorganization, or
recapitalization, or reclassify our capital stock, or liquidate, wind up,
or dissolve ourself (or suffer any liquidation or dissolution), or convey,
sell, assign, lease, transfer, or otherwise dispose of, in one transaction
or a series of transactions, all or any substantial part of our business,
property, or assets, whether now owned or hereafter acquired, or acquire
by purchase or otherwise all or substantially all of the properties,
assets, stock, or other evidence of beneficial ownership of any
entity;
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·
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Enter
into any transaction not in the ordinary and usual course of our business,
including the sale, lease, or other disposition of, moving, relocation, or
transfer, whether by sale or otherwise, of any of our properties, assets
(other than sales of Inventory to buyers in the ordinary course of our
business as currently conducted).
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·
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Suspend
or go out of a substantial portion of our
business;
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·
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We
will not make any distribution or declare or pay any dividends (in cash or
in stock) on, or purchase, acquire, redeem or retire any of our common
stock, membership or partnership interests, of any class, whether now or
hereafter outstanding. Absent an Event of Default, we may, upon prior
written notice to Lender, make distributions to our shareholders or
members in the ordinary and usual course of our business to satisfy such
shareholder’s or member’s tax liability on our income which is allocated
to such shareholder or member.
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(d)
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Exhibits.
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Exhibit No. | Description | |
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Loan
and Security Agreement, dated January 9, 2009, by and between Power Sports
Factory, Inc. and Crossroads Debt
LLC.
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