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[exhibit1075-cobizxloan4t034.jpg]
FIRST AMENDMENT AND WAIVER REGARDING 2013 LOAN AND SECURITY AGREEMENT THIS FIRST
AMENDMENT AND WAIVER REGARDING 2013 LOAN AND SECURITY AGREEMENT (“First
Amendment”) is made as of the 2nd day of December, 2013 (the "Effective Date")
by and among ADA-ES, INC., a Colorado corporation (“Borrower”), ADVANCED
EMISSIONS SOLUTIONS, INC., a Delaware corporation (“ADES”), and COBIZ BANK, a
Colorado corporation, d/b/a COLORADO BUSINESS BANK (“Lender”). RECITALS A.
Borrower and Lender are parties to that certain 2013 Loan and Security Agreement
dated as of September 19, 2013 (as amended, supplemented, modified and restated
from time to time, the “Loan Agreement”). B. In accordance with the provisions
of the Loan Agreement, on November 7, 2013, Lender granted Borrower a waiver as
to Borrower’s compliance with the minimum tangible net worth requirement
contained in the Loan Agreement. B. In accordance with the provisions of the
Loan Agreement, Lender has agreed to amend or waive, for the benefit of
Borrower, certain terms and conditions contained in the Loan Agreement, as
specifically provided herein. C. ADES wishes to provide its consent to the
amendments and waiver set forth herein. D. Other than as defined in this First
Amendment, all capitalized terms used in this Agreement without definition shall
have the meanings given to such terms in the Loan Agreement. NOW THEREFORE, in
consideration of the premises and covenants made by Borrower and contained in
this First Amendment and the consent provided given by ADES herein, Lender
grants the waivers and agrees to the amendments forth below: 1. Waiver for RCM6
Transaction. With respect to the transaction (“RCM6 Transaction”) described in
the letter dated December 2, 2013 from Mark H. McKinnies, Senior Vice President
and CFO of Borrower, to Doug Pogge, Senior Vice President of Lender,(a copy of
which letter is attached hereto as Exhibit A), Lender waives the violations of
Sections 7.3(b) and Section 7.3(d) of the Loan Agreement which would occur upon
completion of the RCM6 Transaction and subsequent capital contributions
contemplated thereby. 2. Amendment to Tangible Equity Covenant. Section 6.13 is
amended and restated, effective for the fiscal quarter ending December 31, 2013
and all subsequent quarters, to read, in its entirety, as follows: DEC-1769079-1

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Tangible Equity Covenant. ADES shall maintain a minimum tangible equity,
calculated as set forth on Exhibit F attached hereto, of not less than Twenty
Five Million and no/100 Dollars ($25,000,000.00), measured quarterly as of the
end of each calendar quarter. 3. Amendment to Exhibit F. Exhibit F to the Loan
Agreement is amended and restated, effective for the fiscal quarter ending
December 31, 2013 and all subsequent quarters, to read, in its entirety, as
attached hereto as Exhibit B. 4. Definition of “Borrowing Base”. The definition
of Borrowing Base is amended and restated, effective immediately, to read, in
its entirety, as follows: “Borrowing Base” means, as of any date, ninety percent
(90%) of the net present value, applying a ten percent (10%) discount rate, of
the fixed payments due to Borrower by CCS as the result of the AECI Leases. 5.
Amendment to Exhibit C. Exhibit C to the Loan Agreement is amended and restated,
effective immediately, to read, in its entirety, as attached hereto as Exhibit
C. 6. No Default. Borrower and ADES hereby certify to Lender that, after giving
effect to the amendments and waiver provided herein, Borrower is in full
compliance with the provisions of the Loan Agreement, and that no Event of
Default will occur as a result of the effects of this First Amendment. 7.
Release of Claims. Borrower and ADES hereby release and forever discharge
Lender, its affiliates, directors, officers, agents, employees, and attorneys
("Lender Parties") of and from any and all liability, suits, damages, claims,
counterclaims, demands, reckonings and causes of action, setoffs and defenses,
whether known or unknown, whether arising in law or equity, which any of
Borrower or ADES have, now have or may have in the future against Lender Parties
by reason of any acts, omissions, causes or things arising out of or in any way
related to this First Amendment or the Loan Agreement existing or accrued as of
the date of this First Amendment. This release shall survive the termination of
this First Amendment. Borrower acknowledges that the foregoing release is a
material inducement to Lender's decision to extend to Borrower the financial
accommodations hereunder and has been relied upon by Lender in agreement to
enter into this First Amendment. 8. Certification. Borrower will execute and
deliver to Lender a Certificate in the form of Exhibit D attached hereto. 9.
Costs. Borrower will pay Lender's attorneys' fees for preparation of this First
Amendment. 10. Miscellaneous. (a) The paragraph headings used herein are
intended for reference purposes only and shall not be considered in the
interpretation of the terms and conditions hereof. 2

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(b) The terms and conditions of this First Amendment shall be binding upon and
shall inure to the benefit of the parties hereto, their successors and permitted
assigns. (c) This First Amendment may be executed in any number of counterparts,
and by Lender, ADES and Borrower on separate counterparts, each of which, when
so executed and delivered, shall be an original, but all of which shall together
constitute one and the same Agreement. (d) Except as expressly modified by this
First Amendment, the Loan Agreement shall remain in full force and effect and
shall be enforceable in accordance with its terms. (e) This First Amendment and
the Loan Agreement constitute the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersede all prior
negotiations, understandings, and agreements between such parties with respect
to such subject matter. (f) This First Amendment, and the transactions evidenced
hereby, shall be governed by, and construed under; the internal laws of the
State of Colorado, without regard to principles of conflicts of law, as the same
may from time to time be in effect, including, without limitation, the Uniform
Commercial Code as in effect in the State of Colorado. IN WITNESS WHEREOF, the
parties hereto have executed and delivered this First Amendment as of the date
first above set forth. (Signatures on follow page) 3

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ADA-ES, INC., a Colorado corporation By: Name: Title: ADVANCED EMISSIONS
SOLUTIONS, INC., a Delaware corporation By: Name: Title: COBIZ BANK, a Colorado
corporation d/b/a COLORADO BUSINESS BANK By: Douglas L. Pogge, Senior Vice
President 4

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Exhibit A Letter of December 2, 2013 5

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Exhibit B Form of EXHIBIT F FORM OF COMPLIANCE CERTIFICATE ADA-ES, INC., a
Colorado corporation (“Borrower”), and ADVANCED EMISSIONS SOLUTIONS, INC., a
Delaware corporation (“ADES”), hereby certify to COBIZ BANK, a Colorado
corporation, d/b/a COLORADO BUSINESS BANK (“Lender”) pursuant to the 2013 Loan
and Security Agreement by and among Borrower, ADES and Lender (as amended,
modified, supplemented and restated from time to time, the “Loan Agreement”),
that: A. General. 1. Capitalized terms not defined herein shall have the
meanings set forth in the Loan Agreement. 2. Borrower has materially complied
with all the terms, covenants and conditions to be performed or observed by
Borrower contained in the Loan Agreement and the Loan Documents. 3. Neither on
the date hereof nor, if applicable, after giving effect to any Advance made
under the Loan Agreement on the date hereof, does there exist an Event of
Default. B. Financial Covenants (All numbers must be taken from the most recent
10 K or 10-Q filed by ADES with the Securities and Exchange Commission.) 1.
Calculation of Liquidity Covenant: A. Cash and Marketable Securities held by
ADES B. Amount of Cash and Marketable Securities pledged by ADES to parties
other than Lender C. Amount of Letters of Credit issued by parties other than
Lender which are not secured by the Cash and Marketable Securities covered in B.
D. Total of B and C E. A less D F. Six Million and No/100 Dollars
($6,000,000.00) G. Eighty Percent (80%) of the amount outstanding under the
Secured Line H. The greater of F or G I. Amount by which E exceeds (is less
than) H 2. Calculation of Tangible Equity Covenant A. Shareholders’ Equity B.
Temporary Equity 6

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C. ADES’s forty two and one half percent (42.5%) interest in Clean Coal
Solutions, LLC current revenues and long term deferred revenues D. A plus B plus
C E. Good Will and Intangibles F. D minus E G. Twenty Five Million and No/100
Dollars ($25,000,000.00) H. Amount by which F exceeds (is less than) G IN
WITNESS WHEREOF, Borrower and ADES have executed and delivered this Compliance
Certificate in the name of and on behalf of Borrower on ______________ _____,
20___. ADES, INC., a Delaware corporation By: Name: Title: ADVANCED EMISSIONS
SOLUTIONS, INC., a Colorado corporation By: Name: Title: 7

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Exhibit C Form of EXHIBIT C FORM OF BORROWING BASE CERTIFICATE As of the period
ending ________________ ____, 20____ This Certificate is made and dated as of
______________ ____, 20___ and is submitted by ADA-ES, INC., a Colorado
corporation, in accordance with the 2013 Loan and Security Agreement by and
among ADA-ES, INC., ADVANCED EMISSIONS SOLUTIONS, INC., and COBIZ Bank, a
Colorado corporation, d/b/a Colorado Business Bank (as amended, modified,
supplemented and restated from time to time, the “Loan Agreement”). Capitalized
terms used but not defined herein shall have the respective meanings therefor
set forth in the Loan Agreement. The undersigned hereby certifies to Lender that
the undersigned is familiar with the following financial information, which has
been taken from Borrower’s books and records, which are complete and accurate,
and the following calculations on the Borrowing Base and the remaining amount
under the Borrowing Base are true and correct. BORROWING BASE (All numbers must
be taken from the most recent 10-K or 10-Q filed by ADES with the Securities and
Exchange Commission.) A. Fixed payments due to Borrower on the AECI Leases B.
Balance in A discounted to present value using a discount factor of ten percent
(10%) C. Ninety percent (90%) of B D. Current Secured Line Balance E.
Excess/(Deficit) Borrowing Base (C minus D) F. One Hundred Fifty Percent (150%)
of E G. Current Value of Collateral in which Lender has a first priority
security interest ADA-ES, INC., a Colorado corporation By: Name: Title: 8

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Exhibit D Form of BORROWER CERTIFICATION With Respect to FIRST AMENDMENT AND
WAIVER REGARDING 2013 LOAN AND SECURITY AGREEMENT The undersigned, as a duly
authorized officer of ADA-ES, INC., a Colorado corporation, in conjunction with
the First Amendment and Waiver Regarding 2013 Loan and Security Agreement by and
among ADA-ES, INC. (“Borrower”), ADVANCED EMISSIONS SOLUTIONS, INC. and COBIZ
Bank, a Colorado corporation, d/b/a Colorado Business Bank (“First Amendment”),
hereby certifies to COBIZ BANK, a Colorado corporation, d/b/a COLORADO BUSINESS
BANK that no “Principal” of Borrower has been convicted of, or pled no contest
to, a felony under state or federal law (excluding crimes related to traffic or
motor vehicle offenses) or to any other crime that requires identification in
any registry and/or notification program maintained by any federal or state
jurisdiction. For the purpose of this Certification, “Principal” is deemed to
include: (a) each Officer of ADA-ES, INC.; (b) each director of ADA-ES, INC.;
(c) the five (5) most highly compensated executives and officers of ADA-ES,
INC.; and (d) each natural person who is a direct or indirect holder of more
than twenty percent (20%) or more of the ownership stock or stock equivalent of
ADA-ES, INC. The undersigned Borrower acknowledge that CoBiz Bank, a Colorado
corporation, d/b/a Colorado Business Bank is relying upon the truth of the
statements set forth in this Borrower Certification to enter into the First
Amendment with Borrower. Dated this 2nd day of December 2013. ADA-ES, INC., a
Colorado corporation By: Name: Title: 9

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