EX-10.1


   

  Exhibit 10.1

   

  THIRD AMENDMENT TO FINANCING AGREEMENT

   

  THIRD AMENDMENT TO FINANCING AGREEMENT, dated as of September 30, 2022 (this "Amendment"), to the Financing Agreement, dated as of April 19, 2021 (as amended by the First Amendment to Financing Agreement, dated as of July 26, 2021, as amended by the Second Amendment to Financing Agreement, dated as of October 8, 2021, and as may be further as amended, restated, supplemented or otherwise modified, the "Financing Agreement"), by and among Xponential Intermediate Holdings, LLC, a Delaware limited liability company (the "Parent"), Xponential Fitness LLC, a Delaware limited liability company ("XF"), each Subsidiary (as defined therein) of Parent listed as a "Borrower" on the signature pages hereto (together with XF and each other Person that executes a joinder agreement and becomes a "Borrower" thereunder, each a "Borrower" and collectively, the "Borrowers"), each other Subsidiary of Parent listed as a "Guarantor" on the signature pages thereto (together with Parent and each other Person that executes a joinder agreement and becomes a "Guarantor" thereunder or otherwise guaranties all or any part of the Obligations (as defined therein), each a "Guarantor" and collectively, the "Guarantors"), the lenders from time to time party thereto (each a "Lender" and collectively, the "Lenders"), Wilmington Trust, National Association (“Wilmington Trust”), as collateral agent for the Lenders (in such capacity, together with its successors and assigns, the "Collateral Agent") and Wilmington Trust, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the "Administrative Agent" and together with the Collateral Agent, each an "Agent" and collectively, the "Agents"). All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned to them in the Financing Agreement (as amended hereby).

   

  WHEREAS, the Borrowers wish to amend the Financing Agreement to provide for additional term loans in an aggregate principal amount equal to $7,500,000 (the "2022 Incremental Term Loans") to be made by the Lenders listed on Annex A hereto (the “2022 Incremental Term Loan Lenders”) in accordance with their respective commitments set forth on such Annex A (the “2022 Incremental Term Loan Commitments”), the proceeds of which will be used for general corporate purposes;

   

  WHEREAS, the Loan Parties have requested that the Agents and the Lenders amend the Financing Agreement in certain respects in connection with, the 2022 Incremental Term Loans, and the Agents and the Lenders are agreeable to such request for amendment on and subject to the terms and conditions set forth herein; and

   

  NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

   

  1.Amendments to Financing Agreement.


   

  (a)The 2022 Incremental Term Loan Lenders hereby agree to provide the full amount of the 2022 Incremental Term Loans in accordance with their respective 2022 Incremental Term Loan Commitments. The 2022 Incremental Term Loan Commitments shall be subject to all of the terms and conditions set forth herein and in the Financing Agreement.


   

   

  

   

  (b)The aggregate 2022 Incremental Term Loan Commitments as of the Third Amendment Effective Date (as hereinafter defined) are $7,500,000. The 2022 Incremental Term Loan Commitments will terminate in full upon the making of the related 2022 Incremental Term Loans.


   

  (c)Subject to the satisfaction of the conditions set forth in Section 5 below, the funding of the 2022 Incremental Term Loans will occur in one drawing on the date hereof and will be made by the 2022 Incremental Term Loan Lenders ratably in accordance with their respective 2022 Incremental Term Loan Commitments pursuant to the Administrative Borrower’s request in the form of a Notice of Borrowing (which notice may be delivered upon a shorter time period then set forth in Section 2.02 of the Financing Agreement to the extent agreed to by each 2022 Incremental Term Loan Lenders). In the event that all or any portion of the 2022 Incremental Term Loans are not borrowed on the date hereof, the unborrowed portion of the 2022 Incremental Term Loan Commitments shall automatically terminate on the date hereof unless the 2022 Incremental Term Loan Lenders shall, in their sole discretion and with written notice to the Administrative Agent, agree to an extension.


   

  (d)Section 1.01 of the Financing Agreement is hereby amended to add the following definitions:


   

  "Third Amendment" means the Third Amendment to Financing Agreement, dated as of September 30, 2022, among the Loan Parties, the Lenders and the Agents.

   

  "Third Amendment Effective Date" has the meaning specified therefor in Section 5 of the Third Amendment.

   

  (e)Section 1.01 of the Financing Agreement is hereby amended to amend and restate the following definition in its entirety as follows:


   

  “Applicable Prepayment Premium” means, as of any date of determination, with respect to and in the event of any prepayment of the Term Loans, (a) during the period of time after the date that is the first anniversary of the Effective Date up to and including the date that is the first anniversary of the Second Amendment Effective Date, an amount equal to 0.98% times the principal amount of any such prepayment of the Term Loans on such date, (b) during the period of time after the date that is the first anniversary of the Second Amendment Effective Date up to and including the date that is the second anniversary of the Effective Date, an amount equal to 0.50% times the principal amount of any such prepayment of the Term Loans on such date, (c) during the period of time after the date that is the second anniversary of the Effective Date up to and including the date that is the second anniversary of the Second Amendment Effective Date, an amount equal to 0.16% times the principal amount of any such prepayment of the Term Loans on such date, and (d) from the second anniversary of the Second Amendment Effective Date and at all times thereafter, zero.

   

   

  

   

  “Loan Document” means this Agreement, the Agent Fee Letter, any Guaranty, any Joinder Agreement, any Mortgage, any Security Agreement, the Flow of Funds Agreement, the Intercompany Subordination Agreement, any Perfection Certificate, the First Amendment, the Second Amendment, the Third Amendment, any collateral access agreement, any landlord subordination or waiver agreement, any other agreement, instrument, certificate, report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or securing any Loan or any other Obligation.

   

  (f)Section 2.03(b) of the Financing Agreement is hereby amended and restated in its entirety and replaced by the following: “The outstanding principal of the Initial Term Loan shall be repayable, ratably, in consecutive quarterly installments, each such installment to be due and payable on the last Business Day of each calendar quarter (i.e. March, June, September, and December) (each, a “Scheduled Term Loan Payment Date”), (i) commencing with June 30, 2021 and, for the Scheduled Term Loan Payment Dates occurring on June 30, 2021 and September 30, 2021, in an amount equal to 0.25% of the original principal amount of the Initial Term Loan made hereunder on the Effective Date (ii) commencing with December 31, 2021 and, for the Scheduled Term Loan Payment Dates occurring on December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022, in an amount equal to $739,922.87 and (iii) commencing with December 31, 2022 and for each Scheduled Term Loan Payment Date thereafter, in an amount equal to $758,672.87; provided, however, that the last such installment shall be in the amount necessary to repay in full the unpaid principal amount of the Term Loans on the Final Maturity Date. The outstanding unpaid principal of the Term Loans and all accrued and unpaid interest thereon, shall be due and payable in full on the Final Maturity Date.”


   

  (g)Each 2022 Incremental Term Loan Lender shall be deemed to be a “Lender”, a “Term Loan Lender” and a “Secured Party” for all purposes under the Financing Agreement and each other Loan Document, and shall have all of the rights and obligations of a Lender, a Term Loan Lender and a Secured Party under the Financing Agreement and the other Loan Documents. The 2022 Incremental Term Loans shall be Term Loans and Initial Term Loans for all purposes under the Financing Agreement and each other Loan Document and, unless otherwise set forth in the Financing Agreement, shall have terms identical to the Initial Term Loans outstanding under the Financing Agreement immediately prior to the date hereof (including, but not limited to, with respect to “Applicable Margin”, “Maturity Date” and Section 2.04(b)); provided, that the type and, if applicable, initial Interest Period applicable to the 2022 Incremental Term Loans shall be as specified in the applicable Notice of Borrowing.


   

  (h)The proceeds of the 2022 Incremental Term Loans shall be used for general corporate purposes of the Loan Parties and their Subsidiaries.


   

  (i)Schedule 1.01(A) of the Financing Agreement shall be amended and supplemented to include the 2022 Incremental Term Loan Commitments set forth on Annex A hereto.


   

  2.	[Reserved].

   

  

   

   

  3.	[Reserved].

   

  4.	Fees. On the Third Amendment Effective Date, the Borrowers shall pay, or cause to be paid, to the 2022 Incremental Term Loan Lenders, an upfront fee (the “2022 Incremental Term Loan Upfront Fee”) in an amount equal to 1.00% of the aggregate principal amount of the 2022 Incremental Term Loans actually funded by the 2022 Incremental Term Loan Lenders on the Third Amendment Effective Date; provided, that, at the option of each 2022 Incremental Term Lender, such 2022 Incremental Term Loan Upfront Fee shall be taken in the form of an equivalent amount of original issue discount in respect of the aggregate principal amount of 2022 Incremental Term Loans made by such 2022 Incremental Term Lender on the Third Amendment Effective Date; provided, further that the parties hereto agree to treat the 2022 Incremental Term Loan Upfront Fee as original issue discount for U.S. federal (and all applicable state and local) income tax purposes.

   

  5. Representations and Warranties. Each Loan Party hereby jointly and severally represents and warrants to the Agents and the Lenders, as of the date hereof, as follows:

   

  (a)Representations and Warranties; No Event of Default. The representations and warranties contained herein, in Article VI of the Financing Agreement and in each other Loan Document, certificate or other writing delivered by or on behalf of any Loan Party to any Secured Party pursuant thereto on or prior to the Third Amendment Effective Date are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified as to "materiality" or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such date as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to "materiality" or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such earlier date), and no Default or Event of Default has occurred and is continuing as of the Third Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms.


   

   

  

   

  (b)Authorization; Enforceability. The execution and delivery of this Amendment by each Loan Party, and the performance of the Financing Agreement, as amended hereby, (i) have been duly authorized by all necessary action, (ii) do not and will not contravene (A) any of its Governing Documents, (B) any applicable Requirement of Law or (C) any Contractual Obligation binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its properties other than any such Lien that constitutes a Permitted Lien, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties except, in the case of clauses (ii)(B), (ii)(C) and (iv), as could not reasonably be expected to have a Material Adverse Effect. This Amendment constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and general principles of equity.


   

  6. Conditions Precedent to Effectiveness. This Amendment shall become effective upon satisfaction in full, or waiver by the parties hereto, of the following conditions precedent (the first date upon which all such conditions shall have been satisfied (or waived) being herein called the "Third Amendment Effective Date"):

   

  (a)Payment of Fees, Etc. The Borrowers shall have paid (or caused to be paid), on or before the Third Amendment Effective Date, (i) all fees, costs and expenses then due and payable, if any, pursuant to Section 4 of this Amendment or Section 12.04 of the Financing Agreement and (ii) to the Agents, for their own account, an amendment fee in an amount agreed upon by the Borrower and the Agents.


   

  (b)Delivery of Documents. The Agents and the Lenders shall have received, on or before the Third Amendment Effective Date, the following, each in form and substance reasonably satisfactory to the Lenders and, unless indicated otherwise, dated the Third Amendment Effective Date:


   

  (i)this Amendment, duly executed by the Loan Parties, each Agent and each Lender;


   

  (ii)a copy of the resolutions of each Loan Party, certified as of the Third Amendment Effective Date by an Authorized Officer thereof, authorizing (A) the borrowings hereunder and the transactions contemplated by this Amendment and (B) the execution, delivery and performance by such Loan Party of this Amendment and the execution and delivery of the other documents to be delivered by such Person in connection herewith;


   

   

  

   

  (iii)a certificate of an Authorized Officer of each Loan Party, certifying the names and true signatures of the representatives of such Loan Party authorized to sign this Amendment and the other documents to be executed and delivered by such Loan Party in connection herewith, together with evidence of the incumbency of such authorized officers;


   

  (iv)a certificate of the appropriate official(s) of the jurisdiction of organization of each Loan Party certifying as of a recent date not more than 30 days prior to the Third Amendment Effective Date as to the good standing of such Loan Party, in such jurisdiction, except, in each case, where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect of the Loan Parties, taken as a whole;


   

  (v)a true and complete copy of the charter, certificate of formation, certificate of limited partnership or other publicly filed organizational document of each Loan Party certified as of a recent date not more than 30 days prior to the Third Amendment Effective Date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the same complete name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational number is issued in such jurisdiction (or a certification that there have been no changes to such organizational documents since the Second Amendment Effective Date);


   

  (vi)a copy of the Governing Documents of each Loan Party, together with all amendments thereto, certified as of the Third Amendment Effective Date by an Authorized Officer of such Loan Party;


   

  (vii)[reserved];


   

  (viii)a certificate of an Authorized Officer of each Loan Party, certifying as to the matters described in Section 5(a) of this Amendment;


   

  (ix)a certificate of the chief financial officer of the Administrative Borrower, certifying on behalf of the Loan Parties, as to the solvency of the Loan Parties (on a consolidated basis), which certificate shall be reasonably satisfactory in form and substance to the Required Lenders;


   

  (x)[reserved]; and


   

  (xi)a Notice of Borrowing pursuant to Section 2.02 of the Financing Agreement.


   

   

  

   

  7. Conditions Subsequent to Closing. Within 60 days after the Third Amendment Effective Date (or such later date as may be permitted by the Agents (acting at the direction of the Required Lenders)), the Agents shall have received shifting Account Control Agreements, each in form and substance reasonably satisfactory to the Collateral Agent and the Required Lenders, with respect to the Cash Management Accounts (other than Excluded Accounts) existing on the Third Amendment Effective Date.

   

  8. Continued Effectiveness of the Financing Agreement and Other Loan Documents. Each Loan Party hereby (i) acknowledges and consents to this Amendment, (ii) confirms and agrees that the Financing Agreement and each other Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the Third Amendment Effective Date all references in the Financing Agreement or any other Loan Document to "Financing Agreement", the "Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (iii) confirms and agrees that to the extent that the Financing Agreement or any such other Loan Document purports to assign or pledge to the Collateral Agent for the benefit of the Lenders, or to grant to the Collateral Agent for the benefit of the Lenders a security interest in or Lien on, any Collateral as security for the Obligations or Guaranteed Obligations, as the case may be, of any Loan Party from time to time existing in respect of the Financing Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects as of the date hereof. This Amendment does not and shall not affect any of the obligations of any Loan Party, other than as expressly provided herein, including, without limitation, the Borrower's obligation to repay the Loans in accordance with the terms of Financing Agreement, or the obligations of any other Loan Party under any Loan Document to which it is a party, all of which obligations shall remain in full force and effect. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agents or any Lender under the Financing Agreement or any other Loan Document, nor constitute a waiver of any provision of the Financing Agreement or any other Loan Document.

   

  9. Reaffirmation of Loan Parties. Each Loan Party hereby reaffirms its obligations under the

  Financing Agreement and each other Loan Document to which it is a party as of the date hereof. Each Loan Party hereby further ratifies and reaffirms as of the date hereof the validity and enforceability of all of the Liens and security interests heretofore granted by it, pursuant to and in connection with the Financing Agreement or any other Loan Document to the Agents, on behalf and for the benefit of the Agents and each Lender, as collateral security for the obligations under the Financing Agreement and the other Loan Documents in accordance with their respective terms, and acknowledges that all of such liens and security interests, and all collateral heretofore pledged by it as security for such obligations, continues to be and remain collateral for such obligations. Although each of the Guarantors have been informed of the matters set forth herein and have acknowledged and agreed to same, each of the Guarantors understands that the Agents and the Lenders shall have no obligation to inform the Guarantors of such matters in the future or to seek the Guarantors' acknowledgement or agreement to future amendments, waivers, or modifications, and nothing herein shall create such a duty.

   

   

  

   

  10. Miscellaneous.

   

  (a)This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party may request in writing that parties delivering an executed counterpart of this Amendment by electronic mail also deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.


   

  (b)Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.


   

  (c)THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.


   

  (d)This Amendment constitutes a "Loan Document" under the Financing Agreement.


   

  (e)Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.


   

  (f)The Borrower will pay (or cause to be paid) promptly upon receipt of a  Reasonably detailed invoice therefor, all reasonable and documented fees and out-of-pocket costs and expenses of the Agents and the Lenders in connection with the preparation, execution and delivery of this Amendment in accordance with and pursuant to Section 12.04 of the Financing Agreement, including, without limitation, reasonable and documented fees, costs and expenses of (x) King & Spalding LLP, counsel to the Lenders and (y) Arnold & Porter Kaye Scholer LLP, counsel to the Agents.


   

  (g)By its execution hereof, each of the Lenders party hereto, constituting all Lenders party to the Financing Agreement, hereby (i) authorizes and directs each Agent to execute and deliver this Amendment and (ii) acknowledges and agrees that (x) the authorization and direction in this Section 9(g) constitutes an authorization and direction from the Lenders under the provisions of Article X of the Financing Agreement and (y) Article X (including, for the avoidance of doubt, Sections 10.03 and 10.05 thereof) of the Financing Agreement shall apply to any and all actions taken by either Agent in accordance with such direction.


   

  

   

  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

   

  BORROWER:

   

  		
	 
	XPONENTIAL FITNESS LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  GUARANTORS:

   

  		
	 
	XPONENTIAL INTERMEDIATE HOLDINGS, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	CLUB PILATES FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	CYCLEBAR HOLDCO, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	CYCLEBAR FRANCHISING, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	CYCLEBAR WORLDWIDE INC.

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	STRETCH LAB FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	ROW HOUSE FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

   

  [Signature Page to Third Amendment]

   

  

   

  		
	 
	YOGA SIX FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	AKT FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	PB FRANCHISING, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	STRIDE FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	XPONENTIAL FITNESS BRANDS INTERNATIONAL,
LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	RUMBLE FRANCHISE, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

  		
	 
	BFT FRANCHISE HOLDINGS, LLC

	By:
	/s/ John Meloun

	 
	Name: John Meloun
Title: Chief Financial Officer



   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature Page to Third Amendment]

   

  

   

  ADMINISTRATIVE AGENT AND 

  COLLATERAL AGENT:

   

  		
	 
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent

	By:
	/s/ Teisha Wright

	 
	Name: Teisha Wright
Title: Vice President



   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature Page to Third Amendment]

   

  

   

   LENDERS:

   

  		
	 
	MSD XPO PARTNERS, LLC, as Lender

	By:
	/s/ Kenneth Gerold

	 
	Name: Kenneth Gerold
Title: Authorized Signatory



   

  		
	 
	MSD PCOF PARTNERS XXXIX, LLC, as Lender

	By:
	/s/ Kenneth Gerold

	 
	Name: Kenneth Gerold
Title: Authorized Signatory



   

  		
	 
	MSD BDC SPV I, LLC, as Lender

	By:
	/s/ Kenneth Gerold

	 
	Name: Kenneth Gerold
Title: Authorized Signatory



   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature Page to Third Amendment]

   

  

   

  		
	 
	REDWOOD MASTER FUND, LTD., as Lender

	By:
	/s/ Sean Sauler

	 
	Name: Sean Sauler
Title: Deputy CEO



   

  		
	 
	REDWOOD OPPORTUNITY Master  FUND, LTD., as Lender

	By:
	/s/ Sean Sauler

	 
	Name: Sean Sauler
Title: Deputy CEO



   

  		
	 
	CORBIN OPPORTUNITY FUND, LP., as Lender

	By:
	/s/ Sean Sauler

	 
	Name: Sean Sauler
Title: Deputy CEO



   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature Page to Third Amendment]

   

  

   

  		
	 
	DESALKIV Cayman C-2, Ltd, as Lender

	By:
	/s/ Seth Charnow

	 
	Name: Seth Charnow
Title: Authorized Signatory



   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature Page to Third Amendment]

   

  

   

  Annex A

   

  2022 Incremental Term Loan Lenders' Commitments

   

   

  			
	Lender Name
	2022 Incremental Term Loan Commitments 
	2022 Incremental Term Loan Commitment Percentage

	MSD BDC SPV I, LLC
	$1,997,776.53
	26.637020331%

	MSD PCOF PARTNERS XXXIX, LLC
	$2,367,722.33
	31.569631127%

	MSD XPO PARTNERS, LLC
	$923,416.23
	12.312216409%

	REDWOOD MASTER FUND LTD
	$283,714.92
	3.782865600%

	REDWOOD OPPORTUNITY MASTER FUND LTD
	$1,927,369.99 
	25.698266533%

	 
	$7,500,000.00 
	100.000000000%