EX-10.23





 Exhibit 10.23 

WAIVER AND AMENDMENT NO. 1 TO LOAN AGREEMENT 

THIS WAIVER and AMENDMENT NO.1 TO LOAN AGREEMENT (“Amendment”) is dated as of June 08, 2022 and is by and among BRIDGER SOLUTIONS INTERNATIONAL, a
Montana limited liability company (“Borrower”) and ROCKY MOUNTAIN BANK, its successors and assigns (“Lender’’). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings assigned to
such terms in the Loan Agreement referred to herein below 
 RECITALS 

WHEREAS, Lender and Borrower have entered into certain financing arrangements pursuant to the Construction Loan Agreement dated September 30,
2019 by and among Borrower and Lender (as amended, modified, supplemented, renewed, restated, or replaced, the “Loan Agreement”); 

WHEREAS, Borrower has informed Lender that Events of Default exists under Section 7.1.3 of the Loan Agreement as a result of a breach of the
Section 6.8 (“Minimum Current Ratio Requirement”) and the failure to maintain a minimum current ratio of current assets divided by current liabilities of no less than 2.00 to 1.00 (“Minimum Current Ratio”) for the twelve
month period ending December 31, 2021, (the “Existing Default”); 
 WHEREAS, Borrower (i) hereby certifies to the Lender
that the Minimum Current Ratio calculated as of April 31, 2022 is in excess of 2.00 to 1.00 for the twelve month period ending on such date, (ii) has requested that the Lender waive the Existing Default and (ii) has requested that the
Lender agree to amend the Loan Agreement in the manner set forth in this Amendment in order to update the financial covenants set forth in the Loan Agreement. 

WHEREAS, the Lender has agreed to the foregoing requests, in each case, on and subject to the terms and conditions container herein. 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the respective parties hereto herby agree as follows: 

1.        Waiver of Existing Default. Subject to the satisfaction of the conditions set forth in
Section 3 below, and in reliance on the representations and warranties set forth in Section 4 below, Lender hereby waives, on a one-time basis, the Existing Default. Lender’s waiver of the
Existing Default shall not be deemed to be a waiver of any other existing or hereafter arising Default or Event of Default or any other deviation from the express terms of the Loan Agreement or any other Loan Document. The foregoing waiver is a
limited waiver and, except as expressly set forth herein, shall not constitute (a) a waiver of any other term, provision or condition of the Loan Agreement or any other Loan Document, as applicable, or (b) a waiver, release or limitation
upon the exercise by Lender of any of its rights, legal or equitable, thereunder. 

2.        Amendments. In reliance upon the representations and warranties of the Borrower set
forth herein and subject to the conditions to effectiveness set forth herein below, the Loan Agreement is hereby amended as follows: 












 a.        Section 1 of the Loan Agreement is
hereby amended by adding the following new definitions in the applicable alphabetical order as follows: 
 “BAGH” means Bridger
Aerospace Group Holdings, LLC, consolidated with all of its subsidiaries. 
 “EBITDA” means, for the period in question, the sum
of: (a) consolidated net income of BAGH during such period determined in accordance with GAAP plus (b) to the extent deducted in determining such consolidated net income, the sum of (i) interest expense paid by BAGH during such
period, plus (ii) all federal, state, local and/or foreign income taxes actually paid by BAGH paid during such period, plus (iii) all depreciation and amortization expenses of BAGH during such period. 

“Senior Funded Debt” means, as of any date of determination, without duplication, the sum of (a) outstanding borrowings under
this Agreement, plus, (b) the aggregate outstanding principal balance of all other interest-bearing indebtedness of BAGH, including capitalized leases, plus, (c) guarantees of any of the indebtedness listed in clauses (a) or (b)
of this definition, minus, (d) any indebtedness for borrowed money incurred in connection with a municipal debt financing or municipal debt issuance. 

“Senior Leverage Ratio” means, for any period of determination, the ratio of (a) Senior Funded Debt to (b) EBITDA. 

b.        Section 6.7 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “The Borrower will have a Senior Leverage Ratio as of the last day of any fiscal quarter, beginning with the fiscal quarter
ending June 30, 2022 and each fiscal quarter ending thereafter, of not more than as set forth below: 
  

	 	i.	 7.00 to 1.00 with respect to the four quarter period ending on each of June 30, 2022 through
September 30, 2022; 


  

	 	ii.	 6.00 to 1.00 with respect to the four quarter period ending on each of December 31, 2022 through
September 30, 2023; and 


  

	 	iii.	 5.50 to 1.00 with respect to the four quarter period ending on each of December 31, 20 and each fiscal
quarter thereafter.” 


 c.        Section 6.8 of the Loan Agreement is
hereby amended and restated in its entirety as follows: 
 “[Reserved].” 

d.        Section 6.9 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “[Reserved].” 












 3.        Conditions. The amendments
contained in this Amendment shall become effective upon delivery by the Borrower of, and compliance by the Borrower with, the following: 

a.        This Amendment, duly executed by the Borrower. 

b.        If the Borrower qualifies as a “legal entity customer” under the beneficial
ownership regulations, the Borrower must deliver a Beneficial Ownership Certification. 

c.        The Lender shall have received all fees and amounts due and payable by the Borrower on or
prior to the date hereof, including the reasonable fees and expenses of counsel to the Lender payable pursuant the Loan Agreement to the extent requested by the Lender. 

4.        Representations and Warranties, Etc. 

a.        Reassertion of Representations and Warranties, No Default. The Borrower hereby
represents that on and as of the date hereof and after giving effect to this Amendment: (a) all of the representations and warranties contained in the Loan Agreement and the other Loan Documents are true, correct and complete in all material
respects as of the date hereof as though made on and as of such date, except (i) for changes permitted by the terms of the Loan Agreement as amended by this Amendment and (ii) to the extent such representation or warranty relates to an
earlier specified date, in which case such representation or warranty is reaffirmed as true and correct in all material respects as to such date and (b) there will exist no Default or Event of Default under the Loan Agreement as amended by this
Amendment on such date which has not been cured or waived by the Lender. 
 b.        Authority,
No Conflict, No Consent Required, Enforceability. The Borrower represents and warrants that the Borrower has the power and legal right and authority to enter into this Amendment and has duly authorized as appropriate the execution and delivery
of the Amendment by proper corporate action, and neither the Amendment nor the agreements contained herein contravenes or constitutes a default under any indenture, agreement, instrument or other similar document to which Borrower is a party or a
signatory or a provision of Borrower’s constituent documents or any other agreement or requirement of law, or results in the imposition of any lien on any of its property under any agreement binding on or applicable to the Borrower or any of
its property except, if any, in favor of the Lender. The Borrower represents and warrants that no consent, approval or authorization of or registration or declaration with any person or entity, including but not limited to any governmental
authority, is required in connection with the execution and delivery by the Borrower of the Amendment or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of the Borrower
therein described, except (a) for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Lender and (b) for those which the Borrower
will make, obtain or provide upon the consummation of this Amendment and as to which the Borrower will promptly deliver certified copies of documents evidencing each such action to the Lender. The Borrower represents and warrants that the Amendment
constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other
similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies. 












 c.        No Adverse Claim. The Borrower
warrants, acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lender with respect to the
obligations of the Borrower and the Guarantors under the Loan Agreement and the other Loan Documents. 

d.        Affirmation of Loan Agreement, Further References, Affirmation of Security Interest.
The Lender and the Borrower each acknowledge and affirm that the Loan Agreement, as amended hereby, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Loan Agreement and the other Loan Documents, except
as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Loan Agreement are hereby amended and shall refer to the Loan Agreement as amended hereby. The Borrower confirms
to the Lender that the obligations of the Borrower and the Guarantors under the Loan Agreement and the other Loan Documents are and continue to be secured by the security interest granted by the Borrower in favor of the Lender under the Loan
Documents and all of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and representations of the Borrower and the Guarantors under such documents and any and all other documents and agreements
entered into with respect to the obligations under the Loan Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by the Borrower. 

5.        Merger and Integration, Superseding Effect. This Amendment, from and after the date
hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that
this Amendment shall control with respect to the specific subjects hereof and thereof. 

6.        Severability. Whenever possible, each provision of this Amendment and any other
statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of
this Amendment or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in
such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement,
instrument or transaction contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction. 

7.        Successors. This Amendment shall be binding upon the Borrower, the Lender and their
respective successors and assigns, and shall inure to the benefit of the Borrower, the Lender and their successors and assigns. 

8.        Legal Expenses. As provided in the Loan Agreement, the Borrower agrees to reimburse
the Lender for all reasonable out-of-pocket expenses (including filing and recording costs and fees, charges and disbursements of outside counsel to the Lender incurred
from time to time) incurred in connection with the negotiation, preparation, enforcement and collection of this Amendment and all other documents negotiated and prepared in connection with this Amendment. 












 9.        Headings. The headings of various
sections of this Amendment have been inserted for reference only and shall not be deemed to be a part of this Amendment. 

10.        Counterparts. This Amendment may be executed in several counterparts as deemed
necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a
counterpart of such agreement. 
 11.        Governing Law. THE AMENDMENT SHALL BE GOVERNED
BY AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF MONTANA. 
 12.        Acknowledgement
and Release. IN ORDER TO INDUCE THE LENDER TO ENTER INTO THIS AMENDMENT, THE BORROWER: (A) REPRESENTS AND WARRANTS TO THE LENDER THAT NO EVENTS HAVE TAKEN PLACE AND NO CIRCUMSTANCES EXIST AT THE DATE HEREOF WHICH WOULD GIVE THE BORROWER THE
RIGHT TO ASSERT A DEFENSE, OFFSET OR COUNTERCLAIM TO ANY CLAIM BY THE LENDER FOR PAYMENT OF THE OBLIGATIONS OF THE BORROWER OR ANY GUARANTOR UNDER ANY LOAN DOCUMENT TO WHICH THEY ARE A PARTY; AND (B) HEREBY RELEASES AND FOREVER DISCHARGES THE
LENDER AND ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND PARTICIPANTS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, PROCEEDINGS, DEBTS, SUMS OF MONEY, COVENANTS, CONTRACTS, CONTROVERSIES, CLAIMS AND DEMANDS, AT LAW OR IN
EQUITY, WHICH THE BORROWER EVER HAD OR NOW HAS AGAINST THE LENDER OR ANY OF ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR PARTICIPANTS BY VIRTUE OF THEIR RELATIONSHIP TO THE BORROWER IN CONNECTION WITH THIS AMENDMENT, THE LOAN
AGREEMENT, THE LOAN DOCUMENTS AND TRANSACTIONS RELATED THERETO. 
 [Signature Pages Follow] 













			
	LENDER:	 	
	
	ROCKY MOUNTAIN BANK


			
		
	By:	 	 




  



			
	Name:	 	 Tod Petersen



			
	Its:	 	 President & CEO














 BORROWER: 

BRIDGER SOLUTIONS INTERNATIONAL, LLC, 
 a Montana limited
liability company 
  

			
	By:	 	 




  

	Name:	 	 Tim Sheehy

	Its:	 	 Managing Member