Exhibit 10.14


 


FIRST AMENDMENT AND LIMITED WAIVER TO

CREDIT AGREEMENT


 


THIS FIRST AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT (this “Amendment”), dated as of May 16, 2022 (“First Amendment Date”),
is entered into by and among iPOWER INC., a Nevada corporation (the “Company” and together with any other Person that
joins the Credit Agreement as a Borrower in accordance with the terms thereof, are referred to hereinafter each individually as a “Borrower”,
and individually and collectively, jointly and severally, as the “Borrowers”), the other Loan Parties party hereto, the Lenders
described below, and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them
in the Credit Agreement (as hereinafter defined) as amended hereby.


 


A.       WHEREAS,
the Borrowers, the other Loan Parties, certain financial institutions parties thereto (the “Lenders”) and the Administrative
Agent are parties to that certain Credit Agreement, dated as of November 12, 2021 (as so amended and as may be further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);


 


B.       WHEREAS,
certain Events of Default have occurred and are continuing under Article VII of the Credit Agreement as a result of (i) the
Borrowers’ failure to deliver Compliance Certificates in accordance with GAAP for the months ended on October 31, 2021, November,
30, 2021, December 31, 2021, January 31, 2022, February 28, 2022, and March 31, 2022 in violation of Section 5.01(d) of the Credit
Agreement; (ii) the Borrowers’ failure to deliver a Deposit Account Control Agreement to Administrative Agent for that certain
bank account ending in 3398 maintained by Borrower at Enterprise Bank within forty-five (45) days after the Effective Date in violation
of Section 5.15(a) of the Credit Agreement; (iii) the Borrowers’ failure to provide evidence to Administrative Agent
that the obligations owed by the Company to the SBA have been paid in full and the liens in favor of the SBA have been released and terminated
in violation of Section 5.15(c)(i) of the Credit Agreement, (iv) the Borrowers’ failure to pledge forty percent (40%)
of it Equity Interests in Box Harmony, LLC in violation of Section 6.04(c)(i) and (v) the Company making an investment in
a joint venture of Box Harmony, LLC pursuant to that certain joint venture agreement by and among, the Company, Tony Chiu, Bin Xiao and
Titanium Plus Autoparts, Inc., on dated as of January 13, 2022 during a continuing Default in violation of Section 6.04(c)(iii)
of the Credit Agreement (collectively, the “Specified Defaults”), and the Borrowers have requested that the Administrative
Agent and the Lenders waive the Specified Defaults


 


C.       WHEREAS,
the Borrowers have requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth herein; and


 


D.       WHEREAS,
on the terms and conditions set forth herein, the Administrative Agent and the Lenders have agreed to waive the Specified Defaults and
the parties hereto have agreed to amend the Credit Agreement as set forth herein.


 


NOW, THEREFORE, for and in
consideration of the premises and mutual agreements herein contained and for the purposes of setting forth the terms and conditions of
this Amendment and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be bound, hereby agree as follows:


 


1.         Amendments
to Credit Agreement. Subject to the terms and conditions of this Amendment, the Credit Agreement is hereby amended as follows:


 


(a)               
Section 6.12 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:


SECTION 6.12. Fixed
Charge Coverage Ratio. Upon the occurrence and during the continuance of a Covenant Testing Trigger Period, the Company and its Subsidiaries
will not permit the Fixed Charge Coverage Ratio, to be less than 1.00 to 1.00 when measured, on a trailing twelve month basis: (a) during
the calendar year ending December 31, 2022, as of the end of: (i) the last fiscal quarter immediately preceding the occurrence of
such Covenant Testing Trigger Period for which financial statements have most recently been delivered pursuant to Section 5.01, and (ii) each
fiscal quarter for which financial statements are delivered pursuant to Section 5.01 during such Covenant Testing Trigger Period and (b) for
each calendar year thereafter, as of the end of: (i) the last month immediately preceding the occurrence of such Covenant Testing
Trigger Period for which financial statements have most recently been delivered pursuant to Section 5.01, and (ii) each month for
which financial statements are delivered pursuant to Section 5.01 during such Covenant Testing Trigger Period.


 


 


 


 






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2.         Limited Waiver. 


 


(a)               
The Borrowers and the other Loan Parties acknowledge and agree that each Specified Defaults constitute Event of Defaults under
the Credit Agreement.


 


(b)               
Subject to the satisfaction of the conditions precedent and condition subsequent set forth in Section 3 hereof, and subject
to the other terms and conditions set forth in this Amendment, the Administrative Agent and the Lenders hereby waive the Specified Defaults
subject to Section 3(b) of this Amendment.  The parties hereto agree that the limited waiver set forth in this Section shall be limited
precisely as written and, except as expressly set forth in this Section, shall not be deemed to be a consent to any amendment, waiver,
or modification of any other term or condition of the Credit Agreement or any other Loan Document.


 


3.         Conditions Precedent and Condition Subsequent to Effectiveness.


 


(a)               
Conditions Precedent. This Amendment shall become effective on the date (the “Amendment Effective Date”)
on which all of the following conditions are satisfied::


 


(i)            A
fully-executed copy of this Amendment shall have been delivered to the Administrative Agent in form and substance satisfactory to Administrative
Agent;


 


(ii)           the Borrowers shall have paid to the Administrative Agent all amounts required to be paid hereunder, including, without limitation,
those set forth in Section 4 hereto;


 


(iii)         
the Administrative Agent shall have received such other agreements, instruments, documents and certificates as the Administrative
Agent may request, all in form and substance acceptable to the Administrative Agent;


 


(b)               
Conditions Subsequent. Notwithstanding anything contained herein, the continuing effectiveness of the limited waiver set
forth in Section 2(b) of this Amendment shall be subject to the following conditions subsequent (it being understood and agreed that,
in the event any of the following conditions shall fail to be satisfied in accordance with its terms, the limited waiver set forth in
Section 2(b) of this Amendment shall immediately and automatically be revoked and shall no longer be effective for any purpose whatsoever.


 


(i)              within 60 days of the First Amendment Date, the Administrative Agent shall have received a pledge of all of the Company’s
Equity Interest in Box Harmony, LLC, in form and substance satisfactory to Administrative Agent; and


 


(ii)             by no later than September 30, 2022, the Administrative Agent shall have received evidence that the obligations owed by the Company
to the SBA have been paid in full, and the Liens and financing statements in favor of the SBA as set forth on Schedule 6.02 have been
released and terminated.


 


4.        Fees and Expenses. Each Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent,
including but not limited to, fees and disbursements of counsel to the Administrative Agent, in connection with the preparation, negotiation,
execution and delivery of this Amendment.


 


 


 






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5.         Representations. Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that: (a) it
has all necessary power and authority to execute and deliver this Amendment and perform its obligations hereunder, (b) other than
the Specified Defaults existing and continuing prior to the Amendment Effective Date, no Default or Event of Default exists both before
and after giving effect to this Amendment, (c) this Amendment and the Loan Documents, as amended hereby, constitute the legal, valid
and binding obligations of each Loan Party and are enforceable against such Loan Party in accordance with their terms, (d) all Liens
created under the Loan Documents continue to be first-priority (subject only to Permitted Encumbrances) perfected Liens, (e) all
representations and warranties of the Loan Parties contained in the Credit Agreement, as amended hereby, and all other Loan Documents
are true and correct as though made on and as of the date hereof (except to the extent such representations and warranties relate to an
earlier date, in which case they are true and correct as of such date) and (f) the execution and delivery of this Amendment will
not contravene or result in a violation of any contract or agreement to which such Loan Party is a party.


 


6.         Ratification. Except as expressly modified in this Amendment, all of the terms, provisions and conditions of the Credit
Agreement, as heretofore amended, shall remain unchanged and in full force and effect. Except as herein specifically agreed, the Credit
Agreement and each other Loan Document are hereby ratified and confirmed and shall remain in full force and effect according to their
terms. Except as specifically set forth herein (including but not limited to Sections 3 and 4 hereunder), the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right, power, privilege or remedy of the Administrative Agent or
the Lenders under the Credit Agreement or any of the other Loan Documents, or constitute a waiver of any provision of the Credit Agreement
or any of the other Loan Documents. This Amendment shall not constitute a course of dealing with the Administrative Agent or the Lenders
at variance with the Credit Agreement or the other Loan Documents such as to require further notice by such Person to require strict compliance
with the terms of the Credit Agreement and the other Loan Documents in the future. Each Loan Party acknowledges and expressly agrees that
the Administrative Agent and each Lender and reserves the right to, and does in fact, require strict compliance with all terms and provisions
of the Credit Agreement and the other Loan Documents. Each Loan Party hereby: (i) affirms that it is indebted to the Lenders under
the terms and conditions of the Credit Agreement and the other Loan Documents, each of which constitutes the valid and binding obligation
of the Loan Parties, enforceable in accordance with their respective terms, and that no offsets, expenses or counterclaims to its obligations
thereunder exist; and (ii) affirmatively waives any right to challenge the liens and security interests granted in favor of the Administrative
Agent under the Credit Agreement, the other Loan Documents or hereunder.


 


7.         Governing Law. This Amendment shall be governed by and construed in accordance with and governed by the laws of the State
of California.


 


8.        WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 8.


 


9.         JUDICIAL REFERENCE. IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”)
BY OR AGAINST THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS IN CONNECTION WITH ANY CONTROVERSY, DISPUTE OR CLAIM DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) (EACH, A “CLAIM”) AND THE WAIVER SET FORTH
IN SECTION 8 IS NOT ENFORCEABLE IN SUCH ACTION OR PROCEEDING, EACH LOAN PARTY, THE ADMINISTRATIVE AGENT AND EACH LENDER (BY THEIR
ACCEPTANCE HEREOF) AGREE AS FOLLOWS:


 


 


 






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(a)               
WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN CLAUSE (B) BELOW, ANY CLAIM WILL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING
IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.2. EACH LOAN PARTY, THE ADMINISTRATIVE
AGENT AND EACH LENDER INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE IN ACCORDANCE WITH CALIFORNIA CODE OF CIVIL
PROCEDURE SECTION 638. EXCEPT AS OTHERWISE PROVIDED IN THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, VENUE FOR THE
REFERENCE PROCEEDING WILL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT WHERE VENUE IS OTHERWISE APPROPRIATE UNDER APPLICABLE
LAW.


 


(b)               
THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY
INTERESTS IN REAL OR PERSONAL PROPERTY; (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING, WITHOUT LIMITATION, SET-OFF); (C) APPOINTMENT
OF A RECEIVER; AND (D) TEMPORARY, PROVISIONAL OR ANCILLARY REMEDIES (INCLUDING, WITHOUT LIMITATION, WRITS OF ATTACHMENT, WRITS OF
POSSESSION, TEMPORARY RESTRAINING ORDERS OR PRELIMINARY INJUNCTIONS). NEITHER THIS AMENDMENT NOR THE CREDIT AGREEMENT LIMITS THE RIGHT
OF ANY LOAN PARTY, THE ADMINISTRATIVE AGENT OR ANY LENDER TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES
(A) — (D) OF THIS SECTION AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY SUCH LOAN PARTY, THE ADMINISTRATIVE
AGENT OR SUCH LENDER TO A REFERENCE PROCEEDING PURSUANT TO THIS AMENDMENT OR THE CREDIT AGREEMENT.


 


(c)               
UPON THE WRITTEN REQUEST OF THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY LENDER, THE LOAN PARTIES, THE ADMINISTRATIVE AGENT
AND THE LENDERS SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE LOAN PARTIES, THE ADMINISTRATIVE AGENT
AND THE LENDERS DO NOT AGREE UPON A REFEREE WITHIN TEN (10) DAYS OF SUCH WRITTEN REQUEST, THEN, THE LOAN PARTIES, THE ADMINISTRATIVE AGENT
OR ANY LENDER, MAY REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B).


 


(d)               
EXCEPT AS EXPRESSLY SET FORTH IN THIS AMENDMENT OR THE CREDIT AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE
PROCEEDING IS CONDUCTED, INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT
ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL,
SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY LENDER SO REQUESTS, A COURT
REPORTER WILL BE USED AND THE REFEREE WILL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE
OBLIGATION TO ARRANGE FOR AND PAY COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL
ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.


 


(e)               
THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS SHALL BE
ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND MAY ENFORCE ALL DISCOVERY
ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. THE REFEREE SHALL APPLY THE RULES
OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH APPLICABLE STATE
AND FEDERAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED
IN A TRIAL, INCLUDING, WITHOUT LIMITATION, MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT THE REFEREE’S
DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO
CALIFORNIA CIVIL CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE
SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY
THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.


 


 


 






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(f)                
THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE
PROCEEDING PURSUANT TO THIS SECTION 9 WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY
TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS
REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.


 


10.       RELEASE. EACH LOAN PARTY ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND THE LENDERS WOULD NOT ENTER INTO THIS AMENDMENT
WITHOUT SUCH LOAN PARTY’S ASSURANCE HEREUNDER. EXCEPT FOR THE OBLIGATIONS ARISING HEREAFTER UNDER THIS AMENDMENT AND THE OTHER LOAN
DOCUMENTS, ON BEHALF OF ITSELF AND EACH OF ITS SUBSIDIARIES, EACH LOAN PARTY HEREBY ABSOLUTELY DISCHARGES AND RELEASES THE ADMINISTRATIVE
AGENT AND THE LENDERS, ANY PERSON THAT HAS OBTAINED ANY INTEREST FROM THE ADMINISTRATIVE AGENT AND THE LENDERS UNDER ANY LOAN DOCUMENT
AND EACH OF THE ADMINISTRATIVE AGENT’S AND THE LENDER’S FORMER AND PRESENT PARTNERS, STOCKHOLDERS, OFFICERS, DIRECTORS, EMPLOYEES,
SUCCESSORS, ASSIGNEES, AFFILIATES, AGENTS AND ATTORNEYS (COLLECTIVELY, THE “RELEASEES”) FROM ANY KNOWN OR UNKNOWN CLAIMS
WHICH ANY LOAN PARTY OR ANY OF ITS SUBSIDIARIES NOW HAS AS OF THE FIRST AMENDMENT DATE AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR
ANY OTHER RELEASEE OF ANY NATURE ARISING OUT OF OR RELATED TO ANY BORROWER OR ANY OF ITS SUBSIDIARIES, ANY DEALINGS WITH SUCH LOAN PARTY
OR ANY OF ITS SUBSIDIARIES, ANY OF THE LOAN DOCUMENTS OR ANY TRANSACTIONS PURSUANT THERETO OR CONTEMPLATED THEREBY, THE COLLATERAL (OR
ANY OTHER COLLATERAL OF ANY PERSON THAT PREVIOUSLY SECURED OR NOW OR HEREAFTER SECURES ANY OF THE OBLIGATIONS), OR ANY NEGOTIATIONS FOR
ANY MODIFICATIONS TO OR FORBEARANCE OR CONCESSIONS WITH RESPECT TO ANY OF THE LOAN DOCUMENTS, IN EACH CASE INCLUDING ANY CLAIMS THAT SUCH
LOAN PARTY OR ANY OF ITS SUBSIDIARIES, SUCCESSORS, COUNSEL AND ADVISORS MAY IN THE FUTURE DISCOVER THEY WOULD HAVE NOW HAD AS OF THE FIRST
AMENDMENT DATE IF THEY HAD KNOWN FACTS NOT NOW KNOWN TO THEM, AND IN EACH CASE WHETHER FOUNDED IN CONTRACT, IN TORT OR PURSUANT TO ANY
OTHER THEORY OF LIABILITY.


 


11.       Miscellaneous.


 


(a)              
Counterparts; Integration. This Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Amendment, the Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees
payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.
This Amendment shall become effective as provided in Section 3 hereof and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page
of this Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this
Amendment. 


 


(b)               
Entire Agreement. This Amendment and the other Loan Documents constitute the entire understanding of the parties hereto
and thereto with respect to the subject matter hereof and thereof and any prior agreements, whether written or oral, with respect thereto
are superseded hereby.


 


(c)               
Severability of Provisions. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.


 


 


 






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(d)               
Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted under the Credit Agreement.


 


(e)               
Construction. The parties acknowledge and agree that this Amendment shall not be construed more favorably in favor of any
party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation
of this Amendment.


 


(f)                
Incorporation. This Amendment shall form a part of the Credit Agreement, and all references to the Credit Agreement shall
mean that document as hereby modified. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference
to the Credit Agreement as amended hereby.


 


(g)               
No Prejudice; No Impairment. This Amendment shall not prejudice, limit, restrict or impair any rights, privileges, powers
or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Documents as hereby amended. The Administrative
Agent and each Lender reserves, without limitation, all rights which the Administrative Agent and each Lender has now or in the future
against any guarantor or endorser of the Obligations.


 


[Signatures Immediately Follow]


 


 


 


 


 


 


 


 






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IN WITNESS WHEREOF, the undersigned
have executed this First Amendment and Limited Waiver to Credit Agreement as of the date first written above.


 


 


	 	BORROWER:
	 	 
	 	IPOWER INC.,
	 	a Nevada corporation
	 	 
	 	 
	 	By: ________________________
	 	Name: ______________________
	 	Title: _______________________
	 	 
	 	LOAN PARTIES:
	 	 
	 	E MARKETING SOLUTION INC,
	 	a California corporation
	 	 
	 	 
	 	By: ________________________
	 	Name: ______________________
	 	Title: _______________________
	 	 
	 	GLOBAL PRODUCT MARKETING INC.,
	 	a Nevada corporation
	 	 
	 	 
	 	By: ________________________
	 	Name: ______________________
	 	Title: _______________________






 


 





 


 


 


 


 


 


 






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