Document:

Exhibit
10.5

 

SHARE
ESCROW AGREEMENT

 

SHARE
ESCROW AGREEMENT, dated as of September 30, 2014 (“Agreement”), by and among DT ASIA INVESTMENTS LIMITED, a British
Virgin Islands Company (“Company”), detiger holdings limited (“DHL”),
emily chui-hung tong, stephen n. cannon, haibin wang, foelan wong, hai wang and
jason kon man wong (collectively “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
a New York corporation (“Escrow Agent”).

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated as of September 30, 2014 (“Underwriting Agreement”),
with EarlyBirdCapital, Inc. (“EBC”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 6,000,000 units (“Units”) of the
Company, plus an additional 900,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists
of one ordinary share of the Company, no par value per share (“Ordinary Share”), one warrant (the “Warrant”)
to purchase one-half of one Ordinary Share and one right (“Right”) to receive one-tenth of one Ordinary Share upon
the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”),
all as more fully described in the Company’s final Prospectus, dated September 30, 2014 (“Prospectus”), comprising
part of the Company’s Registration Statement on Form S-1 (File No. 333-197187) under the Securities Act of 1933, as amended
(“Registration Statement”), declared effective on September 30, 2014 (“Effective Date”).

 

WHEREAS,
the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their Ordinary Shares of the Company,
as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow
as hereinafter provided.

 

WHEREAS,
the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed
as hereinafter provided.

 

IT
IS AGREED:

 

1.
   Appointment of Escrow Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent
to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

 

2.
   Deposit of Escrow Shares. On the Effective Date, certificates representing each Initial Shareholder’s
respective Escrow Shares (and any applicable share power) shall be placed in escrow, to be held and disbursed subject to the terms
and conditions of this Agreement. Each Initial Shareholder acknowledges that the certificate representing such Initial Shareholder’s
Escrow Shares will be legended to reflect the deposit of such Escrow Shares under this Agreement.

 

    	 

    	 

    

 

3.
   Disbursement of the Escrow Shares.

 

3.1
   The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing
on the date hereof and (i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation
of the Company’s initial Business Combination and (y) the date on which the closing sale price of the Company’s Ordinary
Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and
(ii) for the remaining 50% of the Escrow Shares, ending one year after the date of the consummation of an initial Business Combination;
provided, however, that if, subsequent to the Company’s consummation of an initial Business Combination, the Company (or
the surviving entity) subsequently consummates a liquidation, merger, share exchange or other similar transaction which results
in all of the shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated,
release the Escrow Shares then held by it to the Initial Shareholders. The Company shall promptly provide notice of the consummation
of an initial Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse
such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided,
however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated
at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares.
The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance
with this Section 3.

 

3.2
   Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an
additional 900,000 Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting
Agreement), DHL agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, a number of Escrow Shares
held by DHL determined by multiplying (a) 225,000 by (b) a fraction, (i) the numerator of which is 900,000 minus the number of
Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 900,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’
over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

 

          4.
   Rights of Initial Shareholders in Escrow Shares.

 

4.1
   Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4
hereof and except as herein provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company
during the Escrow Period, including, without limitation, the right to vote such shares.

 

    	2

    	 

    

 

4.2
   Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends
payable in cash with respect to the Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in shares
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3
   Restrictions on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares
will be (i) to any persons (including their affiliates and shareholders) participating in the private placement of the private
units, officer, director, securityholder, employee, member or affiliate of DHL, (ii) amongst the Initial Holders or to the Company’s
officers, directors and employees, (iii) if the Initial Shareholder is an entity, as a distribution to partners, members or shareholders
of the Initial Shareholder upon the liquidation and dissolution of the Initial Shareholder, (iv) by bona fide gift to a member
of the Initial Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial Shareholder or a member
of the Initial Shareholder’s immediate family for estate planning purposes, (v) by virtue of the laws of descent and distribution
upon death of the Initial Holder, (vi) pursuant to a qualified domestic relations order, (vii) by certain pledges to secure obligations
incurred in connection with purchases of the Company’s securities, (viii) by private sales at prices no greater than the
price at which the Escrow Shares were originally purchased or (ix) to the Company for cancellation as set forth in Section 3.2
hereof or in connection with the consummation of a Business Combination, in each case, except for clause (ix), on the condition
that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder transferring the
Escrow Shares.

 

4.4
   Insider Letters. Each of the Initial Shareholders has executed a letter agreement with EBC and the Company,
dated as indicated on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider
Letter”), respecting the rights and obligations of such Initial Shareholder in certain events, including but not limited
to the liquidation of the Company.

 

5.
   Concerning the Escrow Agent.

 

5.1
   Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good
faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine
and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or
any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent
signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given
its prior written consent thereto.

 

    	3

    	 

    

 

5.2
   Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against
any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit
or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement,
the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from
the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any
demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow
Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns
or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3
   Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all
services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses
paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’
and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4
   Further Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholders
shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be
done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes
of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5
   Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent
hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided.
Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed
by the Company, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60 day period following the
giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6
   Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow
agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation
shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

    	4

    	 

    

 

5.7
   Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful misconduct.

 

5.8
   Waiver. The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim
of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management
Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6.
   Miscellaneous.

 

6.1
   Governing Law; Jurisdiction. In connection with Section 5-1401 of the General Obligations Law of the
State of New York, this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without
regard to principles of conflicts of law that would result in the application of the substantive law of another jurisdiction.
The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this Agreement shall be
resolved through final and biding arbitration in accordance with the International Arbitration Rules of the American Arbitration
Association (“AAA”). The arbitration shall be brought before the AAA International Center for Dispute Resolution’s
offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators selected
from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court
having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together
with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed
by the arbitrators. The Company hereby appoints, without power of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of
the Americas, New York, NY 10105, Fax No.: (212) 370-7889, Attn: Stuart Neuhauser, Esq., as their respective agent to accept and
acknowledge on its behalf service of any and all process which may be served in any arbitration, action, proceeding or counterclaim
in any way relating to or arising out of this Agreement. The Company further agrees to take any and all action as may be necessary
to maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date
of this Agreement. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute
an original, and together shall constitute but one instrument.

 

6.2
   Third Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that the Underwriters
are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent
of EBC.

 

6.3
   Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to
the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in
writing signed by the party to the charged.

 

    	5

    	 

    

 

6.4
   Headings. The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation thereof.

 

6.5
   Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns.

 

6.6
   Notices. Any notice or other communication required or which may be given hereunder shall be in writing
and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return
receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date
of mailing, as follows:

 

If
to the Company, to:

 

DT
Asia Investments Limited

Room
1102, 11/F.,

Beautiful
Group Tower,

77
Connaught Road Central,

Hong
Kong

Attn:
Stephen N. Cannon, Chief Executive Officer

 

If
to a Shareholder, to his address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Chairman

 

A
copy of any notice sent hereunder shall be sent to:

 

EarlyBirdCapital,
Inc.

275
Madison Avenue, 27th Floor

New
York, New York 10016

Attn:
David M. Nussbaum, Chairman

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas,

New
York, NY10105

Attn:
Stuart Neuhauser, Esq.

 

    	6

    	 

    

 

and:

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

 

The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice
to any such change in the manner provided herein for giving notice.

 

6.7
   Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation
and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period
specified in the Prospectus.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

WITNESS
the execution of this Agreement as of the date first above written.

 

	 	 	COMPANY:
	 	 	 
	 	 	DT
    ASIA INVESTMENTS LIMITED
	 	 	 
	 	By:	/s/
    Stephen N. Cannon
	 	 	Name:
    Stephen N. Cannon
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	 	INITIAL
    SHAREHOLDERS:
	 	 	 
	 	 	DeTiger
    Holdings Limited
	 	 	 
	 	By:	/s/
    Winnie NG
	 	 	Name:
    Winnie NG
	 	 	Title:
    Director
	 	 	 
	 	 	/s/
    Emily Chui-Hung Tong
	 	 	Emily
    Chui-Hung Tong
	 	 	 
	 	 	/s/Stephen
    N. Cannon
	 	 	Stephen
    N. Cannon
	 	 	 
	 	 	/s/
    Haibin Wang
	 	 	Haibin
    Wang
	 	 	 
	 	 	/s/
    Hai Wang
	 	 	Hai
    Wang
	 	 	 
	 	 	/s/
    Foelan Wong
	 	 	Foelan
    Wong

 

    	8

    	 

    

	 	 	 
	 	 	/s/
    Jason Kon Man Wong
	 	 	Jason
    Kon Man Wong
	 	 	 
	 	 	ESCROW
    AGENT:
	 	 	 
	 	 	CONTINENTAL
    STOCK TRANSFER
	 	 	&
    TRUST COMPANY
	 	 	 
	 	By:	/s/
    Jeanne Schaffer
	 	 	Name:
    Jeanne Schaffer
	 	 	Title:
    Vice President

 

    	9

    	 

    

 

EXHIBIT
A

 

	Name
                                         and Address of 

        Initial
        Shareholder 
	 	Number

        of
        Shares
	 	Share

        Certificate
        Number
	 	Date
                                         of 

        Insider
        Letter

	Emily
    Chui-Hung Tong	 	50,000	 	1	 	September
    30, 2014
	 	 	 	 	 	 	 
	Stephen
    N. Cannon	 	50,000	 	2	 	September
    30, 2014
	 	 	 	 	 	 	 
	DeTiger
    Holdings Limited	 	1,525,000	 	3	 	September
    30, 2014
	 	 	 	 	 	 	 
	Haibin
    Wang	 	25,000	 	4	 	September
    30, 2014
	 	 	 	 	 	 	 
	Hai
    Wang	 	25,000	 	5	 	September
    30, 2014
	 	 	 	 	 	 	 
	Foelan
    Wong	 	25,000	 	6	 	September
    30, 2014
	 	 	 	 	 	 	 
	Jason
                                         Kon Man Wong

         
	 	25,000	 	7	 	September
    30, 2014

 

 

10Form8-K102014Exhibit101

SUPPLEMENT AND JOINDER AGREEMENT
THIS SUPPLEMENT AND JOINDER AGREEMENT (this “Agreement”) is made this 3rd day of October, 2014, by and among LIBERTY TAX, INC., a Delaware corporation, formerly known as JTH HOLDING, INC., a Delaware corporation (the “Borrower”), FIFTH THIRD BANK (“Fifth Third”), SYNOVUS BANK (“Synovus”) and U.S. BANK NATIONAL ASSOCIATION (“US Bank,” and together with Fifth Third and Synovus, collectively, the “Additional Lenders,” and each, an “Additional Lender”), and SUNTRUST BANK, a Georgia banking corporation (“SunTrust”), CITIZENS BANK OF PENNSYLVANIA (“Citizens”), BANK OF AMERICA, N.A., a national banking association (“Bank of America”), BRANCH BANKING AND TRUST COMPANY (“BB&T”), FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association (“FTB”), and BMO HARRIS FINANCING, INC. (“BMO,” and together with SunTrust, Citizens, Bank of America, BB&T and FTB, collectively, the “Increase Lenders,” and each, an “Increase Lender”) and SUNTRUST BANK, as administrative agent for the Lenders referred to below (the “Administrative Agent”), and JTH TAX, INC., a Delaware corporation (“JTH”), LTS PROPERTIES, LLC, a Virginia limited liability company (“Properties”), LTS SOFTWARE INC., a Virginia corporation (“Software”), WEFILE INC., a Virginia corporation (“Wefile”), JTH FINANCIAL, LLC, a Virginia limited liability company  (“JTH Financial”), JTH PROPERTIES 1632, LLC, a Virginia limited liability company (“1632”), SIEMPRETAX LLC, a Virginia limited liability company, formerly known as HISPANIC TAX, LLC, a Virginia limited liability company (“Siempretax”), JTH TAX OFFICE PROPERTIES, LLC, a Virginia limited liability company (“JTH Office”), ACA HEALTHQUEST, LLC, a Virginia limited liability company (“ACA Healthquest”), JTH NEW VENTURES, LLC, a Virginia limited liability company (“JTH New Ventures”), UNIFIED PARTNERS, LLC, a Virginia limited liability company (“Unified”), and JTH COURT PLAZA, LLC, a Virginia limited liability company (“JTH Court Plaza,” and together with JTH, Properties, Software, Wefile, JTH Financial, 1632, Siempretax, JTH Office, ACA Healthquest, JTH New Ventures and Unified, collectively, the “Subsidiary Loan Parties,” and together with the Borrower, collectively, the “Loan Parties,” and individually, a “Loan Party”).  Reference is made to the Revolving Credit and Term Loan Agreement, dated as of April 30, 2012, by and among the Borrower, certain banks and other financial institutions from time to time parties thereto, and the Administrative Agent, as amended by the Waiver and Amendment to Revolving Credit and Term Loan Agreement, dated as of December 19, 2012, by and among Borrower, the other Loan Parties party thereto, certain of the Lenders, and the Administrative Agent, as amended by the Supplement and Joinder Agreement, dated as of December 28, 2012, by and among Borrower, the other Loan Parties party thereto, certain of the Lenders, and the Administrative Agent, as amended by the Waiver to Revolving Credit and Term Loan Agreement, dated as of March 8, 2013, by and among Borrower, the other Loan Parties party thereto, certain of the Lenders, and the Administrative Agent, as amended by the Standstill Agreement dated as of August 6, 2013, by and among Borrower, the other Loan Parties party thereto, certain of the Lenders, and the Administrative Agent, as amended by the Waiver to Revolving Credit and Term Loan Agreement dated as of August 29, 2013, by and among Borrower, the other Loan Parties party thereto, certain of the Lenders, and the Administrative Agent, as amended by the Second Amendment to Revolving Credit and Term Loan Agreement, of even date herewith (the “Second Amendment”), by and among the Borrower, the other Loan Parties, the Lenders party thereto, and the Administrative Agent (as further amended, supplemented, amended and restated or otherwise modified through the date hereof, the “Credit Agreement”).  Capitalized terms used herein and not herein defined shall have the meanings given to such terms in the Credit Agreement.
RECITALS
WHEREAS, Section 2.24 of the Credit Agreement provides that the Borrower may request an increase in the Aggregate Revolving Commitments by an amount not to exceed $70,000,000 in the aggregate, subject to the terms and conditions therein stated; and
WHEREAS, the Borrower has requested an increase in the Aggregate Revolving Commitments in the amount of $60,400,000 (the “Additional Commitment Amount”); and
WHEREAS, the Increase Lenders, which are parties to the Credit Agreement immediately prior to the date hereof, have agreed to increase their respective Revolving Commitments in connection with the Additional Commitment Amount; and
WHEREAS, each Additional Lender has each agreed to provide a new Revolving Commitment to the Borrower in connection with the Additional Commitment Amount, to provide, as applicable, a Term Loan Commitment and to become a party to the Credit Agreement on the terms set forth herein (each Additional Lender, each Increase Lender and each other bank or financial institution which is a party to the Credit Agreement immediately prior to the effectiveness hereof are referred to collectively herein as the “Lenders”); and
WHEREAS, the Revolving Commitments, the Term Loan Commitments and the total Commitments of the Lenders, after giving effect to the Additional Commitment Amount, will be adjusted as reflected on Annex 1 attached hereto, such that, after giving effect to the Additional Commitment Amount, the Aggregate Revolving Commitments will be $203,750,000 and the total Commitments will be $225,000,000; and
WHEREAS, the Administrative Agent is willing to give effect to the Additional Commitment Amount provided that the Borrower, the Administrative Agent, the Additional Lenders and the Increase Lenders enter into this Agreement;
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows:
AGREEMENT
1.Incorporation of Recitals.  The Recitals hereto are incorporated herein by reference to the same extent and with the same force and effect as if fully set forth herein.
2.    Additional Lenders as Party to the Credit Agreement.  Each Additional Lender hereby (i) agrees that by execution and delivery of this Agreement such Additional Lender shall become a “Lender,” a “Revolving Loan Lender” and a “Term Loan Lender,” as applicable, under the Credit Agreement with a Revolving Commitment and a total Commitment as set forth on Annex 1 and with the same force and effect as if originally named therein as a Lender, a Revolving Loan Lender and a Term Loan Lender, as applicable, (ii) acknowledges receipt of a copy of and agrees to be obligated and bound by all of the terms and provisions of the Credit Agreement, (iii) acknowledges and agrees that, from and after the date hereof, each reference in the Credit Agreement and the other Loan Documents to a “Lender,” a “Revolving Loan Lender” and a “Term Loan Lender” shall be deemed to include such Additional Lender, as applicable.  Each Additional Lender hereby waives acceptance from the Administrative Agent and the other Lenders of the obligations of such Additional Lender under the Credit Agreement upon the execution and delivery of this Agreement by such Additional Lender.
3.    Funding of Additional Commitment Amount.  Pursuant to Sections 2.2 and 2.24 of the Credit Agreement, the Increase Lenders and the Additional Lender hereby agree to fund the Additional Commitment Amount (and any applicable Term Loan) with each Lender having the resulting Revolving Commitment, Term Loan Commitment and total Commitment set forth on Annex 1 attached hereto.  To the extent required by Section 2.24(g) of the Credit Agreement, the Administrative Agent shall make such arrangements with the Lenders as shall be necessary to provide that each Lender shall hold its Revolving Commitment and total Commitment after giving effect to this Agreement, subject to the provisions of Article III of the Credit Agreement.  The Term Loan Commitments of the applicable Additional Lenders terminate on the Effective Date and upon the funding thereof by such Additional Lenders.
4.    Additional Lender Representations, Warranties and Covenants.  Each Additional Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender, a Revolving Loan Lender and a Term Loan Lender, as applicable, under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender, (iii) from and after the Effective Date (as defined below), it shall be bound by the provisions of the Credit Agreement as a Lender, a Revolving Loan Lender and a Term Loan Lender, as applicable, thereunder and, to the extent of its Revolving Commitment, Term Loan Commitment and its total Commitment, shall have the obligations of a Lender, a Revolving Loan Lender and a Term Loan Lender, as applicable, thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Sections 5.1(a) and (b) thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to acquire a Revolving Commitment on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to this Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Additional Lender; (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, a Revolving Loan Lender and a Term Loan Lender, as applicable,; and (c) appoints and authorizes the Administrative Agent to take such actions as agent on its behalf under the Credit Agreement and the other Loan Documents, and to exercise such powers and to perform such duties, as are specifically delegated to the Administrative Agent by the terms thereof, together with such other powers and duties as are reasonably incidental thereto.
5.    Payments to Additional Lenders.  From and after the Effective Date, the Borrower shall make all payments in respect of any Additional Lender’s Revolving Commitment and Term Loan, as applicable, including payments of principal, interest, fees and other amounts payable under the Credit Agreement, to the Administrative Agent for the account of such Additional Lender in accordance with the provisions of the Credit Agreement.
6.    Effectiveness of Agreement.  This Agreement and the amendments contained herein shall become effective on the date (the “Effective Date”) when each of the conditions set forth below shall have been fulfilled to the satisfaction of the Administrative Agent:
(a)    The Administrative Agent shall have received counterparts of this Agreement, duly executed and delivered on behalf of the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party hereto, as well as an allonge to the Revolving Credit Note or an amended and restated Revolving Credit Note, in the original principal amount of each Increase Lender’s Revolving Commitment, made payable to the order of such Increase Lender, a new Revolving Credit Note, in the original principal amount of each Additional Lender’s Revolving Commitment, made payable to the order of such Additional Lender, a new Term Note, in the original principal amount of each Additional Lender’s Term Loan, made payable to the order of such Additional Lender, and the Second Amendment, duly executed and delivered on behalf of the Borrower, the other Loan Parties, the Administrative Agent and the Lenders (all of the foregoing, collectively, the “Modification Documents”).
(b)    No event shall have occurred and be continuing that constitutes an Event of Default, or that would constitute an Event of Default but for the requirement that notice be given or that a period of time elapse, or both.
(c)    All representations and warranties of the Borrower contained in the Credit Agreement, and all representations and warranties of each other Loan Party in each Loan Document to which it is a party, shall be true and correct in all material respects (or, if qualified by materiality, in all respects) at the Effective Date as if made on and as of such Effective Date, except that (a) any representation or warranty relating to any financial statements shall be deemed to be applicable to the financial statements most recently delivered to the Administrative Agent in accordance with the provisions of the Loan Documents and (b) each other representation or warranty expressly stated to be made as of the Closing Date shall not be deemed to have been made as of any date other than the Closing Date.
(d)    The Borrower shall have delivered to the Administrative Agent (1) certified copies of evidence of all corporate and company actions taken by the Borrower and the other Loan Parties to authorize the execution and delivery of this Agreement, the other Modification Documents and the other Loan Documents related hereto, (2) certified copies of any amendments to the articles or certificate of incorporation, formation or organization, bylaws, partnership certificate or operating agreement of the Borrower and each other Loan Party since the date of the Credit Agreement or, as applicable, the joinder of a Loan Party to the Loan Documents, (3) a certificate of incumbency for the officers or other authorized agents, members or partners of the Borrower and each other Loan Party executing this Agreement, the other Modification Documents and the other Loan Documents related hereto, and (4) such additional supporting documents as the Administrative Agent or counsel for the Administrative Agent reasonably may request.
(e)    The Administrative Agent (or its counsel) shall have received a favorable written opinion of counsel to the Loan Parties, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the Loan Parties, this Agreement, the other Modification Documents and the other documents required hereby and the transactions contemplated herein and therein as the Administrative Agent shall reasonably request.
(f)    The Administrative Agent (or its counsel) shall have received the results of a search of the Uniform Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, together with copies of the financing statements (or similar documents) disclosed by such search, and accompanied by evidence satisfactory to the Administrative Agent that the Liens indicated in any such financing statement (or similar document) would be permitted by Section 7.2 of the Credit Agreement or have been or will be contemporaneously released or terminated.
(g)    All documents delivered pursuant to this Agreement and the other Modification Documents must be of form and substance satisfactory to the Administrative Agent and its counsel, and all legal matters incident to this Agreement must be satisfactory to the Administrative Agent’s counsel.
(h)    Payment by the Borrower in immediately available funds of the fees agreed to in the fee letter entered into in connection with the Additional Commitment Amount and the fees and expenses required to be paid by Section 13 of this Agreement.
(i)    Satisfaction of the conditions precedent to effectiveness of the Second Amendment, in accordance with the terms and conditions set forth therein.
As of the Effective Date, each Additional Lender shall be a party to the Credit Agreement and, to the extent provided in this Agreement, shall have the rights and obligations of a Lender and a Revolving Loan Lender thereunder and under the other Loan Documents.

7.    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Lenders and the Administrative Agent and their respective successors and assigns.
8.    No Further Amendments.  Nothing in this Agreement or any prior amendment to the Loan Documents shall require the Administrative Agent or any Lender to grant any amendments to the terms of the Loan Documents.  Each of the Borrower and each other Loan Party acknowledges and agrees that there are no defenses, counterclaims or setoffs against any of their respective obligations under the Loan Documents.
9.    Representations and Warranties.  Each of the Borrower and each other Loan Party represents and warrants that this Agreement has been duly authorized, executed and delivered by it in accordance with resolutions adopted by its board of directors or comparable managing body.  All other representations and warranties made by the Borrower and each other Loan Party in the Loan Documents are incorporated by reference in this Agreement and are deemed to have been repeated as of the date of this Agreement with the same force and effect as if set forth in this Agreement, except that (a) any representation or warranty relating to any financial statements shall be deemed to be applicable to the financial statements most recently delivered to the Administrative Agent in accordance with the provisions of the Loan Documents and (b) each other representation or warranty expressly stated to be made as of the Closing Date shall not be deemed to have been made as of any date other than the Closing Date.  Each of the Borrower and each other Loan Party represents and warrants to the Administrative Agent, the Lenders and the Issuing Bank that, after giving effect to the terms of this Agreement, no Default has occurred and been continuing.
10.    Confirmation of Lien.  Each of the Borrower and each other Loan Party hereby acknowledges and agrees that the Collateral is and shall remain in all respects subject to the lien, charge and encumbrance of the Credit Agreement and the other Loan Documents and nothing herein contained, and nothing done pursuant hereto, shall adversely affect or be construed to adversely affect the lien, charge or encumbrance of, or conveyance effected by the Loans or the priority thereof over other liens, charges, encumbrances or conveyances.
11.    Ratification.  The terms of the Credit Agreement and the other Loan Documents shall remain in full force and effect and are ratified and affirmed by the Borrower and each other Loan Party.
12.    Fees and Expenses.  On or prior to the Effective Date, the Borrower agrees to pay such fees to the Administrative Agent or the Lead Arrangers as required by a separate fee letter among such parties.  The Borrower agrees to pay all reasonable out-of-pocket costs and expenses of the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the preparation and administration of this Agreement.
13.    Severability.  Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
14.    Governing Law.  This Agreement shall be construed in accordance with and be governed by the law (without giving effect to the conflict of law principles thereof) of the Commonwealth of Virginia.  THIS AGREEMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE COMMONWEALTH OF VIRGINIA.
15.    Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of the persons required to bind any party, appear on more than one counterpart.

[SIGNATURES ON FOLLOWING PAGES]

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective duly authorized representatives all as of the day and year first above written.
BORROWER:
LIBERTY TAX, INC., a Delaware corporation, formerly known as JTH HOLDING, INC., a Delaware corporation
By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

SUBSIDIARY LOAN PARTIES:
JTH TAX, INC., a Delaware corporation
By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

LTS PROPERTIES, LLC, a Virginia limited liability company

By:    JTH TAX, INC., its Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

LTS SOFTWARE INC., a Virginia corporation

By:    /s/ Kathleen Curry
Name:    Kathleen Curry
Title:    President

WEFILE INC., a Virginia corporation

By:    /s/ Kathleen Curry
Name:    Kathleen Curry
Title:    President 

JTH FINANCIAL, LLC, a Virginia limited liability company

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

JTH PROPERTIES 1632, LLC, a Virginia limited liability company

By:    JTH FINANCIAL, LLC, a Virginia limited liability company, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

SIEMPRETAX LLC, a Virginia limited liability company, formerly known as HISPANIC TAX, LLC, a Virginia limited liability company

By:    LIBERTY TAX, INC., a Delaware corporation, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

JTH TAX OFFICE PROPERTIES, LLC, a Virginia limited liability company

By:    LIBERTY TAX, INC., a Delaware corporation, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer
ACA HEALTHQUEST, LLC, a Virginia limited liability company

By:    LIBERTY TAX, INC., a Delaware corporation, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

JTH NEW VENTURES, LLC, a Virginia limited liability company

By:    JTH FINANCIAL, LLC, a Virginia limited liability company, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

UNIFIED PARTNERS, LLC, a Virginia limited liability company

By:    ACA HEALTHQUEST, LLC, a Virginia limited liability company, Manager

By:    LIBERTY TAX, INC., a Delaware corporation, Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

JTH COURT PLAZA, LLC, a Virginia limited liability company

By:    JTH TAX, INC., its Manager

By:    /s/ Kathleen E. Donovan
Name:    Kathleen E. Donovan
Title:    Chief Financial Officer

ADDITIONAL LENDERS:
FIFTH THIRD BANK, as a Lender
By:    /s/ Robert Weaver
Name:    Robert Weaver
Title:    Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SYNOVUS BANK, as a Lender
By:    /s/ Aaron Hill
Name:    Aaron Hill
Title:    Corporate Banker

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

U.S. BANK NATIONAL ASSOCIATION,
as a Lender
By:    /s/ Michael Gloviak
Name:    Michael Gloviak
Title:    Assistant Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
INCREASE LENDERS:
SUNTRUST BANK, as a Lender
By:    /s/ David Bennett
Name:    David Bennett
Title:    Director

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

CITIZENS BANK OF PENNSYLVANIA, as Lender
By:    /s/ Tracy Van Riper
Name:    Tracy Van Riper
Title:    Senior Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
BRANCH BANKING AND TRUST COMPANY, as Lender
By:    /s/ Jack M. Frost
Name:    Jack M. Frost
Title:    Senior Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
BANK OF AMERICA, N.A., as Lender
By:    /s/ Peter Strauss
Name:    Peter Strauss
Title:    Senior Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as Lender
By:    /s/ K.A. Sherman
Name:    K.A. Sherman
Title:    Senior Vice President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

BMO HARRIS FINANCING, INC., as a Lender
By:    /s/ Christina M. Boyle
Name:    Christina M. Boyle
Title:    Director

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Consented and agreed to:

SUNTRUST BANK, as Administrative Agent, as Issuing Bank and as Swingline Lender

By:    /s/ David Bennett
Name:    David Bennett
Title:    Director

Annex 1
COMMITMENT AMOUNTS

	
				
	Lender
	Revolving Commitment Amount
	Term Loan Commitment Amount
	Commitment

	SunTrust Bank
	$40,552,325.58
	$4,447,674.42
	$45,000,000

	Citizens Bank of Pennsylvania
	$31,540,697.67
	$3,459,302.33
	$35,000,000

	Bank of America, N.A.
	$25,232,558.14
	$2,767,441.86
	$28,000,000

	BMO Harris Financing, Inc.
	$22,529,069.77
	$2,470,930.23
	$25,000,000

	Fifth Third Bank
	$22,529,069.77
	$2,470,930.23
	$25,000,000

	Branch Banking and Trust Company
	$19,825,581.40
	$2,174,418.60
	$22,000,000

	First Tennessee Bank National Association
	$18,023,255.81
	$1,976,744.19
	$20,000,000

	Synovus Bank
	$13,517,441.86
	$1,482,558.14
	$15,000,000

	U.S. Bank National Association
	$10,000,000
	$0
	$10,000,000

	Total
	$203,750,000
	$21,250,000
	$225,000,000

33411.031092 EMF_US 52640763v1

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