Document:

Exhibit 4.2

EXHIBIT 4.2
EXECUTION COPY
    
AMENDED AND RESTATED SECURITY AGREEMENT

This AMENDED AND RESTATED SECURITY AGREEMENT (this “Agreement”), dated as of December 17, 2012, by and among PLATINUM ENERGY SOLUTIONS, INC., a Nevada corporation (the “Borrower”), Platinum Pressure Pumping, Inc. (“Guarantor”) and those additional entities that hereafter become parties hereto by executing the form of Joinder attached hereto as Annex 1 (including the Borrower and the Guarantor, each a “Grantor” and collectively, the “Grantors”), and ICON AGENT, LLC, a Delaware limited liability company (the “Agent”), as agent for the Lenders party to the Credit Agreement (defined below).

W I T N E S S E T H:
WHEREAS, the Borrower and the Guarantor are parties to that certain Credit Agreement dated as of December 28, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Original Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”) as Lender, and in connection therewith, the Borrower, the Guarantor and the other Grantors executed that certain Security Agreement dated as of December 28, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Original Security Agreement”) in favor of JPMorgan;
WHEREAS, pursuant to that certain Loan Purchase Agreement dated December 17, 2012, between JPMorgan and the Purchasers named therein, the Lenders and the Agent are the assignees of all of the right, title and interest of JPMorgan in and to the Original Credit Agreement and the Original Security Agreement and the documents made in connection therewith;
WHEREAS, the Borrower, the Guarantor, the Agent and the Lenders desire to amend and restate the Original Credit Agreement by entering into that certain Amended and Restated Credit Agreement, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have advanced term loans to Borrower in the aggregate principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00); and
WHEREAS, it is a condition precedent to the agreement of Lenders to enter into the Credit Agreement that the parties hereto amend and restate the Original Security Agreement; and
WHEREAS, each Grantor is either the Borrower or a direct or indirect domestic subsidiary of the Borrower and as such will derive substantial direct and indirect benefits from the issuance of the term loans under the Credit Agreement; and
NOW, THEREFORE, for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
1.Defined Terms.  All initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement.  Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided, however, that to the extent that the Code is used to define any term used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern.  In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following meanings:
(a)“Account” means an account (as that term is defined in Article 9 of the Code).
(b)“Account Debtor” means an account debtor (as that term is defined in Article 9 of the Code).
(c)“Agreement” has the meaning specified therefor in the preamble to this Agreement.
(d)“Books” means books and records (including each Grantor's Records indicating, summarizing, or evidencing such Grantor's assets (including the Collateral) or liabilities, each Grantor's Records relating to such Grantor's business operations or financial condition, and each Grantor's goods or General Intangibles related to such information).
(e)“Borrower” has the meaning specified therefor in the preamble to this Agreement.
(f)“Cash Equivalents” means:
(1)    United States dollars;
(2)    securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided, that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;

(3)    certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better;
(4)    repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;
(5)    commercial paper having at the time of acquisition one of the two highest ratings obtainable from Moody's or S&P and, in each case, maturing within one year after the date of acquisition;
(6)    securities issued or fully guaranteed by any state or commonwealth of the United States, or by any political subdivision or taxing authority thereof having, at the time of acquisition, one of the two highest ratings obtainable from Moody's or S&P, and, in each case, maturing within one year after the date of acquisition; and
(7)    money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition.
(g)“CFC” means a controlled foreign corporation (as that term is defined in the IRC).
(h)“Chattel Paper” means chattel paper (as that term is defined in Article 9 of the Code), and includes tangible chattel paper and electronic chattel paper.
(i)“Code” means the New York Uniform Commercial Code as in effect from time to time in New York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent's Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies.
(j)“Collateral” has the meaning specified therefor in Section 2.
(k)“Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., as Collateral Agent.
(l)“Commercial Tort Claims” means commercial tort claims (as that term is defined in Article 9 of the Code), and includes those commercial tort claims listed on Schedule 1.
(m)“Control Agent” means, (x)  at any time on or following the Intercreditor Effective Date but before the First Lien Discharge Date, the First Lien Agent and (y) at any time after the Intercreditor Effective Date but following the First Lien Discharge Date, the Collateral Agent.
(n) “Control Agreement” means an account control agreement, in form and substance reasonably satisfactory to Agent, which is executed and delivered by a Grantor, Agent, and a bank, intermediary or other Person maintaining a Deposit Account or holding any financial assets or commodities or investment property of any Grantor.
(o) “Copyrights” means any and all rights in any works of authorship, including (i) copyrights and moral rights, (ii) copyright registrations and recordings thereof and all applications in connection therewith including those listed on Schedule 2, (iii) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (iv) the right to sue for past, present, and future infringements thereof, and  (v) all of each Grantor's rights corresponding thereto throughout the world.
(p)“Copyright Security Agreement” means each Copyright Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit A.
(q)“Credit Agreement” has the meaning specified therefor in the first recital paragraph of this Agreement.
(r)“Deposit Account” means a deposit account (as that term is defined in Article 9 of the Code).
(s)“Equipment” means equipment (as that term is defined in Article 9 of the Code).
(t)“Event of Default” has the meaning specified therefor in the Credit Agreement.
(u)“Excluded Assets” has the meaning specified therefor in the Indenture.
(v)“Excluded Real Property” has the meaning specified therefor in the Indenture.
(w)“First Lien Agent” means the Agent, for the benefit of the Lenders.
(x)“First Lien Discharge Date” means the date the Discharge of First Lien Priority Obligations (as defined in the Intercreditor Agreement) has occurred.
(y)“First Lien Documents” means the First Lien Loan Documents and the First Lien Collateral Documents as such terms are defined in the Intercreditor Agreement.
(z)“First Lien Obligations” means all Liabilities (as defined in the Credit Agreement).
(aa)“Fixtures” means fixtures (as that term is defined in Article 9 of the Code).

(ab)“General Intangibles” means general intangibles (as that term is defined in Article 9 of the Code), and includes payment intangibles, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the termination (voluntarily or involuntarily) of any such Hedge Agreements), rights arising under common law, statutes, or regulations, choses or things in action, goodwill, Intellectual Property, Intellectual Property Licenses, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Related Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.
(ac)“Goods” means goods (as that term is defined in Article 9 of the Code).
(ad)“Governmental Authority” has the meaning specified therefor in the Indenture.
(ae)“Grantor” and “Grantors” have the respective meanings specified therefor in the preamble to this Agreement.
(af)“Guarantee” has the meaning specified therefor in the Credit Agreement.
(ag)“Hedge Agreements” means the arrangements set forth in clauses (1), (2) and (3) of the definition of “Hedging Obligations” set forth in the Indenture.
(ah)“Holder” and “Holders” have the respective meanings specified therefor in the Indenture.
(ai)“Indenture” means that certain Indenture dated March 3, 2011 among the Borrower, the other Grantors, The Bank of New York Mellon Trust Company, N.A. as trustee and the Collateral Agent, as amended, supplemented, amended and restated or otherwise modified from time to time.
(aj)“Insolvency Proceeding” has the meaning specified therefor in the Indenture.
(ak)“Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof.
(al)“Intellectual Property Licenses” means, with respect to any Person (the “Specified Party”), (i) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (ii) any licenses or other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (A) any software license agreements (other than license agreements for commercially available off-the-shelf software that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (B) the license agreements listed on Schedule 3, and (C) the right to use any of the licenses or other similar rights described in this definition in connection with the enforcement of the Agent's rights under the First Lien Documents.
(am)“Intercreditor Agreement” means that certain Intercreditor Agreement dated December 28, 2011 by and between the Agent, as assignee of JPMorgan Chase Bank, N.A., and The Bank of New York Mellon Trust Company, N.A. as trustee and Collateral Agent.
(an)“Intercreditor Effective Date” means the effective date of the Intercreditor Agreement.
(ao) “Inventory” means inventory (as that term is defined in Article 9 of the Code).
(ap)“Investment Related Property” means (i) any and all investment property (as that term is defined in Article 9 of the Code), and (ii) any and all of the following (regardless of whether classified as investment property under the Code):  all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership Agreements.
(aq)“IRC” means the Internal Revenue Code of 1986, as amended.
(ar)“Joinder” means each Joinder to this Agreement executed and delivered by Agent and each of the other parties listed on the signature pages thereto, in substantially the form of Annex 1.
(as)“Lenders' Liens” means the Liens granted by the Grantors to the Agent, for the benefit of the Lenders, under the First Lien Documents.
(at)“Lien” has the meaning specified therefor in the Indenture.
(au)“Material Adverse Change” means (a) a material adverse change in the business, prospects, operations, results of operations, assets, liabilities or condition (financial or otherwise) of Borrower and its Subsidiaries, taken as a whole, (b) a material impairment of Borrower's and its Subsidiaries' ability to perform their obligations under the First Lien Documents to which they are parties or of the Agent's ability to enforce the Secured Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of Lenders' Liens with respect to the Collateral as a result of an action or failure to act on the part of Borrower or its Subsidiaries.
(av)“Mortgage” means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents granting Liens on Borrower's and the other Grantor's Real Property and interests therein to secure the Secured Obligations.

(aw)“Negotiable Collateral” means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such term is defined in the Code).
(ax) “Obligations” means the Liabilities (as defined in the Credit Agreement). 
(ay)“Patents” means patents and patent applications, including (i) the patents and patent applications listed on Schedule 4, (ii) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (iii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (iv) the right to sue for past, present, and future infringements thereof, and (v) all of each Grantor's rights corresponding thereto throughout the world.
(az)“Patent Security Agreement” means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Agent, for the benefit of the Lenders, in substantially the form of Exhibit B.
(ba)“Permitted Liens” has the meaning specified therefor in the Indenture.
(bb)“Person” has the meaning specified therefor in the Credit Agreement.
(bc)“Pledged Companies” means each Person listed on Schedule 6 as a “Pledged Company”, together with each other Person, all or a portion of whose Stock is acquired or otherwise owned by a Grantor after the Issue Date.
(bd)“Pledged Interests” means all of each Grantor's right, title and interest in and to all of the Stock now owned or hereafter acquired by such Grantor, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Stock, the right to receive any certificates representing any of the Stock, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.
(be)“Pledged Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C.
(bf)“Pledged Note” has the meaning specified therefor in Section 5(h).
(bg)“Pledged Operating Agreements” means all of each Grantor's rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.
(bh)“Pledged Partnership Agreements” means all of each Grantor's rights, powers, and remedies under the partnership agreements of each of the Pledged Companies that are partnerships.
(bi)“Proceeds” has the meaning specified therefor in Section 2.
(bj)“PTO” means the United States Patent and Trademark Office.
(bk)“Real Property” means any estates or interests in real property now owned or hereafter acquired by any Grantor or any Subsidiary of any Grantor and the improvements thereto.
(bl)“Records” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.
(bm) “Second Lien Documents” has the meaning specified therefor in the Indenture.
(bn)“Second Lien Obligations” has the meaning specified therefor in the Indenture.
(bo)“Secured Obligations” means each and all of the following: (a) all of the present and future obligations of each of the Grantors arising from, or owing under or pursuant to, this Agreement, the Credit Agreement, or any of the other First Lien Documents (including any Guarantee), and (b) all other First Lien Obligations of Borrower (including, in the case of each of clauses (a) and (b), reasonable attorneys fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any Insolvency Proceeding).
(bp)“Securities Account” means a securities account (as that term is defined in the Code).
(bq)“Security Interest” has the meaning specified therefor in Section 2.
(br)“Stock” means (1) in the case of a corporation, corporate stock; (2) in the case of an association or business entity, that is not a corporation, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (3) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.
(bs)“Subsidiary” has the meaning specified therefor in the Indenture.
(bt)“Supporting Obligations” means supporting obligations (as such term is defined in Article 9 of the Code), and includes letters of credit and guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Related Property.
(bu)“Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, including (i) the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed on Schedule 5, (ii) all renewals thereof, (iii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including 

payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future infringements and dilutions thereof, (v) the goodwill of each Grantor's business symbolized by the foregoing or connected therewith, and (vi) all of each Grantor's rights corresponding thereto throughout the world.
(bv)“Trademark Security Agreement” means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and Agent, for the benefit of the Lenders, in substantially the form of Exhibit D.
(bw)“Triggering Event” means, as of any date of determination, an Event of Default that has occurred and is continuing.
(bx)“URL” means “uniform resource locator,” an internet web address.
2.Grant of Security.  Each Grantor hereby unconditionally grants, assigns, and pledges to the Agent, for the benefit of the Lenders, to secure the Secured Obligations, a continuing security interest (hereinafter referred to as the “Security Interest”) in all of such Grantor's right, title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located, but excluding all Excluded Assets, the certificate of deposit issued by JPMorgan to Borrower in the amount of $85,000 securing the JPMorgan Credit Card Debt and the Lien of Wright Express Financial Services Corporation in and to the letter of credit issued by JPMorgan to Wright Express Financial Services Corporation for the account of Borrower in the amount of $100,000 securing the Wright Fuel Card Debt (the “Collateral”):
(a)all of such Grantor's Accounts;
(b)all of such Grantor's Books and Records;
(c)all of such Grantor's Chattel Paper;
(d)all of such Grantor's Deposit Accounts;
(e)all of such Grantor's Equipment and Fixtures;
(f)all of such Grantor's General Intangibles;
(g)all of such Grantor's Goods and Inventory;
(h)all of such Grantor's Intellectual Property and Intellectual Property Licenses;
(i)all of such Grantor's Investment Related Property;
(j)all of such Grantor's Negotiable Collateral;
(k)all of such Grantor's Supporting Obligations;
(l)all of such Grantor's Commercial Tort Claims;
(m)all of such Grantor's money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession, custody, or control of Agent or any Lender (or its agent or designee); 
(n)all choses in action and all other personal property of such Grantor, whether tangible or intangible to the extent not covered by clauses (a) through (m) above;
(o)all of the proceeds (as such term is defined in the Code) and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, Fixtures, General Intangibles, Goods, Inventory, Investment Related Property, Negotiable Collateral, Records, Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”).  Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when Investment Related Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment Related Property; and
(p)all other existing and future tangible and intangible assets of such Grantor.
For the avoidance of doubt, any property or assets of any Grantor which constitute Excluded Assets are not “Collateral” and are not subject to the terms of this Agreement (other than Section 5 to the extent provided therein); provided that notwithstanding anything contained in this Agreement to the contrary, the term “Collateral” shall include an Excluded Asset immediately and automatically at such time as the condition causing such asset to be excluded no longer exists and, to the extent severable, any portion of such asset will not be so excluded and such asset shall be subject to the provisions of this Agreement.
3.Security for Secured Obligations.  The Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to the Agent, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving any Grantor due to the existence of such Insolvency Proceeding.

4.Grantors Remain Liable.  Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) the Agent shall not have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Agent be obligated to perform any of the obligations or duties of any Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.  Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other First Lien Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of the Credit Agreement and the other First Lien Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence and continuance of an Event of Default and (ii) Agent has notified the applicable Grantor of Agent's election to exercise such rights with respect to the Pledged Interests pursuant to Section 15, and upon such Event of Default being cured or waived, such election shall automatically terminate and such rights and benefits shall revert to the applicable Grantor.
5.Representations and Warranties.  Each Grantor hereby represents and warrants to the Agent, which representations and warranties shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of this Agreement, the following:
(a)The exact legal name of such Grantor is set forth on the signature pages of this Agreement.
(b)Schedule 7 sets forth all Real Property owned by such Grantor as of the date of this Agreement.
(c)As of the date of this Agreement: (i) Schedule 2 provides a complete and correct list of all registered Copyrights owned by such Grantor, all applications for registration of Copyrights owned by such Grantor, and all other Copyrights owned by such Grantor and material to the conduct of the business of such Grantor; (ii) Schedule 3 provides a complete and correct list of all Intellectual Property Licenses entered into by such Grantor pursuant to which (A) such Grantor has provided any license or other rights in Intellectual Property owned or controlled by such Grantor to any other Person or (B) any Person has granted to such Grantor any license or other rights in Intellectual Property owned or controlled by such Person that is material to the business of such Grantor, including any Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed by such Grantor; (iii) Schedule 4 provides a complete and correct list of all Patents owned by such Grantor and all applications for Patents owned by such Grantor; and (iv) Schedule 5 provides a complete and correct list of all registered Trademarks owned by such Grantor, all applications for registration of Trademarks owned by such Grantor, and all other Trademarks owned by such Grantor and material to the conduct of the business of such Grantor.
(d)(i) (A) such Grantor owns exclusively or holds licenses in all Intellectual Property that is reasonably necessary to the conduct of its business, and (B) all employees and contractors of each Grantor who were involved in the creation or development of any Intellectual Property for such Grantor that is reasonably necessary to the business of such Grantor have signed agreements containing assignment of Intellectual Property rights to such Grantor and obligations of confidentiality;
(i)to such Grantor's knowledge after reasonable inquiry, no Person has infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights owned by such Grantor, in each case, that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change;
(ii)(A) to such Grantor's knowledge after reasonable inquiry, (1) such Grantor has never infringed or misappropriated and is not currently infringing or misappropriating any Intellectual Property rights of any Person, and (2) no product manufactured, used, distributed, licensed, or sold by or service provided by such Grantor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to result in a Material Adverse Change, and (B) there are no pending, or to such Grantor's knowledge after reasonable inquiry, threatened infringement or misappropriation claims or proceedings pending against such Grantor, and such Grantor has not received any notice or other communication of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to result in a Material Adverse Change;
(iii)to such Grantor's knowledge after reasonable inquiry, all registered Copyrights, registered Trademarks, and issued Patents that are owned by such Grantor and necessary in and to the conduct of its business are valid, subsisting and enforceable and in compliance in all material respects with all legal requirements, filings, and payments and other actions that are required to maintain such Intellectual Property in full force and effect; and
(iv)such Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all trade secrets owned by such Grantor that are necessary in the business of such Grantor;
(e)This Agreement creates a valid security interest in the Collateral of such Grantor, to the extent a security interest therein can be created under the Code, securing the payment of the Secured Obligations.  Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions 

necessary or desirable to perfect and protect such security interest have been duly taken or will have been taken upon the filing of financing statements listing such Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor's name on Schedule 8.  Upon the making of such filings, subject to the terms of the Intercreditor Agreement, Agent shall have a first priority perfected security interest in the Collateral of such Grantor (subject to Permitted Liens) to the extent such security interest can be perfected by the filing of a financing statement.  Upon filing of the Copyright Security Agreement with the United States Copyright Office (with respect to copyrights, if any), filing of the Patent Security Agreement and the Trademark Security Agreement with the PTO (with respect to Trademarks and Patents, if any), and the filing of appropriate financing statements in the jurisdictions listed on Schedule 8, all action necessary or desirable to protect and perfect the Security Interest in and to on such Grantor's Patents, Trademarks, or Copyrights, as applicable, has been taken and such perfected Security Interest is enforceable as such as against any and all creditors of and purchasers from such Grantor (subject to Permitted Liens).  To the extent required by the First Lien Documents, all action by such Grantor necessary to perfect such security interest on each item of Collateral has been duly taken or will be taken promptly.
(f)(i) Except for the Security Interest created hereby and the security interest created by the Second Lien Documents, such Grantor is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 6 as being owned by such Grantor; (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and nonassessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Stock of the Pledged Companies of such Grantor identified on Schedule 6 as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement; (iii) such Grantor has the right and requisite authority to pledge, the Investment Related Property pledged by such Grantor to Agent as provided herein; (iv) all actions necessary or desirable to perfect and establish the first priority (subject to the Intercreditor Agreement) of, or otherwise protect, Lenders' Liens in the Investment Related Property, and the proceeds thereof, will have been duly taken, upon (A) the execution and delivery of this Agreement; (B) the taking of possession by Agent of any certificates representing the Pledged Interests, together with undated powers (or other documents of transfer reasonably acceptable to Agent) endorsed in blank by such Grantor; (C) the filing of financing statements in the applicable jurisdiction set forth on Schedule 8 for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by certificates, and (D) with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto; and (v) such Grantor has delivered to and deposited with Agent all certificates representing the Pledged Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers endorsed in blank with respect to such certificates.  None of the Pledged Interests owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject.
(g)No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by Agent of the voting or other rights provided for in this Agreement with respect to the Investment Related Property or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Related Property by laws affecting the offering and sale of securities generally.  No Intellectual Property License of any Grantor that is necessary to the conduct of such Grantor's business and included in the Collateral requires any consent of any other Person in order for such Grantor to grant the security interest granted hereunder in such Grantor's right, title or interest in or to such Intellectual Property License.
(h)Except in each case as disclosed to Agent in writing, there is no default, breach, violation, or event of acceleration existing under any promissory note (as defined in Article 9 of the Code) constituting Collateral and pledged hereunder (each a “Pledged Note”) and no event has occurred or circumstance exists which, with the passage of time or the giving of notice, or both, would constitute a default, breach, violation, or event of acceleration under any Pledged Note.  Except in each case as disclosed to Agent in writing, no Grantor that is an obligee under a Pledged Note has waived any default, breach, violation, or event of acceleration under such Pledged Note.
(i)As to all limited liability company or partnership interests, owned by such Grantor issued under any Pledged Operating Agreement or Pledged Partnership Agreement, such Grantor hereby represents and warrants as of the date hereof that the Pledged Interests issued pursuant to such agreement (A) are not dealt in or traded on securities exchanges or in securities markets, (B) do not constitute investment company securities, and (C) are not held by such Grantor in a securities account.  In addition, except as indicated on Schedule 6 or any Pledged Interests Addendum, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement of such Grantor, provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.
(j)    the Deposit Accounts set forth on Schedule 6(k) are the only deposit accounts of any Grantor or held in any Grantor's name.
6.Covenants.  Each Grantor, jointly and severally, covenants and agrees with Agent that from and after the date of this Agreement and until the date of termination of this Agreement in accordance with Section 22, except in each case with respect to any Excluded Assets:

(a)Possession of Collateral.  In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Related Property, or Chattel Paper, in each case, having an aggregate value or face amount of $200,000 or more for all such Negotiable Collateral, Investment Related Property, or Chattel Paper, the Grantors shall promptly (and in any event within five (5) Business Days after receipt thereof), notify Agent thereof, and if and to the extent that perfection or priority of Agent's Security Interest is dependent on possession, the applicable Grantor, promptly thereafter, shall execute such other reasonably necessary documents and instruments or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Related Property, or Chattel Paper to Agent (or to its agent or designee), together with such undated powers (or other relevant document of transfer acceptable to Agent) endorsed in blank to protect Agent's Security Interest therein;
(b)Chattel Paper.
(i)Promptly (and in any event within five (5) Business Days) after request by Agent, each Grantor shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper in accordance with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $200,000;
(ii)If any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Credit Agreement, such Chattel Paper and instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the Security Interest of ICON Agent, LLC under the Amended and Restated Security Agreement, dated as of December 17, 2012, among Platinum Energy Solutions as the Borrower and Grantor, the other Grantors party thereto and ICON Agent, LLC as Agent for the lenders described therein;
(c)Control Agreements.
(i)Each Grantor shall obtain and keep effective a Control Agreement from each bank maintaining a Deposit Account for such Grantor (other than Excluded Assets) including such bank and Deposit Accounts set forth on Schedule 6(k);
(ii)Each Grantor shall obtain and keep effective a Control Agreement, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities (other than Excluded Assets) to or for any Grantor;
(iii)Except to the extent otherwise excused by the First Lien Documents, each Grantor shall obtain and keep effective a Control Agreement with respect to all of such Grantor's investment property other than Excluded Assets;
(iv)Subject to the Intercreditor Agreement, each such Control Agreement shall provide, among other things, that upon notice from Control Agent (a “Control Notice”), the bank, intermediary or other Person described in clauses (i)-(iii) above will comply with any instructions originated by Control Agent directing the disposition of funds in the applicable Account without further consent by the applicable Grantor.  Agent agrees not to issue a Control Notice unless a Triggering Event has occurred and is continuing at the time such Control Notice is issued.  Agent agrees to rescind a Control Notice (the “Rescission”) if : (1) the Triggering Event has been cured or waived in writing in accordance with the terms of the Credit Agreement, and (2) no additional Triggering Event has occurred and is continuing prior to the date of the Rescission or is reasonably expected to occur on or immediately after the date of the Rescission;
(v)So long as no Event of Default has occurred and is continuing and except as may be otherwise provided in the Credit Agreement, Grantors may close accounts or replace any bank, intermediary or other Person described in clauses (i)-(iii) above with the prior written consent of Agent and Grantors may thereafter amend Schedule 6(k); provided however, in respect of such Deposit Accounts (other than Excluded Assets), simultaneously with or as promptly as practicable after such closure or replacement, as requested by Agent, the applicable Grantor and such bank, intermediary or other Person shall have executed and delivered to the Agent a Control Agreement in form reasonably satisfactory to Agent.
(d)Letter-of-Credit Rights.  If the Grantors (or any of them) are or become the beneficiary of letters of credit having a face amount or value of $200,000 or more in the aggregate, then the applicable Grantor or Grantors shall promptly thereafter (and in any event within five (5) Business Days after becoming a beneficiary), notify Agent thereof and, promptly, enter into a tri-party agreement with Agent and the issuer or confirming bank with respect to letter-of-credit rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent, all in form and substance reasonably satisfactory to Agent;
(e)Commercial Tort Claims.  If the Grantors (or any of them) obtain Commercial Tort Claims having a value, or involving an asserted claim, in the amount of $200,000 or more in the aggregate for all Commercial Tort Claims, then the  applicable Grantor or Grantors shall promptly (and in any event within five (5) Business Days of obtaining such Commercial Tort Claim), notify Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly, amend Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to Agent, and each Grantor hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed reasonably necessary by Grantors to give Agent a first priority (subject to the Intercreditor Agreement), perfected security interest in any such Commercial Tort Claim, subject to Permitted Liens;
(f)Government Contracts.  Other than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed $200,000, if any Account or Chattel Paper arises out of a contract or contracts with the United States of 

America or any department, agency, or instrumentality thereof, Grantors shall promptly notify Agent thereof and, promptly, execute any instruments or take any steps deemed reasonably necessary by Grantors in order that all moneys due or to become due under such contract or contracts shall be assigned to Agent (subject to the Intercreditor Agreement), and shall provide written notice thereof under the Assignment of Claims Act or other applicable law;
(g)Intellectual Property.
(i)In order to facilitate filings with the PTO and the United States Copyright Office, each Grantor shall execute and deliver to Agent one or more Copyright Security Agreements, Trademark Security Agreements, or Patent Security Agreements to further evidence Lenders' Liens on such Grantor's Patents, Trademarks, or Copyrights, and the General Intangibles of such Grantor relating thereto or represented thereby;
(ii)Each Grantor shall have the duty, with respect to Intellectual Property that is necessary in the conduct of such Grantor's business, to use commercially reasonable efforts to protect and diligently enforce and defend at such Grantor's expense its Intellectual Property, including (A) to diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and maintain all of such Grantor's Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of noncontestability, and (E) to use commercially reasonable efforts to require all employees, consultants, and contractors of each Grantor who were involved in the creation or development of such Intellectual Property to sign agreements containing assignment of Intellectual Property rights and, if applicable, obligations of confidentiality.  Each Grantor further agrees not to abandon any Intellectual Property or Intellectual Property License that is necessary in the conduct of such Grantor's business.  Each Grantor hereby agrees to take the steps described in this Section 6(g)(ii) with respect to all new or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that is necessary in the conduct of such Grantor's business;
(iii)Grantors acknowledge and agree that the Agent shall have no duties with respect to any Intellectual Property or Intellectual Property Licenses of any Grantor.  Without limiting the generality of this Section 6(g)(iii), Grantors acknowledge and agree that Agent shall not be under any obligation to take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but Agent may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrower;
(iv)Each Grantor shall promptly file an application with the United States Copyright Office for any Copyright that has not been registered with the United States Copyright Office if such Copyright is necessary in connection with the conduct of such Grantor's business.  Any expenses incurred in connection with the foregoing shall be borne by the Grantors;
(v)Each Grantor shall provide Agent with a written report, on the same date as such report is delivered to the Collateral Agent, of all new Patents or Trademarks that are registered or the subject of pending applications for registrations, and of all Intellectual Property Licenses that are necessary in connection with the conduct of such Grantor's business, in each case, which were acquired, registered, or for which applications for registration were filed by any Grantor during the prior period and any statement of use or amendment to allege use with respect to intent-to-use trademark applications.  In the case of such registrations or applications therefor, which were acquired by any Grantor, each such Grantor shall file the necessary documents with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Intellectual Property.  In each of the foregoing cases, the applicable Grantor shall promptly cause to be prepared, executed, and delivered to Agent supplemental schedules to the applicable First Lien Documents to identify such Patent and Trademark registrations and applications therefor (with the exception of Trademark applications filed on an intent-to-use basis for which no statement of use or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created thereunder;
(vi)Anything to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent, employee, licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office without giving Agent written notice thereof at least five (5) Business Days prior to such filing and complying with Section 6(g)(i).  Upon receipt from the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly (but in no event later than five (5) Business Days following such receipt) notify (but without duplication of any notice required by Section 6(g)(vii)) Agent of such registration by delivering, or causing to be delivered, to Agent, documentation sufficient to perfect Lenders' Liens on such Copyright.  If any Grantor acquires from any Person any Copyright registered with the United States Copyright Office or an application to register any Copyright with the United States Copyright Office, such Grantor shall promptly (but in no event later than five (5) Business Days following such acquisition) notify Agent of such acquisition and deliver, or cause to be delivered, to Agent, documentation sufficient to perfect Lenders' Liens on such Copyright.  In the case of such Copyright registrations or applications therefor which were acquired by any Grantor, each such Grantor shall promptly (but in no event later than five (5) Business Days following such acquisition) file the necessary documents 

with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Copyrights;
(vii)Each Grantor shall take commercially reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual Property that is necessary in the conduct of such Grantor's business, including, as applicable (A) protecting the secrecy and confidentiality of its confidential information and trade secrets by having and enforcing a policy requiring all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements; (B) taking actions reasonably necessary to ensure that no trade secret falls into the public domain; and (C) protecting the secrecy and confidentiality of the source code of all software programs and applications of which it is the owner or licensee by having and enforcing a policy requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure restrictions; and
(viii)No Grantor shall enter into any Intellectual Property License to receive any license or rights in any Intellectual Property of any other Person unless such Grantor has used commercially reasonable efforts to permit the assignment of or grant of a security interest in such Intellectual Property License (and all rights of Grantor thereunder) to the Agent. 
(h)Investment Related Property.
(i)If any Grantor shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the date hereof, it shall promptly (and in any event within five (5) Business Days of acquiring or obtaining such Collateral) deliver to Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests;
(ii)Upon the occurrence and during the continuance of an Event of Default, following the request of Agent, all sums of money and property paid or distributed in respect of the Investment Related Property that are received by any Grantor shall (subject to the Intercreditor Agreement) be held by such Grantor in trust for the benefit of Agent segregated from such Grantor's other property, and such Grantor shall deliver it forthwith to Agent (or its agent or designee) in the exact form received;
(iii)Each Grantor shall promptly deliver to Agent a copy of each material notice or other material communication received by it in respect of any Pledged Interests;
(iv)No Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests, in each case to the extent that the same is prohibited pursuant to the First Lien Documents and/or the Second Lien Documents;
(v)Each Grantor agrees that it will cooperate with Agent in obtaining all necessary approvals and making all necessary filings under federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Related Property or to effect any sale or transfer thereof in connection with the Agent's exercise of remedies in accordance with the First Lien Documents;
(vi)As to all limited liability company or partnership interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Grantor hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment company securities, and (C) are not and will not be held by such Grantor in a securities account.  In addition, except as indicated on Schedule 6 or any Pledged Interests Addendum, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide or shall provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.
(i)Real Property; Fixtures.  Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property other than Excluded Real Property (individually and collectively the “Premises”) it will (i) deliver to the Collateral Agent, as mortgagee, fully executed counterparts of Mortgages, duly executed by such Grantor, together with evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; (ii) deliver to the Collateral Agent mortgagee's title insurance policies in favor of the Collateral Agent, as mortgagee for the benefit Agent in an amount equal to 100% of the Fair Market Value of the Premises purported to be covered by the related Mortgage, insuring that title to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens together with customary endorsements, coinsurance and reinsurance typical for the applicable jurisdiction; (iii) shall deliver to the Agent, at its request, the most recent survey of such Premises prepared on or on behalf of each Grantor, together with either (a) an updated survey certification in favor of the Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (b) an affidavit from each Grantor stating that there has been no change sufficient for the title insurance company to remove all standard survey exceptions and issue the customary endorsements; and (iv) shall deliver an opinion(s) of counsel of each Grantor confirming that the Mortgages and Security Documents create a Lien on the Premises purported to be covered by the related Mortgage, which shall be from local counsel in each state where a Premises is located covering the enforceability of the relevant Mortgages.  Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral constituting personal property shall remain personal property regardless of the manner of its attachment or affixation to real property;

(j)Transfers and Other Liens.  Grantors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted or not prohibited by the Credit Agreement, or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral of any Grantor, except for Permitted Liens.  The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent's consent to any sale or other disposition of any of the Collateral except as expressly permitted or not prohibited by the Credit Agreement;
(k)Pledged Notes.  If an Event of Default has occurred and is continuing, Grantors (i) without the prior written consent of Agent, will not (A) waive or release any material obligation of any Person that is obligated under any of the Pledged Notes, (B) take or omit to take any action or knowingly suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Pledged Notes, or (C) other than as permitted by the Indenture, assign or surrender their rights and interests under any of the Pledged Notes or terminate, cancel, modify, change, supplement or amend the Pledged Notes, and (ii) shall provide to Agent copies of all material written notices (including notices of default) given or received with respect to the Pledged Notes promptly after giving or receiving such notice. 
(l)Equipment. 
(i)Schedule 9 annexed hereto contains a true and complete list of all Equipment owned by each of the Grantors as of the date hereof, and each item of Equipment is solely owned by the Grantor set forth opposite such item in such Schedule 9.  No Grantor owns any Equipment other than as set forth in such Schedule 9.  Grantors shall update such Schedule 9 upon any acquisition by any Grantor of an interest in new Equipment after the date hereof.  Grantors shall not permit any Equipment to become a fixture to real estate or accessions to other personal property.  Grantors shall (A) maintain and preserve the Equipment in good working order and condition, ordinary wear and tear excepted, and in accordance with all manufacturer's suggested and recommended maintenance procedures, including preventive maintenance, (B) obtain, maintain and preserve all material rights, permits, licenses, approvals and privileges necessary, used or useful, for the use of the Equipment in the Grantors' business, and shall make all necessary or appropriate filings with, and give all required notices to, any Governmental Authority, and (C) maintain the Collateral in compliance with all statutes, laws, ordinances, regulations, standards, directives, orders, judgments and permits (including environmental) issued by any Governmental Authority, including, without limitation, environmental laws and regulations, and (D) note or shall have noted, or shall fully cooperate with Agent to note, on or before the Closing Date, Agent's Lien on all certificates of title of Equipment, to the extent such Equipment is located in the United States and subject to motor vehicle registration requirements, provided, however, that (i) Grantors shall deliver to the Agent titles to the motor vehicles set forth in Schedule D to the Credit Agreement within sixty (60) days of the Closing Date and (ii) the pieces of Equipment set forth on Schedule 9(b) annexed hereto are excluded from the obligation in this subsection (D).
(ii)All Equipment shall at all times be located in the United States; provided, however, each Grantor may relocate the Equipment outside the  United States for purposes of providing  hydraulic fracturing, coiled tubing and other pressure pumping services with the prior written consent of the Agent, which consent shall not unreasonably be witheld .  As of the date hereof, all Equipment is located as set forth on Schedule 9(a) annexed hereto.  Grantors shall deliver to Agent accurate updates of such Schedule 9(a) in the event of any change in the location of any item of Equipment, on a monthly basis simultaneous with delivery of the monthly reports under Section 4.4A of the Credit Agreement.     

7.Relation to Other Security Documents.  The provisions of this Agreement shall be read and construed with the other First Lien Documents referred to below in the manner so indicated.
(a)Credit Agreement; Intercreditor Agreement.  In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement, such provision of the Credit Agreement shall control.  Notwithstanding anything herein to the contrary, the Lien and Security Interest granted to the Agent pursuant to this Agreement and the exercise of any right or remedy by the Agent hereunder are subject to the provisions of the Intercreditor Agreement, if any.  If there is a conflict between the terms of the Intercreditor Agreement, if any, and this Agreement, the terms of the Intercreditor Agreement, if any, will control.
(b)Patent, Trademark, Copyright Security Agreements.  The provisions of the Copyright Security Agreements, Trademark Security Agreements, and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright Security Agreements, Trademark Security Agreements, or the Patent Security Agreements shall limit any of the rights or remedies of Agent hereunder.  In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement, such provision of this Agreement shall control.
8.Further Assurances.
(a)Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents, and take all further action as necessary or, that Agent may reasonably request, in order to perfect and protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral. Each Grantor agrees that from time to time, it will execute and deliver all further financing and continuation statements or amendments thereto in order to maintain the perfection of the Security Interest hereunder that is accomplished thereby.

(b)Each Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and preserve the Security Interest granted or purported to be granted hereby.
(c)Each Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction.
(d)Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement unless it is permitted hereunder or under the Credit Agreement, subject to such Grantor's rights under Section 9-509(d)(2) of the Code. In no event is the authorization to file financing or continuation statements that is granted to the Agent above to be deemed an obligation to do so.
9.Agent's Right to Perform Contracts, Exercise Rights, etc.  Upon the occurrence and during the continuance of an Event of Default, Agent (or its designee) (a) may, but shall not be obligated to, proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise any and all rights of any Grantor therein contained as fully as such Grantor itself could, (b) shall have the right to use any Grantor's rights under Intellectual Property Licenses in connection with the enforcement of Agent's rights hereunder, including the right to prepare for sale and sell any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have the right to request that any Stock that is pledged hereunder be registered in the name of Agent or any of its nominees.
10.Agent Appointed Attorney-in-Fact.  Each Grantor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:
(a)to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any other Collateral of such Grantor;
(b)to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the delivery of mail to such Grantor to that of Agent;
(c)to receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;
(d)to file any claims or take any action or institute any proceedings which Agent may deem necessary or desirable for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral;
(e)to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to such Grantor in respect of any Account of such Grantor;
(f)to use any Intellectual Property or Intellectual Property Licenses of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising for sale, or selling Inventory or other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; 
(g)Agent shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Intellectual Property and Intellectual Property Licenses and, if Agent shall commence any such suit, the appropriate Grantor shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents reasonably required by Agent in aid of such enforcement.
To the extent permitted by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof.  This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.
11.Agent May Perform.  If any Grantor fails to perform any agreement contained herein, Agent may, but shall not be obligated to, itself perform, or cause performance of, such agreement after reasonable prior notice to the Grantors, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by Grantors.
12.Agent's Duties.  The powers conferred on Agent hereunder are solely to protect Agent's and Lenders' interest in the Collateral and shall not impose any duty upon Agent to exercise any such powers.  Except for the safe custody of any Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.  Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal to that which Agent accords its own property. In no event shall the Agent be required to prepare or file financing or continuation statements here under.

13.    Collection of Accounts, General Intangibles and Negotiable Collateral.  At any time upon the occurrence and during the continuance of an Event of Default, Agent or Agent's designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Agent, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any collection costs and expenses shall constitute part of such Grantor's Secured Obligations under the First Lien Documents.
13.Disposition of Pledged Interests.  None of the Pledged Interests existing as of the date of this Agreement are, and Pledged Interests hereafter acquired on the date of acquisition thereof may or may not be, registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default has occurred and is continuing may be restricted to one or more private (instead of public) sales in view of the lack of such registration.  Each Grantor understands that in connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market.  Each Grantor, therefore, agrees that:  (a) if Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private sale thereof; and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a commercially reasonable manner.
14.Voting and Other Rights in Respect of Pledged Interests.
(a)Upon the occurrence and during the continuation of an Event of Default, (i) Agent may, at its option, and with five (5) Business Days prior written notice to the Borrower and the applicable Grantor, and in addition to all rights and remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests owned by such Grantor, but under no circumstances is Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if Agent duly exercises its right to vote any of such Pledged Interests, the applicable Grantor hereby appoints Agent, such Grantor's true and lawful attorney-in-fact and proxy to vote such Pledged Interests in any manner Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be.  The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable during any period when an Event of Default has occurred and is continuing.  Upon such Event of Default being cured or waived, such rights shall automatically revert to the applicable Grantor and such power-of attorney and proxy shall terminate.
(b)For so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and agrees that it will not vote or take any consensual action with respect to such Pledged Interests which would be inconsistent with the provisions of the Credit Agreement and the other First Lien Documents.
15.Remedies.  Upon the occurrence and during the continuance of an Event of Default:
(a)Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other First Lien Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law.  Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at one or more locations where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Agent's offices or elsewhere, for cash, on credit, and upon such other terms as Agent may deem commercially reasonable.  Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to the applicable Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically such notice shall constitute a reasonable “authenticated notification of disposition” within the meaning of Section 9-611 of the Code.  Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  Each Grantor agrees that the internet shall constitute a “place” for purposes of Section 9-610(b) of the Code.  Each Grantor agrees that any sale of Collateral to a licensor pursuant to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code.
(b)Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor's Intellectual Property, including but not limited to, any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, and advertising matter, whether owned by any Grantor or with respect to which any Grantor 

has rights under license, sublicense, or other agreements (including any Intellectual Property License), as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each Grantor's rights under all licenses and all franchise agreements shall inure to the benefit of Agent.
(c)Agent may, in addition to other rights and remedies provided for herein, in the other First Lien Documents, or otherwise available to it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice is hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor's Deposit Accounts constituting Collateral in which Lenders' Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the applicable Grantor to pay the balance of such Deposit Account constituting Collateral to or for the benefit of Lenders, and (ii) with respect to any Grantor's Securities Accounts in which Lenders' Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of Lenders, or (B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Lenders.
(d)Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement.  In the event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain jointly and severally and solidarily liable for any such deficiency.
(e)Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of Default shall occur and be continuing, to the extent permitted by applicable law, Agent shall have the right to an immediate writ of possession without notice of a hearing.  Agent shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent.
16.Remedies Cumulative.  Each right, power, and remedy of Agent, as provided for in this Agreement, the other First Lien Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement, the other First Lien Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent of any or all such other rights, powers, or remedies.
17.Marshaling.  Agent  shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.  To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent's rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws.
18.Indemnity and Expenses.
(a)Each Grantor jointly and severally agrees to indemnify Agent from and against all claims, lawsuits and liabilities (including reasonable attorneys fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or any other First Lien Document to which such Grantor is a party, except claims, losses or liabilities resulting from the gross negligence or willful misconduct of the party seeking indemnification as determined by a final non-appealable order of a court of competent jurisdiction.  This provision shall survive the termination of this Agreement and the Indenture and the repayment of the Secured Obligations.
(b)Grantors, jointly and severally, shall, upon demand, pay to Agent all reasonable and properly documented costs and expenses which Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or, upon an Event of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other First Lien Documents, (iii) the exercise or enforcement of any of the rights of Agent hereunder or (iv) the failure by any Grantor to perform or observe any of the provisions hereof.
19.Merger, Amendments; Etc.  THIS AGREEMENT, TOGETHER WITH THE OTHER FIRST LIEN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.  No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  No amendment of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies.
20.Addresses for Notices.  All notices and other communications provided for hereunder shall be given in the form and manner and delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at their respective 

addresses specified in the Credit Agreement, or, as to any party, at such other address as shall be designated by such party in a written notice to the other party.
21.Continuing Security Interest.  This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the Secured Obligations have been paid in full in accordance with the provisions of the Credit Agreement, (b) be binding upon each Grantor, and their respective successors and assigns, and (c) inure to the benefit of, and be enforceable by, Agent, on behalf of the Lenders, and its successors, transferees and assigns.  Upon payment in full of the Secured Obligations or at such earlier time as any Collateral is released from the Lien hereof in accordance with the provisions of the Credit Agreement, the Security Interest granted hereby shall terminate and all rights to the Collateral or relevant portion thereof shall revert to Grantors or any other Person entitled thereto.  At such time, Agent will authorize the filing of appropriate termination statements to terminate such Security Interests.  No transfer or renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other First Lien Document, or any other instrument or document executed and delivered by any Grantor to Agent nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent shall release any Grantor from any obligation, except a release or discharge executed in writing by Agent.  Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth.  A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion.
22.Governing Law.
(a)THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
(b)ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
(c)EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE NOTICE ADDRESS SPECIFIED IN THE CREDIT AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR AGENTS, OR ANY SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION.
(d)EACH PARTY TO THIS AGREEMENT HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST LIEN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.
23.New Subsidiaries.  Pursuant to the Credit Agreement, certain Subsidiaries (whether by acquisition or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this Agreement in substantially the form of Annex 1.  Upon the execution and delivery of Annex 1 by any such new Subsidiary, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein.  The execution and delivery of any instrument adding an additional Grantor as a party to this Agreement shall not require the consent of any Grantor hereunder.  The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor hereunder.
24.Amendment and Restatement.    This Agreement is given in substitution for, and amends and restates in its entirety, and as so amended and restated supersedes, the Original Security Agreement. This Agreement is not in payment, novation, 

satisfaction or cancellation of the Original Security Agreement, or of the indebtedness contemplated therein and secured thereby, and such indebtedness is hereby ratified and confirmed by Borrower, as amended by the Amended and Restated Credit Agreement and the documents made in connection therewith.

The execution and delivery of this Agreement shall not impair the Liens of Agent as assignee of JPMorgan under the Original Credit Agreement, and no part of such Liens shall be disturbed, impaired, extinguished, cancelled, rejected, surrendered, terminated, or discharged by the execution and delivery of this Agreement or any further instruments securing any other indebtedness of Borrower or Guarantor to the Lenders.

25.Miscellaneous.
(a)This Agreement is a First Lien Document.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.  Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.  
(b)Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.  Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.
(c)Headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.
(d)Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against Agent or any Grantor, whether under any rule of construction or otherwise.  This Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.
(e)The pronouns used herein shall include, when appropriate, either gender and both singular and plural, and the grammatical construction of sentences shall conform thereto.
(f)Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.  The words “hereof”, “herein”, “hereby”, “hereunder”, and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified.  Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.  Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds  other than unasserted contingent indemnification Secured Obligations.  Any reference herein to any Person shall be construed to include such Person's successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.
(g)All of the annexes, schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.
(h)Agent shall promptly confirm that any asset or property constituting an Excluded Asset is not subject to a Lien under this Agreement or the other First Lien Documents upon receipt of written direction from the Borrower.  Such direction shall be accompanied by an Officers' Certificate and Opinion of Counsel (on which the Agent shall conclusively rely), stating that such asset or property constitutes an Excluded Asset and is not subject to a Lien under this Agreement or the other First Lien Documents.
26.Hazardous Materials.  In the event that the Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Agent's sole discretion may cause the Agent to be considered an “owner or operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause the Agent to incur liability under CERCLA or any other federal, state or local law, the Agent reserves the right, instead of taking such action, to either resign as the Agent or arrange for the transfer of the title or control of the asset to a court-appointed receiver.  The Agent shall not be liable to any Grantor, or any other Person for any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Agent's actions and conduct as authorized, empowered 

and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment.  If at any time it is necessary or advisable for the Collateral to be possessed, owned, operated or managed by any Person (including the Agent) other than a Grantor, the Agent reserves the right to appoint an appropriately qualified Person who they shall designate to possess, own, operate or manage, as the case may be, the Collateral.
27.Force Majeure.  In no event shall the Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of god, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
28.Consequential Damages.  In no event shall the Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.
30.    Agent and Lenders.  In acting hereunder, the Agent, on behalf of the Lenders, has the benefit of the rights, protections and immunities granted to it in the Credit Agreement, all of which are incorporated by reference herein, mutatis mutandis.
31.    Joint and Several Obligations.  If more than one Person is a Grantor hereunder, the following shall apply:

                                (a)          All obligations, covenants and liabilities of Grantors hereunder shall be the joint and several obligations, covenants and liabilities of each Grantor. All representations and warranties of Grantor hereunder shall be deemed made by each Grantor with respect to such Grantor.  The obligations and liabilities on the part of each Grantor shall in no way be affected by the failure of Agent to pursue or preserve its rights against any Grantor or the release by Agent of any Collateral now or thereafter acquired from any Grantor.   
                (b)          Each Grantor expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Grantor may now or hereafter have against any other Grantor or against any other Person directly or contingently liable for the Obligations until all Obligations have been indefeasibly paid in full as determined by Agent.

                                (c)           Each Grantor represents and warrants to Agent that (i) the Grantors have one or more common or affiliated shareholders, directors and officers, (ii) the businesses and corporate activities of each Grantor are closely related to, and substantially benefit, the business and corporate activities of the other, and (iii) each Grantor will receive a substantial economic benefit from entering into this Agreement and will receive a substantial economic benefit from the application of the advances made under the Credit Agreement, in each case, whether or not such amount is used directly by such Grantor.
CH01

IN WITNESS WHEREOF, the undersigned parties hereto have caused this Agreement to be executed and delivered as of the day and year first above written.

	
		
	 
	GRANTORS:

	 
	PLATINUM ENERGY SOLUTIONS, INC.,
a Nevada corporation

By:  /s/ J. Clarke Legler, II
Name: J. Clarke Legler, II
Title: CFO

	 
	PLATINUM PRESSURE PUMPING, INC.,
a Delaware corporation

By:  /s/ J. Clarke Legler, II
Name: J. Clarke Legler, II
Title:  CFO

	 
	AGENT:

	 
	ICON AGENT, LLC,
as agent for the Lenders

By: /s/ David Verlizzo
Name: David Verlizzo
Title: Managing Director

[SIGNATURE PAGE - AMENDED AND RESTATED SECURITY AGREEMENT]

SCHEDULE 1
COMMERCIAL TORT CLAIMS
[include specific case caption or descriptions per Official Code Comment 5 to Section 9-108 of the Code]

SCHEDULE 2
COPYRIGHTS

None.
SCHEDULE 3
INTELLECTUAL PROPERTY LICENSES

None.

SCHEDULE 4
PATENTS

None.

SCHEDULE 5
TRADEMARKS

None.

SCHEDULE 6
PLEDGED COMPANIES
	
						
	Name of Grantor
	Name of Pledged Company
	Number of Shares/Units
	Class of Interests
	Percentage of Class Owned
	Certificate Nos.

	Platinum Energy Solutions, Inc.
	Platinum Pressure Pumping, Inc.
	1,000
	Common
	100%
	1

SCHEDULE 6(k)
CONTROLLED ACCOUNT BANKS

(a)      Grantor:        Platinum Energy Solutions, Inc.

Bank:                   JPMorgan Chase Bank, N.A.

                                   712 Main Street, 7th Floor

                                    Houston, TX 77002

     Account:    (908) 120 819

(b)      Grantor:              Platinum Pressure Pumping, Inc.

               Bank:                 JPMorgan Chase Bank, N.A.

                                          712 Main Street, 7th Floor

             Houston, TX 77002

Account:             (937) 000 156

SCHEDULE 7
OWNED REAL PROPERTY

None.

SCHEDULE 8

LIST OF UNIFORM COMMERCIAL CODE FILING JURISDICTIONS
	
		
	Grantor
	Jurisdictions

	Platinum Energy Solutions, Inc.
	Nevada

	Platinum Pressure Pumping, Inc.
	Delaware

SCHEDULE 9
EQUIPMENT

 See attached.

SCHEDULE 9(a)
EQUIPMENT LOCATIONS

14910 Streich Road
San Antonio, TX  78112

635 Rue Scholastique
Scott, LA  70583

1575 S. I-20 Service Road
Waskom, TX  75692

2650 South 1300 E
Naples, UT  84078

2100 W. Loop S. 
Suite 1400
Houston, TX  77027            
                        

SCHEDULE 9(b)
EQUIPMENT EXCLUDED FROM 6(1)(i)(D) OBLIGATION
	
							
	Asset Number
	VIN
	Plate
	Year
	Type
	Make
	Model

	1100769
	1FTFW1EF2BKD00769
	CY5T019
	2011
	PICKUP
	FORD
	F-150

	1105328
	1FT8W3BT5BEC05328
	AZ88251
	2011
	PICKUP
	FORD
	F-350

	1109780
	1FT8W3BTXBEC09780
	AZ88252
	2011
	PICKUP
	FORD
	F-350

	1114109
	1FTFW1EF4BFB14109
	X7899418
	2011
	PICKUP
	FORD
	F-150

	1142867
	1FTFW1EF3BKD42867
	BC33460
	2011
	PICKUP
	FORD
	F-150

	1190508
	1FT7W2BT6BEC90508
	B788025
	2011
	PICKUP
	FORD
	F-250

	1190510
	1FT7W2BT4BEC90510
	B788036
	2011
	PICKUP
	FORD
	F-250

	1190512
	1FT7W2BT8BEC90512
	B788040
	2011
	PICKUP
	FORD
	F-250

	1198165
	1FT7W2BT6BEA98165
	AY97070
	2011
	PICKUP
	FORD
	F-250

	1198817
	1FT8W3BT5BEB98817
	BC33461
	2011
	PICKUP
	FORD
	F-350

	1199898
	1FTFW1EF2BFA99898
	X789118
	2011
	PICKUP
	FORD
	F-150

ANNEX 1 TO AMENDED AND RESTATED SECURITY AGREEMENT

FORM OF JOINDER
Joinder No.  ____ (this “Joinder”), dated as of _______________, to the Amended and Restated Security Agreement, dated as of __________________ __, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Security Agreement”), by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally and solidarily, “Grantors” and each, individually, a “Grantor”) and ICON AGENT, LLC, a Delaware limited liability company (the “Agent”), as agent for the Lenders parties to the Credit Agreement (defined below).

W I T N E S S E T H:
WHEREAS, Platinum Energy Solutions, Inc., a Nevada corporation (the “Borrower”), the other Grantors party thereto, the Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement, dated as of _________________ __, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have advanced term loans to Borrower in the aggregate principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00); and
WHEREAS, initially capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement or, if not defined therein, in the Credit Agreement; and
WHEREAS, Grantors have entered into the Security Agreement in order to induce the Lenders to make certain financial accommodations to Borrower; and
WHEREAS, pursuant to the Credit Agreement and Section 24 of the Security Agreement, certain Subsidiaries of the Borrower, must execute and deliver certain First Lien Documents, including the Security Agreement, and the joinder to the Security Agreement by the undersigned new Grantor or Grantors (collectively, the “New Grantors”) may be accomplished by the execution of this Joinder in favor of Agent; and
WHEREAS, each New Grantor (a) is a direct or indirect domestic subsidiary of Borrower and, as such, will benefit by virtue of the financial accommodations extended to Borrower and (b) by becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to the terms of the First Lien Documents;
NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each New Grantor hereby agrees as follows:
1.    In accordance with Section 24 of the Security Agreement, each New Grantor, by its signature below, becomes a “Grantor” under the Security Agreement with the same force and effect as if originally named therein as a “Grantor” and each New Grantor hereby (a) agrees to all of the terms and provisions of the Security Agreement applicable to it as a “Grantor” thereunder and (b) represents and warrants that the representations and warranties made by it as a “Grantor” thereunder are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date hereof.  In furtherance of the foregoing, each New Grantor does hereby unconditionally grant, assign, and pledge to Agent, for the benefit of the Lenders, to secure the Secured Obligations, a continuing security interest in and to all of such New Grantor's right, title and interest in and to the Collateral.  Schedule 1, “Commercial Tort Claims”, Schedule 2, “Copyrights”, Schedule 3, “Intellectual Property Licenses”, Schedule 4, “Patents”, Schedule 5, “Trademarks”, Schedule 6, “Pledged Companies”, Schedule 6(k), “Controlled Account Banks”, Schedule 7, “Owned Real Property” and  Schedule 8, “List of Uniform Commercial Code Filing Jurisdictions”, attached hereto supplement Schedule 1, Schedule 2, Schedule 3, Schedule 4, Schedule 5, Schedule 6, Schedule 6(k), Schedule 7 and Schedule 8, respectively, to the Security Agreement and shall be deemed a part thereof for all purposes of the Security Agreement.  Each reference to a “Grantor” in the Security Agreement shall be deemed to include each New Grantor.  The Security Agreement is incorporated herein by reference.  Each New Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments thereto (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each New Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction in connection with the First Lien Documents.
2.    Each New Grantor represents and warrants to Agent that this Joinder has been duly executed and delivered by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors' rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
3.    This Joinder is a First Lien Document.  This Joinder may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Joinder.  Delivery of an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Joinder.  Any party delivering an executed counterpart of this Joinder by telefacsimile or other electronic method 

of transmission also shall deliver an original executed counterpart of this Joinder but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Joinder.
4.    The Security Agreement, as supplemented hereby, shall remain in full force and effect.
5.    THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
6.    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS JOINDER SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
7.    EACH PARTY TO THIS JOINDER HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST     LIEN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this Joinder to the Security Agreement to be executed and delivered as of the day and year first above written.

	
		
	NEW GRANTORS:
	[NAME OF NEW GRANTOR]

	 
	By:

	 
	Name: 

	 
	Title: 

	 
	 

	NEW GRANTORS:
	[NAME OF NEW GRANTOR]

	 
	By:

	 
	Name: 

	 
	Title: 

	 
	 

	AGENT:
	ICON AGENT, LLC,
as agent for the Lenders

	 
	By:

	 
	Name:

	 
	Title:

EXHIBIT A

COPYRIGHT SECURITY AGREEMENT
This COPYRIGHT SECURITY AGREEMENT (this “Copyright Security Agreement”) is made this ___ day of ___________, 20__, by and among Grantors listed on the signature pages hereof (collectively, jointly and severally and solidarily, “Grantors” and each individually “Grantor”), and ICON AGENT, LLC (as Agent for the Lenders parties to the Credit Agreement, defined below, the “Agent”).
W I T N E S S E T H:
WHEREAS, Platinum Energy Solutions, Inc., a Nevada corporation (the “Borrower”), the other Grantors party thereto, and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of _____________ ___, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have advanced term loans to Borrower in the aggregate principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00); and
WHEREAS, pursuant to that certain Amended and Restated Security Agreement, dated as of ______________ __, 2012 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Security Agreement”), Grantors are required to execute and deliver to the Agent, for the benefit of the Lenders, this Copyright Security Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantors hereby agree as follows:
1.    DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement or, if not defined therein, in the Credit Agreement.
2.    GRANT OF SECURITY INTEREST IN COPYRIGHT COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of the Lenders, to secure the Secured Obligations, a continuing security interest (referred to in this Copyright Security Agreement as the “Security Interest”) in all of such Grantor's right, title and interest in and to the following, whether now owned or hereafter acquired or arising, but excluding any Excluded Assets (collectively, the “Copyright Collateral”):
(a)    all of such Grantor's Copyrights and Copyright Intellectual Property Licenses to which it is a party including those referred to on Schedule I; exclusive, however, of any copyrights that are protectable, registered or applied for solely under the laws of jurisdictions outside the United States;
(b)    all renewals or extensions of the foregoing; and
(c)    all products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement of any Copyright or any Copyright exclusively licensed under any Intellectual Property License, including the right to receive damages, or the right to receive license fees, royalties, and other compensation under any Copyright Intellectual Property License.
3.    SECURITY FOR SECURED OBLIGATIONS.  This Copyright Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Copyright Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, for the benefit of Lenders, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.
4.    SECURITY AGREEMENT.  The Security Interest granted pursuant to this Copyright Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of Lenders, pursuant to the Security Agreement, and is subject to the terms thereof.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Copyright Collateral made and granted hereby are more fully set forth in the Security 

Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Copyright Security Agreement and the Security Agreement, the Security Agreement shall control.
5.    COUNTERPARTS.  This Copyright Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Copyright Security Agreement.  Delivery of an executed counterpart of this Copyright Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Copyright Security Agreement.  Any party delivering an executed counterpart of this Copyright Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Copyright Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Copyright Security Agreement.
6.    CONSTRUCTION.  This Copyright Security Agreement is a First Lien Document.  Unless the context of this Copyright Security Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.  The words “hereof”, “herein”, “hereby”, “hereunder”, and similar terms in this Copyright Security Agreement refer to this Copyright Security Agreement as a whole and not to any particular provision of this Copyright Security Agreement.  Section, subsection, clause, schedule, and exhibit references herein are to this Copyright Security Agreement unless otherwise specified.  Any reference in this Copyright Security Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.  Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds  other than unasserted contingent indemnification Secured Obligations.  Any reference herein to any Person shall be construed to include such Person's successors and permitted assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.
7.    THIS COPYRIGHT SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
8.    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS COPYRIGHT SECURITY AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
9.    EACH PARTY TO THIS COPYRIGHT SECURITY AGREEMENT HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST LIEN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED  HEREBY AND THEREBY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Copyright Security Agreement to be executed and delivered as of the day and year first above written.

	
		
	GRANTORS:
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	ACCEPTED AND ACKNOWLEDGED BY:

	 
	 

	AGENT:
	ICON AGENT, LLC,
as agent for the Lenders

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

SCHEDULE I
TO
COPYRIGHT SECURITY AGREEMENT

COPYRIGHT REGISTRATIONS
	
					
	Grantor
	Country
	Copyright
	Registration No.
	Registration Date

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Copyright Licenses

EXHIBIT B

PATENT SECURITY AGREEMENT
This PATENT SECURITY AGREEMENT (this “Patent Security Agreement”) is made this ___ day of ___________, 20__, by and among Grantors listed on the signature pages hereof (collectively, jointly and severally and solidarily, “Grantors” and each individually “Grantor”), and ICON AGENT, LLC (as Agent for the Lenders parties to the Credit Agreement, defined below, the “Agent”).
W I T N E S S E T H:
WHEREAS, Platinum Energy Solutions, Inc., a Nevada corporation (the “Borrower”), the other Grantors party thereto, and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of _____________ ___, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have advanced term loans to Borrower in the aggregate principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00); and
WHEREAS, pursuant to that certain Amended and Restated Security Agreement, dated as of ______________ __, 2012 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Security Agreement”), Grantors are required to execute and deliver to Agent, for the benefit of Lenders, this Patent Security Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:
1.    DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement or, if not defined therein, in the Indenture.
2.    GRANT OF SECURITY INTEREST IN PATENT COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of the Lenders, to secure the Secured Obligations, a continuing security interest (referred to in this Patent Security Agreement as the “Security Interest”) in all of such Grantor's right, title and interest in and to the following, whether now owned or hereafter acquired or arising but excluding any Excluded Assets (collectively, the “Patent Collateral”):
(a)    all of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I, excluding any Patents that are protectable, registered or applied for solely under the laws of jurisdictions outside the United States;
(b)    all divisionals, continuations, continuations-in-part, reissues, reexaminations, or extensions of the foregoing; and
(c)    all products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement of any Patent or any Patent exclusively licensed under any Intellectual Property License, including the right to receive damages, or right to receive license fees, royalties, and other compensation under any Patent Intellectual Property License.
3.    SECURITY FOR SECURED OBLIGATIONS.  This Patent Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Patent Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, for the benefit of Lenders, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.
4.    SECURITY AGREEMENT.  The Security Interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of Lenders, pursuant to the Security Agreement, and is 

subject to the terms thereof.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Patent Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Patent Security Agreement and the Security Agreement, the Security Agreement shall control.
5.    COUNTERPARTS.  This Patent Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Patent Security Agreement.  Delivery of an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Patent Security Agreement.  Any party delivering an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Patent Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Patent Security Agreement.
6.    CONSTRUCTION.  This Patent Security Agreement is a First Lien Document.  Unless the context of this Patent Security Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.  The words “hereof”, “herein”, “hereby”, “hereunder”, and similar terms in this Patent Security Agreement refer to this Patent Security Agreement as a whole and not to any particular provision of this Patent Security Agreement.  Section, subsection, clause, schedule, and exhibit references herein are to this Patent Security Agreement unless otherwise specified.  Any reference in this Patent Security Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.  Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds  other than unasserted contingent indemnification Secured Obligations.  Any reference herein to any Person shall be construed to include such Person's successors and permitted assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.
7.    THIS PATENT SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
8.    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS PATENT SECURITY AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
9.    EACH PARTY TO THIS PATENT SECURITY AGREEMENT HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST LIEN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Patent Security Agreement to be executed and delivered as of the day and year first above written.

	
		
	GRANTORS:
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	ACCEPTED AND ACKNOWLEDGED BY:

	 
	 

	AGENT:
	ICON AGENT, LLC,
as agent for the Lenders

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

SCHEDULE I
to
PATENT SECURITY AGREEMENT

Patents
	
					
	Grantor
	Country
	Patent
	Application/ Patent No.
	Filing Date

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Patent Licenses

EXHIBIT C
PLEDGED INTERESTS ADDENDUM
This Pledged Interests Addendum, dated as of _________ __, 20___ (this “Pledged Interests Addendum”), is delivered pursuant to Section 6 of the Security Agreement referred to below.  The undersigned hereby agrees that this Pledged Interests Addendum may be attached to that certain Amended and Restated Security Agreement, dated as of ________________ ____, 2012, (as amended, restated, supplemented, or otherwise modified from time to time, the “Security Agreement”), made by the undersigned, together with the other Grantors named therein, to ICON Agent, LLC (together with its successors and assigns, the “Agent”), as agent for the Lenders named in the Amended and Restated Credit Agreement dated as of ______________ __, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among the Lenders named therein, the Agent, Platinum Energy Solutions, Inc., as Borrower and Platinum Pressure Pumping, Inc. as Guarantor.  Initially capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Security Agreement or, if not defined therein, in the Credit Agreement.  The undersigned hereby agrees that the additional interests listed on Schedule I shall be and become part of the Pledged Interests pledged by the undersigned to Agent in the Security Agreement and any pledged company set forth on Schedule I shall be and become a “Pledged Company” under the Security Agreement, each with the same force and effect as if originally named therein.
This Pledged interests Addendum is a First Lien Document.  Delivery of an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Pledged Interests Addendum.  If the undersigned delivers an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission, the undersigned shall also deliver an original executed counterpart of this Pledged Interests Addendum but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Pledged Interests Addendum.
The undersigned hereby certifies that the representations and warranties set forth in Section 5 of the Security Agreement of the undersigned 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 by materiality in the text thereof) as to the Pledged Interests listed herein on and as of the date hereof.
THIS PLEDGED INTEREST ADDENDUM SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS PLEDGED INTEREST ADDENDUM SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF 

THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
EACH PARTY TO THIS PLEDGED INTEREST ADDENDUM HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST LIEN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has caused this Pledged Interests Addendum to be executed and delivered as of the day and year first above written.
	
		
	 
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

                

SCHEDULE I
TO
PLEDGED INTERESTS ADDENDUM
Pledged Interests
	
						
	Name of Grantor
	Name of Pledged Company
	Number of Shares/Units
	Class of Interests
	Percentage of Class Owned
	Certificate Nos.

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

EXHIBIT D

TRADEMARK SECURITY AGREEMENT
This TRADEMARK SECURITY AGREEMENT (this “Trademark Security Agreement”) ”) is made this ___ day of ___________, 20__, by and among Grantors listed on the signature pages hereof (collectively, jointly and severally and solidarily, “Grantors” and each individually “Grantor”), and ICON AGENT, LLC (as Agent for the Lenders parties to the Credit Agreement, defined below, the “Agent”).
W I T N E S S E T H:
WHEREAS, Platinum Energy Solutions, Inc., a Nevada corporation (the “Borrower”), the other Grantors party thereto, and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of _____________ ___, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have advanced term loans to Borrower in the maximum aggregate principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00); and
WHEREAS, pursuant to that certain Amended and Restated Security Agreement, dated as of ______________ __, 2012 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Security Agreement”), Grantors are required to execute and deliver to Agent, for the benefit of the Lenders, this Trademark Security Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:
1.    DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement or, if not defined therein, in the Indenture.
2.    GRANT OF SECURITY INTEREST IN TRADEMARK COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of the Lenders, to secure the Secured Obligations, a continuing security interest (referred to in this Trademark Security Agreement as the “Security Interest”) in all of such Grantor's right, title and interest in and to the following, whether now owned or hereafter acquired or arising but excluding any Excluded Assets (collectively, the “Trademark Collateral”):
(a)    all of its Trademarks and Trademark Intellectual Property Licenses to which it is a party including those referred to on Schedule I, exclusive, however, of (i) any Trademarks that are protectable, registered or applied for solely under the laws of jurisdictions outside the United States, and (ii) any Trademarks or service marks filed in the PTO pursuant to 15 U.S.C. §1051 Section 1(b) unless and until evidence of use of the mark in interstate commerce is submitted to the PTO pursuant to 15 U.S.C §1051 Section 1(c) or Section (d);
(b)    all goodwill of the business connected with the use of, and symbolized by, each Trademark and each Trademark Intellectual Property License; and
(c)    all products and proceeds (as that term is defined in the Code) of the foregoing, including any claim by such Grantor against third parties for past, present or future (i) infringement or dilution of any Trademark or any Trademarks exclusively licensed under any Intellectual Property License, including right to receive any damages, (ii) injury to the goodwill associated with any Trademark, or (iii) right to receive license fees, royalties, and other compensation under any Trademark Intellectual Property License.
3.    SECURITY FOR SECURED OBLIGATIONS.  This Trademark Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Trademark Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, for the benefit of the Lenders, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

4.    SECURITY AGREEMENT.  The Security Interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lenders, pursuant to the Security Agreement, and is subject to the terms thereof.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Trademark Security Agreement and the Security Agreement, the Security Agreement shall control.
5.    COUNTERPARTS.  This Trademark Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Trademark Security Agreement.  Delivery of an executed counterpart of this Trademark Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Trademark Security Agreement.  Any party delivering an executed counterpart of this Trademark Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Trademark Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Trademark Security Agreement.
6.    CONSTRUCTION.  This Trademark Security Agreement is a First Lien Document.  Unless the context of this Trademark Security Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.  The words “hereof”, “herein”, “hereby”, “hereunder”, and similar terms in this Trademark Security Agreement refer to this Trademark Security Agreement as a whole and not to any particular provision of this Trademark Security Agreement.  Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified.  Any reference in this Trademark Security Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.  Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds other than unasserted contingent indemnification Secured Obligations.  Any reference herein to any Person shall be construed to include such Person's successors and permitted assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.
7.    THIS TRADEMARK SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
8.    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS TRADEMARK SECURITY AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.  THIS SUBMISSION TO JURISDICTION IS EXCLUSIVE AND PRECLUDES A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.
9.    EACH PARTY TO THIS TRADEMARK SECURITY AGREEMENT HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST LIEN DOCUMENTS AND THE 

TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Trademark Security Agreement to be executed and delivered as of the day and year first above written.

	
		
	GRANTORS:
	 

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	ACCEPTED AND ACKNOWLEDGED BY:

	 
	 

	AGENT:
	ICON AGENT, LLC,
as agent for the Lenders

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

SCHEDULE I
to
TRADEMARK SECURITY AGREEMENT
Trademark Registrations/Applications
	
					
	Grantor
	Country
	Mark
	Application/ Registration No.
	App/Reg Date

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Trade Names

Common Law Trademarks

Trademarks Not Currently In Use

Trademark LicensesExhibit 10.1

EXHIBIT 10.1
EXECUTION COPY

Amended and Restated Credit Agreement

This Amended and Restated Credit Agreement (this “Agreement”) dated as of December 17, 2012 is among the lenders set forth on Schedule B attached hereto (together with their respective successors and assigns, each herein referred to as a “Lender” and collectively, the “Lenders”), ICON AGENT, LLC, a Delaware limited liability company, as agent for the Lenders (in such capacity, together with its successors and assigns, “Agent”), PLATINUM ENERGY SOLUTIONS, INC, a Nevada corporation (the “Borrower”), whose address is 2100 West Loop South, Suite 1400, Houston, Texas 77027, and PLATINUM PRESSURE PUMPING, INC., a Delaware corporation (the “Guarantor”), whose address is 2100 West Loop South, Suite 1400, Houston, Texas  77027.

This Agreement amends and restates in its entirety, and as so amended and restated supersedes, the Credit Agreement, dated as of December 28, 2011, as amended (as so amended, the “Original Credit Agreement”), among Borrower, Guarantor and JPMorgan Chase Bank, N.A. (“JPMorgan”). JPMorgan has assigned to Agent its entire right, title and interest in and to the Original Credit Agreement and the Related Documents (as defined below) pursuant to that certain Loan Purchase Agreement, of even date herewith, between Agent and JPMorgan, as confirmed by Borrower and Guarantor.

As of the date hereof, immediately prior to giving effect to this Agreement, the outstanding principal amount of all Revolving Loans under the Original Credit Agreement aggregate $15,000,000. Borrower has requested that the Lenders agree to convert the outstanding Revolving Line (as defined in the Original Credit Agreement) to the term loan facility described herein.

		
	1.
	Credit Facility.

		
	1.
	Scope. This Agreement, unless otherwise agreed to in writing by the Agent and the Borrower or prohibited by any Legal Requirement (as hereafter defined), governs the Credit Facility as defined below. Loans under the Credit Facility shall be subject to the procedures established from time to time by the Agent. Any procedures agreed to by the Agent with respect to obtaining advances, including automatic loan sweeps, shall not vary the terms or conditions of this Agreement or the other Related Documents regarding the Credit Facility.

		
	2.
	Definitions and Interpretations.

		
	1.
	Definitions. As used in this Agreement, the following terms have the following respective meanings:

A.[RESERVED]

B.“Affiliate” means any Person which, directly or indirectly Controls or is Controlled by or under common Control with, another Person, and any director or officer thereof. The Agent and each Lender is under no circumstances to be deemed an Affiliate of any Borrower or any of their Subsidiaries.

C.“Applicable Margin” shall mean nine percent (9%). 

D.“Authorizing Documents” means certificates of authority to transact business, certificates of good standing, borrowing resolutions, appointments, officer's certificates, certificates of incumbency, and other documents which empower and authorize or evidence the power and authority of all Persons (other than the Agent or any Lender) executing any Related Document or their representatives to execute and deliver the Related Documents and perform the Person's obligations thereunder.

E.    [RESERVED]
F.    [RESERVED]
G.    [RESERVED] 
H.    [RESERVED]

I.    “Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank market.

J.    “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Borrower and its Subsidiaries taken as a whole to any “person” or “Group” (as such terms are defined in Section 13(d) of the Exchange Act) other than a Permitted Holder; (2) the adoption of a plan relating to the liquidation or dissolution of Borrower; (3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any “Person” (as defined above) other than a Permitted Holder becomes the beneficial owner, directly or indirectly, of more than 50% of the voting stock of Borrower, measured by voting power rather than number of shares; (4) the consummation of the first transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) other than a Permitted Holder becomes the beneficial owner, directly or indirectly, of more of the voting stock of Borrower (measured by voting power rather than number of shares) than is at the time beneficially owned (measured on the same basis) by the Permitted Holders in the aggregate; or (5) after an initial public offering of Borrower, the first day on which a majority of the members of the Board of Directors of Borrower are not continuing directors.

K.    “Closing Date” means the Business Day on which the conditions precedent set forth in Section 3.1 have been satisfied or specifically waived in writing by Agent and the Term Loans have been advanced.
L.    “Collateral” means all Property, now or in the future subject to any Lien in favor of the Agent, securing or intending to secure, any of the Liabilities.
M.    “Control” as used with respect to any Person, means the power to direct or cause the direction of, the management and policies of that Person, directly or indirectly, whether through the ownership of Equity Interests, by contract, or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

N.    “Credit Facility” means the Term Loans and all other extensions of credit from the Lenders to the Borrower hereunder.

O.    “Distributions” means all dividends and other distributions made to any Equity Owners, other than salary, bonuses, and other compensation for services rendered.

P.    [RESERVED] 

Q.    “Eligible Accounts” shall mean accounts receivable owned by Borrower subject to a first security interest in favor of the Agent that are acceptable and approved by the Agent from time to time as accounts eligible to be used as a basis for  a Term Loan to Borrower or a mandatory prepayment of Term Loans under Section 3.3(D) hereof.  Without limiting the Agent's discretion to deem an account unacceptable, the following shall not be an Eligible Account: (i) accounts subject to any withholding, offset, counterclaim or other defense by account debtor to the extent of such withholding, offset, counterclaim or defense; (ii) accounts where Borrower is indebted to such account debtor to the extent of such indebtedness; (iii) accounts arising from a sale-or-return, consignment or other repurchase or return bases (other than customary warranties regarding the underlying goods); (iv) accounts subject to any lien other than a lien in favor of Agent or the holders of the Senior Secured Notes; (v) accounts owing from an account debtor that is insolvent; (vi) accounts owed by an agency, department or instrumentality of the United States or any state governmental authority in the United States (unless perfected pursuant to the Assignment of Claims Act); (vii) accounts arising for debtors outside the United States; (viii) accounts not denominated in U.S. Dollars; (ix) bonded accounts, retainage, and accounts resulting from progress billings and performance contracts; (x) pre-billed accounts; (xi) accounts owing from any person that is an affiliate of the Borrower; (xii) accounts that are more than 90-days past due (based on invoice date); (xiii) the entire balance of any single account debtor whenever fifteen percent (15%) or more of the total amount outstanding on all accounts owing by such account debtor is ninety (90) days or more past invoice; and (xiv) other accounts deemed inappropriate by Agent in its reasonable judgment.  Agent reserves the right, from time to time, in its reasonable judgment, to establish additional standards for Eligible Accounts.

R.    [RESERVED] 

S.    “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

T.    “Eligible Inventory” shall mean the inventory of Borrower that is located in the United States and subject to a first priority security interest in favor of Agent, but excluding all inventory determined by Agent in its reasonable judgment to be ineligible.

U.    “Equity Owner” means a shareholder, partner, member, holder of a beneficial interest in a trust or other owner of any Equity Interests.

V.    [RESERVED]
W.    [RESERVED] 

X.    “GAAP” means generally accepted accounting principles in effect from time to time in the United States of America, consistently applied.

Y.    “Guarantee” means individually, collectively and interchangeably, each continuing or commercial guarantee by a direct or indirect domestic Subsidiary of Borrower in favor of the Agent, of the Liabilities and Credit Facility, including, without limitation, the Amended and restated Continuing Guaranty, of even date herewith, by Guarantor in favor of Agent and each Lender.

Z.    “Guarantor” means individually, interchangeably and collectively, Platinum Pressure Pumping, Inc., a Delaware corporation, and any direct or indirect domestic Subsidiary of Borrower that may be created and/or acquired by Borrower after the date of this Agreement.

AA.    “Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of December 28, 2011, by and between Agent, as assignee of JPMorgan Chase Bank, N. A., and The Bank of New York Mellon Trust Company, N.A., as Trustee.

BB.    “Interest Period” means each consecutive one month period, the first of which shall commence on the date of the initial Term Loan and ending on the day which corresponds numerically to such date one (1) month thereafter, provided, however, that if there is no such numerically corresponding day in such first succeeding month, such Interest Period shall end on the last Business Day of such first succeeding month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.

CC.    “Legal Requirement” means any law, ordinance, decree, requirement, order, judgment, rule, regulation (or interpretation of any of the foregoing) of any foreign governmental authority, the United States of America, any state thereof, any political subdivision of any of the foregoing or any agency, department, commission, board, bureau, court or other tribunal having jurisdiction over the Agent or any Lender, any Pledgor or any Obligor or any of its Subsidiaries or their respective Properties or any agreement by which any of them is bound.

DD.    [RESERVED] 

EE.    “Liabilities” means all indebtedness, liabilities and obligations of every kind and character of Borrower to the Agent hereunder or under any of the other Loan Documents, whether the obligations, indebtedness and liabilities are individual, joint and several, contingent or otherwise, now or hereafter existing, whether payable to the Agent or to any Lender or to a third party and subsequently acquired by the Agent or any Lender, including, without limitation, any monetary obligations (including interest) incurred or accrued during the pendency of any bankruptcy, insolvency, receivership or other similar proceedings, regardless of whether allowed or allowable in such proceeding, and all renewals, extensions, modifications, consolidations, rearrangements, restatements, replacements or substitutions of any of the foregoing.

FF.    “LIBOR Rate” means the greater of (i) 30‐day interest rate determined by the Agent by reference to the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page thereof, or any successor to or substitute for such page, providing rate quotations comparable to those currently provided on such page, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, of dollar deposits in an amount comparable to the principal amount outstanding on such date  with a maturity equal to such Interest Period, and (ii) . one percent (1%) on an annualized basis. If no LIBOR Rate is available to the Agent, the applicable LIBOR Rate 

for the relevant Interest Period shall instead be the rate determined by the Agent to be the rate of interest at which deposits in U.S. Dollars are offered to major banks in the London interbank market at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period, in the approximate amount of the principal amount outstanding on such date and having a maturity equal to such Interest Period.

GG.    “Lien” means any mortgage, deed of trust, pledge, charge, encumbrance, security interest, collateral assignment or other lien or restriction of any kind.

HH.    “Loans” has the meaning set forth in Section 3.3(A) hereof.

II.    “Material Adverse Effect” shall mean, with respect to the Borrower, an event which causes a material adverse effect on the business, assets, operations or condition (financial or otherwise) of such Person.

JJ.    “Notes” means the Term Notes and all other promissory notes, instruments and/or contracts now or hereafter evidencing the Credit Facility.

KK.    “Obligor” means Borrower, Guarantor, and any other surety, co-signer, endorser, general partner or other Person who may now or in the future be obligated to pay any of the Liabilities.

LL.    “Organizational Documents” means, with respect to any Person, certificates of existence or formation, documents establishing or governing the Person or evidencing or certifying that the Person is duly organized and validly existing in accordance with all applicable Legal Requirements, including all amendments, restatements, supplements or modifications to such certificates and documents as of the date of the Related Document referring to the Organizational Document and any and all future modifications thereto approved by the Agent.

MM.    “Permitted Holder” means (a) any of (i) Daniel T. Layton; (ii) J. Clarke Legler, II; (iii) L. Charles Moncla, Jr.; (iv) Milburn J. Ducote; and (v) Rodney P. Dartez; and (b) any beneficial owner of the preferred stock of PES as of the issue date and (c) any related party of any one or more of the Persons listed in clause (a) above.

NN.    “Person” means any individual, corporation, partnership, limited liability company, joint venture, joint stock association, association, bank, business trust, trust, unincorporated organization, any foreign governmental authority, the United States of America, any state of the United States and any political subdivision of any of the foregoing or any other form of entity.

OO.    “Pledgor” means any Person providing Collateral.

PP.    “Property” means any interest in any kind of property or asset, whether real, personal or mixed, tangible or intangible.

QQ.    [RESERVED] 

RR.    “Related Documents” or “Loan Documents” means this Agreement, the Notes, the Security Agreement, the Guarantee, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, and any other instrument or document executed in connection with this Agreement or with any of the Liabilities. 

SS.    [RESERVED] 
TT.    [RESERVED]
UU.    [RESERVED] 

VV.    “Security Agreement” means that certain Amended and Restated Security Agreement dated of even date herewith by Borrower and Guarantor, affecting all assets of Borrower and Guarantor, as the same may be amended and/or restated from time to time and in effect.

WW.    “Senior Secured Notes” means the 14.25% Senior Secured Notes due 2015 in the outstanding principal amount of $168,930,011 as of the date hereof, and Warrants to Purchase Common Stock, issued by Borrower.

XX.    “Subordinated Debt” means all debt subordinated to Agent or any Lender in manner and by agreement satisfactory to the Agent. 
 
YY.    “Subsidiary” means, as to any particular Person (the “parent”), a Person the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of the date of determination, as well as any other Person of which fifty percent (50%) or more of the Equity Interests is at the time of determination directly or indirectly owned, Controlled or held, by the parent or by any Person or Persons Controlled by the parent, either alone or together with the parent.

ZZ.    “Term Loans”  has the meaning set forth in Section 3.3(A) hereof.

AAA.   “Term Loan Commitment” means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Loan as set forth on Schedule B attached hereto.  The aggregate amount of the Term Loan Commitments as of the Closing Date is Fifteen Million Dollars ($15,000,000).

BBB.    “Term Notes” has the meaning set forth in Section 3.3(A) hereof.

CCC.    “Termination Date” shall mean the earlier to occur of (i) January 1, 2017 or (ii) the date of termination of the Term Loan and the Lenders' Term Loan Commitments hereunder pursuant to an Event of Default hereunder.

If any applicable domestic or foreign law, treaty, rule or regulation now or later in effect (whether or not it now applies to the Agent or any Lender) or the interpretation or administration thereof by a governmental authority charged with such interpretation or administration, or compliance by the Agent or any Lender with any guideline, request or directive of such an authority (whether or not having the force of law), shall make it unlawful or impossible for the Agent or any Lender to maintain or fund the advances evidenced by the Term Notes, then, upon notice to the Borrower by the Agent, the outstanding principal amount, together with accrued interest and any other amounts payable to the  applicable Lender under its Term Note or the Related Documents shall be repaid (a) immediately upon the Lender's demand if such change or compliance with such requests, in such Lender's judgment, requires immediate repayment, or (b) at the expiration of the last Interest Period to expire before the effective date of any such change or request.

If the Agent determines that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Rate are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the interest rate as provided in the Term Notes, then the Agent shall forthwith give notice of such circumstances to the Borrower, and Agent is hereby authorized to substitute a comparable interest rate whereupon such substituted rate shall then apply to advances under the Term Notes.

In no event shall the interest rate exceed the maximum rate allowed by law. Any interest payment that would for any reason be unlawful under applicable law shall be applied to principal.

		
	2.
	Interpretations. Whenever possible, each provision of the Related Documents shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements. If any provision of this Agreement cannot be enforced, the remaining portions of this Agreement shall continue in effect. In the event of any conflict or inconsistency between this Agreement and the provisions of any other Related Documents, the provisions of this Agreement shall control. Use of the term “including” does not imply any limitation on (but may expand) the antecedent reference. Any reference to a particular document includes all modifications, supplements, replacements, renewals or extensions of that document, but this rule of construction does not authorize amendment of any document without the Agent's consent. Section headings are for convenience of reference only and do not affect the interpretation of this Agreement. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP. Whenever the Agent's determination, consent, approval or satisfaction is required under this Agreement or the other Related Documents or whenever the Agent may at its option take or refrain from taking any action under this Agreement or the other Related Documents, the decision as to whether or not the Agent makes the determination, consents, approves, is satisfied or takes or refrains from taking any action, shall be in the sole and exclusive discretion of the Agent, and the Agent's decision shall be final and conclusive.

		
	3.
	Conditions Precedent to Extensions of Credit; Term Loans.

		
	1.
	Conditions Precedent to Initial Term Loans. Prior to Lenders making the initial  Term Loans hereunder, the Borrower shall deliver to the Agent, in form and substance satisfactory to the Agent the following, or the following conditions shall have been met, as the case may be:

A.Loan Documents. The Term Notes (duly authorized and executed), the Intercreditor Agreement, and the Security Agreement, financing statements, the Guarantee, and any other documents which the Agent may reasonably require to give effect to the transactions described in this Agreement or the other Related Documents;

B.Organizational and Authorizing Documents. The Organizational Documents and Authorizing Documents of the Borrower and any other Persons (other than the Agent) executing the Related Documents in form and substance satisfactory to the Agent that at a minimum: (i) document the due organization, valid existence and good standing of the Borrower and every other Person (other than the Agent) that is a party to this Agreement or any other Related Document; (ii) evidence that each Person (other than the Agent) which is a party to this Agreement or any other Related Document has the power and authority to enter into the transactions described therein; and (iii) evidence that the Person signing on behalf of each Person that is a party to the Related Documents (other than the Agent) is duly authorized to do so;

C.Liens. The termination, assignment or subordination, as determined by the Agent, of all Liens on the Collateral in favor of any secured party (other than the Agent and as contemplated by the Intercreditor Agreement);

D.Borrowing Base.  The Agent's receipt of a current borrowing base certificate (on the form attached hereto as Exhibit A).

E.Operations.  The Agent has determined that Borrower is conducting operations satisfactory to Agent.

F.Capitalization.     An accurate and complete capitalization table reflecting all of the direct and indirect owners of the Borrower (including the applicable ownership percentages as of the Closing Date (the “Cap Table”).

G.Organization Chart. An accurate and complete organization chart reflecting all of the direct and indirect subsidiaries and/or Affiliates of the Borrower (including the applicable ownership percentages) as of the Closing Date (the “Organization Chart”).

H.Closing Fee.  Borrower shall have paid to the Agent for the benefit of the Lenders a closing fee of Three Hundred Thousand Dollars ($300,000), representing two percent (2%) of the aggregate amount of Term Loan Commitments.

I.Cash in Blocked Accounts.  Evidence in form and substance satisfactory to the Agent that as of the Closing Date, there is a balance of not less than Eight Million Dollars ($8,000,000) in the aggregate in the Blocked Accounts (defined below).

		
	2.
	Conditions Precedent to Each Extension of Credit. Before any extension of credit governed by this Agreement, the following conditions must be satisfied:

A.Representations. The representations of the Borrower and any other parties, other than the Agent, in the Related Documents are true on and as of the date of the request for and funding of the extension of credit;

B.No Event of Default. No default, Event of Default or event that would constitute a default or Event of Default but for the giving of notice, the lapse of time or both, has occurred in any provision of this Agreement, the Notes or any other Related Documents and is continuing or would result from the extension of credit;

C.Additional Approvals, Opinions, and Documents. The Agent has received any other approvals, opinions and documents as it may reasonably request; and

D.No Prohibition or Onerous Conditions. The making of the extension of credit is not prohibited by and does not subject the Agent, any Obligor, or any Subsidiary of the Borrower to any penalty or onerous condition under, any Legal Requirement.

3.3    Term Loans. 
 
A.    Term Loans.  
Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower a term loan (each, a “Term Loan”; collectively, the “Term Loans” or the “Loans”) on the Closing Date in the principal amount equal to such Lender's Term Loan Commitment.  Each Lender's Term Loan shall be evidenced by a promissory note (each a “Term Note”) duly executed and delivered by the Borrower prior to the funding of such Term Loan in the form attached hereto as Exhibit 3.3A, and be repayable in accordance with the terms of such Term Note and this Agreement. Borrower shall repay interest on the Loan to the Agent for the pro rata benefit of the Lenders in monthly installments in the amounts set forth on Schedule C, due and payable in arrears on the first Business Day of each calendar month beginning on January 1, 2013 (each such date, a “Payment Date”), and shall make a payment of the entire outstanding balance due and payable on the Termination Date. Once repaid, any amount borrowed under the Term Loan Commitment of each Lender may not be re-borrowed.  

B.    Term.  
On the Termination Date, subject to the prepayment provisions of this Section 3.3, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loans and (ii) all other Liabilities relating to the Loans then due to or incurred by Agent or the Lenders.  

E.Voluntary Prepayments.  
The Loans shall not be prepayable by Borrower prior to December 17, 2014. Commencing the second anniversary of the Closing Date (December 17, 2014), so long as no Default has occurred hereunder, Borrower may, upon thirty (30) calendar days' prior written notice to Agent, make a voluntary prepayment (a “Voluntary Prepayment”) of all, but not less than all, of the entire principal amount of all of the Term Loans then outstanding, provided, however, that, (i) such prepayment is no less than the amount of the then-outstanding aggregate principal sum of all Term Loans and all accrued and unpaid interest thereon, and (ii) as part of such prepayment, Borrower shall pay Agent all other amounts due to Agent pursuant to the Term Loan Notes, this Agreement and other Loan Documents, together with an early payment fee (“Early Payment Fee”) in an amount equal to (1) $525,000, representing an amount equal to 3.5% of the aggregate initial principal amount of all Term Loans, if such prepayment is made during the period of time from and including the date that is the second anniversary of the Closing Date up to the date immediately preceding the date that is the third anniversary of the Closing Date, and (2) $150,000, representing an amount equal to 1.0% of the aggregate initial principal amount of all Term Loans, if such prepayment is made during the period of time from and including the date that is the third anniversary of the Closing Date up to the date that is the fourth anniversary of the Closing Date, in each case together with all breakage costs and fees incurred by Agent or any Lender that are associated with such prepayment. The foregoing Early Payment Fee shall also be applicable to any prepayment on account of Agent's acceleration of the Liabilities following an Event of Default. Such Prepayment Fee is intended to compensate Agent and the Lenders for committing and deploying funds for Borrower's Loans pursuant to the Agreement and for Agent's and Lenders' loss of investment of such funds in connection with such early termination, and is not intended as a penalty.

F.Mandatory Prepayments.  

(i)    Casualty Events.  Borrower shall, on the first Business Day immediately following receipt by Borrower or any Guarantor of Net Cash Proceeds in connection with a Casualty Event, pay 100% of such Net Cash Proceeds to the Agent for application in accordance with the terms of this Section 3.3(D)(i) or deposit or cause to be deposited such Net Cash Proceeds into a Blocked Account and such funds shall remain in such Blocked Account until applied as set forth in this Section.  

For purposes of this Agreement:

“Blocked Account” means either of the Borrower's deposit accounts set forth on Schedule 6(k) of the Security Agreement.

“Casualty Event” means any involuntary loss of title or ownership, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any governmental authority) of, any property of Borrower.  

“Net Cash Proceeds” means, with respect to any Casualty Event, the cash insurance proceeds, condemnation awards and other compensation received in respect thereof, net of all reasonable costs and expenses incurred in connection with the collection of such proceeds, awards or other compensation in respect of such Casualty Event.

If (A) Net Cash Proceeds received by Borrower or any Guarantor is greater than One Hundred Thousand Dollars ($100,000) individually or (B) such Net Cash Proceeds, once received by any Credit Party and added to the amount of Net Cash Proceeds received by the Credit Parties in the aggregate over the a twelve-month period then ended, would exceed Five Hundred Thousand Dollars ($500,000) (the “Net Cash Proceeds Thresholds”), Borrower shall pay to Agent 100% of such Net Cash Proceeds to prepay the Liabilities following consultation with Agent.  Provided that no Default shall exist or arise therefrom, Borrower may retain such Net Cash Proceeds in the event (1) such Net Cash Proceeds, once received, would not cause the Net Cash Proceeds Thresholds to be exceeded, (2) Borrower has delivered an Officers' Certificate to the Agent on or prior to such date of Borrower's receipt stating that such Net Cash Proceeds, once received, would not cause the Net Cash Proceeds Thresholds to be exceeded, no Default would arise from Borrower's use of the Net Cash Proceeds and such Net Cash Proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid, and (3) no later than six (6) months following the date of receipt of such Net Cash Proceeds, such Net Cash Proceeds are used to repair, replace or restore such property in a manner reasonably acceptable to and approved in writing by Agent.  In the event Borrower is permitted to retain such Net Cash Proceeds, such Net Cash Proceeds shall remain in the Blocked Account until the earlier of (x) date the Borrower makes written request for such proceeds in connection with such repairs, replacement or restoration of the property and in accordance with this Section, and such request is approved by the Agent, at which time such proceeds shall be distributed to  Borrower and used for such purpose, provided, that no Default shall then exist or arise therefrom, (y) the expiration of the six-month period, at which time any such remaining Net Cash Proceeds  shall be applied as a mandatory prepayment as provided in this Section, and (z) the Termination Date, at which time such proceeds shall be applied to all Liabilities.

(ii)    Failure to Maintain Minimum Value of Eligible Accounts Receivable and Eligible Inventory.  If the aggregate outstanding principal amount of the Loans shall at any time exceed the sum of (1) eighty percent (80%) of Eligible Accounts and (2) the lesser of (A) fifty percent (50%) of Eligible Inventory and (B) $5,250,000, Borrower shall immediately pay to Agent the amount of such excess , and such payment shall be applied to the Liabilities in such order as Agent in its sole discretion may deem advisable, and such excess, once repaid, may not be reborrowed.

 
G.Single Loan.  
The Loans and all of the other Liabilities shall constitute one general obligation of Borrower secured by all of the Collateral.

H.Termination. 
The Term Loans shall be due and payable in full on the Termination Date.  

I.Use of Proceeds. 
Proceeds from the Term Loans shall be used by Borrower for payment of existing indebtedness as approved by Agent and general working capital purposes.  

J.Interest; Default Interest.
Term Loans shall bear interest at the variable rate equal to LIBOR Rate plus the Applicable Margin.  The principal amount of the Term Notes shall be payable on the Termination Date.  In addition, monthly payments of accrued interest shall be payable as set forth in the Term Notes.  Upon the occurrence of an Event of Default which has not been cured after the expiration of all applicable cure periods, including failure to pay upon final maturity, Agent, at its option, and if permitted under applicable law, may do one or both of the following:  (a) increase the applicable interest rate on the Term Notes three (3.00) percentage points, and (b) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in the Term Notes (including any increased rate).  The interest rate will not exceed the maximum rate permitted by applicable law.

K.Proceeds of Collateral.
Subject to the Intercreditor Agreement, any proceeds of Collateral received by the Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents, or (B) 

a mandatory prepayment, or (ii) after an Event of Default has occurred and is continuing and the Agent so elects,  shall be applied, subject to the Intercreditor Agreement, ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Agent from the Borrower, second, to pay interest then due and payable in respect of any Term Loans, third, to pay the principal of the Term Loans, and fourth, to the payment of any other secured obligations due to the Agent by the Borrower. The Agent shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the secured obligations.  

At the election of the Agent, all payments of principal, interest, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses, and other sums payable under the Loan Documents), may be  deducted from any deposit account of the Borrower as to which the Agent exercises control.  The Borrower hereby irrevocably authorizes the Agent to charge any deposit account of the Borrower maintained with the Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

		
	3.4
	Collateral and Guarantees.

		
	A.
	Guarantees.  All Term Loans shall be guaranteed (unlimited and joint and several) by each direct or indirect domestic Subsidiary of the Borrower, including future direct or indirect domestic Subsidiaries.  As of the date of this Agreement, the Borrower has one such Subsidiary.

		
	B.
	Collateral.  The Term Loans and Credit Facility will be secured by a first priority security interest in substantially all assets of the Borrower and its direct or indirect domestic Subsidiaries.

		
	4.
	Affirmative Covenants. The Borrower agrees to do, and cause each of its Subsidiaries to do, each of the following:

		
	1.
	Insurance. Maintain insurance with financially sound and reputable insurers, with such insurance and insurers to be satisfactory to the Agent, covering its Property and business against those casualties and contingencies and in the types and amounts as are in accordance with sound business and industry practices, naming Agent as loss payee, and furnish to the Agent, upon request of the Agent, reports on each existing insurance policy showing such information as the Agent may reasonably request.  Within sixty (60) days of the Closing Date, Borrower shall, and shall cause each of its Subsidiaries to, deliver to the Agent insurance endorsements with respect to Borrower and such Subsidiary's Property and business in form and substance satisfactory to the Agent.

		
	2.
	Existence. Maintain its existence and business operations as presently in effect in accordance with all applicable Legal Requirements in all material respects, pay its debts and obligations when due under normal terms, and pay on or before their due date, all taxes, assessments, fees and other governmental monetary obligations, except as such debts, taxes or other obligations may be contested in good faith if they have been properly reflected on its books and, at the Agent's request, adequate funds or security has been pledged or reserved to insure payment.

		
	3.
	Financial Records. Maintain proper books and records of account, in accordance with GAAP, and consistent with financial statements previously submitted to the Agent.

		
	4.
	Inspection. Permit the Agent, its agents and designees to: (a) upon notice and during normal business hours, inspect and photograph its Property, to examine and copy files, books and records, and to discuss its business, operations, prospects, assets, affairs and financial condition with the Borrower's or its Subsidiaries' officers and accountants, on an annual basis as of June 30 of each year; (b) perform audits or other inspections of the Collateral, including the records and documents related to the Collateral; and (c) confirm with any Person any obligations and liabilities of the Person to the Borrower or its Subsidiaries. The Borrower will, and will cause its Subsidiaries to cooperate with any inspection or audit. The Borrower will pay the Agent the reasonable costs and expenses of any audit or inspection of the Collateral (including fees and expenses charged internally by the Agent for asset reviews) promptly after receiving the invoice.

		
	5.
	Financial Reports. Furnish to the Agent whatever information, statements, books and records the Agent may from time to time reasonably request, including at a minimum: 

A.Within thirty (30) days after each month, the internally prepared financial statements of Borrower, prepared and presented in accordance with GAAP, including a balance sheet as of the end of that period, and 

income statement for that period, and, if requested at any time by the Agent, a statement of retained earnings for that period, all certified as correct by Borrower's duly authorized representative.

B.Within one hundred twenty (120) days after and as of the end of each of its fiscal years, the audited and unqualified financial statements of Borrower prepared and presented in accordance with GAAP, including a balance sheet and statements of income, cash flow and retained earnings, such financial statements to be reviewed by an independent certified public accountant of recognized standing satisfactory to the Agent.

C.    Within thirty (30) days after the end of each month, Borrower shall deliver to Agent an aging of accounts receivable, together with a borrowing base certificate in the form attached hereto as Exhibit A. 

		
	6.
	Notices of Claims, Litigation, Defaults, etc. Promptly inform the Agent in writing within ten (10) days of the happening or occurrence of any of the following: (1) all existing and all threatened (in writing) litigation, investigations, administrative proceedings and similar government actions or changes in Legal Requirements affecting it which could materially and adversely affect its business, assets, affairs, prospects or financial condition; (2) the occurrence of any event which gives rise to the Agent's option to terminate the Credit Facility; (3) the institution of steps by it to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which it may have material liability; (4) any reportable event or any prohibited transaction in connection with any employee benefit plan; (5) any additions to or changes in the locations of its businesses; (6) any alleged breach by the Agent of any provision of this Agreement or of any other Related Document; (7) the Borrower or Guarantor apply for bankruptcy or similar proceedings; (8) the Agent's lien on the Collateral ceases to be a valid, enforceable, and perfected first priority security interest; (9) the issuance of any levy, attachment, assessment, seizure or lien against any of the Collateral which is not stayed or lifted within 30 calendar days of filing; (10) any proceeding is commenced by or against such Borrower or Guarantor for the liquidation of its assets or dissolution; (11) any litigation is filed against Borrower or Guarantor which has had or could reasonably cause a Material Adverse Effect and such litigation is not withdrawn or dismissed within 90 calendar days of the filing; (12) any default or Event of Default under the Loan Documents; (13) any event which has had or could reasonably be expected to have a Material Adverse Effect; and (14) any material provision of the Loan Documents ceases to be valid, binding and enforceable.

		
	7.
	Changes in Cap Table and/or Organization Chart. Provide Agent with an updated Cap Table within seven (7) Business Days following a change in ownership of the Borrower, and provide the Agent with an updated Organization Chart within thirty (30) days following a change in the organization of the Borrower.  

		
	8.
	Title to Assets and Property. Maintain good and marketable title to all of its Properties to the extent necessary to its business, and defend them against all claims and demands of all Persons at any time claiming any interest in them.

		
	9.
	Additional Assurances. Promptly make, execute and deliver any and all agreements, documents, instruments and other records that the Agent may reasonably request to evidence any of the Credit Facility, cure any defect in the execution and delivery of any of the Related Documents, perfect any Lien, comply with any Legal Requirement applicable to the Agent or the Credit Facility or describe more fully particular aspects of the agreements set forth or intended to be set forth in any of the Related Documents.

		
	10.
	Employee Benefit Plans. Maintain each employee benefit plan as to which it may have any material liability, in compliance with all Legal Requirements.

		
	11.
	Investment Company Act Status.    Provide Agent with prompt written notice of any change with respect to Borrower's representation in Section 6.1(h) hereof (Investment Company Act status), but in no event later than fifteen (15) days following any such change. 

		
	12.
	Compliance Certificates. Within thirty (30) days after the end of each quarter (commencing the quarter ended March 31, 2013, the Borrower shall provide to Agent a compliance certificate signed by the chief financial officer of Borrower, certifying that he has reviewed this Agreement and to the best of his knowledge no Event of Default or Default has occurred, or if such a Default has occurred, specifying the nature and extent thereof, and details of any waivers, amendments, or modifications of any covenant contained in this Agreement. A form of compliance certificate is attached to this Agreement as Exhibit B. 

		
	13.
	[RESERVED] 

		
	4.14
	Collateral Deposit Accounts. 

 
(a)    On or before the date of this Agreement, the Borrower shall (a) execute and deliver to the Agent Deposit Account Control Agreements for each Deposit Account (as defined in the Security Agreement) maintained by the Borrower (each a “Collateral Deposit Account”), which Collateral Deposit Accounts are identified as such on Schedule 6(k) to the Security Agreement.  After the date of this Agreement, the Borrower will comply with the terms of Section 4.14(c) below. 

(b)    Until the occurrence of an Event of Default, the Borrower shall be an authorized signor on the Collateral Deposit Accounts with full access to the funds therein.  Such access and authority to the Collateral Deposit Accounts shall be automatically terminated upon the occurrence of an Event of Default.

(c)    Covenant Regarding New Deposit Accounts.  Before opening or replacing any Collateral Deposit Account or other Deposit Account, the Borrower shall (i) obtain the Agent's consent in writing to the opening of such Collateral Deposit Account or other Deposit Account, and (ii) cause each bank or financial institution in which it seeks to open a Collateral Deposit Account or other Deposit Account, to enter into a Deposit Account Control Agreement with the Agent in order to give the Agent Control of such Collateral Deposit Account or other Deposit Account.

(d)     Application of Proceeds; Deficiency.  Upon the occurrence of an Event of Default, all amounts deposited and to be deposited in each Collection Deposit Account or other Deposit Account of Borrower shall be under the exclusive control and dominion of Agent and shall be applied (and allocated) by Agent in accordance with Section 3.3(I) of this Agreement unless a court of competent jurisdiction shall otherwise direct.  The balance, if any, after all of the Liabilities have been satisfied, shall be deposited by the Agent into the Borrower's general operating account with the Agent. The Borrower shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Liabilities, including any attorneys' fees and other expenses incurred by the Agent to collect such deficiency.

		
	14.
	Field Examinations.  Upon Agent's periodic request, the Borrower agrees to permit Agent and its representatives access to the books, records and properties of Borrower during normal business hours for the purpose of inspecting same and to ensure the adequacy of the Borrowing Base Amount.

		
	15.
	Additional Motor Vehicle Titles.  Within sixty (60) days of the Closing Date, the Borrower shall deliver to the Agent titles to the motor vehicles set forth in Schedule D attached hereto, free and clear of liens thereon and otherwise in form and substance satisfactory to the Agent. 

		
	5.
	Negative Covenants.

		
	1.
	Unless otherwise noted, the financial requirements set forth in this section will be computed in accordance with GAAP applied on a basis consistent with financial statements previously submitted by any Borrower to the Agent.

		
	2.
	Without the written consent of the Agent, the Borrower will not and no Subsidiary of the Borrower will:

A.Distributions.  Redeem, retire, purchase or otherwise acquire, directly or indirectly, any of its Equity Interests, return any contribution to an Equity Owner or, other than stock dividends and dividends paid to the Borrower, declare or pay any Distributions; provided, however, that if there is no existing default under this Agreement or any other Related Document and to do so will not cause a default under any of such agreements the Borrower may pay Distributions to its Equity Owners sufficient in amount to pay their income tax obligations attributable to the Borrower's taxable income if any Borrower is a sub S corporation, limited liability company or partnership. 

B.Intentionally Deleted. 

C.Debt. Incur, contract for, assume, or permit to remain outstanding, indebtedness for borrowed money, installment obligations, or obligations under capital leases, other than (1) unsecured trade debt incurred in the ordinary course of business, (2) indebtedness owing to the Agent, (3) indebtedness reflected in its latest financial statement furnished to the Agent prior to execution of this Agreement and that is not to be paid with proceeds of borrowings under the Credit Facility, (4) indebtedness outstanding as of the date hereof that has been disclosed to the Agent in writing and that is not to be paid with proceeds of borrowings under the Credit Facility, including indebtedness arising under the Senior Secured Notes and the indebtedness described on Schedule A attached hereto and made a part hereof, (5) purchase money indebtedness, (6) indebtedness created for the sole purpose of amending, modifying, extending, consolidating, rearranging, restating, renewing or replacing, in whole or in part, indebtedness referred to in the foregoing clauses (3) through (4), provided the principal amount of such indebtedness is not increased, and (7) other indebtedness in the aggregate amount of $5,000,000.00 per year, excluding insurance premium financing.  The parties hereto acknowledge and agree that (i) Borrower is indebted to JPMorgan under credit cards issued to the Borrower with an aggregate maximum line of credit in the amount of $85,000 (the “JPMorgan Credit Card Debt”) and (ii) Borrower is indebted to Wright Express Financial Services Corporation under a fuel card line with an aggregate maximum line of credit in the amount of $100,000 (the “Wright Fuel Card Debt”).  Without the written consent of the Agent, the Borrower will not, and no Subsidiary of the Borrower will (i) incur JPMorgan Credit Card Debt in excess of $85,000 or Wright Fuel Card Debt in excess of $100,000, in each case exclusive of interest charges or (ii) incur indebtedness under credit cards or other lines of credit issued by any other Person.

D.Guaranties. Guarantee or otherwise become or remain secondarily liable on the undertaking of a Person who is not an Affiliate for indebtedness for borrowed money.

E.Liens. Create or permit to exist any Lien on any of its Property except: (1) Lien securing the indebtedness arising under the Senior Secured Notes and other existing Liens known to and approved by the Agent, including those Liens that secure the indebtedness described on Schedule A attached hereto; (2) Liens to the Agent; (3) Liens incurred in the ordinary course of business securing current non-delinquent liabilities for taxes, worker's compensation, unemployment insurance, social security and pension liabilities; (4) Liens of landlords, vendors, carriers, warehousemen, mechanics, laborers and materialmen arising by law in the ordinary course of business for sums either not more than ninety (90) days past due or being contested in good faith if they have been properly reflected on its books and, at the Agent's request, adequate funds or security has been pledged or reserved to insure payment; (5) servitudes (contractual and legal), zoning restrictions, minor imperfections of title or non-monetary Liens that do not materially impair the operation of immovable property in its intended use or the title thereto and which are of a nature commonly existing with respect to properties of a similar character as the Property; (6) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties in connection with the importation of goods; (7) pledges and deposits to secure the performance of bids, trade contracts, leases, purchase agreements, government contracts, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business (and, for the avoidance of doubt, not including promissory notes and contracts for the repayment of borrowed money); (8) Liens (including contractual security interests) in favor of a financial institution (including securities firms) encumbering deposit accounts or checks or instruments for collection, commodity accounts or securities accounts (including the right of set-off) at or held by such financial institution in the ordinary course of its commercial business and which secure only liabilities owed to such financial institution arising out of or resulting from its maintenance of such account or otherwise are within the general parameters customary in the financial industry; (9) Liens being contested in good faith in accordance with Section 4.2 of this Agreement; (10) Liens that are purchase money security interests and (11) (i) the Lien of JPMorgan in and to the certificate of deposit in the amount of $85,000 issued by JPMorgan to Borrower, securing the Borrower's obligations under the Credit Card Debt and (ii) the Lien of Wright Express Financial Services Corporation in and to the letter of credit issued by JPMorgan to Wright Express Financial Services Corporation for the account of Borrower in the amount of $100,000, which letter of credit is fully secured by cash of the Borrower.

F.Use of Proceeds. Use, or permit any proceeds of the Credit Facility to be used, directly or indirectly, for: (1) any personal, family or household purpose; or (2) the purpose of “purchasing or carrying any margin stock” within the meaning of Federal Reserve Board Regulation U. At the Agent's request, it will furnish a completed Federal Reserve Board Form U-1.

G.Continuity of Operations. (1) Engage in any business activities substantially different from those in which it is presently engaged; (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other Person other than an Affiliate, dissolve, or sell any substantial part of its material assets out of the ordinary 

course of business (provided, however, that nothing shall prevent the Borrower or any Subsidiary, as appropriate, from selling or otherwise transferring obsolete or surplus equipment or other obsolete or surplus assets); (3) enter into any arrangement with any Person providing for the leasing by it of Property which has been sold or transferred by it to such Person; or (4) acquire all or substantially all of the assets or stock of another Person.

H.Change of Name/Structure.  Change its name or status as a corporation, principal business location, or jurisdiction of incorporation, without first providing the Agent thirty (30) days prior written notice of such change.

I.Conflicting Agreements. Enter into any agreement containing any provision which would be violated or breached by the performance of its obligations under this Agreement or any of the other Related Documents.

J.Intentionally Deleted. 

K.Government Regulation. (1) Be or become subject at any time to any Legal Requirement or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits the Agent or any Lender from making any advance or extension of credit to it or from otherwise conducting business with it, or (2) fail to provide documentary and other evidence of its identity as may be requested by the Agent at any time to enable the Agent to verify its identity or to comply with any applicable Legal Requirement, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.

L.Subsidiaries. Acquire any Subsidiary without the prior consent of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed by the Agent).  

M.Intentionally Deleted.

		
	3.
	Financial Statement Calculations. Any financial covenant(s) set forth in this Agreement shall, except as may be otherwise expressly provided with respect to any particular financial covenant, be calculated on the basis of the Borrower's financial statements prepared on a consolidated basis with its Subsidiaries in accordance with GAAP. Except as may be otherwise expressly provided with respect to any particular financial covenant, if any financial covenant states that it is to be tested with respect to any particular period of time (which may be referred to therein as a “Test Period”) ending on any test date (e.g., a fiscal month end, fiscal quarter end, or fiscal year end), then compliance with that covenant shall be required commencing with the period of time ending on the first test date that occurs after the date of this Agreement (or, if applicable, of the amendment to this Agreement which added or amended such financial covenant). 

		
	6.
	Representations.

		
	1.
	Representations and Warranties by the Borrower. To induce the Agent and each Lender to enter into this Agreement and to extend credit or other financial accommodations under the Credit Facility, the Borrower represents and warrants as of the date of this Agreement and as of the date of each request for credit under the Credit Facility that each of the following statements is and shall remain true and correct throughout the term of this Agreement and until all Credit Facility and all Liabilities under the Notes and other Related Documents are paid in full: (a) its principal residence or chief executive office is at the address shown above, (b) its name as it appears in this Agreement is its exact name as it appears in its Organizational Documents, (c) the execution and delivery of this Agreement and the other Related Documents to which it is a party, and the performance of the obligations they impose, do not violate any Legal Requirement, conflict with any agreement by which it is bound, or require the consent or approval of any other Person, (d) this Agreement and the other Related Documents have been duly authorized, executed and delivered by all parties thereto (other than the Agent) and are valid and binding agreements of those Persons, enforceable according to their terms, except as may be limited by bankruptcy, insolvency or other laws affecting the enforcement of creditors' rights generally and by general principles of equity, (e) all balance sheets, profit and loss statements, and other financial statements and other information furnished to the Agent in connection with the Liabilities are accurate and fairly reflect the financial condition of the Persons to which they apply on their effective dates, including contingent liabilities of every type, which financial condition has not changed materially and adversely since those dates, (f) no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) is pending or threatened (in writing) against it, and no other event has occurred which may in any one case or in the aggregate materially adversely affect it or any of its Subsidiaries' financial condition, properties, business, affairs or 

operations, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by the Agent in writing, (g) all of its tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being contested by it in good faith and for which adequate reserves have been provided, (h) it is not an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended, (i) there are no defenses or counterclaims, offsets or adverse claims, demands or actions of any kind, personal or otherwise, that it could assert with respect to this Agreement or the Credit Facility, (j) it owns, or is licensed to use, all trademarks, trade names, copyrights, technology, know-how and processes necessary for the conduct of its business as currently conducted, and (k) the execution and delivery of this Agreement and the other Related Documents to which it is a party and the performance of the obligations they impose, if the Borrower is other than a natural Person (i) are within its powers, (ii) have been duly authorized by all necessary action of its governing body, and (iii) do not contravene the terms of its Organizational Documents or other agreement or document governing its affairs.

		
	7.
	Default/Remedies. 

		
	1.
	Events of Default/Acceleration. Subject to Section 7.2, if any of the following events occurs (individually an “Event of Default” and collectively, “Events of Default”), the Notes shall become due immediately, by written notice to the Borrower, at the Agent's option:

A.Any Obligor fails to pay when due any principal payable with respect to any of the Liabilities, or any interest or other amount payable with respect to any of the Liabilities or under any Note or any other Related Document, which failure to pay interest or such other amount (other than principal) continues unremedied for a period of three (3) Business Days.  

B.Any Obligor or any Pledgor: (i) fails to observe or perform or otherwise violates any other material term, covenant, condition or agreement of any of the Related Documents; (ii) makes any materially incorrect or misleading representation, warranty, or certificate to the Agent; (iii) makes any materially incorrect or misleading representation in any financial statement or other information delivered to the Agent; or (iv) defaults under the terms of any agreement or instrument relating to any debt for borrowed money in excess of $1,000,000.00 (other than the debt evidenced by the Related Documents) and the effect of such default allows the creditor to declare the debt due before its stated maturity.  

C.In the event (i) there is a default under the terms of any Related Document, (ii) any Obligor terminates or revokes or purports to terminate or revoke its guaranty or any Obligor's guaranty becomes unenforceable in whole or in part, (iii) any Obligor fails to perform promptly under its guaranty, or (iv) any Obligor fails to comply with, or perform in any material respect under any agreement, now or hereafter in effect, between the Obligor and the Agent, or any Affiliate of the Agent or their respective successors and assigns.

D.There is any material loss, theft, damage, or destruction of any Collateral not covered by insurance.

E.Any event occurs that would permit the Pension Benefit Guaranty Corporation to terminate any employee benefit plan of any Obligor or any Subsidiary of any Obligor.

F.Any Obligor or any of its Subsidiaries or any Pledgor: (i) becomes insolvent or unable to pay its debts as they become due; (ii) makes an assignment for the benefit of creditors; (iii) consents to the appointment of a custodian, receiver, or trustee for itself or for a substantial part of its Property; (iv) commences any proceeding under any bankruptcy, reorganization, liquidation, insolvency or similar laws; (v) conceals or removes any of its Property, with intent to hinder, delay or defraud any of its creditors; (vi) makes or permits a transfer of any of its Property, which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or (vii) makes a transfer of any of its Property to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid.

G.A custodian, receiver, or trustee is appointed for any Obligor or any of its Subsidiaries or any Pledgor or for a substantial part of their respective Property.

H.Any Obligor or any of its Subsidiaries, without the Agent's written consent: (i) liquidates or is dissolved; (ii) merges or consolidates with any other Person; (iii) leases, sells or otherwise conveys a material part of its assets or business outside the ordinary course of its business; (iv) leases, purchases, or otherwise acquires a 

material part of the assets of any other Person, except in the ordinary course of its business; or (v) agrees to do any of the foregoing; provided, however, that any Subsidiary of an Obligor may merge or consolidate with any other Subsidiary of that Obligor, or with the Obligor, so long as the Obligor is the survivor.

I.Proceedings are commenced under any bankruptcy, reorganization, liquidation, or similar laws against any Obligor or any of its Subsidiaries or any Pledgor and remain undismissed for thirty (30) days after commencement; or any Obligor or any of its Subsidiaries or any Pledgor consents to the commencement of those proceedings.

J.Any judgment in excess of $1,000,000.00 is entered against any Obligor or any of its Subsidiaries, which judgment is not fully covered by insurance after taking into account any applicable deductibles, or any attachment, seizure, sequestration, levy, or garnishment is issued against any Property of any Obligor or any of its Subsidiaries or of any Pledgor or any Collateral, and which judgment, attachment, seizure, sequestration, levy or garnishment remains unpaid, unstayed on appeal, undischarged, unbonded or undismissed for a period of at least (30) calendar days.

K.Any material adverse change occurs in: (i) the reputation, Property, financial condition, business, assets, affairs, prospects, liabilities, or operations of the Borrower or any of its Subsidiaries; (ii) any Obligor's or Pledgor's ability to perform its obligations under the Related Documents; or (iii) the Collateral.

L.A Change of Control occurs.

M.The occurrence of a default or Event of Default under the Indenture executed by Borrower in connection with the Senior Secured Notes, or any documents executed in connection therewith.

		
	2.
	Notice and Cure Right; Remedies. If the default is a non-monetary default that can be cured, the Borrower will have twenty (20) days from the date  of the default  to cure such default before such default becomes an Event of Default.  In the event Agent has actual knowledge of a non-monetary default by Borrower, Agent shall make reasonable efforts to notify borrower of such default as an accommodation, provided, however, that failure to provide such notice will not impact Borrower's obligations hereunder or constitute a waiver of Agent's rights hereunder.  At any time after the expiration of such cure period for such non-monetary defaults and for all other Events of Defaults, the Agent may do one or more of the following: (a) cease permitting the Borrower to incur any Liabilities; (b) terminate any commitment of the Agent evidenced by any of the Notes; (c) declare any of the Notes to be immediately due and payable upon notice to the Borrower of acceleration, but without presentment and demand or protest, which are hereby expressly waived; (d) exercise all rights of setoff that the Agent may have contractually, by law, in equity or otherwise; and (e) exercise any and all other rights pursuant to any of the Related Documents, at law, in equity or otherwise. In furtherance and not in limitation of the foregoing, the Agent may charge default interest in accordance with the terms of the Term Notes and Section 3.3(H) hereof.

A.Generally. The rights of the Agent under this Agreement and the other Related Documents are in addition to other rights (including without limitation, other rights of setoff) the Agent may have contractually, by law, in equity or otherwise, all of which are cumulative and hereby retained by the Agent. Each Obligor agrees to stand still with regard to the Agent's enforcement of its rights, including taking no action to delay, impede or otherwise interfere with the Agent's rights to realize on any Collateral.

B.Expenses. To the extent not prohibited by applicable Legal Requirements and whether or not the transactions contemplated by this Agreement are consummated, the Borrower is liable to the Agent and agrees to pay on demand all reasonable costs and expenses of every kind incurred (or charged by internal allocation) in connection with the negotiation, preparation, execution, filing, recording, modification, supplementing and waiver of the Related Documents, the making, servicing and collection of the Credit Facility and the realization on any Collateral and any other amounts owed under the Related Documents, including without limitation reasonable attorneys' fees (including counsel for the Agent that are employees of the Agent or its Affiliates) and court costs. These costs and expenses include without limitation any costs or expenses incurred by the Agent in any bankruptcy, reorganization, insolvency or other similar proceeding involving any Obligor, Pledgor, or Property of any Obligor, Pledgor, or Collateral. The obligations of the Borrower under this section shall survive the termination of this Agreement.

C.Agent's Right of Setoff. The Borrower grants to the Agent a security interest in the Deposits, and the Agent is authorized to setoff and apply, all Deposits, Securities and Other Property, and Agent Debt against any 

and all Liabilities.  Subject to the Intercreditor Agreement, this right of setoff may be exercised at any time from time to time after the occurrence of any default, without prior notice to or demand on the Borrower and regardless of whether any Liabilities are contingent, unmatured or unliquidated. In this paragraph: (a) the term “Deposits” means any and all accounts and deposits of the Borrower (whether general, special, time, demand, provisional or final) at any time held by the Agent (including all Deposits held jointly with another, but excluding any IRA or Keogh Deposits, or any trust Deposits in which a security interest would be prohibited by any Legal Requirement or payroll accounts); (b) the term “Securities and Other Property” means any and all securities and other personal Property of the Borrower in the custody, possession or control of the Agent, its Subsidiaries and Affiliates (other than Property held by the Agent in a fiduciary capacity); and (c) the term “Agent Debt” means all indebtedness at any time owing by the Agent, to or for the credit or account of the Borrower and any claim of the Borrower (whether individual, joint and several (solidary) or otherwise) against the Agent now or hereafter existing. 

		
	8.
	Miscellaneous.

		
	1.
	Notice. Any notices and demands under or related to this Agreement shall be in writing and delivered to the intended party at its address stated in this Agreement, and if to the Agent, at its office at 3 Park Avenue, 36th Floor, New York, New York 10016, attention: David J. Verlizzo, by one of the following means: (a) by hand; (b) by a nationally recognized overnight courier service; or (c) by certified mail, postage prepaid, with return receipt requested. Notice shall be deemed given: (a) upon receipt if delivered by hand; (b) on the Delivery Day after the day of deposit with a nationally recognized courier service; or (c) on the third Delivery Day after the notice is deposited in the mail. “Delivery Day” means a day other than a Saturday, a Sunday or any other day on which national banking associations are authorized to be closed. Any party may change its address for purposes of the receipt of notices and demands by giving notice of the change in the manner provided in this provision.

		
	2.
	No Waiver. No delay on the part of the Agent in the exercise of any right or remedy waives that right or remedy. No single or partial exercise by the Agent of any right or remedy precludes any other future exercise of it or the exercise of any other right or remedy. The making of a Loan during the existence of any default or subsequent to the occurrence of a default or when all conditions precedent have not been met shall not constitute a waiver of the default or condition precedent. No waiver or indulgence by the Agent of any default is effective unless it is in writing and signed by the Agent, nor shall a waiver on one occasion bar or waive that right on any future occasion.

		
	3.
	Integration. This Agreement, the Notes, and the other Related Documents embody the entire agreement and understanding between the Borrower and the Agent and supersede all prior agreements and understandings relating to their subject matter. If any one or more of the obligations of the Borrower under this Agreement or the Notes is invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining obligations of the Borrower shall not in any way be affected or impaired, and the invalidity, illegality or unenforceability in one jurisdiction shall not affect the validity, legality or enforceability of the obligations of the Borrower under this Agreement, the Notes and the other Related Documents in any other jurisdiction.

		
	4.
	Joint and Several Liability. Each party executing this Agreement as the Borrower is individually, jointly and severally (solidarily) liable under this Agreement. 

		
	5.
	Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to its laws of conflicts). The Borrower agrees that any legal action or proceeding with respect to any of its obligations under this Agreement may be brought by the Agent in any state or federal court located in New York County, New York, as the Agent in its sole discretion may elect. By the execution and delivery of this Agreement, the Borrower submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Borrower waives any claim that the State of New York, New York County is not a convenient forum or the proper venue for any such suit, action or proceeding. 

		
	6.
	Survival of Representations and Warranties. The Borrower understands and agrees that in extending the Credit Facility, the Agent is relying on all representations, warranties, and covenants made by the Borrower in this Agreement or in any certificate or other instrument delivered by the Borrower to the Agent under this Agreement or in any of the other Related Documents. The Borrower further agrees that regardless of any investigation made by the Agent, all such representations, warranties and covenants will survive the making of 

the Credit Facility and delivery to the Agent of this Agreement, shall be continuing in nature, and shall remain in full force and effect until such time as the Liabilities shall be paid in full.

		
	7.
	Non-Liability of the Agent. The relationship between the Borrower on one hand and the Agent on the other hand shall be solely that of borrower and lender. The Agent shall have no fiduciary responsibilities to the Borrower. The Agent undertakes no responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower's business or operations. 

		
	8.
	Indemnification of the Agent. The Borrower agrees to indemnify, defend and hold the Agent, each Lender, their respective parent companies, Subsidiaries, Affiliates, their respective successors and assigns and each of their respective shareholders, directors, officers, employees and agents (collectively, the “Indemnified Persons”) harmless from any and against any and all loss, liability, obligation, damage, penalty, judgment, claim, deficiency, expense, interest, penalties, attorneys' fees (including the fees and expenses of any attorneys engaged by the Indemnified Person) and amounts paid in settlement (“Claims”) to which any Indemnified Person may become subject arising out of or relating to the Credit Facility, the Liabilities under this Agreement or any other Related Documents or the Collateral, except to the limited extent that the Claims are proximately caused by the Indemnified Person's gross negligence or willful misconduct. The indemnification provided for in this paragraph shall survive the termination of this Agreement and shall not be affected by the presence, absence or amount of or the payment or nonpayment of any claim under, any insurance.

		
	9.
	Counterparts. This Agreement may be executed in multiple counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts, taken together, shall constitute one and the same agreement.

		
	10.
	Advice of Counsel. The Borrower acknowledges that it has been advised by counsel, or had the opportunity to be advised by counsel, in the negotiation, execution and delivery of this Agreement and any other Related Documents.

		
	11.
	Recovery of Additional Costs. If the imposition of or any change in any Legal Requirement, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify, or make applicable any taxes (except federal, state, or local income or franchise taxes or similar taxes imposed on the Agent), reserve requirements, capital adequacy requirements, or other obligations which would (A) increase the cost to the Agent or any Lender for extending, maintaining or funding the Credit Facility, (B) reduce the amounts payable to the Agent or any Lender under the Credit Facility, or (C) reduce the rate of return on the Agent's or any Lender's capital as a consequence of the Agent's or any Lender's obligations with respect to the Credit Facility, then the Borrower agrees to pay the Agent and/or such Lender such additional amounts as will compensate the Agent and such Lender therefor, within fifteen (15) days after the Agent's written demand for such payment. The Agent's demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by the Borrower, which explanation and calculations shall be conclusive in the absence of manifest error.

		
	12.
	Expenses. The Borrower agrees to pay or reimburse the Agent for all its out-of-pocket costs and expenses and reasonable attorneys' fees (including the fees of in-house counsel) incurred in connection with the preparation and execution of this Agreement, any amendment, supplement, or modification thereto, and any other Related Documents. 

		
	13.
	Reinstatement. The Borrower agrees that to the extent any payment or transfer is received by the Agent or any Lender in connection with the Liabilities, and all or any part of the payment or transfer is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid or transferred by the Agent or any Lender or paid or transferred over to a trustee, receiver or any other entity, whether under any proceeding or otherwise (any of those payments or transfers is hereinafter referred to as a “Preferential Payment”), then this Agreement and the Notes shall continue to be effective or shall be reinstated, as the case may be, even if all those Liabilities have been paid in full and whether or not the Agent or such Lender is in possession of the Notes and whether any of the Notes has been marked, paid, released or cancelled, or returned to the Borrower and, to the extent of the payment, repayment or other transfer by the Agent or any such Lender, the Liabilities or part intended to be satisfied by the Preferential Payment shall be revived and continued in full force and effect as if the Preferential Payment had not been made. The obligations of the Borrower under this section shall survive the termination of this Agreement.

		
	14.
	Assignments. The Borrower agrees that the Agent and any Lender may provide any information or knowledge the Agent or such Lender may have about the Borrower or about any matter relating to the Notes or the other Related Documents to any of their respective Subsidiaries or Affiliates or their successors, or to any one or more purchasers or potential purchasers of the Notes or the Related Documents. The Borrower agrees that, subject to any required Agent consent, any Lender may at any time sell, assign or transfer one or more interests or participations in all or any part of its rights and obligations in the Notes to one or more purchasers whether or not related to the Agent or such Lender.

		
	15.
	Waivers. Each Obligor waives (a) any right to receive notice of the following matters before the Agent enforces any of its rights: (i) any demand, diligence, presentment, dishonor and protest, or (ii) any action that the Agent takes regarding any Person, any Collateral, or any of the Liabilities, that it might be entitled to by law or under any other agreement; (b) any right to require the Agent to proceed against the Borrower, any other Obligor or any Collateral, or pursue any remedy in the Agent's power to pursue; (c) any defense based on any claim that any Obligor's obligations exceed or are more burdensome than those of the Borrower; (d) the benefit of any statute of limitations affecting liability of any Obligor or the enforcement hereof; (e) any defense arising by reason of any disability or other defense of the Borrower or by reason of the cessation from any cause whatsoever (other than payment in full) of the obligation of the Borrower for the Liabilities; and (f) any defense based on or arising out of any defense that the Borrower may have to the payment or performance of the Liabilities or any portion thereof. Each Obligor consents to any extension or postponement of time of its payment without limit as to the number or period, to any substitution, exchange or release of all or any part of any Collateral, to the addition of any other party, and to the release or discharge of, or suspension of any rights and remedies against, any Obligor. The Agent may waive or delay enforcing any of its rights without losing them. Any waiver affects only the specific terms and time period stated in the waiver. No modification or waiver of any provision of the Notes is effective unless it is in writing and signed by the Person against whom it is being enforced. 

		
	9.
	USA PATRIOT ACT NOTIFICATION. The following notification is provided to the Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. What this means for the Borrower: When the Borrower opens an account, if it is an individual the Agent will ask for its name, taxpayer identification number, residential address, date of birth, and other information that will allow the Agent to identify it, and, if it is not an individual the Agent will ask for its name, taxpayer identification number, business address, and other information that will allow the Agent to identify it. The Agent may also ask, if the Borrower is an individual, to see its driver's license or other identifying documents, and if it is not an individual, to see its Organizational Documents or other identifying documents.

		
	10.
	WAIVER OF SPECIAL DAMAGES. THE BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT OR ANY LENDER IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

		
	11.
	AGENT.

		
	1.
	Appointment and Duties.  

(a)    Appointment of Agent.  Each Lender hereby appoints ICON AGENT, LLC (together with any successor Agent pursuant to Section 11.8) as Agent hereunder and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.

(b)    Duties as Collateral and Disbursing Agent.  Without limiting the generality of clause (a) above, Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with the Loan Documents (including in any bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Lender is hereby authorized to make such payment to Agent, (ii) file and prove claims and file other documents necessary or desirable to 

allow the claims of the Lenders with respect to any Liabilities in any  bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Lender), (iii) act as collateral agent for each Lender for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to Agent and the other Lenders with respect to the Collateral, whether under the Loan Documents, applicable requirements of law or otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for Agent and the Lenders for purposes of the perfection of all Liens with respect to the Collateral, and may further authorize and direct the Lenders to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.

(c)    Limited Duties.  Under the Loan Documents, Agent (i) is acting solely on behalf of the Lenders, with duties that are entirely administrative in nature, notwithstanding the use of the defined term “Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above.

		
	2.
	Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required Lenders (as defined below) (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. “Required Lenders” means, at any time, Lenders having at such time in excess of 50% of the sum of the aggregate Term Loan Commitments (or, if such Term Loan Commitments are terminated, the amount outstanding under the Term Loan) then in effect.

		
	3.
	Use of Discretion.  

(a)    No Action without Instructions.  Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders).

(b)    Right Not to Follow Certain Instructions.  Notwithstanding clause (a) above, Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent receives an indemnification satisfactory to it from the Lenders against all costs, expenses, claims, actions or liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against Agent or any of its Related Persons (as hereinafter defined) or (ii) that is, in the opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law. “Related Person” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates.

		
	4.
	Delegation of Rights and Duties.  Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Lender).  Any such Person shall benefit from this Section 11 to the extent provided by Agent.

		
	5.
	Reliance and Liability.  

(a)    Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with the terms hereof, (ii) consult with any advisors, accountants and other experts and (iii) rely and act upon any document and information (including those transmitted by electronic transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.

(b)    None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document (x) with the consent or at the request of the Required Lenders or as Agent shall believe in good faith shall be necessary, under the circumstances or (y) in the absence of its own gross negligence or willful misconduct, and each Lender, Borrower and Guarantor hereby waive and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the foregoing, Agent:

(i)    shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Required Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent); 

(ii)    shall not be responsible to any Lender for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;

(iii)    makes no warranty or representation, and shall not be responsible, to any Lender for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Person, Borrower or any Guarantor in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to Borrower or any Guarantor, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and

(iv)    shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of Borrower or any Guarantor or as to the existence or continuation or possible occurrence or continuation of any Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from Borrower or any Lender describing such Default clearly labeled “notice of default” (in which case Agent shall promptly give notice of such receipt to all Lenders);

and, for each of the items set forth in clauses (i) through (iv) above, each Lender, Borrower and each Guarantor hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon.

		
	6.
	Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit to, engage in any kind of business with, Borrower or any Guarantor or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Required Lender” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Required Lenders.

		
	7.
	Expenses; Indemnities.  

(a)    Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by Borrower or any Guarantor) promptly upon demand for such Lender's pro rata share with respect to the Loan of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and taxes paid in the name of, or on behalf of, Borrower or any Guarantor) that may be incurred by Agent or any of 

its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document.

(b)    Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent not reimbursed by Borrower or any Guarantor), from and against such Lender's aggregate pro rata share with respect to the Loan of the costs, expenses, claims and liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.

		
	8.
	Resignation of Agent.  

(a)    Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be effective.  If Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Agent.  If, within 30 days after the retiring Agent having given notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from among the Lenders.  Each appointment under this clause shall not require Borrower's or any Guarantor's consent.  

(b)    Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its rights under Section 11.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents.  Effective immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents.

		
	9.
	Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent to release any Lien held by Agent for the benefit of the Lenders against all of the Collateral and Borrower and any Guarantor upon the payment in full of the Liabilities.  Each Lender hereby directs Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the Liens when and as directed in this Section 11.9.

		
	10.
	Modification of Agreement - Rights of Lenders.

(a)    No amendment or waiver of any provision hereof and no consent to any departure from the terms hereof shall be effective unless the same shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Lenders or extending an existing Lien over additional property, by Agent and Borrower, (2) in the case of any other waiver or consent, by the Required Lenders (or by Agent with the consent of the Required Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent with the consent of the Required Lenders) and Borrower; provided, however, that no amendment, consent or waiver described in clause (2) or (3) above shall, unless in writing and signed by each Lender directly affected thereby (or by Agent with the consent of such Lender), in addition to any other Person the signature of which is otherwise required pursuant to any Loan Document, do any of the following:

		
	(i)
	waive any condition specified in Section 3.1or 3.2, except any condition referring to any other provision of any Loan Document;

		
	(ii)
	increase the Term Loan Commitment of such Lender or subject such Lender to any additional material obligation;

		
	(iii)
	reduce (including through release, forgiveness, assignment or otherwise) (A) the principal amount of, the interest rate on, or any obligation of Borrower to repay (whether or not on a fixed date), any outstanding Loan owing to such Lender, or (B) any fee or accrued interest payable to such Lender; provided, however, that this clause (iii) does not apply to any change to any provision increasing any interest rate or fee during the continuance of a Default or to any payment of any such increase;

		
	(iv)
	waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of principal of or interest on any Term Loan or fee owing to such Lender or for the reduction of such Lender's Term Loan Commitment;

		
	(v)
	except as provided in Section 11.9, release all or substantially all of the Collateral or any Liabilities of Borrower; 

		
	(vi)
	reduce or increase the proportion of Lenders required for the Lenders (or any subset thereof) to take any action hereunder or change the definition of the term “Required Lenders”; or 

		
	(vii)
	amend this Section 11.10;

and provided, further, that (x) any change to the definition of the term “Required Lenders” shall require the consent of the Required Lenders, and (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, Agent (or otherwise modify any provision of this Section 11or the application thereof) unless in writing and signed by Agent in addition to any signature otherwise required.

(b)    No Lender shall assign its rights or obligation hereunder to any other Person without the prior written consent of the Agent.

		
	12.
	JURY WAIVER. THE BORROWER, THE AGENT AND THE LENDERS HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE BORROWER AND THE AGENT OR ANY LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE LENDERS TO PROVIDE THE FINANCING DESCRIBED HEREIN. 

		
	13.
	Confidentiality Agreements.  With respect to any confidentiality agreements between the parties, notwithstanding any requirements or obligations of the Agent to destroy or return documentation or proprietary information related to the Borrower, the Agent will retain copies of any such documentation or information necessary to comply with the Investment Company Act of 1940 or other applicable laws.

		
	14.
	Amendment and Restatement.  This Agreement is given in substitution for, and amends and restates in its entirety, and as so amended and restated supersedes, the Original Credit Agreement. This Agreement is not in payment, novation, satisfaction or cancellation of the Original Credit Agreement, or of the indebtedness evidenced and secured thereby, and such indebtedness is hereby ratified and confirmed by Borrower and Guarantor, as amended hereby.

[SIGNATURES FOLLOW]

The execution and delivery of this Agreement shall not impair the Liens of the lender under the Original Credit Agreement, and no part of such Liens shall be disturbed, impaired, extinguished, cancelled, rejected, surrendered, terminated, or discharged by the execution and delivery of this Agreement or any further instruments securing any other indebtedness of Borrower to Agent or any Lender.

	
			
	Address for Notices:
	 
	Borrower:

	 
	 
	 

	2100 West Loop South, Suite 1400
	 
	Platinum Energy Solutions, Inc.

	Houston, Texas 77027
	 
	 

	Attn:  J. Clarke Legler, II
	By:
	 /s/ J. Clarke Legler, II

	 
	 
	Printed Name:  J. Clarke Legler, II

	 
	 
	Title: CFO

	 
	Date Signed:
	December 17, 2012

	 
	 
	 

	 
	 
	 

	Address for Notices:
	 
	Guarantor:

	 
	 
	 

	2100 West Loop South, Suite 1400
	 
	Platinum Pressure Pumping, Inc.

	Houston, Texas 77027
	 
	 

	Attn:  J. Clarke Legler
	By:
	 /s/ J. Clarke Legler, II

	 
	 
	Printed Name:  J. Clarke Legler, II

	 
	 
	Title: CFO

	 
	Date Signed:
	December 17, 2012

	 
	 
	 

	 
	 
	 

	Address for Notices:
	 
	Agent:

	 
	 
	 

	3 Park Avenue, 36th Floor
	 
	ICON AGENT, LLC

	New York, NY 10016
	By:
	IEMC Corp., its Manager

	 
	 
	 

	Attn:  David Verlizzo
	By:
	/s/ David Verlizzo

	 
	 
	Printed Name:  David Verlizzo

	 
	Date Signed:
	December 17, 2012

	 
	 
	 

	 
	 
	 

	Address for Notices:    
	 
	Lenders:

	c/o ICON Agent, LLC
	 
	 

	3 Park Avenue, 36th Floor
	 
	 

	New York, NY 10016
	 
	 

	Attn: David Verlizzo
	 
	 

    

    

            
[SIGNATURE PAGE 1 OF 2 - AMENDED AND RESTATED CREDIT AGREEMENT]

	
			
	 
	 
	ICON EQUIPMENT AND

	 
	 
	CORPORATE INFRASTRUCTURE 

	 
	 
	FUND FOURTEEN, L.P.,

	 
	 
	as a Lender

	 
	 
	 

	 
	By:
	ICON GP 14, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ David Verlizzo

	 
	Printed  Name:
	David Verlizzo

	 
	Date Signed:

	December 17, 2012

	 
	 
	 

	 
	 
	 

	 
	 
	ICON ECI FUND FIFTEEN L.P.,

	 
	 
	as a Lender

	 
	 
	 

	 
	By:
	ICON GP 15, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ David Verlizzo

	 
	Printed  Name:
	David Verlizzo

	 
	Date Signed:

	December 17, 2012

	 
	 
	 

	 
	 
	 

	 
	 
	HARDWOOD PARTNERS, LLC

	 
	 
	 

	 
	By:
	/s/ John Koren

	 
	Printed  Name:
	John Koren

	 
	Title:
	Manager

	 
	 
	 

[SIGNATURE PAGE 2 OF 2 - AMENDED AND RESTATED CREDIT AGREEMENT]

EXHIBIT A

BORROWING BASE CERTIFICATE]
   
	
			
	 
	 Date:
	 

                                    

To:    
ICON Agent, LLC
3 Park Avenue, 36th Floor
New York, NY 10016
Attn: __________________
Dear _______:

Reference is made to that certain Amended and Restated Credit Agreement dated as of _________ ____, 2012 (as amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Platinum Energy Solutions, Inc. (the “Borrower”), Platinum Pressure Pumping, Inc. (the “Guarantor”), and ICON Agent, LLC, as Agent for the Lenders parties thereto (the “Agent”).

This Borrowing Base Certificate is delivered pursuant to Section 4.5(C) of the Credit Agreement.  All capitalized terms used herein and defined in the Credit Agreement shall be used herein as so defined.

The Borrower hereby represents and warrants that the following Borrowing Base Certificate is true and correct in all material respects as of                      (the “Reporting Date”).  The Borrowing Base Amount is determined as follows:

1.    Eligible Accounts:

	
		
	A.    All accounts receivable of Borrower on which Agent has a first priority security interest:    
	$

	B. Less ineligible accounts receivable:
	 

	(i)    Accounts subject to any withholding, offset, counterclaim or other defense by account debtor to the extent of such withholding,
offset, counterclaim or defense:
	$

	(ii)    Accounts where Borrower is indebted to such account debtor to the extentof such indebtedness:
	$

	(iii)    Accounts arising from a sale-or-return, consignment or other repurchase or return bases (other than customary warranties regarding the underlying goods):    
	$

	(iv)    Accounts subject to any lien other than a lien in favor of Agent:
	$

	(v)    Accounts owing from an account debtor that is insolvent:        
	$

	(vi)    Accounts owed by an agency, department or instrumentality of the United States or any state governmental authority in the United States (unless perfected pursuant to the Assignment of Claims Act):    
	$

	(vii)    Accounts arising for debtors outside the United States:
	$

	(viii)    Accounts not denominated in U.S. Dollars:
	$

	(ix)    Bonded accounts, retainage, and accountsresulting from progress billings and performance contracts:
	$

	(x)    Pre-billed accounts:
	$

	(xi)    Accounts owing from any person that is an Affiliate of the Borrower:    
	$

	(xii)    Entire balance of any single account 
debtor whenever 15% or more of the total
amount outstanding on all accounts owing
by such account debtor is ninety (90) days
or more past invoice:
	$

	(xiii)    Other accounts deemed inappropriate 
by Agent in its reasonable judgment:
	$

	(xiv)    Accounts unpaid 90 days or more
after invoice date:
	$

	Total ineligible accounts (the sum of
Lines 1(B)(i) through (xv):
	$

	C.    Eligible Accounts Line 1(A)-1(B)(xv):
	$

	D.    80% of Eligible Accounts (Line 1(C) x 80%):
	$

	 
	 

        
            

2.    Eligible Inventory 
	
			
	A.    Eligible Inventory
	 
	$

	B.    Lesser of  (1) 50% of Eligible Inventory and (2) $5,250,000
	 
	$

	 
	 
	 

	 
	 
	Sincerely,

	 
	 
	PLATINUM ENERGY SOLUTIONS, INC.

	 
	

	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	 
	 

                        

                        

                     
                        

EXHIBIT 3.3A

FORM OF TERM LOAN NOTES

	
			
	 
	Form of Amended and Restated Term Note

	 
	[PORTION OF $15,000,000.00]

	 
	Date: ____________ __, 2012

Promise to Pay. On or before _______________ __, 2016, for value received, Platinum Energy Solutions, Inc., a Nevada corporation ("Borrower"), promises to pay to ICON Agent, LLC, a Delaware limited liability company whose address is ___________________ (as agent for the Lender, the “Agent”), for the benefit of ___________________________, a ____________________ whose address is ___________________________________ (the "Lender"), or order, in lawful money of the United States of America, the sum of [Portion of Fifteen Million and 00/100 Dollars ($15,000,000.00)] or so much thereof as may be advanced and outstanding, plus interest on the unpaid principal balance at the rate or rates set forth in the Credit Agreement, which interest is assessed on the unpaid principal balance of this Note as outstanding from time to time, commencing on the date hereof, and at the Agent's option at the rate of 3.00% per annum above the applicable note rate(s) upon the occurrence of any default under this Note, whether or not Agent elects to accelerate the maturity of this Note, from the date such increased rate is imposed by Agent.

Definitions. As used in this Note, the following term has the following meaning:

“Credit Agreement” means that certain Amended and Restated Credit Agreement dated of even date herewith by and among Borrower, Platinum Pressure Pumping, Inc., the Lenders named therein and ICON Agent, LLC, as agent for the Lenders, as the same may be amended and/or restated from time to time and in effect.

Interest Accruals.  Interest will be computed on the unpaid principal balance from the date of each borrowing, computed on the basis of the actual number of days elapsed in a year of 360 days.
		
	•
	

Payment.  Until maturity, the Borrower will pay consecutive monthly installments of interest only commencing _______________ __, 2013, and continuing on the same day of each month thereafter.  On ___________ __, 2017, all outstanding principal and accrued unpaid interest shall be due and payable.  

The Borrower shall make all payments on this Note and the other Related Documents, without setoff, deduction, or counterclaim, to the Agent at the Agent's address above or at such other place as the Agent may designate in writing. If any payment of principal or interest on this Note shall become due on a day that is not a Business Day, the payment will be made on the next succeeding Business Day. Payments shall be allocated among principal, interest and fees at the discretion of the Agent unless otherwise agreed or required by applicable law. Acceptance by the Agent of any payment that is less than the payment due at that time shall not constitute a waiver of the Agent's right to receive payment in full at that time or any other time.  
		
	•
	

Late Fee. Any principal or interest which is not paid within 10 days after its due date (whether as stated, by acceleration or otherwise) shall be subject to a late payment charge of five percent (5.00%) of the total payment due, in addition to the payment of interest, up to the maximum amount of One Thousand Five Hundred and 00/100 Dollars ($1,500.00) per late charge. The Borrower agrees to pay and stipulate that five percent (5.00%) of the total payment due is a reasonable amount for a late payment charge. The Borrower shall pay the late payment charge upon demand by the Agent or, if billed, within the time specified.

Credit Facility. Reference is hereby made to the Credit Agreement for provisions, limitations, and procedures concerning availability of funds under this Note.  The aggregate principal amount of debt evidenced by this Note is the amount reflected from time to time in the records of the Agent. Once repaid, any amount borrowed under this Note may not be re-borrowed.  Capitalized terms that are used but not defined herein, are used as defined in the Credit Agreement.

Events of Default/Acceleration.   The occurrence of any of the events set forth in Section 7.1 of the Credit Agreement shall constitute an Event of Default under this Note.  If the Event of Default is a non-payment or non-monetary default that can be cured, Agent agrees to provide written notice of such default to Borrower and Borrower will have thirty (30) days (from its receipt of the default notice) to cure such default.  Upon the expiration of such cure period for such non-monetary or non-payment defaults and for all other defaults, this Note shall become due immediately upon such occurrence without further notice, at the Agent's option.

Interest After Default. Upon the occurrence of an Event of Default which has not been cured after the expiration of all applicable cure periods, including failure to pay upon final maturity, Agent, at its option, and if permitted under applicable law, may do one or both of the following:  (a) increase the applicable interest rate on this Note 3.00 percentage points, and (b) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in this Note (including any increased rate).  The interest rate will not exceed the maximum rate permitted by applicable law.

Remedies. If this Note is not paid at maturity, whether by acceleration or otherwise and any applicable cure period for a non-payment or non-monetary default, if applicable, has expired, the Agent shall have all of the rights and remedies set forth in the Credit Agreement and other Related Documents.

Waivers. The Agent may waive or delay enforcing any of its rights without losing them. Any waiver affects only the specific terms and time period stated in the waiver. No modification or waiver of any provision of this Note is effective unless it is in writing and signed by the Person against whom it is being enforced. 
		
	•
	

Governing Law and Venue. This Note shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to its laws of conflicts). Borrower agrees that any legal action or proceeding with respect to any of its obligations under this Note may be brought by the Agent in any state or federal court located in New York County, New York, as the Agent in its sole discretion may elect. By the execution and delivery of this Note, Borrower submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. Borrower waives any claim that the State of New York is not a convenient forum or the proper venue for any such suit, action or proceeding. 
		
	•
	

Miscellaneous. In any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of a Borrower under this Note would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Borrower's liability under this Note, then, notwithstanding any other provision of this Note to the contrary, the amount of such liability shall, without any further action by such Borrower or the Agent, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding. This Note binds the Borrower and its respective successors, and benefits the Agent and the Lender, and each of their successors and assigns. Any reference to the Lender includes any holder of this Note. This Note is subject to the Credit Agreement to which reference is hereby made for a more complete statement of the terms and conditions under which the loan evidenced hereby is made and is to be repaid. The terms and provisions of the Credit Agreement are hereby incorporated and made a part hereof by this reference thereto with the same force and effect as if set forth at length herein. No reference to the Credit Agreement and no provisions of this Note or the Credit Agreement shall alter or impair the absolute and unconditional obligation of the Borrower to pay the principal and interest on this Note as herein prescribed. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. Section headings are for convenience of reference only and do not affect the interpretation of this Note. Any notices and demands under or related to this Note shall be in writing and delivered to the intended party as provided in the Credit Agreement. This Note and the other Related Documents embody the entire agreement among the Borrower, the Agent and the Lender regarding the terms of the loan evidenced by this Note and supercede all oral statements and prior writings relating to that loan. No delay on the part of the Agent in the exercise of any right or remedy waives that right or remedy. No single or partial exercise by the Agent of any right or remedy precludes any other future exercise of it or the exercise of any other right or remedy. No waiver or indulgence by the Agent of any default is effective unless it is in writing and signed by the Agent, nor shall a waiver on one occasion bar or waive that right on any future occasion. The rights of the Agent under this Note and the other Related Documents are in addition to other rights (including without limitation, other rights of setoff) the Agent may have contractually, by law, in equity or otherwise, all of which are cumulative and hereby retained by the Agent. If any provision of this Note cannot be enforced, the remaining portions of this Note shall continue in effect. The Borrower agrees that the Agent may provide any information or knowledge the Agent may have about the Borrower or about any matter relating to this Note or the Related Documents to any of Agent's Subsidiaries or Affiliates or their successors, or to any one or more purchasers or potential purchasers of this Note or the Related Documents. The Borrower agrees that the Lender may at any time sell, assign or transfer one or more interests or participations in all or any part of its rights and obligations in this Note to one or more purchasers whether or not related to the Agent. 

Government Regulation. Borrower shall not (a) be or become subject at any time to any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits the Agent from making any advance or extension of credit to Borrower or from otherwise conducting business with Borrower, or (b) fail to provide documentary and other evidence of Borrower's identity as may be requested by the Agent at any time to enable the Agent to verify Borrower's identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.

USA PATRIOT ACT NOTIFICATION. The following notification is provided to Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. What this means for Borrower: When the Borrower opens an account, if Borrower is an individual, the Agent will ask for Borrower's name, taxpayer identification number, residential address, date of birth, and other information that will allow the Agent to identify Borrower, and if any Borrower is not an individual, the Agent will ask for Borrower's name, taxpayer identification number, business address, and other information that will allow the Agent to identify Borrower. The Agent may also ask, if Borrower is an individual, to see Borrower's driver's license or other identifying documents, and if Borrower is not an individual, to see Borrower's legal organizational documents or other identifying documents.

WAIVER OF SPECIAL DAMAGES. BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM AGENT IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.  

JURY WAIVER. BORROWER AND THE AGENT, ON BEHALF OF ITSELF AND THE LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN BORROWER AND THE AGENT OR THE LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE OTHER RELATED DOCUMENTS. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE LENDER TO PROVIDE THE FINANCING EVIDENCED BY THIS NOTE.  

Amendment and Restatement.  This Note and [ADD REFERENCE TO OTHER LENDER NOTE] are given in substitution for, and amend and restate in their entirety, and as so amended and restated supersede, that certain Revolving Note dated December 28, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Original Note”) in the original principal amount of up to $15,000,000, which Original Note is being delivered to Borrower for cancellation. This Note is not in payment, novation, satisfaction or cancellation of any portion of the Original Note, or of the indebtedness evidenced and secured thereby, and such indebtedness is hereby ratified and confirmed by Borrower, as amended hereby. It is expressly understood and agreed that this Note and [OTHER LENDER NOTE] are given to amend and restate the terms of the Original Note, and that no part of the indebtedness evidenced by the Original Note shall be discharged, cancelled or impaired by the execution and delivery of this Note [AND OTHER LENDER NOTE].
	
							
	 
	 
	 
	Borrower:

	Address:
	2100 West Loop South, Suite 1400
Houston, TX  77027
	 
	Platinum Energy Solutions, Inc.

	 
	 
	 
	By:
	/s/J. Clarke Legler, II

	 
	 
	 
	 
	J. Clarke Legler, II
	CFO

	 
	 
	 
	 
	Printed Name
	Title

	 
	Date Signed:
	___________ __, 2012

EXHIBIT B

COMPLIANCE CERTIFICATE

[Date]

Icon Agent, LLC
3 Park Avenue, 36th Floor
New York, NY 10016

Dear ______________:

This Compliance Certificate is submitted pursuant to the requirements of Section 4.12 of that certain Amended and Restated Credit Agreement (the “Credit Agreement”) dated __________ ____, 2012, by and among Platinum Energy Solutions, Inc. (the “Borrower”), Platinum Pressure Pumping, Inc. (the “Guarantor”), and  ICON Agent, LLC, as Agent for the Lenders parties thereto (the “Agent”).

Under the appropriate paragraphs of the Credit Agreement, we certify that, to the best of our knowledge and belief, no condition, event, or act which, with or without notice or lapse of time or both, would constitute an Event of Default under the terms of the Credit Agreement, has occurred during the 3 month period ending ______________________ [(the “Reporting Period”)].  Also, to the best of our knowledge, the Borrower has complied with all provisions of the Credit Agreement.

	
							
	 
	 
	 
	Sincerely,

	 
	 
	 
	PLATINUM ENERGY SOLUTIONS, INC.

	 
	 
	 
	By:
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Printed Name
	Title

	 
	Date Signed:
	  __________________ __, 2012

    

SCHEDULE A

Sections 5.2(C) and 5.2(E) Debt and Lien Instruments

1.    Senior Secured Notes and the lien instruments securing same.

SCHEDULE B 

SCHEDULE OF LENDERS AND TERM LOAN COMMITMENTS

Lender                                Term Loan Commitment

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.         $8,700,000
ICON ECI Fund Fifteen, L.P.                        $5,800,000
Hardwood Partners, LLC                            $500,000

Total                                    $15,000,000

SCHEDULE C

SCHEDULE OF PAYMENTS

	
										
	Loan Amortization - Hardwood

	Date
	Interest
	Principal
	Outstanding Balance

	14-Dec-12
	$
	—
	

	$
	—
	

	$
	500,000.00
	

	1-Jan-13
	$
	2,500.00
	

	$
	—
	

	$
	500,000.00
	

	1-Feb-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Mar-13
	$
	3,888.89
	

	$
	—
	

	$
	500,000.00
	

	1-Apr-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-May-13
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jun-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Jul-13
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Aug-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Sep-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Oct-13
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Nov-13
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Dec-13
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jan-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Feb-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Mar-14
	$
	3,888.89
	

	$
	—
	

	$
	500,000.00
	

	1-Apr-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-May-14
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jun-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Jul-14
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Aug-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Sep-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Oct-14
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Nov-14
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Dec-14
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jan-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Feb-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Mar-15
	$
	3,888.89
	

	$
	—
	

	$
	500,000.00
	

	1-Apr-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-May-15
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jun-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Jul-15
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Aug-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Sep-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Oct-15
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Nov-15
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Dec-15
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jan-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Feb-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Mar-16
	$
	4,027.78
	

	$
	—
	

	$
	500,000.00
	

	1-Apr-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-May-16
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	
										
	1-Jun-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Jul-16
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Aug-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Sep-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Oct-16
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Nov-16
	$
	4,305.56
	

	$
	—
	

	$
	500,000.00
	

	1-Dec-16
	$
	4,166.67
	

	$
	—
	

	$
	500,000.00
	

	1-Jan-17
	$
	4,305.56
	

	$
	500,000.00
	

	$
	—
	

	
										
	Loan Amortization - Fund 14

	Date
	Interest
	Principal
	Outstanding Balance

	14-Dec-12
	$
	—
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jan-13
	$
	43,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Feb-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Mar-13
	$
	67,666.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Apr-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-May-13
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jun-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jul-13
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Aug-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Sep-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Oct-13
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Nov-13
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Dec-13
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jan-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Feb-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Mar-14
	$
	67,666.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Apr-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-May-14
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jun-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jul-14
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Aug-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Sep-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Oct-14
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Nov-14
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Dec-14
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jan-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Feb-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Mar-15
	$
	67,666.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Apr-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-May-15
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jun-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jul-15
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Aug-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Sep-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Oct-15
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Nov-15
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Dec-15
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jan-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Feb-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Mar-16
	$
	70,083.33
	

	$
	—
	

	$
	8,700,000.00
	

	1-Apr-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-May-16
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jun-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jul-16
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	
										
	1-Aug-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Sep-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Oct-16
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Nov-16
	$
	74,916.67
	

	$
	—
	

	$
	8,700,000.00
	

	1-Dec-16
	$
	72,500.00
	

	$
	—
	

	$
	8,700,000.00
	

	1-Jan-17
	$
	74,916.67
	

	$
	8,700,000.00
	

	$
	—
	

	
										
	Loan Amortization - Fund 15

	Date
	Interest
	Principal
	Outstanding Balance

	14-Dec-12
	$
	—
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jan-13
	$
	29,000.00
	

	$
	—
	

	$
	5,800,000.00
	

	1-Feb-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Mar-13
	$
	45,111.11
	

	$
	—
	

	$
	5,800,000.00
	

	1-Apr-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-May-13
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jun-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jul-13
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Aug-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Sep-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Oct-13
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Nov-13
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Dec-13
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jan-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Feb-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Mar-14
	$
	45,111.11
	

	$
	—
	

	$
	5,800,000.00
	

	1-Apr-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-May-14
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jun-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jul-14
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Aug-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Sep-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Oct-14
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Nov-14
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Dec-14
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jan-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Feb-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Mar-15
	$
	45,111.11
	

	$
	—
	

	$
	5,800,000.00
	

	1-Apr-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-May-15
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jun-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jul-15
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Aug-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Sep-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Oct-15
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Nov-15
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Dec-15
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jan-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Feb-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Mar-16
	$
	46,722.22
	

	$
	—
	

	$
	5,800,000.00
	

	1-Apr-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-May-16
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jun-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jul-16
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Aug-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	
										
	1-Sep-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Oct-16
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Nov-16
	$
	49,944.44
	

	$
	—
	

	$
	5,800,000.00
	

	1-Dec-16
	$
	48,333.33
	

	$
	—
	

	$
	5,800,000.00
	

	1-Jan-17
	$
	49,944.44
	

	$
	5,800,000.00
	

	$
	—
	

SCHEDULE D
POST-CLOSING MOTOR VEHICLES

See attached.

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