Document:

ex-10

EXECUTION VERSION            TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER  AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO          CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020    

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE i  1. AMOUNT AND TERMS OF CREDIT ...........................................................................1  1.1 Term Loan ................................................................................................................1  1.2 Term and Prepayment ..............................................................................................3  1.3 Use of Proceeds ........................................................................................................4  1.4 Single Loan ..............................................................................................................5  1.5 Interest......................................................................................................................5  1.6 Fees ..........................................................................................................................6  1.7 Receipt of Payments; Taxes .....................................................................................6  1.8 Application and Allocation of Payments .................................................................7  1.9 Accounting. ..............................................................................................................7  1.10 Indemnity .................................................................................................................7  1.11 Intentionally Omitted ...............................................................................................8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc .................................................8  1.13 Non-Funding Lenders ..............................................................................................8  1.14 Substitution of Lenders ............................................................................................9  2. CONDITIONS PRECEDENT ........................................................................................10  2.1 Conditions to the Loan ...........................................................................................10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS .....13  3.1 Corporate Existence; Compliance with Law .........................................................13  3.2 Executive Offices; Corporate or Other Names ......................................................14  3.3 Corporate Power; Authorization; Enforceable Obligations ...................................14  3.4 Financial Statements; Books and Records .............................................................14  3.5 Material Adverse Change ......................................................................................14  3.6 Collection of Accounts ..........................................................................................15  3.7 Subsidiaries ............................................................................................................15  3.8 Government Regulation; Margin Regulations .......................................................15  3.9 Taxes; Charges .......................................................................................................15  3.10 Payment of Obligations ..........................................................................................15  3.11 ERISA ....................................................................................................................16  3.12 Litigation ................................................................................................................16  3.13 Intellectual Property ...............................................................................................17  3.14 Full Disclosure .......................................................................................................18  3.15 Environmental Liabilities.......................................................................................18  3.16 Insurance ................................................................................................................18  3.17 Solvency .................................................................................................................20  3.18 Other Financings ....................................................................................................20  3.19 Conduct of Business ..............................................................................................20  3.20 Further Assurances.................................................................................................20  3.21 Collateral/Maintenance of Property .......................................................................21  3.22 Anti-Terrorism and Anti-Money Laundering Compliance ....................................22  3.23 Maintenance of Corporate Existence .....................................................................23  3.24 Compliance with Laws, Etc ...................................................................................23  3.25 Landlord Agreement ..............................................................................................23  3.26 Deposit Accounts; Cash Collateral Accounts ........................................................23  3.27 Assets of Parent......................................................................................................24  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE ii  3.28 After-acquired Property; Additional Collateral .....................................................24  3.29 Equity Interests and Subsidiaries ...........................................................................25  3.30 Security Documents ...............................................................................................26  3.31 Intentionally Omitted .............................................................................................26  3.32 Government Contracts ...........................................................................................26  3.33 Customer and Trade Relations ...............................................................................26  3.34 Bonding; Licenses ..................................................................................................26  3.35 Affiliate Transactions .............................................................................................26  3.36 Post-Closing Matters ..............................................................................................26  3.37 Investment Company Act ......................................................................................27  3.38 Notice of Change in Investment Company Status .................................................27  3.39 Notice of Change in Ownership .............................................................................27  3.40 Notice of Change in Organization Chart ...............................................................27  4. FINANCIAL MATTERS; REPORTS ...........................................................................27  4.1 Reports, Notices, and Related Rights ....................................................................27  4.2 Financial Covenants ...............................................................................................29  4.3 Other Reports and Information ..............................................................................30  5. NEGATIVE COVENANTS ............................................................................................31  5.1 Indebtedness ...........................................................................................................31  5.2 Liens .......................................................................................................................31  5.3 Investments; Fundamental Changes ......................................................................31  5.4 Asset Sales .............................................................................................................31  5.5 Restricted Payments ...............................................................................................32  5.6 Changes in Nature of Business ..............................................................................32  5.7 Transactions with Affiliates ...................................................................................32  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted  Payments ................................................................................................................32  5.9 Modification of Certain Documents ......................................................................32  5.10 Accounting Changes; Fiscal Year ..........................................................................32  5.11 Changes to Name, Locations, Etc ..........................................................................32  5.12 Bank Accounts .......................................................................................................33  5.13 Margin Regulations ................................................................................................33  5.14 Compliance with ERISA ........................................................................................33  5.15 Hazardous Materials ..............................................................................................33  5.16 Parent .....................................................................................................................33  5.17 Use of Proceeds ......................................................................................................33  5.18 Compliance with Anti-Terrorism Laws .................................................................33  5.19 Sale-Leasebacks .....................................................................................................34  5.20 Leases .....................................................................................................................34  5.21 Compensation ........................................................................................................34  6. SECURITY INTEREST ..................................................................................................34  6.1 Grant of Security Interest .......................................................................................34  6.2 Intentionally Omitted .............................................................................................37  6.3 Agent’s Appointment as Attorney-in-fact .............................................................37  6.4 Grant of License to Use Intellectual Property Collateral .......................................37  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iii  6.5 Commercial Tort Claims........................................................................................38  6.6 Duties of Agent ......................................................................................................38  7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES ...............................................38  7.1 Events of Default ...................................................................................................38  7.2 Remedies ................................................................................................................41  7.3 Waivers by Credit Parties ......................................................................................42  7.4 Proceeds .................................................................................................................42  8. SUCCESSORS AND ASSIGNS......................................................................................43  9. AGENT .............................................................................................................................46  9.1 Appointment and Duties ........................................................................................46  9.2 Binding Effect ........................................................................................................47  9.3 Use of Discretion ...................................................................................................47  9.4 Delegation of Rights and Duties ............................................................................47  9.5 Reliance and Liability ............................................................................................47  9.6 Agent Individually .................................................................................................49  9.7 Intentionally Omitted .............................................................................................49  9.8 Expenses; Indemnities ...........................................................................................49  9.9 Resignation of Agent .............................................................................................50  9.10 Release of Collateral ..............................................................................................50  10. MISCELLANEOUS ........................................................................................................51  10.1 Complete Agreement; Modification of Agreement ...............................................51  10.2 Expenses ................................................................................................................52  10.3 No Waiver ..............................................................................................................53  10.4 Severability; Section Titles ....................................................................................53  10.5 Authorized Signature .............................................................................................53  10.6 Notices ...................................................................................................................54  10.7 Counterparts ...........................................................................................................54  10.8 Time of the Essence ...............................................................................................54  10.9 GOVERNING LAW ..............................................................................................54  10.10 Submission to Jurisdiction; Waiver of Jury Trial ..................................................54  10.11 Press Releases ........................................................................................................55  10.12 Reinstatement .........................................................................................................56  10.13 USA PATRIOT Act Notice and Customer Verification ........................................56  10.14 Sharing of Payments, Etc .......................................................................................56  10.15 Intentionally Omitted .............................................................................................56  10.16 Confidentiality Agreements ...................................................................................57  11. GUARANTEE ..................................................................................................................57  11.1 The Guarantee ........................................................................................................57  11.2 Obligations Unconditional .....................................................................................57  11.3 Reinstatement .........................................................................................................58  11.4 Subrogation; Subordination ...................................................................................58  11.5 Remedies ................................................................................................................59  11.6 Instrument for the Payment of Money ...................................................................59  11.7 Continuing Guarantee ............................................................................................59  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iv  11.8 General Limitation on Guarantee Obligations .......................................................59  11.9 Release of Guarantors ............................................................................................59  11.10 Right of Contribution .............................................................................................60    

 

  INDEX – PAGE v  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices  Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names  Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation  Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters  Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness  Disclosure Schedule (3.26) - Controlled Accounts  Disclosure Schedule (3.27) - Assets of Parent  Disclosure Schedule (3.32) - Government Contracts  Disclosure Schedule (3.34) - Bonding; Licensing  Disclosure Schedule (3.35) - Affiliate Transactions  Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation  Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate  Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate  Exhibit D - Form of Power of Attorney  Exhibit E - Form of Compliance Certificate  Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate  Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement  Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request    

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein from the  Lenders and the Lenders are willing to provide the Term Loans all in accordance with and subject  to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in Schedule A and,  for purposes of this Agreement and the other Loan Documents, the rules of construction set forth  in Schedule A shall govern.  All schedules, attachments, addenda and exhibits hereto, or expressly  identified to this Agreement, are incorporated herein by reference, and taken together with this  Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in  Section 1.1(b) and this Agreement, upon not less than fifteen (15) Business Days after  delivery by Borrower to Agent of a Delayed Draw Borrowing Request by no later than  3:00 PM New York City time on such day, each Lender, severally, agrees to lend to  Borrower, in one or more advances (each such advance, a “Delayed Draw Term Loan”  

 

  2  and collectively, the “Delayed Draw Term Loans”, and together with any Closing Date  Term Loans, each, a “Term Loan”, and collectively, the “Term Loans” or the “Loan”)  in a principal amount not to exceed the Delayed Draw Term Loan Available Amount and  the Delayed Draw Term Loan Commitment of such Lender; provided, however, that the  aggregate Delayed Draw Term Loan Funded Amount of all Lenders shall in no event  exceed the aggregate Delayed Draw Term Loan Commitments.  The Lenders shall make  no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing with the  Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be made  until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term  Loan shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of  One Hundred Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any  obligation to make a Delayed Draw Term Loan to Borrower if, both before and after giving  effect to the Delayed Draw Term Loan, (A) any Default or Event of Default exists and is  continuing or would result therefrom, (B) the aggregate Delayed Draw Term Loan Funded  Amount of all Lenders would exceed the aggregate Delayed Draw Term Loan  Commitments, (C) the Delayed Draw Term Loan Funded Amount of any Lender would  exceed such Lender’s Delayed Draw Term Loan Commitment, (D) the Cash Balance on  the funding date is less than $6,000,000 or (E) the Borrower is not in compliance with the  covenants set forth in Section 4.2 (including the Performance Metrics, to the extent  measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed  Draw Term Loans requested from the Lenders on the proposed funding date.  Each  Lender’s Delayed Draw Term Loan shall be evidenced by a promissory note (each, a  “Delayed Draw Term Note”) duly executed and delivered by the Borrower prior to the  funding of such Delayed Draw Term Loan in the form attached hereto as Exhibit B-2 and  be repayable in accordance with the terms of such Delayed Draw Term Note and this  Agreement.  The Delayed Draw Term Loan Commitment shall reduce to zero  automatically on the Delayed Draw Term Loan Commitment Expiration Date and no  Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make  principal payments on the Term Loans to the Agent for the pro rata benefit of the  Lenders in monthly installments equal to 2.7777% (such percentage being equal to  100% divided by 36 monthly installments until the Maturity Date) of the aggregate  principal amount of the Term Loans (as in effect immediately prior to the making  of the first such payment on July 1, 2021), payable on each Payment Date from  July 1, 2021 until and including the Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance  fails to be completed on a timely basis in accordance with Section 4.2(b),  commencing with the Payment Date occurring immediately after such failure,  Borrower shall make principal payments on the Term Loans to the Agent for the  pro rata benefit of the Lenders in monthly installments equal to (i) with respect to  

 

  3  any Payment Date that occurs on or prior to the date that is twenty-four (24) months  following the Closing Date, 2.7777% of the aggregate principal amount of the Term  Loans outstanding at such time, and (ii) with respect to any Payment Date that  occurs after the date that is twenty-four (24) months after the Closing Date,  4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term  Loans shall be paid in full no later than the Maturity Date.  Amounts repaid or  prepaid on any of the Term Loans may not be reborrowed.  1.2 Term and Prepayment.    (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty-six (36) months following the Closing Date, or (iv) zero percent (0%) of  the principal Loan amount being prepaid on the date of such Prepayment if such date is  later than the date that is thirty-six (36) months following the Closing Date.  Each Lender  shall have the right in its sole discretion to decline any Mandatory Prepayment in  accordance with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  

 

  4  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6) months  following the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall  set forth the estimates of the proceeds to be so expended); provided, that if all or any portion  of such Net Cash Proceeds is not so reinvested within such six-month period, such unused  portion shall be applied on the last day of such period as a Mandatory Prepayment as  provided in this Section 1.2(c); provided, further, that if the property subject to such Asset  Sale or such Casualty Event constituted Collateral, then all property purchased with the  Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created  pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in  accordance with Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall  permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in  accordance with Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  

 

  5  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.    (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by  three percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and  all outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period).  Such  Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing  Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  

 

  6  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower (the “Fee Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that  Co-Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  

 

  7  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  

 

  8  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.    1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  (a) Unless Agent shall have received notice from any Lender prior  to the date such Lender is required to make any payment hereunder with respect to the Loan that  such Lender will not make such payment (or any portion thereof) available to Agent, Agent may  assume that such Lender has made such payment available to Agent on the date such payment is  required to be made in accordance with this Section 1 and Agent may, in reliance upon such  assumption, make available to Borrower on such date a corresponding amount.  Borrower agrees  to repay to Agent on demand such amount (until repaid by such Lender) with interest thereon for  each day from the date such amount is made available to Borrower until the date such amount is  repaid to Agent, at the interest rate applicable to the Obligation that would have been created when  Agent made available such amount to Borrower had such Lender made a corresponding payment  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  

 

  9  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  

 

  10  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of- pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.    (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.    

 

  11  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  

 

  12  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.    (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  

 

  13  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (v) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  

 

  14  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names.  (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each  Grantor, (c) the organizational identification number issued by each Grantor’s state of  incorporation or organization or a statement that no such number has been issued, (d) each  Grantor’s state of organization or incorporation, and (e) the location of each Grantor’s chief  executive office and locations of Collateral when not in use by a customer of any Grantor are as  set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such  locations have not changed during the preceding twelve (12) months.  As of the Closing Date,  during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has  been known as or conducted business in any other name (including trade names) than the name of  such Grantor set forth on the signature page hereto.  Borrower has only one state of incorporation  or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  approval of any Governmental Authority or any other Person other than any consent or approval  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.    (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  

 

  15  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  

 

  16  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  reason to know that, any ERISA Event has occurred that, alone or together with any other  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  

 

  17  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  

 

  18  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  

 

  19  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  

 

  20  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.    (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  

 

  21  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.    (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any Liens  except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary in the  conduct of its business, and such Collateral shall be maintained in accordance with all  manufacturer’s suggested and recommended maintenance procedures, including  preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits,  licenses, approvals and privileges (including all Permits) necessary, used or useful, whether  because of its ownership, lease, sublease or other operation or occupation of property or  other conduct of its business, and shall make all necessary or appropriate filings with, and  give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in  compliance with all statutes, laws, ordinances, regulations, standards, directives, orders,  judgments and permits (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any country,  state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions  for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be  amended by written notice from time to time by Agent to Borrower on a prospective basis)  (each a “Restricted Location”).  Upon an amendment to Schedule E pursuant to the  forgoing sentence such that Collateral is located in a Restricted Location that was not  located in a Restricted Location prior to such amendment, no Grantor shall extend or renew  any rental agreements or enter into any new rental agreements which would cause the  Collateral to be located in, in transit to or in use in a Restricted Location by a customer of  such Grantor and such Grantor shall remove such Collateral from such Restricted Location  within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the  end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated the  Closing Date contain a true and complete list of each interest in Real Property (i) owned  by any Credit Party as of the date hereof and describes the type of interest therein held by  such Credit Party and whether such owned Real Property is leased and if leased whether  the underlying lease contains any option to purchase all or any portion of such Real  Property or any interest therein or contains any right of first refusal relating to any sale of  such Real Property or any portion thereof or interest therein and (ii) leased, subleased or  otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or  licensee, as of the date hereof and describes the type of interest therein held by such Credit  Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d),  whether any lease requires the consent of the landlord or tenant thereunder, or other party  thereto, to the Transactions.  

 

  22  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti-  

 

  23  Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.    (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  

 

  24  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  3.27 Assets of Parent.  Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  

 

  25  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  Credit Party are duly and validly issued and are fully paid and non- assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  

 

  26  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any Perfection  Certificate Supplement (whichever was most recently delivered to Agent) sets forth an  accurate organizational chart, showing the ownership structure of Borrower and each  Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth on  Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or (b)  the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  

 

  27  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.    The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  

 

  28  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  

 

  29  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  4.2 Financial Covenants.  (a) Minimum Cash Balance.  As of the last day of each Fiscal Month, Credit Parties  shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on September  30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a Cash Balance  of less than $9,000,000, the Credit Parties shall not permit (i) the Total Revenue (measured  as of the trailing twelve (12) month period ending on each date set forth in the table below)  to be less than the amount set forth in the table below and (ii) Average Revenue Per Unit  to be less than the amount set forth in the table below (collectively clauses (i) and (ii), the  “Performance Metrics”).  

 

  30  Period Total Revenue Average Revenue  Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance Certificate  that evidenced non-compliance with the Performance Metrics) issue Qualified Capital  Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable to  Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non- compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  

 

  31  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, and (e) additional Indebtedness  (including Purchase Money Obligations) incurred after the Closing Date in an aggregate  outstanding amount for all such Credit Parties combined not exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock  of, or otherwise combine with or make any investment in or make any loan or advance to, any  Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date  so long as within ten (10) Business Days after such formation, such Subsidiary becomes a  Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and  under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.   For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  

 

  32  5.5 Restricted Payments.  Make or permit any Restricted Payment.  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above, (x)  pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  

 

  33  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  transaction relating to, any property or interests in property blocked pursuant to any Anti-  Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  

 

  34  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  

 

  35  (i) all Accounts;  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  

 

  36  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or (y)  trigger termination of any agreement, document or instrument pursuant to any “change of control”  or similar provision and (B) any contract, license, franchise or other agreement to the extent the  pledge of such agreement is expressly prohibited by the terms thereof (provided that such  contractual restriction shall not have been created in contemplation of this restriction); provided,  however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to apply if  any such prohibition would be rendered ineffective under the UCC (including Sections 9-406, 9- 407 and 9-408 thereof) or other Applicable Law (including the United States bankruptcy code) or  principles of equity, (B) so as to limit, impair or otherwise affect Agent’s unconditional continuing  Liens upon any rights or interests of any Grantor in or to the Proceeds thereof (including proceeds  from the sale, license, lease or other disposition thereof), including monies due or to become due  under any such lease, license, contract, or agreement (including any Accounts or other  Receivables), or (C) to apply at such time as the condition causing such prohibition shall be  remedied and, to the extent severable, “Collateral” shall include any portion of such lease, license,  franchise, contract, or agreement, or assets subject thereto that does not result in such prohibition;  (iv) Excluded Accounts; (v) any property and assets the pledge of which would require  governmental consent, approval, license or authorization (unless such consent, approval, license  or authorization has been obtained); (vi) assets located outside the United States or the pledge of  which would require registration or other action outside the United States; (vii) [reserved]; (viii)  [reserved]; and (ix) assets in circumstances where Borrower and Agent determine in their  reasonable discretion that the cost, burden or consequences (including material adverse tax  consequences) of obtaining or perfecting a security interest in such assets is excessive in relation  to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no Grantor shall  be required to enter into any foreign- law governed security documents in connection with any  share pledge, intellectual property registered in any non-U.S. jurisdiction or any other grant of  security interest.  Notwithstanding anything herein to the contrary or any other Loan Document,  no Grantor shall be required to make any filings, enter into any documents or agreements or take  any other actions to grant, record or perfect a security interest or Lien in the Collateral in, or deliver  any legal opinions covered by, any jurisdiction other than in the United States or any of its states,  including on any Collateral located outside of the United States.  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  

 

  37  of the Obligations, enforceable in accordance with the terms hereof against any and all  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under Section 9- 509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  

 

  38  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  

 

  39  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of Section  5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty (60)  consecutive days; or any Borrower or any other Credit Party shall have concealed, removed  or permitted to be concealed or removed, any part of its property with intent to hinder,  delay or defraud any of its creditors or made or suffered a transfer of any of its property or  the incurring of an obligation that may be fraudulent under any bankruptcy, fraudulent  transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  

 

  40  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section  7.1 or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to,  or shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue-  producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  

 

  41  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.    (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  

 

  42  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  

 

  43  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed, (ii)  be deemed given if Borrower does not respond to a request for consent within five (5)  Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.” The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  

 

  44  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii) and  (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment such  completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S.  federal backup withholding tax;  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  

 

  45  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC, (x)  a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a “10  percent shareholder” of Borrower within the meaning of Section  871(h)(3)(B) of the IRC, or a “controlled foreign corporation”  related to Borrower as described in Section 881(c)(3)(C) of the IRC  (a “U.S. Tax Compliance Certificate”) and (y) executed copies of  IRS Form W-8BEN or IRS Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax  Compliance Certificate, IRS Form W-9, and/or other certification  documents from each beneficial owner, as applicable; provided that  if the Foreign Lender is a partnership and one or more direct or  indirect partners of such Foreign Lender are claiming the portfolio  interest exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  or Agent as may be necessary for Borrower and Agent to comply with their  

 

  46  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) 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 proceeding described in Section  7.1(h) or (i) or any other 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  Obligation in any proceeding described in Section 7.1(h) or (i) or any other 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, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, 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  

 

  47  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.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (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.  9.3 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 Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 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 9 to the extent provided by Agent.  9.5 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 Section  

 

  48  8(a), (ii) rely on the Register to the extent set forth in Section 8(a), (iii) consult with  any of its Related Persons and, whether or not selected by it, any other advisors,  accountants and other experts (including advisors to, and accountants and experts  engaged by, any Credit Party) and (iv) 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 such  other number or percentage of the Lenders as shall be necessary, or as Agent shall  believe in good faith shall be necessary, under the circumstances as provided in  Section 10.1(b)) or (y) in the absence of its own gross negligence or willful  misconduct, and each Lender, Borrower and each other Credit Party to this  Agreement 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 or any  Credit Party in connection with any Loan Document or any transaction  contemplated therein or any other document or information with respect to  any Credit Party, 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,  

 

  49  whether any condition set forth in any Loan Document is satisfied or  waived, as to the financial condition of any Credit Party 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 and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party 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.  9.7 Intentionally Omitted.    9.8 Expenses; Indemnities.    (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) 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, any Credit Party) 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 any Credit Party), 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  

 

  50  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.  9.9 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  forty-five (45) 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 (a) shall be subject to the prior  consent of Borrower, which may not be unreasonably withheld but shall not be required  during the continuance of a Default.  (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 9.3, 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.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  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 9.10.  

 

  51  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom 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  and any other Credit Party which is a party to such agreement, (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 and any other Credit Party which  is a party to such agreement; 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 2.1, 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; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  

 

  52  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation 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 Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section  1.8 to, and any modification of the application of any such payment to the Term Loan shall  require the consent of the Required Lenders, and (B) any change to the definition of the  term “Required Lenders” shall require the consent of the Required Lenders, (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 Section 9 or the  application thereof) unless in writing and signed by Agent in addition to any signature  otherwise required and (z) the consent of Borrower shall not be required to change any  order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  

 

  53  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be prohibited by or invalid under applicable law, such  provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating  the remainder of such provision or the remaining provisions of such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  

 

  54  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section  10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all charges  prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be notified and  sent to the address or facsimile number indicated in Schedule C or to such other address (or  facsimile number) as may be substituted by notice given as herein provided.  Failure or delay in  delivering copies of any such communication to any Person (other than Borrower, any other Credit  Party, Agent or any Lender) designated in Schedule C to receive copies shall in no way adversely  affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  

 

  55  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent  (20%) or more of Stock having ordinary voting power for the election of directors of any Credit  

 

  56  Party or (ii) each other Person that controls, is controlled by or is under common control with such  Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the contrary in this  Section 10.11, any Credit Party may make such public disclosures with respect to the transactions  contemplated by the Loan Documents in connection with all regular and periodic reports  (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if  any, filed by any Credit Party with any securities exchange or with the Securities and Exchange  Commission or any governmental or private regulatory authority.  The Borrower hereby authorizes  Agent to disclose Agent’s participation in this Agreement or the other Loan Documents in its  marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the USA  PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.    

 

  57  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  

 

  58  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  

 

  59  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion- action under  New York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  

 

  60  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has  been duly executed as of the date first written above.  VOLTA CHARGING, LLC, as Borrower and  Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA MEDIA LLC, as Borrower and Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA INDUSTRIES, INC., as Guarantor and  Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  EICF AGENT LLC, as Agent for the Lenders      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  ENERGY IMPACT CREDIT FUND I LP, as a  Lender      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  CION INVESTMENT CORPORATION, as  Co­Lead Arranger and a Lender      By:   _____________________________  Name:  Title:    

 

  SCHEDULE A - 1  SCHEDULE A    DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  “Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent  (10%) or more of the Stock having ordinary voting power for the election of directors of such  Person or (ii) each other Person that controls, is controlled by or is under common control with  such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of a  Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction  of its management or policies, whether through the ownership of voting securities, by contract or  otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  “Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  

 

  SCHEDULE A - 2  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve (12)  Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  

 

  SCHEDULE A - 3  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and (y)  held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of “control”  (as defined in the UCC) of such accounts for its benefit.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or (ii)  issued by any agency of the United States federal government the obligations of which are fully  backed by the full faith and credit of the United States federal government, (b) any readily-  marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  

 

  SCHEDULE A - 4  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean 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 a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.  “Change of Control” means any of (a) Parent ceasing to own, directly or indirectly, 100% of the  capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party, (c)  a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or  assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s owned  intellectual property rights, a sale of voting control or any other corporate reorganization in which  the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members  of the board of directors or other equivalent governing body of Parent ceases to be composed of  individuals who were members of that board or equivalent governing body on the Closing Date.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  

 

  SCHEDULE A - 5  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  

 

  SCHEDULE A - 6  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion) deducted  in determining such Consolidated Net Income and without duplication (and with respect to the  portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only if a  corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  

 

  SCHEDULE A - 7  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation; (d)  

 

  SCHEDULE A - 8  with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9- 104 of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  

 

  SCHEDULE A - 9  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to zero  (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment has  been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  

 

  SCHEDULE A - 10  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  

 

  SCHEDULE A - 11  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and 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 property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to Section  4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan; (f) the  incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  

 

  SCHEDULE A - 12  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  “Fee Letter” has the meaning assigned to it in Section 1.6.  “Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  

 

  SCHEDULE A - 13  “Fiscal Month” means any of the monthly accounting periods of Borrower.  “Fiscal Quarter” means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii)  to purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect thereof.  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  

 

  SCHEDULE A - 14  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  such Person is not liable therefor.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  

 

  SCHEDULE A - 15  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all (i)  renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages,  claims and payments now and hereafter due and/or payable thereunder and with respect thereto  including damages and payments for past, present or future infringements or violations thereof,  (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other  rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other  patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  

 

  SCHEDULE A - 16  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and (ii)  the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to Section  3.28.  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section  4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor  or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to  which any Grantor or any ERISA Affiliate has within the preceding five plan years made  contributions; or (c) with respect to which any Grantor could reasonably be expected to incur  liability.  

 

  SCHEDULE A - 17  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests),  the cash proceeds received by any Credit Party (including cash proceeds subsequently  received (as and when received by any Credit Party) in respect of non-cash consideration  initially received) net of (i) selling expenses (including reasonable brokers’ fees or  commissions, legal, accounting and other professional and transactional fees, transfer and  similar taxes and Credit Party’s good faith estimate of income taxes actually paid or  payable in connection with such sale); (ii) amounts provided as a reserve, in accordance  with GAAP, against (x) any liabilities under any indemnification obligations associated  with such Asset Sale or (y) any other liabilities retained by any Credit Party associated with  the properties sold in such Asset Sale (provided that, to the extent and at the time any such  amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds);  (iii) Credit Party’s good faith estimate of payments required to be made with respect to  unassumed liabilities relating to the properties sold within ninety (90) days of such Asset  Sale (provided that, to the extent such cash proceeds are not used to make payments in  respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such cash  proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or  penalty, if any, interest and other amounts on any Indebtedness for borrowed money which  is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was  permitted to encumber such properties under the Loan Documents at the time of such sale)  and which is repaid with such proceeds (other than any such Indebtedness assumed by the  purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary fees,  commissions, costs and other expenses incurred in connection therewith; and  (c) 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.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  

 

  SCHEDULE A - 18  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  

 

  SCHEDULE A - 19  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.  “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty (30)  days or (in the case of any execution or enforcement pending appeal) such lesser time during which  such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions on the  use of real property or other minor irregularities in title (including leasehold title) thereto, so long  as the same do not materially impair the use, value, or marketability of such real estate; (v)  

 

  SCHEDULE A - 20  Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  

 

  SCHEDULE A - 21  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  

 

  SCHEDULE A - 22  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” 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.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty percent  (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the  amount outstanding under the Term Loan) then in effect; provided that at any time that there are  two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that  are not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  

 

  SCHEDULE A - 23  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c)  any payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s  or any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in  respect of any thereof, either directly or indirectly; other than (i) that arising under this Agreement  or (ii) interest and principal, when due without acceleration or modification of the amortization as  in effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  

 

  SCHEDULE A - 24  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent (50%)  of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership  or limited liability company in which such Person or one or more Subsidiaries of such Person has  an equity interest (whether in the form of voting or participation in profits or capital contribution)  of more than fifty percent (50%) or of which any such Person is a general partner or manager or  may exercise the powers of a general partner or manager.  If “Subsidiary” or “Subsidiaries” is used  in this Agreement or any other of the Loan Documents without reference to being the Subsidiary  of any specific Credit Party or other Person, then that reference to “Subsidiary” or “Subsidiaries”  shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  

 

  SCHEDULE A - 25  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments and  the Delayed Draw Term Loan Commitments.  ”Term Note” has the meaning given to such term in Section 1.1(a).  “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  

 

  SCHEDULE A - 26  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  

 

  SCHEDULE A - 27  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]  

 

    FIRST AMENDMENT TO LOAN AGREEMENT  This FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made  as of March 26, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto  (the “Required Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent  on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the  “Agent”).  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”);  WHEREAS, Parent has advised the Agent that it wishes to issue and sell convertible  promissory notes in an aggregate amount not to exceed $30,000,000 (collectively and each on an  individual basis, the “Subordinated Note”) pursuant to the terms of that certain Convertible Note  Purchase Agreement, dated as of even date herewith (the “Note Purchase Agreement”);  WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from incurring  Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and  WHEREAS, Parent and the other Credit Parties have requested that the Agent and the  Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the  terms and conditions of, the Note Purchase Agreement, and the Required Lenders have agreed to  permit the Parent to incur such Indebtedness solely on the terms and subject to the conditions set  forth herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions  precedent set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date  hereof as follows:  (a) Schedule A shall be amended to insert the following new definitions in the proper  alphabetical order therein:  

 

  2  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement,  dated as of March 26, 2020, by and among Parent, as issuer, and each of the purchasers  listed on Exhibit A thereto or additional purchasers from time to time party thereto, as may  be amended from time to time in accordance with the terms of the Subordination  Agreement.  “Subordination Agreement” means that certain Subordination and Intercreditor  Agreement, dated as of March 26, 2020, by and among each of the parties thereto as  Subordinated Creditors, the Credit Parties and Agent, as may be amended from time to  time.  (b) Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing  clause (e) as clause (f), replacing the existing clause (e) with the new clause (e) which shall read  as follows:  “(e) Indebtedness arising under that certain Note Purchase Agreement in an amount  not to exceed $30,000,000, provided that such Indebtedness is at all times subordinated to  the Obligations pursuant to the terms of the Subordination Agreement and provided that  each of the holders thereof have executed and delivered the Subordination Agreement.”  3. Conditions to Effectiveness.  This Amendment shall not become effective until the  date (the “Effective Date”) upon which:  (a) counterparts of this Amendment shall have been executed and delivered by the  Borrower, the Credit Parties signatory hereto and the Required Lenders;  (b) delivery to the Agent of fully and duly executed, true and correct copies of the Note  Purchase Agreement, the Subordinated Notes and the Subordination Agreement ; and  (c) the Borrower has paid the legal fees and expenses of Chapman and Cutler LLP,  Agent’s counsel, incurred in connection with the preparation, negotiation, execution and delivery  of this Amendment and other post-closing services rendered in connection with the Loan  Agreement prior to the date hereof.  4. Representations, Warranties and Covenants.  The Credit Parties represent and  warrant to Agent and each Lender that, after giving effect to this Amendment:  (a) the execution, delivery and performance by each Credit Party of this Agreement  has been duly authorized by all necessary action, and do not and will not:  (i) contravene the terms of any of its Organization Documents;  (ii) conflict with or result in any material breach or contravention of, or result  in the creation of any Lien under, any document evidencing any material  Contractual Obligation to which it is a party or any order, injunction, writ  or decree of any Governmental Authority to which it or its Property is  subject; or  

 

  3  (iii) violate any material Requirement of Law in any material respect;  (b) it has the power and authority to execute, deliver and perform its obligations under  this Agreement and the Loan Agreement, as amended hereby;  (c) this Agreement constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability; and  (d) no Default or Event of Default shall have occurred and be continuing on and as of  the date hereof.  5. Additional Obligations.  No later than ten (10) days from the date hereof, the Credit  Parties shall deliver to the Agent an Officers’ Certificate stating that the representations and  warranties contained in Section 3 of the Loan Agreement are true and correct in all material  respects on and as of the date hereof as if such representations and warranties had been made on  and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date which shall be true and correct as of such specific date)) and  attaching to such Officers’ Certificate updated Disclosure Schedules as may be appropriate.   Failure to comply with the foregoing covenant shall constitute a Default under the Loan  Agreement.  6. Loan Document.  This Amendment is designated a Loan Document by Agent.  7. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as amended by this Amendment.  8. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  9. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  

 

  4  10. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  11. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  12. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  13. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor,  or in other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby  (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise,  under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the  extent such credit party granted liens on or security interests in any of its property pursuant to any  such Loan Document as security for or otherwise guaranteed the Obligations under or with respect  to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and  liens and confirms and agrees that such security interests and liens hereafter secure all of the  Obligations as amended hereby.  Each Credit Party hereby consents to this Agreement and  acknowledges that each of the Loan Documents remains in full force and effect and is hereby  ratified and reaffirmed.  The execution of this Agreement shall not operate as a waiver of any right,  power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan  Documents or serve to effect a novation of the Obligations.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Amendment Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company         By:     Name:  Title:         VOLTA MEDIA LLC,  a Delaware limited liability company         By:     Name:  Title:         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By:     Name:  Title:           GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By:     Name:  Title:        

 

  Signature Page to Amendment Agreement  AGENT: EICF AGENT LLC         By:   Name:  Title:        

 

  Signature Page to Amendment Agreement  LENDERS: ENERGY IMPACT CREDIT FUND I LP         By:   Name:  Title:     

 

  Signature Page to Amendment Agreement   CION INVESTMENT CORPORATION         By:   Name:  Title:      

 

    SECOND AMENDMENT TO LOAN AGREEMENT  This SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is  made as of May 4, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto  (the “Required Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent  on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the  “Agent”).  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”);  WHEREAS, Parent has advised the Agent that it wishes to participate in the loan program  issued by the Small Business Administration implementing PPP Rule (as herein defined);  WHEREAS, Parent has advised the Agent that Continental Bank has authorized the PPP  Loan (as herein defined) to Parent;  WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from  incurring Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and  WHEREAS, Parent and the other Credit Parties have requested that the Agent and the  Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the  terms and conditions of, the PPP Loan, and the Required Lenders have agreed to permit the Parent  to incur such Indebtedness solely on the terms and subject to the conditions set forth herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date hereof  as follows:  a. Schedule A shall be amended to insert the following new definitions in the proper  alphabetical order therein:  

 

    “Business Loan Agreement” means that certain Business Loan  Agreement, dated April 27, 2020, by and between Parent and Continental  Bank.  “PPP Loan” means an unsecured loan in an aggregate principal amount  not to exceed $3,193,300.00 incurred by Parent under 15 U.S.C.  636(a)(36) (as added to the Small Business Act by Section 1102 of the  PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security  Act and applicable rules and regulations, as amended from time to time.   For the avoidance of doubt, references to specific sections of the PPP Rule  shall also include applicable rules and regulations, as amended from time  to time.  “Promissory Note” mean that certain Promissory Note, dated as of April  27, 2020, issued by Parent in favor of Continental Bank in an aggregate  amount equal to $3,193,300.00.  b. Schedule A shall be amended to insert the following sentence at the end of the  definition of “Indebtedness”:  “For the avoidance of doubt, the PPP Loan shall constitute “Indebtedness” for all  purposes under this Agreement until such time and to the extent that such PPP Loan  is forgiven.”  c. Schedule A shall be amended to insert the following sentence at the end of the  definition of “Cash Balance”:  “For the avoidance of doubt, no proceeds of the PPP Loan shall be included in the  calculation of Cash Balance.”  d. Section 3.26 of the Loan Agreement is hereby amended by adding a new clause (e)  at the end thereof:  “(e) Notwithstanding anything to the contrary contained herein, Parent  shall (i) establish a new deposit account, which account shall not be subject  to a Control Agreement, to receive and hold exclusively the proceeds of the  PPP Loan, (ii) not comingle the proceeds of the PPP Loan in such account  with any other funds and only to make transfers or disbursements from such  account for PPP Forgivable Uses and (iii) maintain all records required to  be submitted in connection with the forgiveness of the PPP Loan.”  e. Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing  clause (f) as clause (g), replacing the existing clause (f) with the new clause (f)  which shall read as follows:  

 

    “(e) the PPP Loan, provided that Parent shall (i) use all of the proceeds of  the PPP Loan exclusively for the PPP Forgivable Uses in the manner  required under the PPP Rule to obtain forgiveness of the largest possible  amount of the PPP Loan, (ii) use commercially reasonable efforts to conduct  its business in a manner that maximizes the amount of the PPP Loan that is  forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30)  days (or such longer period as the Agent may agree to in its sole discretion)  after the last day of the eight (8) week period immediately following the  date of funding of the PPP Loan and (iv) provide the Agent with a copy of  its application for forgiveness and all supporting documentation required by  the Small Business Administration or Continental Bank in connection with  the forgiveness of the PPP Loan.”  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  (the “Effective Date”) upon which:  a. counterparts of this Amendment shall have been executed and delivered by the  Borrower, the Credit Parties signatory hereto and the Required Lenders; and  b. delivery to the Agent of fully and duly executed, true and correct copies of the  Business Loan Agreement and the Promissory Note.  4. Representations, Warranties and Covenants.  The Credit Parties represent and warrant to  Agent and each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Agreement  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or  result in the creation of any Lien under, any document evidencing any  material Contractual Obligation to which it is a party or any order,  injunction, writ or decree of any Governmental Authority to which it or  its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Agreement and the Loan Agreement, as amended hereby;  c. this Agreement constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  

 

    d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects on and as of the date hereof as if such  representations and warranties had been made on and as of the date hereof (except  to the extent that any such representations and warranties specifically relate to an  earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default shall have occurred and be continuing on and as of  the date hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. Successors and Assigns.  The provisions of this Amendment shall be binding upon and  inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  

 

    12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Agreement and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Agreement shall not operate as a waiver of any right, power or remedy of  the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Second Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,   a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO         VOLTA MEDIA LLC,  a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO           GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By:     Name:  Scott Mercer  Title:  Founder & CEO        

 

  Signature Page to Second Amendment to Loan Agreement  AGENT: EICF AGENT LLC         By:   Name:  Title:        

 

  Signature Page to Second Amendment to Loan Agreement  LENDERS: ENERGY IMPACT CREDIT FUND I LP         By:   Name:  Title:      CION INVESTMENT CORPORATION         By:   Name:    Title:           

 

EXECUTION VERSION    THIRD AMENDMENT TO LOAN AGREEMENT  This THIRD AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made  as of November 25, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto,  EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders  under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”) and CION  INVESTMENT CORPORATION (“CION”), as co-lead arranger.  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”); and  WHEREAS, the Borrower has requested that the Lenders increase the aggregate amount  of Term Loans by $5.0 million under the Loan Agreement and CION, as Lender, has agreed to so  increase its Term Loan Commitment solely on the terms and subject to the conditions set forth  herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto)  is hereby amended as of the date hereof by incorporating the changes shown on the marked  copy of the Loan Agreement attached hereto as Exhibit A (it being understood that  language which appears “struck out” has been deleted and language which appears as  “double-underlined” has been added).  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  upon which:  a. the Agent has received counterparts of this Amendment shall have been executed  and delivered by the parties hereto;  b. the representations and warranties contained in Section 4 hereof shall be true and  correct in all respects;  

 

  2  c. the Agent has received good standing certificates (or the federal or local law  equivalent) with respect to each of the jurisdictions where a Credit Party organized  or chartered; and  d. the Borrower shall have paid (i) the fees to be received by the Agent for the benefit  of CION on or prior to the date hereof pursuant to the CION Fee Letter dated  November 25, 2020 between the Borrower and the Agent and (ii) the legal fees and  expenses of Chapman and Cutler LLP, Agent’s counsel, incurred in connection  with the preparation, negotiation, execution and delivery of this Amendment and  other post-closing services rendered in connection with the Loan Agreement prior  to the date hereof.  4. Representations and Warranties.  The Credit Parties represent and warrant to Agent and  each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Amendment  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or  result in the creation of any Lien under, any document evidencing any  material Contractual Obligation to which it is a party or any order,  injunction, writ or decree of any Governmental Authority to which it or  its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Amendment and the Loan Agreement, as amended hereby;  c. this Amendment constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects (without duplication of any Material  Adverse Effect or other materiality qualifier therein) on and as of the date hereof as  if such representations and warranties had been made on and as of the date hereof  (except to the extent that any such representations and warranties specifically relate  to an earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default has occurred and is continuing on and as of the date  hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  

 

  3  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. 10. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  

 

  4  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Amendment and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Amendment shall not operate as a waiver of any right, power or remedy  of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  13. Release of Claims.  In consideration of the Lenders’ and the Agent’s agreements contained  in this Amendment, each Credit Party hereby irrevocably releases and forever discharge  the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and  from any and all claims, suits, actions, investigations, proceedings or demands, whether  based in contract, tort, implied or express warranty, strict liability, criminal or civil statute  or common law of any kind or character, known or unknown, which such Credit Party ever  had or now has against Agent, any Lender or any other Released Person which relates,  directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released  Person relating to the Loan Agreement or any other Loan Document on or prior to the date  hereof.  [The remainder of this page is intentionally blank.]  

 

Signature Page to Third Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company  By: __________________________________  Name:    Title:    VOLTA MEDIA LLC,  a Delaware limited liability company  By:   _________________________________  Name:    Title:    VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company  By:   _________________________________  Name:    Title:    GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation  By:   _________________________________  Name:    Title:    

 

Signature Page to Third Amendment to Loan Agreement  AGENT: EICF AGENT LLC  By:   _________________________________  Name:    Title:    LENDERS: ENERGY IMPACT CREDIT FUND I LP  By:  Energy Impact Credit Fund I GP LLC,  its general partner  By:   _________________________________  Name:    Title:    

 

Signature Page to Third Amendment to Loan Agreement  CION INVESTMENT CORPORATION  By:   _________________________________  Name:    Title:    

 

A-1 EXHIBIT A  MARKED CREDIT AGREEMENT  (See attached)  

 

CONFORMED COPY – NOT EXECUTED IN THIS FORM  Incorporating that certain First Amendment to Loan Agreement, dated a of March 26, 2020; and Second  Amendment to Loan Agreement, dated as of May 4, 2020; and Third Amendment to Loan Agreement, dated as of  November 25, 2020.  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO  CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020  

 

INDEX – PAGE i  TABLE OF CONTENTS  PAGE  1. AMOUNT AND TERMS OF CREDIT .......................................................................... 1  1.1 Term Loan. ...................................................................................................................... 1  1.2 Term and Prepayment. ..................................................................................................... 3  1.3 Use of Proceeds. ............................................................................................................ 45  1.4 Single Loan. ................................................................................................................... 45  1.5 Interest ............................................................................................................................. 5  1.6 Fees. ................................................................................................................................. 6  1.7 Receipt of Payments; Taxes. .......................................................................................... 67  1.8 Application and Allocation of Payments. ........................................................................ 7  1.9 Accounting. .................................................................................................................... 78  1.10 Indemnity. ...................................................................................................................... 78  1.11 Intentionally Omitted. ...................................................................................................... 8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ......................................................... 8  1.13 Non-Funding Lenders. ................................................................................................... 89  1.14 Substitution of Lenders. ................................................................................................... 9  2. CONDITIONS PRECEDENT ....................................................................................... 10  2.1 Conditions to the Loan. .................................................................................................. 10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS1314 3.1 Corporate Existence; Compliance with Law. ............................................................ 1314  3.2 Executive Offices; Corporate or Other Names. ......................................................... 1415  3.3 Corporate Power; Authorization; Enforceable Obligations. ....................................... 1415  3.4 Financial Statements; Books and Records. ................................................................ 1415  3.5 Material Adverse Change. .......................................................................................... 1516  3.6 Collection of Accounts. .............................................................................................. 1516  3.7 Subsidiaries ................................................................................................................ 1516  3.8 Government Regulation; Margin Regulations ........................................................... 1516  3.9 Taxes; Charges. .......................................................................................................... 1516  3.10 Payment of Obligations. .............................................................................................. 1617  3.11 ERISA. ....................................................................................................................... 1617  3.12 Litigation. .................................................................................................................. 1718  3.13 Intellectual Property.................................................................................................... 1718  3.14 Full Disclosure. .......................................................................................................... 1819  3.15 Environmental Liabilities. .......................................................................................... 1819  3.16 Insurance. ................................................................................................................... 1820  3.17 Solvency. ................................................................................................................... 2021  3.18 Other Financings. ....................................................................................................... 2021  3.19 Conduct of Business .................................................................................................. 2022  3.20 Further Assurances. .................................................................................................... 2022  3.21 Collateral/Maintenance of Property. .......................................................................... 2122  3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ....................................... 2223  3.23 Maintenance of Corporate Existence. ........................................................................ 2324  3.24 Compliance with Laws, Etc. ...................................................................................... 2324  3.25 Landlord Agreement. ................................................................................................. 2325  3.26 Deposit Accounts; Cash Collateral Accounts. ........................................................... 2325  

 

INDEX – PAGE ii  TABLE OF CONTENTS  PAGE    3.27 Assets of Parent. ......................................................................................................... 2425  3.28 After-acquired Property; Additional Collateral. ......................................................... 2426  3.29 Equity Interests and Subsidiaries ................................................................................ 2527  3.30 Security Documents. .................................................................................................. 2628  3.31 Intentionally Omitted. ................................................................................................ 2628  3.32 Government Contracts. .............................................................................................. 2628  3.33 Customer and Trade Relations. .................................................................................. 2628  3.34 Bonding; Licenses. ..................................................................................................... 2628  3.35 Affiliate Transactions. ................................................................................................ 2628  3.36 Post-Closing Matters .................................................................................................. 2628  3.37 Investment Company Act. ......................................................................................... 2728  3.38 Notice of Change in Investment Company Status ..................................................... 2728  3.39 Notice of Change in Ownership. ................................................................................ 2729  3.40 Notice of Change in Organization Chart. ................................................................... 2729  4. FINANCIAL MATTERS; REPORTS ...................................................................... 2729  4.1 Reports, Notices, and Related Rights. ....................................................................... 2729  4.2 Financial Covenants. .................................................................................................. 2931  4.3 Other Reports and Information. ................................................................................. 3032  5. NEGATIVE COVENANTS ....................................................................................... 3132  5.1 Indebtedness .............................................................................................................. 3133  5.2 Liens .......................................................................................................................... 3133  5.3 Investments; Fundamental Changes. .......................................................................... 3133  5.4 Asset Sales. ................................................................................................................ 3133  5.5 Restricted Payments. .................................................................................................. 3234  5.6 Changes in Nature of Business. ................................................................................. 3234  5.7 Transactions with Affiliates. ...................................................................................... 3234  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted  Payments.3234  5.9 Modification of Certain Documents. ......................................................................... 3234  5.10 Accounting Changes; Fiscal Year. ............................................................................. 3235  5.11 Changes to Name, Locations, Etc. ............................................................................. 3235  5.12 Bank Accounts ........................................................................................................... 3335  5.13 Margin Regulations. ................................................................................................... 3335  5.14 Compliance with ERISA. .......................................................................................... 3335  5.15 Hazardous Materials. ................................................................................................. 3335  5.16 Parent ......................................................................................................................... 3335  5.17 Use of Proceeds. ......................................................................................................... 3335  5.18 Compliance with Anti-Terrorism Laws. .................................................................... 3336  5.19 Sale-Leasebacks. ........................................................................................................ 3436  5.20 Leases ........................................................................................................................ 3436  5.21 Compensation. ........................................................................................................... 3437  6. SECURITY INTEREST ............................................................................................. 3537  6.1 Grant of Security Interest. .......................................................................................... 3537  6.2 Intentionally Omitted. ................................................................................................ 3739  6.3 Agent’s Appointment as Attorney-in-fact. ................................................................. 3739  

 

INDEX – PAGE iii  TABLE OF CONTENTS  PAGE      6.4 Grant of License to Use Intellectual Property Collateral. .......................................... 3840  6.5 Commercial Tort Claims. .......................................................................................... 3840  6.6 Duties of Agent. ......................................................................................................... 3840  7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES .......................................... 3941  7.1 Events of Default. ...................................................................................................... 3941  7.2 Remedies. .................................................................................................................. 4143  7.3 Waivers by Credit Parties .......................................................................................... 4345  7.4 Proceeds. .................................................................................................................... 4345  8. SUCCESSORS AND ASSIGNS ................................................................................. 4345  9. AGENT ........................................................................................................................ 4649  9.1 Appointment and Duties. ........................................................................................... 4649  9.2 Binding Effect. ........................................................................................................... 4750  9.3 Use of Discretion. ...................................................................................................... 4850  9.4 Delegation of Rights and Duties ................................................................................ 4850  9.5 Reliance and Liability. ............................................................................................... 4850  9.6 Agent Individually. .................................................................................................... 4952  9.7 Intentionally Omitted. ................................................................................................ 5052  9.8 Expenses; Indemnities. .............................................................................................. 5052  9.9 Resignation of Agent. ................................................................................................ 5053  9.10 Release of Collateral. ................................................................................................. 5153  10. MISCELLANEOUS ................................................................................................... 5153  10.1 Complete Agreement; Modification of Agreement. .................................................. 5153  10.2 Expenses. ................................................................................................................... 5355  10.3 No Waiver. ................................................................................................................. 5356  10.4 Severability; Section Titles ........................................................................................ 5356  10.5 Authorized Signature. ................................................................................................ 5456  10.6 Notices ....................................................................................................................... 5457  10.7 Counterparts. .............................................................................................................. 5457  10.8 Time of the Essence. .................................................................................................. 5557  10.9 GOVERNING LAW. ................................................................................................. 5557  10.10 Submission to Jurisdiction; Waiver of Jury TrialSUBMISSION TO JURISDICTION;  WAIVER OF JURY TRIAL ...................................................................................... 5557  10.11 Press Releases. ........................................................................................................... 5658  10.12 Reinstatement. ........................................................................................................... 5659  10.13 USA PATRIOT Act Notice and Customer Verification. ........................................... 5659  10.14 Sharing of Payments, Etc. .......................................................................................... 5659  10.15 Intentionally Omitted. ................................................................................................ 5760  10.16 Confidentiality Agreements. ...................................................................................... 5760  11. GUARANTEE ............................................................................................................. 5760  11.1 The Guarantee. ........................................................................................................... 5760  11.2 Obligations Unconditional. ........................................................................................ 5760  11.3 Reinstatement. ........................................................................................................... 5961  11.4 Subrogation; Subordination. ....................................................................................... 5962  11.5 Remedies. .................................................................................................................. 5962  

 

TABLE OF CONTENTS  PAGE  Index-Page iv    11.6 Instrument for the Payment of Money. ...................................................................... 5962  11.7 Continuing Guarantee. ............................................................................................... 5962  11.8 General Limitation on Guarantee Obligations. .......................................................... 5962  11.9 Release of Guarantors. ............................................................................................... 6062  11.10 Right of Contribution. ................................................................................................ 6063    

 

  Index-Page v  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices  Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names  Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation  Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters  Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness  Disclosure Schedule (3.26) - Controlled Accounts  Disclosure Schedule (3.27) - Assets of Parent  Disclosure Schedule (3.32) - Government Contracts  Disclosure Schedule (3.34) - Bonding; Licensing  Disclosure Schedule (3.35) - Affiliate Transactions  Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation  Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate  Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate  Exhibit D - Form of Power of Attorney  Exhibit E - Form of Compliance Certificate  Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate  Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement  Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request    

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein  from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with  and subject to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in  Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of  construction set forth in Schedule A shall govern.  All schedules, attachments, addenda and  exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference,  and taken together with this Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in Section 1.1(b) and  this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent  of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day,  each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance,  a “Delayed Draw Term Loan” and collectively, the “Delayed Draw Term Loans”, and together  

 

  2  with any Closing Date Term Loans and any Third Amendment Term Loans, each, a “Term Loan”,  and collectively, the “Term Loans” or the “Loan”) in a principal amount not to exceed the  Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of  such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of  all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments.  The  Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing  with the Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be  made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term Loan  shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred  Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any obligation to make a  Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw  Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom,  (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the  aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded  Amount of any Lender would exceed such Lender’s Delayed Draw Term Loan Commitment,  (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in  compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the  extent measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw  Term Loans requested from the Lenders on the proposed funding date.  Each Lender’s Delayed  Draw Term Loan shall be evidenced by a promissory note (each, a “Delayed Draw Term Note”)  duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term  Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of  such Delayed Draw Term Note and this Agreement.  The Delayed Draw Term Loan Commitment  shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date  and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Third Amendment 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 an advance (each, a  “Third Amendment Term Loan”; collectively, the “Third Amendment Term Loans”) on the  Third Amendment Effective Date in the principal amount not to exceed such Lender’s Third  Amendment Term Loan Commitment.  Each Lender’s Third Amendment Term Loan  Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a  Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment  Effective Date, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make  principal payments on the Term Loans to the Agent for the pro rata benefit of the  Lenders in monthly installments equal to 2.7777% (such percentage being equal to  100% divided by 36 monthly installments until the Maturity Date) of the aggregate  principal amount of the Term Loans (as in effect immediately prior to the making  

 

  3  of the first such payment on July 1, 2021), payable on each Payment Date from  July 1, 2021 until and including the Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance  fails to be completed on a timely basis in accordance with Section 4.2(b),  commencing with the Payment Date occurring immediately after such failure,  Borrower shall make principal payments on the Term Loans to the Agent for the  pro rata benefit of the Lenders in monthly installments equal to (i) with respect to  any Payment Date that occurs on or prior to the date that is twenty-four (24) months  following the Closing Date, 2.7777% of the aggregate principal amount of the Term  Loans outstanding at such time, and (ii) with respect to any Payment Date that  occurs after the date that is twenty-four (24) months after the Closing Date,  4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term  Loans shall be paid in full no later than the Maturity Date.  Amounts repaid or  prepaid on any of the Term Loans may not be reborrowed.  1.2 Term and Prepayment.  (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-fourthirty (2430) months after the Closing Date and on or prior  to the date that is thirty sixforty-two (3642) months following the Closing Date, or  (ivv) zero percent (0%) of the principal Loan amount being prepaid on the date of such  Prepayment if such date is later than the date that is thirty sixforty-two (3642) months  

 

  4  following the Closing Date.  Each Lender shall have the right in its sole discretion to  decline any Mandatory Prepayment in accordance with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6)  following  the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall set forth  the estimates of the proceeds to be so expended); provided, that if all or any portion of such  Net Cash Proceeds is not so reinvested within such six-month period, such unused portion  shall be applied on the last day of such period as a Mandatory Prepayment as provided in  this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such  Casualty Event constituted Collateral, then all property purchased with the Net Cash  Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant  to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with  Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall permit any Credit  Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with  Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  

 

  5  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.  (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by three  percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and all  outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  

 

  6  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period); provided,  further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent  for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) the principal  Loan amount being prepaid on the date of any Prepayment if such date occurs after the date  that is twenty-four (24) months after the Closing Date and on or prior to the date that is  thirty (30) months following the Closing Date.  Such Deferred Interest shall be deemed  fully earned by Agent and the Lenders as of the Closing Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower (and (ii) that certain CION Fee Letter, dated as of the Third  Amendment Effective Date, by and among Agent and the Borrower (collectively, the “Fee  Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  

 

  7  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that Co- Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  

 

  8  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.  1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  Unless Agent shall have received notice from any Lender prior to  the date such Lender is required to make any payment hereunder with respect to the Loan that such  Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume  that such Lender has made such payment available to Agent on the date such payment is required  to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption,  make available to Borrower on such date a corresponding amount.  Borrower agrees to repay to  Agent on demand such amount (until repaid by such Lender) with interest thereon for each day  from the date such amount is made available to Borrower until the date such amount is repaid to  Agent, at the interest rate applicable to the Obligation that would have been created when Agent  made available such amount to Borrower had such Lender made a corresponding payment  

 

  9  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  

 

  10  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.  

 

  11  (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  

 

  12  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.  (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  

 

  13  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (v) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  

 

  14  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE   COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names.  (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each Grantor,  (c) the organizational identification number issued by each Grantor’s state of incorporation or  organization or a statement that no such number has been issued, (d) each Grantor’s state of  organization or incorporation, and (e) the location of each Grantor’s chief executive office and  locations of Collateral when not in use by a customer of any Grantor are as set forth in Disclosure  Schedule (3.2) and, except as set forth in such Disclosure Schedule, such locations have not  changed during the preceding twelve (12) months.  As of the Closing Date, during the prior five  (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has been known as or  conducted business in any other name (including trade names) than the name of such Grantor set  forth on the signature page hereto.  Borrower has only one state of incorporation or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  approval of any Governmental Authority or any other Person other than any consent or approval  

 

  15  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.  (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  

 

  16  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  reason to know that, any ERISA Event has occurred that, alone or together with any other  

 

  17  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  

 

  18  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  

 

  19  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  

 

  20  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.  (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  

 

  21  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.  (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any Liens  except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary in the  conduct of its business, and such Collateral shall be maintained in accordance with all  manufacturer’s suggested and recommended maintenance procedures, including  preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits,  licenses, approvals and privileges (including all Permits) necessary, used or useful, whether  because of its ownership, lease, sublease or other operation or occupation of property or  other conduct of its business, and shall make all necessary or appropriate filings with, and  give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in  compliance with all statutes, laws, ordinances, regulations, standards, directives, orders,  judgments and permits (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any country,  state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions  

 

  22  for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be  amended by written notice from time to time by Agent to Borrower on a prospective basis)  (each a “Restricted Location”).  Upon an amendment to Schedule E pursuant to the  forgoing sentence such that Collateral is located in a Restricted Location that was not  located in a Restricted Location prior to such amendment, no Grantor shall extend or renew  any rental agreements or enter into any new rental agreements which would cause the  Collateral to be located in, in transit to or in use in a Restricted Location by a customer of  such Grantor and such Grantor shall remove such Collateral from such Restricted Location  within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the  end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated the  Closing Date contain a true and complete list of each interest in Real Property (i) owned  by any Credit Party as of the date hereof and describes the type of interest therein held by  such Credit Party and whether such owned Real Property is leased and if leased whether  the underlying lease contains any option to purchase all or any portion of such Real  Property or any interest therein or contains any right of first refusal relating to any sale of  such Real Property or any portion thereof or interest therein and (ii) leased, subleased or  otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or  licensee, as of the date hereof and describes the type of interest therein held by such Credit  Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d),  whether any lease requires the consent of the landlord or tenant thereunder, or other party  thereto, to the Transactions.  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  

 

  23  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  

 

  24  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.  (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  (e) Notwithstanding anything to the contrary contained herein, Parent shall (i) establish  a new deposit account, which account shall not be subject to a Control Agreement, to  receive and hold exclusively the proceeds of the PPP Loan, (ii) not comingle the proceeds  of the PPP Loan in such account with any other funds and only to make transfers or  disbursements from such account for PPP Forgivable Uses and (iii) maintain all records  required to be submitted in connection with the forgiveness of the PPP Loan.  3.27 Assets of Parent.  Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  

 

  25  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  

 

  26  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  Credit Party are duly and validly issued and are fully paid and non-assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any  Perfection Certificate Supplement (whichever was most recently delivered to Agent) sets  forth an accurate organizational chart, showing the ownership structure of Borrower and  each Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth  on Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  

 

  27  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or  (b) the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  

 

  28  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.  The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  

 

  29  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  

 

  30  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  4.2 Financial Covenants.  (a) Minimum Cash Balance.  As of the last day of each Fiscal Month, Credit Parties  shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on  September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a  Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total  Revenue (measured as of the trailing twelve (12) month period ending on each date set  forth in the table below) to be less than the amount set forth in the table below and  (ii) Average Revenue Per Unit to be less than the amount set forth in the table below  (collectively clauses (i) and (ii), the “Performance Metrics”).  Period Total Revenue Average Revenue  Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  

 

  31  Period Total Revenue Average Revenue  Per Unit  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance  Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified  Capital Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable  to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non-compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain  Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such  Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the  Subordination Agreement and provided that each of the holders thereof have executed and  delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of  the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required  

 

  32  under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use  commercially reasonable efforts to conduct its business in a manner that maximizes the amount of  the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer  period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week  period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with  a copy of its application for forgiveness and all supporting documentation required by the Small  Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan,  and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the  Closing Date in an aggregate outstanding amount for all such Credit Parties combined not  exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock  of, or otherwise combine with or make any investment in or make any loan or advance to, any  Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date  so long as within ten (10) Business Days after such formation, such Subsidiary becomes a  Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and  under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.   For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  5.5 Restricted Payments.  Make or permit any Restricted Payment.  

 

  33  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above,  (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  

 

  34  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  

 

  35  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  (i) all Accounts;  

 

  36  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  

 

  37  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or  (y) trigger termination of any agreement, document or instrument pursuant to any “change of  control” or similar provision and (B) any contract, license, franchise or other agreement to the  extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that  such contractual restriction shall not have been created in contemplation of this restriction);  provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to  apply if any such prohibition would be rendered ineffective under the UCC (including  Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States  bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent’s  unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds  thereof (including proceeds from the sale, license, lease or other disposition thereof), including  monies due or to become due under any such lease, license, contract, or agreement (including any  Accounts or other Receivables), or (C) to apply at such time as the condition causing such  prohibition shall be remedied and, to the extent severable, “Collateral” shall include any portion  of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not  result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which  would require governmental consent, approval, license or authorization (unless such consent,  approval, license or authorization has been obtained); (vi) assets located outside the United States  or the pledge of which would require registration or other action outside the United States;  (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances where Borrower and Agent  determine in their reasonable discretion that the cost, burden or consequences (including material  adverse tax consequences) of obtaining or perfecting a security interest in such assets is excessive  in relation to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no  Grantor shall be required to enter into any foreign-law governed security documents in connection  with any share pledge, intellectual property registered in any non-U.S. jurisdiction or any other  grant of security interest.  Notwithstanding anything herein to the contrary or any other Loan  Document, no Grantor shall be required to make any filings, enter into any documents or  agreements or take any other actions to grant, record or perfect a security interest or Lien in the  Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in the United  States or any of its states, including on any Collateral located outside of the United States.  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  of the Obligations, enforceable in accordance with the terms hereof against any and all  

 

  38  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under  Section 9-509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  

 

  39  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  

 

  40  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of  Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty  (60) consecutive days; or any Borrower or any other Credit Party shall have concealed,  removed or permitted to be concealed or removed, any part of its property with intent to  hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its  property or the incurring of an obligation that may be fraudulent under any bankruptcy,  fraudulent transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  

 

  41  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1  or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or  shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  

 

  42  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.  (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  

 

  43  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  

 

  44  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed,  (ii) be deemed given if Borrower does not respond to a request for consent within five  (5) Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.” The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  

 

  45  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii) and  (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment such  completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from  U.S. federal backup withholding tax;  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  

 

  46  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC,  (x) a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a  “10 percent shareholder” of Borrower within the meaning of  Section 871(h)(3)(B) of the IRC, or a “controlled foreign  corporation” related to Borrower as described in  Section 881(c)(3)(C) of the IRC (a “U.S. Tax Compliance  Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS  Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance  Certificate, IRS Form W-9, and/or other certification documents  from each beneficial owner, as applicable; provided that if the  Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  

 

  47  or Agent as may be necessary for Borrower and Agent to comply with their  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) 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 proceeding described in  Section 7.1(h) or (i) or any other 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  Obligation in any proceeding described in Section 7.1(h) or (i) or any other 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, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, and may further  authorize and direct the Lenders to take further actions as collateral sub-agents for purposes  

 

  48  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.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (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.  9.3 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 Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 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 9 to the extent provided by Agent.  9.5 Reliance and Liability.  

 

  49  (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 Section 8(a), (ii) rely on  the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related  Persons and, whether or not selected by it, any other advisors, accountants and other experts  (including advisors to, and accountants and experts engaged by, any Credit Party) and  (iv) 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 such other number or percentage of  the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary,  under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own  gross negligence or willful misconduct, and each Lender, Borrower and each other Credit  Party to this Agreement 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 or any Credit Party in connection  with any Loan Document or any transaction contemplated therein or any other  document or information with respect to any Credit Party, 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  

 

  50  forth in any Loan Document is satisfied or waived, as to the financial condition of  any Credit Party 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 and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party 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.  9.7 Intentionally Omitted.  9.8 Expenses; Indemnities.  (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) 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, any Credit Party) 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 any Credit Party), 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  

 

  51  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.  9.9 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  forty-five (45) 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 (a) shall be subject to  the prior consent of Borrower, which may not be unreasonably withheld but shall not be  required during the continuance of a Default.  (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 9.3, 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.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  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 9.10.  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  

 

  52  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom 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  and any other Credit Party which is a party to such agreement, (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 and any other Credit Party which  is a party to such agreement; 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 2.1, 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; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation of Borrower;  

 

  53  (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 Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to  Section 1.8 to, and any modification of the application of any such payment to the Term  Loan shall require the consent of the Required Lenders, and (B) any change to the  definition of the term “Required Lenders” shall require the consent of the Required  Lenders, (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  Section 9 or the application thereof) unless in writing and signed by Agent in addition to  any signature otherwise required and (z) the consent of Borrower shall not be required to  change any order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  

 

  54  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be prohibited by or invalid under applicable law, such  provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating  the remainder of such provision or the remaining provisions of such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  

 

  55  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this  Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all  charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be  notified and sent to the address or facsimile number indicated in Schedule C or to such other  address (or facsimile number) as may be substituted by notice given as herein provided.  Failure  or delay in delivering copies of any such communication to any Person (other than Borrower, any  other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no  way adversely affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  

 

  56  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent  (20%) or more of Stock having ordinary voting power for the election of directors of any Credit  Party or (ii) each other Person that controls, is controlled by or is under common control with such  Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the contrary in this  Section 10.11, any Credit Party may make such public disclosures with respect to the transactions  

 

  57  contemplated by the Loan Documents in connection with all regular and periodic reports  (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if  any, filed by any Credit Party with any securities exchange or with the Securities and Exchange  Commission or any governmental or private regulatory authority.  The Borrower hereby authorizes  Agent to disclose Agent’s participation in this Agreement or the other Loan Documents in its  marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the  USA PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  

 

  58  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  

 

  59  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  

 

  60  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion-action under  New York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  

 

  61  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]  

 

SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has  been duly executed as of the date first written above.  VOLTA CHARGING, LLC, as Borrower and  Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA MEDIA LLC, as Borrower and Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA INDUSTRIES, INC., as Guarantor and  Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  EICF AGENT LLC, as Agent for the Lenders      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  ENERGY IMPACT CREDIT FUND I LP, as a  Lender      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  CION INVESTMENT CORPORATION, as  Co­Lead Arranger and a Lender      By:   _____________________________  Name:  Title:    

 

  SCHEDULE A - 1  SCHEDULE A    DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  “Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent  (10%) or more of the Stock having ordinary voting power for the election of directors of such  Person or (ii) each other Person that controls, is controlled by or is under common control with  such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of a  Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction  of its management or policies, whether through the ownership of voting securities, by contract or  otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  “Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  

 

  SCHEDULE A - 2  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve  (12) Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  

 

  SCHEDULE A - 3  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Business Loan Agreement” means that certain Business Loan Agreement, dated April 27, 2020,  by and between Parent and Continental Bank.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and  (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of  “control” (as defined in the UCC) of such accounts for its benefit.  For the avoidance of doubt, no  proceeds of the PPP Loan shall be included in the calculation of Cash Balance.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or  (ii) issued by any agency of the United States federal government the obligations of which are  fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any  Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  

 

  SCHEDULE A - 4  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean 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 a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.  “Change of Control” means any of (a) Parent ceasing to own, directly or indirectly, 100% of the  capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party,  (c) a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock  or assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s  owned intellectual property rights, a sale of voting control or any other corporate reorganization  in which the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members  of the board of directors or other equivalent governing body of Parent ceases to be composed of  individuals who were members of that board or equivalent governing body on the Closing Date.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  

 

  SCHEDULE A - 5  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  

 

  SCHEDULE A - 6  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion)  deducted in determining such Consolidated Net Income and without duplication (and with respect  to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only  if a corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  

 

  SCHEDULE A - 7  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  

 

  SCHEDULE A - 8  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation;  (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9-104  of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  

 

  SCHEDULE A - 9  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to  zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment  has been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  

 

  SCHEDULE A - 10  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  

 

  SCHEDULE A - 11  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and 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 property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to  

 

  SCHEDULE A - 12  Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan;  (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  “Fee Letter” has the meaning assigned to it in Section 1.6.  

 

  SCHEDULE A - 13  “Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  “Fiscal Month” means any of the monthly accounting periods of Borrower. “Fiscal Quarter”  means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to  purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect  thereof.  

 

  SCHEDULE A - 14  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  

 

  SCHEDULE A - 15  such Person is not liable therefor.  For the avoidance of doubt, the PPP Loan shall constitute  “Indebtedness” for all purposes under this Agreement until such time and to the extent that such  PPP Loan is forgiven.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all  (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,  damages, claims and payments now and hereafter due and/or payable thereunder and with respect  thereto including damages and payments for past, present or future infringements or violations  thereof, (iii) rights to sue for past, present and future infringements or violations thereof and  (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or  any other patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  

 

  SCHEDULE A - 16  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and  (ii) the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to  Section 3.28.  

 

  SCHEDULE A - 17  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)  or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any  ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any  Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or  (c) with respect to which any Grantor could reasonably be expected to incur liability.  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the  cash proceeds received by any Credit Party (including cash proceeds subsequently  received (as and when received by any Credit Party) in respect of non-cash  consideration initially received) net of (i) selling expenses (including reasonable  brokers’ fees or commissions, legal, accounting and other professional and  transactional fees, transfer and similar taxes and Credit Party’s good faith estimate of  income taxes actually paid or payable in connection with such sale); (ii) amounts  provided as a reserve, in accordance with GAAP, against (x) any liabilities under any  indemnification obligations associated with such Asset Sale or (y) any other liabilities  retained by any Credit Party associated with the properties sold in such Asset Sale  (provided that, to the extent and at the time any such amounts are released from such  reserve, such amounts shall constitute Net Cash Proceeds); (iii) Credit Party’s good  faith estimate of payments required to be made with respect to unassumed liabilities  relating to the properties sold within ninety (90) days of such Asset Sale (provided  that, to the extent such cash proceeds are not used to make payments in respect of such  unassumed liabilities within ninety (90) days of such Asset Sale, such cash proceeds  shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or  penalty, if any, interest and other amounts on any Indebtedness for borrowed money  which is secured by a Lien on the properties sold in such Asset Sale (so long as such  Lien was permitted to encumber such properties under the Loan Documents at the  time of such sale) and which is repaid with such proceeds (other than any such  Indebtedness assumed by the purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary  fees, commissions, costs and other expenses incurred in connection therewith; and  (c) 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.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement, dated as  of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A  

 

  SCHEDULE A - 18  thereto or additional purchasers from time to time party thereto, as may be amended from time to  time in accordance with the terms of the Subordination Agreement.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  

 

  SCHEDULE A - 19  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.   “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  

 

  SCHEDULE A - 20  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty  (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during  which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions  on the use of real property or other minor irregularities in title (including leasehold title) thereto,  so long as the same do not materially impair the use, value, or marketability of such real estate;  (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  

 

  SCHEDULE A - 21  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “PPP Loan” means an unsecured loan in an aggregate principal amount not to exceed  $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act  by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules  and regulations, as amended from time to time.  For the avoidance of doubt, references to specific  sections of the PPP Rule shall also include applicable rules and regulations, as amended from time  to time.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  

 

  SCHEDULE A - 22  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Promissory Note” mean that certain Promissory Note, dated as of April 27, 2020, issued by  Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  

 

  SCHEDULE A - 23  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” 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.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty percent  (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the  amount outstanding under the Term Loan) then in effect; provided that at any time that there are  two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that  are not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any  payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s or  any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in respect  of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or  (ii) interest and principal, when due without acceleration or modification of the amortization as in  effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  

 

  SCHEDULE A - 24  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  

 

  SCHEDULE A - 25  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subordination Agreement” means that certain Subordination and Intercreditor Agreement,  dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors,  the Credit Parties and Agent, as may be amended from time to time.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent  (50%) of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any  partnership or limited liability company in which such Person or one or more Subsidiaries of such  Person has an equity interest (whether in the form of voting or participation in profits or capital  contribution) of more than fifty percent (50%) or of which any such Person is a general partner or  manager or may exercise the powers of a general partner or manager.  If “Subsidiary” or  “Subsidiaries” is used in this Agreement or any other of the Loan Documents without reference to  being the Subsidiary of any specific Credit Party or other Person, then that reference to  “Subsidiary” or “Subsidiaries” shall be deemed to refer to any Subsidiary or the Subsidiaries of  Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments  and, the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan  Commitment.  “Term Note” has the meaning given to such term in Section 1.1(a).   “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  

 

  SCHEDULE A - 26  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Third Amendment” means that certain Third Amendment to Loan Agreement dated as of  November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent.  “Third Amendment Effective Date” means November 25, 2020.  “Third Amendment Term Loan” has the meaning assigned thereto in Section 1.1(c).  “Third Amendment Term Loan Commitment” means the commitment of each Lender under  this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on  Schedule B attached hereto.  The aggregate amount of the Third Amendment Term Loans as of  the Third Amendment Effective Date is $5,000,000.  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  

 

  SCHEDULE A - 27  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  

 

  SCHEDULE A - 28  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]  

 

    FOURTH AMENDMENT TO LOAN AGREEMENT  This FOURTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is  made as of August 24, 2021, by and among VOLTA CHARGING, LLC, a Delaware limited  liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability  company (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited  liability company (“Volta Services” and collectively with Volta Charging and Volta Media,  “Borrower”), VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders  signatory hereto, EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf  of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”)  and CION INVESTMENT CORPORATION (“CION”), as co-lead arranger.  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”); and  WHEREAS, the Credit Parties have requested that the Agent and Lenders amend certain  provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein,  the Agent and the Lenders signatory hereto are willing to do so, on the terms set forth herein;  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto)  is hereby amended as of the date hereof by incorporating the changes shown on the marked  copy of the Loan Agreement attached hereto as Exhibit A (it being understood that  language which appears “struck out” has been deleted and language which appears as  “double-underlined” has been added).  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  upon which:  a. the Agent has received counterparts of this Amendment executed and delivered by  the parties hereto;  b. the representations and warranties contained in Section 4 hereof shall be true and  correct in all respects;  c. the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation,  

 

  2  execution and delivery of this Amendment and other post-closing services rendered  in connection with the Loan Agreement prior to the date hereof.  4. Representations and Warranties.  The Credit Parties represent and warrant to Agent and  each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Amendment  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or result in  the creation of any Lien under, any document evidencing any material  Contractual Obligation to which it is a party or any order, injunction, writ or  decree of any Governmental Authority to which it or its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Amendment and the Loan Agreement, as amended hereby;  c. this Amendment constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects (without duplication of any Material  Adverse Effect or other materiality qualifier therein) on and as of the date hereof as  if such representations and warranties had been made on and as of the date hereof  (except to the extent that any such representations and warranties specifically relate  to an earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default has occurred and is continuing on and as of the date  hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  

 

  3  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. Successors and Assigns.  The provisions of this Amendment shall be binding upon and  inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Amendment and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Amendment shall not operate as a waiver of any right, power or remedy  of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  

 

  4  13. Release of Claims.  In consideration of the Lenders’ and the Agent’s agreements contained  in this Amendment, each Credit Party hereby irrevocably releases and forever discharge  the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and  from any and all claims, suits, actions, investigations, proceedings or demands, whether  based in contract, tort, implied or express warranty, strict liability, criminal or civil statute  or common law of any kind or character, known or unknown, which such Credit Party ever  had or now has against Agent, any Lender or any other Released Person which relates,  directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released  Person relating to the Loan Agreement or any other Loan Document on or prior to the date  hereof.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Fourth Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:         VOLTA MEDIA LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:        GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By: __________________________________   Name:  Title:        

 

  Signature Page to Fourth Amendment to Loan Agreement  AGENT: EICF AGENT LLC      By: __________________________________   Name:  Title:        LENDERS: ENERGY IMPACT CREDIT FUND I LP      By: Energy Impact Credit Fund I GP LC, its  general partner         By: __________________________________   Name:  Title:  

 

  Signature Page to Fourth Amendment to Loan Agreement   CION INVESTMENT CORPORATION         By: __________________________________   Name:  Title:       

 

  A-1  EXHIBIT A  MARKED CREDIT AGREEMENT  (See attached)  

 

    CONFORMED COPY – NOT EXECUTED IN THIS FORM  Incorporating that certain First Amendment to Loan Agreement, dated aas of March 26, 2020;  Second Amendment to Loan Agreement, dated as of May 4, 2020; and   Third Amendment to Loan Agreement, dated as of November 25, 2020; and  Fourth Amendment to Loan Agreement, dated as of August 24, 2021.          TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER  AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO          CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE i  1. AMOUNT AND TERMS OF CREDIT ..........................................................................1  1.1 Term Loan. ......................................................................................................................1  1.2 Term and Prepayment. .....................................................................................................3  1.3 Use of Proceeds. ..............................................................................................................5  1.4 Single Loan. .....................................................................................................................5  1.5 Interest .............................................................................................................................5  1.6 Fees. .................................................................................................................................6  1.7 Receipt of Payments; Taxes. ...........................................................................................7  1.8 Application and Allocation of Payments. ........................................................................7  1.9 Accounting. ......................................................................................................................8  1.10 Indemnity. ........................................................................................................................8  1.11 Intentionally Omitted. ......................................................................................................8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ........................................................8  1.13 Non-Funding Lenders. .....................................................................................................9  1.14 Substitution of Lenders. ...................................................................................................9  2. CONDITIONS PRECEDENT .......................................................................................10  2.1 Conditions to the Loan. .................................................................................................10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS ....14  3.1 Corporate Existence; Compliance with Law. ................................................................14  3.2 Executive Offices; Corporate or Other Names. .............................................................15  3.3 Corporate Power; Authorization; Enforceable Obligations. ..........................................15  3.4 Financial Statements; Books and Records. ....................................................................15  3.5 Material Adverse Change. .............................................................................................16  3.6 Collection of Accounts. .................................................................................................16  3.7 Subsidiaries ....................................................................................................................16  3.8 Government Regulation; Margin Regulations ...............................................................16  3.9 Taxes; Charges. .............................................................................................................16  3.10 Payment of Obligations. ................................................................................................17  3.11 ERISA. ...........................................................................................................................17  3.12 Litigation. ......................................................................................................................18  3.13 Intellectual Property. .....................................................................................................18  3.3 Full Disclosure. ..............................................................................................................19  3.15 Environmental Liabilities. .............................................................................................19  3.16 Insurance. .......................................................................................................................20  3.17 Solvency. .......................................................................................................................21  3.18 Other Financings. ...........................................................................................................21  3.19 Conduct of Business ......................................................................................................22  3.20 Further Assurances. .......................................................................................................22  3.21 Collateral/Maintenance of Property. ..............................................................................22  3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ..........................................23  3.23 Maintenance of Corporate Existence. ............................................................................24  3.24 Compliance with Laws, Etc. ..........................................................................................24  3.25 Landlord Agreement. .....................................................................................................25  3.26 Deposit Accounts; Cash Collateral Accounts. ...............................................................25  3.27 Assets of Parent. ............................................................................................................25  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE ii  3.28 After-acquired Property; Additional Collateral. ............................................................26  3.29 Equity Interests and Subsidiaries ...................................................................................27  3.30 Security Documents. ......................................................................................................28  3.31 Intentionally Omitted. ....................................................................................................28  3.32 Government Contracts. ..................................................................................................28  3.33 Customer and Trade Relations. .....................................................................................28  3.34 Bonding; Licenses. ........................................................................................................28  3.35 Affiliate Transactions. ...................................................................................................28  3.36 Post-Closing Matters .....................................................................................................28  3.37 Investment Company Act. .............................................................................................28  3.38 Notice of Change in Investment Company Status .........................................................28  3.39 Notice of Change in Ownership. ...................................................................................29  3.40 Notice of Change in Organization Chart. ......................................................................29  4. FINANCIAL MATTERS; REPORTS..........................................................................29  4.1 Reports, Notices, and Related Rights. ...........................................................................29  4.2 Financial Covenants. .....................................................................................................31  4.3 Other Reports and Information. .....................................................................................32  5. NEGATIVE COVENANTS ...........................................................................................32  5.1 Indebtedness ..................................................................................................................33  5.2 Liens ..............................................................................................................................33  5.3 Investments; Fundamental Changes. .............................................................................33  5.4 Asset Sales. ....................................................................................................................33  5.5 Restricted Payments. .....................................................................................................34  5.6 Changes in Nature of Business. .....................................................................................34  5.7 Transactions with Affiliates. ..........................................................................................34  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.34  5.9 Modification of Certain Documents. .............................................................................34  5.10 Accounting Changes; Fiscal Year. ................................................................................35  5.11 Changes to Name, Locations, Etc. .................................................................................35  5.12 Bank Accounts ...............................................................................................................35  5.13 Margin Regulations. ......................................................................................................35  5.14 Compliance with ERISA. ..............................................................................................35  5.15 Hazardous Materials. .....................................................................................................35  5.16 Parent .............................................................................................................................35  5.17 Use of Proceeds. ............................................................................................................35  5.18 Compliance with Anti-Terrorism Laws. ........................................................................36  5.19 Sale-Leasebacks. ............................................................................................................36  5.20 Leases ............................................................................................................................36  5.21 Compensation. ...............................................................................................................37  6. SECURITY INTEREST ................................................................................................37  6.1 Grant of Security Interest. .............................................................................................37  6.2 Intentionally Omitted. ....................................................................................................39  6.3 Agent’s Appointment as Attorney-in-fact. ....................................................................39  6.4 Grant of License to Use Intellectual Property Collateral. .............................................40  6.5 Commercial Tort Claims. ..............................................................................................40  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iii  6.6 Duties of Agent. .............................................................................................................40  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES .............................................41  7.1 Events of Default. ..........................................................................................................41  7.2 Remedies. ......................................................................................................................43  7.3 Waivers by Credit Parties ..............................................................................................45  7.4 Proceeds. ........................................................................................................................45  8. SUCCESSORS AND ASSIGNS ....................................................................................45  9. AGENT ............................................................................................................................49  9.1 Appointment and Duties. ...............................................................................................49  9.2 Binding Effect. ...............................................................................................................50  9.3 Use of Discretion. ..........................................................................................................50  9.4 Delegation of Rights and Duties ....................................................................................50  9.5 Reliance and Liability. ...................................................................................................50  9.6 Agent Individually. ........................................................................................................52  9.7 Intentionally Omitted. ....................................................................................................52  9.8 Expenses; Indemnities. ..................................................................................................52  9.9 Resignation of Agent. ....................................................................................................53  9.10 Release of Collateral. .....................................................................................................53  10. MISCELLANEOUS .......................................................................................................53  10.1 Complete Agreement; Modification of Agreement. ......................................................53  10.2 Expenses. .......................................................................................................................55  10.3 No Waiver. .....................................................................................................................56  10.4 Severability; Section Titles ............................................................................................56  10.5 Authorized Signature. ....................................................................................................56  10.6 Notices ...........................................................................................................................57  10.7 Counterparts. ..................................................................................................................57  10.8 Time of the Essence. ......................................................................................................57  10.9 GOVERNING LAW. ....................................................................................................57  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.............................57  10.11 Press Releases. ...............................................................................................................58  10.12 Reinstatement. ...............................................................................................................59  10.13 USA PATRIOT Act Notice and Customer Verification. ..............................................59  10.14 Sharing of Payments, Etc. ..............................................................................................59  10.15 Intentionally Omitted. ....................................................................................................60  10.16 Confidentiality Agreements. ..........................................................................................60  11. GUARANTEE .................................................................................................................60  11.1 The Guarantee. ...............................................................................................................60  11.2 Obligations Unconditional. ............................................................................................60  11.3 Reinstatement. ...............................................................................................................61  11.4 Subrogation; Subordination. ..........................................................................................62  11.5 Remedies. ......................................................................................................................62  11.6 Instrument for the Payment of Money. ..........................................................................62  11.7 Continuing Guarantee. ...................................................................................................62  11.8 General Limitation on Guarantee Obligations. ..............................................................62  11.9 Release of Guarantors. ...................................................................................................62  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iv  11.10 Right of Contribution. ....................................................................................................63  

 

  INDEX – PAGE i  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices   Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names   Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation   Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters   Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness   Disclosure Schedule (3.26) - Controlled Accounts   Disclosure Schedule (3.27) - Assets of Parent   Disclosure Schedule (3.32) - Government Contracts   Disclosure Schedule (3.34) - Bonding; Licensing   Disclosure Schedule (3.35) - Affiliate Transactions   Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation   Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate   Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate   Exhibit D - Form of Power of Attorney   Exhibit E - Form of Compliance Certificate   Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate   Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement   Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request  

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein  from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with  and subject to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in  Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of  construction set forth in Schedule A shall govern.  All schedules, attachments, addenda and  exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference,  and taken together with this Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in Section 1.1(b) and  this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent  of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day,  each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance,  a “Delayed Draw Term Loan” and collectively, the “Delayed Draw Term Loans”, and together  

 

  2  with any Closing Date Term Loans and any Third Amendment Term Loans, each, a “Term Loan”,  and collectively, the “Term Loans” or the “Loan”) in a principal amount not to exceed the  Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of  such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of  all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments.  The  Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing  with the Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be  made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term Loan  shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred  Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any obligation to make a  Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw  Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom,  (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the  aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded  Amount of any Lender would exceed such Lender’s Delayed Draw Term Loan Commitment,  (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in  compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the  extent measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw  Term Loans requested from the Lenders on the proposed funding date.  Each Lender’s Delayed  Draw Term Loan shall be evidenced by a promissory note (each, a “Delayed Draw Term Note”)  duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term  Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of  such Delayed Draw Term Note and this Agreement.  The Delayed Draw Term Loan Commitment  shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date  and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Third Amendment 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 an advance (each, a  “Third Amendment Term Loan”; collectively, the “Third Amendment Term Loans”) on the  Third Amendment Effective Date in the principal amount not to exceed such Lender’s Third  Amendment Term Loan Commitment.  Each Lender’s Third Amendment Term Loan  Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a  Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment  Effective Date, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal  payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly  installments equal to 2.7777% (such percentage being equal to 100% divided by  36 monthly installments until the Maturity Date) of the aggregate principal amount of the  Term Loans (as in effect immediately prior to the making of the first such payment on  

 

  3  July 1, 2021), payable on each Payment Date from July 1, 2021 until and including the  Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance fails to  be completed on a timely basis in accordance with Section 4.2(b), commencing with the  Payment Date occurring immediately after such failure, Borrower shall make principal  payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly  installments equal to (i) with respect to any Payment Date that occurs on or prior to the  date that is twenty-four (24) months following the Closing Date, 2.7777% of the aggregate  principal amount of the Term Loans outstanding at such time, and (ii) with respect to any  Payment Date that occurs after the date that is twenty-four (24) months after the Closing  Date, 4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term Loans  shall be paid in full no later than the Maturity Date.  Amounts repaid or prepaid on any of  the Term Loans may not be reborrowed.  1.2 Term and Prepayment.  (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is thirty (30) months after the Closing Date and on or prior to the date  that is forty-two (42) months following the Closing Date, or (v) zero percent (0%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date is later  than the date that is forty-two (42) months following the Closing Date.  Each Lender shall  

 

  4  have the right in its sole discretion to decline any Mandatory Prepayment in accordance  with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6) months  following the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall  set forth the estimates of the proceeds to be so expended); provided, that if all or any portion  of such Net Cash Proceeds is not so reinvested within such six-month period, such unused  portion shall be applied on the last day of such period as a Mandatory Prepayment as  provided in this Section 1.2(c); provided, further, that if the property subject to such Asset  Sale or such Casualty Event constituted Collateral, then all property purchased with the  Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created  pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in  accordance with Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall  permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in  accordance with Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  

 

  5  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.  (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by three  percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and all  outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  

 

  6  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period); provided,  further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent  for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) of the principal  Loan amount being prepaid on the date of any Prepayment if such date occurs after the date  that is twenty-four (24) months after the Closing Date and on or prior to the date that is  thirty (30) months following the Closing Date.  Such Deferred Interest shall be deemed  fully earned by Agent and the Lenders as of the Closing Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower and (ii) that certain CION Fee Letter, dated as of the Third  Amendment Effective Date, by and among Agent and the Borrower (collectively, the “Fee  Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  

 

  7  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that  Co-Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  

 

  8  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.  1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  Unless Agent shall have received notice from any Lender prior to  the date such Lender is required to make any payment hereunder with respect to the Loan that such  Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume  that such Lender has made such payment available to Agent on the date such payment is required  to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption,  make available to Borrower on such date a corresponding amount.  Borrower agrees to repay to  Agent on demand such amount (until repaid by such Lender) with interest thereon for each day  from the date such amount is made available to Borrower until the date such amount is repaid to  Agent, at the interest rate applicable to the Obligation that would have been created when Agent  made available such amount to Borrower had such Lender made a corresponding payment  

 

  9  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  

 

  10  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.  

 

  11  (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  

 

  12  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.  (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  

 

  13  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (u) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  

 

  14  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE  COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names. (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each  Grantor, (c) the organizational identification number issued by each Grantor’s state of  incorporation or organization or a statement that no such number has been issued, (d) each  Grantor’s state of organization or incorporation, and (e) the location of each Grantor’s chief  executive office and locations of Collateral when not in use by a customer of any Grantor are as  set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such  locations have not changed during the preceding twelve (12) months.  As of the Closing Date,  during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has  been known as or conducted business in any other name (including trade names) than the name of  such Grantor set forth on the signature page hereto.  Borrower has only one state of incorporation  or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  

 

  15  approval of any Governmental Authority or any other Person other than any consent or approval  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.  (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  

 

  16  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  

 

  17  reason to know that, any ERISA Event has occurred that, alone or together with any other  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  

 

  18  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule  (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  

 

  19  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  

 

  20  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.  (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  

 

  21  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.  (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any  Liens except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary  in the conduct of its business, and such Collateral shall be maintained in accordance  with all manufacturer’s suggested and recommended maintenance procedures,  including preventive maintenance, (ii) obtain, maintain and preserve all material  rights, permits, licenses, approvals and privileges (including all Permits) necessary,  used or useful, whether because of its ownership, lease, sublease or other operation  or occupation of property or other conduct of its business, and shall make all  necessary or appropriate filings with, and give all required notices to, Governmental  Authorities, and (iii) maintain the Collateral in compliance with all statutes, laws,  

 

  22  ordinances, regulations, standards, directives, orders, judgments and permits  (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any  country, state, nation, or territory (i) listed on the Lists or otherwise under United  States sanctions for conducting business or (ii) set forth on Schedule E hereto (as  such Schedule E may be amended by written notice from time to time by Agent to  Borrower on a prospective basis) (each a “Restricted Location”).  Upon an  amendment to Schedule E pursuant to the forgoing sentence such that Collateral is  located in a Restricted Location that was not located in a Restricted Location prior  to such amendment, no Grantor shall extend or renew any rental agreements or  enter into any new rental agreements which would cause the Collateral to be located  in, in transit to or in use in a Restricted Location by a customer of such Grantor and  such Grantor shall remove such Collateral from such Restricted Location within  fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days  from the end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated  the Closing Date contain a true and complete list of each interest in Real Property  (i) owned by any Credit Party as of the date hereof and describes the type of interest  therein held by such Credit Party and whether such owned Real Property is leased  and if leased whether the underlying lease contains any option to purchase all or  any portion of such Real Property or any interest therein or contains any right of  first refusal relating to any sale of such Real Property or any portion thereof or  interest therein and (ii) leased, subleased or otherwise occupied or utilized by any  Credit Party, as lessee, sublessee, franchisee or licensee, as of the date hereof and  describes the type of interest therein held by such Credit Party and, in each of the  cases described in clauses (i) and (ii) of this Section 3.21(d), whether any lease  requires the consent of the landlord or tenant thereunder, or other party thereto, to  the Transactions.  (e) Collateral located outside the United States.  If the Credit Parties  collectively own in excess of $1,000,000 in the aggregate of assets or property in  any jurisdiction or jurisdictions outside of the United States of America, then the  Credit Parties shall promptly (and in any event within 5 Business Days thereafter)  notify the Agent in writing of the existence, value, nature and location of such  assets.  If the Required Lenders request in their absolute discretion, then the Credit  Parties shall (i) execute and deliver to the Agent such other documents as the  Required Lenders shall reasonably deem necessary to grant to the Agent for the  benefit of the Lenders, a Lien on any assets or property in any foreign jurisdiction,  which shall be subject to no Liens other than Permitted Liens, (ii) take all actions  necessary to cause such Lien to be duly perfected to the extent required hereunder  in accordance with all applicable Requirements of Law (including any requirements  under the law of any applicable foreign jurisdiction), including the filing of  financing statements in such jurisdictions as may be reasonably requested by the  Agent, and (iii) otherwise take such actions and execute and/or deliver to the Agent  

 

  23  such documents as the Agent shall require to confirm the validity, perfection and  priority of the Lien hereunder on such assets or properties.  The Credit Parties shall  also provide Agent with such information as Agent may reasonably request from  time to time regarding any Accounts that are owed to a Credit Party by any account  debtor that is not a Person organized under the laws of the United States of  America.  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  

 

  24  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.  (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  

 

  25  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  (e) Notwithstanding anything to the contrary contained herein, Parent shall (i) establish  a new deposit account, which account shall not be subject to a Control Agreement, to  receive and hold exclusively the proceeds of the PPP Loan, (ii) not comingle the proceeds  of the PPP Loan in such account with any other funds and only to make transfers or  disbursements from such account for PPP Forgivable Uses and (iii) maintain all records  required to be submitted in connection with the forgiveness of the PPP Loan.  3.27 Assets of Parent.Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  

 

  26  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  

 

  27  Credit Party are duly and validly issued and are fully paid and non-assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any  Perfection Certificate Supplement (whichever was most recently delivered to Agent) sets  forth an accurate organizational chart, showing the ownership structure of Borrower and  each Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth  on Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  

 

  28  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or  (b) the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.  The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  

 

  29  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  

 

  30  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  

 

  31  4.2 Financial Covenants. (a) Minimum Cash Balance.  As of the last day of each Fiscal  Month, Credit Parties shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on  September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a  Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total  Revenue (measured as of the trailing twelve (12) month period ending on each date set  forth in the table below) to be less than the amount set forth in the table below and  (ii) Average Revenue Per Unit to be less than the amount set forth in the table below  (collectively clauses (i) and (ii), the “Performance Metrics”).  Period Total Revenue Average Revenue   Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance  Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified  Capital Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable  to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non-compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  

 

  32  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain  Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such  Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the  Subordination Agreement and provided that each of the holders thereof have executed and  delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of  the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required  under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use  commercially reasonable efforts to conduct its business in a manner that maximizes the amount of  the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer  period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week  period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with  a copy of its application for forgiveness and all supporting documentation required by the Small  Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan,  and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the  Closing Date in an aggregate outstanding amount for all such Credit Parties combined not  exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  mergeMerge or amalgamate with, consolidate with, acquire all or substantially all of the assets or  Stock of, or otherwise combine with or make any investment in or make any loan or advance to,  any Person; except,   

 

  33  (a) the De-SPAC First Merger and the De-SPAC Second Merger,  (b) as expressly permitted by Section 5.7 below,   (c) investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),   (d) any Credit Party may form any direct or indirect Subsidiary after the Closing Date so long as  within ten (10) Business Days after such formation, such Subsidiary becomes a Guarantor  hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and under its  Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.  ,   (e) any capital contributions in, or loans or advances to, Volta Canada Inc., a corporation organized  under the laws of Quebec, Canada (“Volta Canada”) (“Volta Canada Investments”), (i) that have  been made prior to the Fourth Amendment Effective Date in an aggregate amount not exceeding  an estimated $171,474.00, or (ii) made after the Fourth Amendment Effective Date to the extent  the aggregate amount of Volta Canada Investments made after the Fourth Amendment Effective  Date do not exceed $500,000 in the aggregate at any time, provided that, immediately before and  immediately after giving pro forma effect to the making of any such Volta Canada Investment, no  Default or Event of Default shall have occurred and be continuing;  (f) any capital contributions in, or loans or advances to, Volta Charging Germany GmbH, , a  limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of  Germany (“Volta Germany”) (“Volta Germany Investments”), (i) that have been made prior to the  Fourth Amendment Effective Date in an aggregate amount not exceeding an estimated  $874,537.00 , or (ii) made after the Fourth Amendment Effective Date to the extent the aggregate  amount of Volta Germany Investments made after the Fourth Amendment Effective Date do not  exceed $500,000 in the aggregate at any time, provided that, immediately before and immediately  after giving pro forma effect to the making of any such Volta Germany Investment, no Default or  Event of Default shall have occurred and be continuing; or  (g) any capital contributions in, or loans or advances to, Volta France SARL, a limited liability  company (Société A Responsabilité Limitée) organized under the laws of France (“Volta France”)  (“Volta France Investments”), (i) that have been made prior to the Fourth Amendment Effective  Date in an aggregate amount not exceeding an estimated $51,086.00, or (ii) made after the  Fourth Amendment Effective Date to the extent the aggregate amount of Volta France Investments  made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any  time, provided that, immediately before and immediately after giving pro forma effect to the  making of any such Volta France Investment, no Default or Event of Default shall have occurred  and be continuing.  For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders other than as expressly set forth above in this Section 5.3.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  

 

  34  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  5.5 Restricted Payments.  Make or permit any Restricted Payment.  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above,  (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  

 

  35  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  

 

  36  transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  

 

  37  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  (i) all Accounts;  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  

 

  38  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or  (y) trigger termination of any agreement, document or instrument pursuant to any “change of  control” or similar provision and (B) any contract, license, franchise or other agreement to the  extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that  such contractual restriction shall not have been created in contemplation of this restriction);  provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to  apply if any such prohibition would be rendered ineffective under the UCC (including  Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States  bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent’s  unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds  thereof (including proceeds from the sale, license, lease or other disposition thereof), including  monies due or to become due under any such lease, license, contract, or agreement (including any  Accounts or other Receivables), or (C) to apply at such time as the condition causing such  prohibition shall be remedied and, to the extent severable, “Collateral” shall include any portion  of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not  result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which  would require governmental consent, approval, license or authorization (unless such consent,  approval, license or authorization has been obtained); (vi) unless such assets are required to be  subject to a Lien in favor of the Agent for the benefit of the Lenders pursuant to Section 3.21(e),  assets located outside the United States or the pledge of which would require registration or other  action outside the United States; (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances  where Borrower and Agent determine in their reasonable discretion that the cost, burden or  consequences (including material adverse tax consequences) of obtaining or perfecting a security  interest in such assets is excessive in relation to the practical benefit afforded thereby; provided,  that for the avoidance of doubt, no Grantor shall be required to enter into any foreign-law governed  security documents in connection with any share pledge, intellectual property registered in any  non-U.S. jurisdiction or any other grant of security interest, in each case under this provided clause  except if assets of a Grantor are required to be subject to a Lien in favor of the Agent for the benefit  of the Lenders pursuant to Section 3.21(e).  Notwithstanding anything herein to the contrary or  

 

  39  any other Loan Document, no Grantor shall be required to make any filings, enter into any  documents or agreements or take any other actions to grant, record or perfect a security interest or  Lien in the Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in  the United States or any of its states, including on any Collateral located outside of the  United States, except if assets of a Grantor are required to be subject to a Lien in favor of the Agent  for the benefit of the Lenders pursuant to Section 3.21(e).  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  of the Obligations, enforceable in accordance with the terms hereof against any and all  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  

 

  40  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under  Section 9-509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  

 

  41  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of  Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  

 

  42  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty  (60) consecutive days; or any Borrower or any other Credit Party shall have concealed,  removed or permitted to be concealed or removed, any part of its property with intent to  hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its  property or the incurring of an obligation that may be fraudulent under any bankruptcy,  fraudulent transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1  or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or  shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  

 

  43  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.  (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  

 

  44  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  

 

  45  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed,  (ii) be deemed given if Borrower does not respond to a request for consent within five  (5) Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  

 

  46  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.”  The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii)  and (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment  such completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S.  federal backup withholding tax;  

 

  47  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC,  (x) a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a  “10 percent shareholder” of Borrower within the meaning of  Section 871(h)(3)(B) of the IRC, or a “controlled foreign  corporation” related to Borrower as described in  Section 881(c)(3)(C) of the IRC (a “U.S. Tax Compliance  Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS  Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance  Certificate, IRS Form W-9, and/or other certification documents  from each beneficial owner, as applicable; provided that if the  Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  

 

  48  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  or Agent as may be necessary for Borrower and Agent to comply with their  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) 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 proceeding described in  Section 7.1(h) or (i) or any other 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  Obligation in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy,  insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of  

 

  49  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, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, 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.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (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.  9.3 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  

 

  50  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 Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 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 9 to the extent provided by Agent.  9.5 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 Section 8(a), (ii) rely on  the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related  Persons and, whether or not selected by it, any other advisors, accountants and other experts  (including advisors to, and accountants and experts engaged by, any Credit Party) and  (iv) 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 such other number or percentage of  the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary,  under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own  gross negligence or willful misconduct, and each Lender, Borrower and each other Credit  Party to this Agreement 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;  

 

  51  (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 or any Credit Party in connection  with any Loan Document or any transaction contemplated therein or any other  document or information with respect to any Credit Party, 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  any Credit Party 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 and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party 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.  9.7 Intentionally Omitted.  9.8 Expenses; Indemnities.  (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) 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, any Credit Party) that may be incurred by Agent or any of its Related Persons in  connection with the preparation, syndication, execution, delivery, administration,  

 

  52  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 any Credit Party), 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.  9.9 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  forty-five (45) 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 (a) shall be subject to  the prior consent of Borrower, which may not be unreasonably withheld but shall not be  required during the continuance of a Default.  (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 9.3, 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.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  

 

  53  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  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 9.10.  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom 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  and any other Credit Party which is a party to such agreement, (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 and any other Credit Party which  is a party to such agreement; 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 2.1, 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  

 

  54  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; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation 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 Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to  Section 1.8 to, and any modification of the application of any such payment to the Term  Loan shall require the consent of the Required Lenders, and (B) any change to the  definition of the term “Required Lenders” shall require the consent of the Required  Lenders, (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  Section 9 or the application thereof) unless in writing and signed by Agent in addition to  any signature otherwise required and (z) the consent of Borrower shall not be required to  change any order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  

 

  55  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be prohibited by or invalid under applicable law, such  provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating  the remainder of such provision or the remaining provisions of such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  

 

  56  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this  Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all  charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be  notified and sent to the address or facsimile number indicated in Schedule C or to such other  address (or facsimile number) as may be substituted by notice given as herein provided.  Failure  or delay in delivering copies of any such communication to any Person (other than Borrower, any  other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no  way adversely affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  

 

  57  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  

 

  58  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty  percent (20%) or more of Stock having ordinary voting power for the election of directors of any  Credit Party or (ii) each other Person that controls, is controlled by or is under common control  with such Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the  contrary in this Section 10.11, any Credit Party may make such public disclosures with respect to  the transactions contemplated by the Loan Documents in connection with all regular and periodic  reports (including without limitation any Form 8-Ks) and all registration statements and  prospectuses, if any, filed by any Credit Party with any securities exchange or with the Securities  and Exchange Commission or any governmental or private regulatory authority.  The Borrower  hereby authorizes Agent to disclose Agent’s participation in this Agreement or the other Loan  Documents in its marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the USA  PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  

 

  59  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  

 

  60  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  

 

  61  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion-action under New  York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  

 

  62  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]    

 

SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has  been duly executed as of the date first written above.  VOLTA CHARGING, LLC, as Borrower and  Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA MEDIA LLC, as Borrower and Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA INDUSTRIES, INC., as Guarantor and  Grantor  By:   _____________________________  Name:  Christopher Wendel  Title:  President  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  EICF AGENT LLC, as Agent for the Lenders      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  ENERGY IMPACT CREDIT FUND I LP, as a  Lender      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  CION INVESTMENT CORPORATION, as  Co­Lead Arranger and a Lender      By:   _____________________________  Name:  Title:    

 

  SCHEDULE A - 1  SCHEDULE A  DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  ”Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten  percent (10%) or more of the Stock having ordinary voting power for the election of directors of  such Person or (ii) each other Person that controls, is controlled by or is under common control  with such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of  a Person shall mean the possession, directly or indirectly, of the power to direct or cause the  direction of its management or policies, whether through the ownership of voting securities, by  contract or otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  ”Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  

 

  SCHEDULE A - 2  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve  (12) Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  

 

  SCHEDULE A - 3  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Business Loan Agreement” means that certain Business Loan Agreement, dated April 27, 2020,  by and between Parent and Continental Bank.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and  (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of  “control” (as defined in the UCC) of such accounts for its benefit.  For the avoidance of doubt, no  proceeds of the PPP Loan shall be included in the calculation of Cash Balance.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or  (ii) issued by any agency of the United States federal government the obligations of which are  fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  

 

  SCHEDULE A - 4  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean 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 a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.   “Change of Control” means any of:  (a) Parent ceasing to own, directly or indirectly, 100% of the capital stock of each Borrower,  (b) a liquidation, dissolution or winding up of any Credit Party,  (c) (i) at any time prior to the consummation of the De-SPAC Transaction, a  consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or  assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s owned  intellectual property rights, a sale of voting control or any other corporate reorganization in which  the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however,for the avoidance of doubt, none of a Qualified IPO, the De-SPAC First Merger and the  De-SPAC Second Merger shall not constitute a Change in Control, or    (ii) at any time after consummation of the De-SPAC Transaction, the Permitted  Investors ceasing to own at any time, directly or indirectly, at least 40% of the aggregate ordinary  voting power represented by the issued and outstanding Equity Interests of Parent, or  (d) a majority of the members of the board of directors or other equivalent governing body of  Parent ceases to be composed of individuals who were members of thatthe board or equivalent  governing body onof Parent following the Closing Dateconsummation of the De-SPAC  Transaction.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  

 

  SCHEDULE A - 5  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  

 

  SCHEDULE A - 6  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion)  deducted in determining such Consolidated Net Income and without duplication (and with respect  to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only  if a corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  

 

  SCHEDULE A - 7  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  

 

  SCHEDULE A - 8  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation;  (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9-104  of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  

 

  SCHEDULE A - 9  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  

 

  SCHEDULE A - 10  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to  zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment  has been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “De-SPAC Transaction” means the series of related transactions pursuant to which (a) Volta  Industries, Inc., a Delaware corporation, shall merge with and into SNPR Merger Sub I, Inc., a  Delaware corporation, with Volta Industries, Inc. being the surviving entity (the “First Surviving  Entity”) in such transaction (the “De-SPAC First Merger”), (b) promptly after the De-SPAC  First Merger referred to in the foregoing clause (a), Volta Industries, Inc. as the First Surviving  Corporation shall merge with and into SNPR Merger Sub II, LLC, a Delaware limited liability  company, with Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC), being the  surviving entity (the “Second Surviving Entity”) in such transaction (the “De-SPAC Second  Merger”), and (c) upon consummation of both of the foregoing De-SPAC First Merger and De- SPAC Second Merger, Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC) shall  (i) become a wholly-owned subsidiary of Tortoise Acquisition Corp. II, and (ii) immediately be  renamed Volta Inc., as such series of related transactions is set forth in greater detail in that certain  Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021, by  and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC,  and Volta Industries, Inc.  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  

 

  SCHEDULE A - 11  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and 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 property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  

 

  SCHEDULE A - 12  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to  Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan;  (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  

 

  SCHEDULE A - 13  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  ”Fee Letter” has the meaning assigned to it in Section 1.6.  ”Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  “Fiscal Month” means any of the monthly accounting periods of Borrower.  “Fiscal Quarter” means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  

 

  SCHEDULE A - 14  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fourth Amendment Effective Date” means August 24, 2021.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to  purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect  thereof.  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  

 

  SCHEDULE A - 15  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  such Person is not liable therefor.  For the avoidance of doubt, the PPP Loan shall constitute  “Indebtedness” for all purposes under this Agreement until such time and to the extent that such  PPP Loan is forgiven.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  

 

  SCHEDULE A - 16  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all  (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,  damages, claims and payments now and hereafter due and/or payable thereunder and with respect  thereto including damages and payments for past, present or future infringements or violations  thereof, (iii) rights to sue for past, present and future infringements or violations thereof and  (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or  any other patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  

 

  SCHEDULE A - 17  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and  (ii) the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to  Section 3.28.  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)  or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any  ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any  Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or  (c) with respect to which any Grantor could reasonably be expected to incur liability.  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests),  the cash proceeds received by any Credit Party (including cash proceeds  subsequently received (as and when received by any Credit Party) in respect of non- cash consideration initially received) net of (i) selling expenses (including  reasonable brokers’ fees or commissions, legal, accounting and other professional  and transactional fees, transfer and similar taxes and Credit Party’s good faith  estimate of income taxes actually paid or payable in connection with such sale);  (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any  liabilities under any indemnification obligations associated with such Asset Sale or  (y) any other liabilities retained by any Credit Party associated with the properties  

 

  SCHEDULE A - 18  sold in such Asset Sale (provided that, to the extent and at the time any such  amounts are released from such reserve, such amounts shall constitute Net Cash  Proceeds); (iii) Credit Party’s good faith estimate of payments required to be made  with respect to unassumed liabilities relating to the properties sold within ninety  (90) days of such Asset Sale (provided that, to the extent such cash proceeds are  not used to make payments in respect of such unassumed liabilities within ninety  (90) days of such Asset Sale, such cash proceeds shall constitute Net Cash  Proceeds); and (iv) the principal amount, premium or penalty, if any, interest and  other amounts on any Indebtedness for borrowed money which is secured by a Lien  on the properties sold in such Asset Sale (so long as such Lien was permitted to  encumber such properties under the Loan Documents at the time of such sale) and  which is repaid with such proceeds (other than any such Indebtedness assumed by  the purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary  fees, commissions, costs and other expenses incurred in connection therewith; and  (c) 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.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement, dated as  of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A  thereto or additional purchasers from time to time party thereto, as may be amended from time to  time in accordance with the terms of the Subordination Agreement.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  

 

  SCHEDULE A - 19  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.(a) from the  Closing Date until the consummation of the De-SPAC Transaction, VOLTA INDUSTRIES, INC.,  

 

  SCHEDULE A - 20  a Delaware corporation, and (b) from and after consummation of the De-SPAC Transaction,  VOLTA INC., a Delaware corporation.  “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Investors” means, collectively, the Persons who held the Equity Interests of the Parent  immediately prior to the commencement of the De-SPAC Transaction.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty  (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during  which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions  on the use of real property or other minor irregularities in title (including leasehold title) thereto,  

 

  SCHEDULE A - 21  so long as the same do not materially impair the use, value, or marketability of such real estate;  (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  

 

  SCHEDULE A - 22  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “PPP Loan” means an unsecured loan in an aggregate principal amount not to exceed  $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act  by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules  and regulations, as amended from time to time.  For the avoidance of doubt, references to specific  sections of the PPP Rule shall also include applicable rules and regulations, as amended from time  to time.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Promissory Note” mean that certain Promissory Note, dated as of April 27, 2020, issued by  Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  

 

  SCHEDULE A - 23  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” 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.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty  percent (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated,  

 

  SCHEDULE A - 24  the amount outstanding under the Term Loan) then in effect; provided that at any time that there  are two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2)  that are  not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any  payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s or  any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in respect  of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or  (ii) interest and principal, when due without acceleration or modification of the amortization as in  effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  

 

  SCHEDULE A - 25  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subordination Agreement” means that certain Subordination and Intercreditor Agreement,  dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors,  the Credit Parties and Agent, as may be amended from time to time.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent (50%)  

 

  SCHEDULE A - 26  of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership  or limited liability company in which such Person or one or more Subsidiaries of such Person has  an equity interest (whether in the form of voting or participation in profits or capital contribution)  of more than fifty percent (50%) or of which any such Person is a general partner or manager or  may exercise the powers of a general partner or manager.  If “Subsidiary” or “Subsidiaries” is used  in this Agreement or any other of the Loan Documents without reference to being the Subsidiary  of any specific Credit Party or other Person, then that reference to “Subsidiary” or “Subsidiaries”  shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments,  the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan Commitment.  “Term Note” has the meaning given to such term in Section 1.1(a).  “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Third Amendment” means that certain Third Amendment to Loan Agreement dated as of  November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent.  “Third Amendment Effective Date” means November 25, 2020.  “Third Amendment Term Loan” has the meaning assigned thereto in Section 1.1(c).  “Third Amendment Term Loan Commitment” means the commitment of each Lender under  this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on  Schedule B attached hereto.  The aggregate amount of the Third Amendment Term Loans as of  the Third Amendment Effective Date is $5,000,000.  

 

  SCHEDULE A - 27  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  

 

  SCHEDULE A - 28  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]    

 

EXECUTION VERSION    LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  This LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  (this “Amendment”) is made as of March 30, 2022, by and among VOLTA CHARGING, LLC, a  Delaware limited liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware  limited liability company (“Volta Media”), VOLTA CHARGING INDUSTRIES, LLC, A  Delaware limited liability company (“Volta Industries”), and VOLTA CHARGING SERVICES  LLC, a Delaware limited liability company (“Volta Services” and collectively with Volta  Charging, Volta Media and Volta Industries, “Borrower”), VOLTA INC., a Delaware corporation  (“Parent”), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada  (“Volta Canada”), VOLTA CHARGING GERMANY GMBH, a limited liability company  (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany (“Volta  Germany”), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité  Limitée) organized under the laws of France (“Volta France” and collectively with Parent, Volta  Canada and Volta France, the “Guarantors”), the Lenders signatory hereto (the “Required  Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of  the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”).  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan  Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as  of November 25, 2020, and that certain Fourth Amendment to Loan Agreement, dated as of  August 24, 2021 (as amended, modified, extended, restated, replaced, and/or supplemented from  time to time, the “Loan Agreement”);  WHEREAS, pursuant to Section 4.1(a) of the Loan Agreement, within thirty (30) days  after the last day of each Fiscal Month, the Credit Parties are required to furnish to the Agent and  each Lender the balance sheets of the Credit Parties on a consolidated and consolidating basis as  at the end of such Fiscal Month and as of the end of the preceding Fiscal Year, and the related  statements of operations, the related statements of profits and losses and related statements of cash  flows of the Credit Parties on a consolidated basis for such Fiscal Month (the “Monthly Financial  Statements”);  WHEREAS, pursuant to Section 4.1(c) of the Loan Agreement, within two (2) Business  Days after the end of each Fiscal Month, the Borrower is required to deliver a certificate reporting  to Agent the Cash Balance as of the last day of the Fiscal Month just ended (the “Cash Balance  Certificate”), which certificate shall be executed and certified by a Responsible Officer of the  Borrower as true and correct;  WHEREAS, pursuant to Section 4.1(e) of the Loan Agreement, at the time the financial  statements are furnished pursuant to Section 4.1(a) of the Loan Agreement, the Credit Parties are  required to deliver to the Agent and each Lender a Compliance Certificate as to the financial  performance of the Credit Parties;  

 

  2  WHEREAS, pursuant to Section 5.9 of the Loan Agreement, Borrower and each Credit  Party is required to obtain Agent’s prior written consent before amending, waiving, or otherwise  modifying its charter or by-laws or other Organizational Documents other than in connection with  the issuance of Equity Interests by Parent permitted by the Loan Agreement;  WHEREAS, pursuant to Section 4.1(h) of the Loan Agreement, promptly after the same  become publicly available, the Credit Parties are required to deliver to the Agent and each Lender  copies of all periodic and other reports, proxy statements and other materials filed by any Credit  Party with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all functions of said commissions, or with any  national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of  the documentation governing such Indebtedness (or any trustee, agent or other representative  therefor), as the case may be;  WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent’s prior  written consent, from the Closing Date until the Termination Date, neither Borrower nor any other  Credit Party make any investment in any Foreign Subsidiaries; except for (a) the Volta Canada  Investments made after the Fourth Amendment Effective Date to the extent the aggregate amount  of Volta Canada Investments made after the Fourth Amendment Effective Date do not exceed  $500,000 in the aggregate at any time, (b) Volta Germany Investments made after the Fourth  Amendment Effective Date to the extent the aggregate amount of Volta Germany Investments  made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any  time, and (c) Volta France Investments made after the Fourth Amendment Effective Date to the  extent the aggregate amount of Volta France Investments made after the Fourth Amendment  Effective Date do not exceed $500,000 in the aggregate at any time;  WHEREAS, the Volta Canada Investments, the Volta Germany Investments and the Volta  France Investments each exceeded $500,000 in the aggregate after the Fourth Amendment  Effective Date, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Investment Defaults”);  WHEREAS, the Credit Parties failed to deliver the Monthly Financial Statements for the  Fiscal Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(a) of the  Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the  Loan Agreement (the “Financial Statements Default”);  WHEREAS, the Borrower failed to deliver the Cash Balance Certificate for the Fiscal  Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(c) of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Cash Balance Certificate Default”);  WHEREAS, the Credit Parties failed to deliver the Compliance Certificates for each of the  Fiscal Months ending October 31, 2021, November 30, 2021 and December 31, 2021 on a timely  basis, in accordance with Section 4.1(e) of the Loan Agreement, which resulted in immediate  Events of Default pursuant to Section 7.1 of the Loan Agreement (“Compliance Certificate  Defaults”);  

 

  3  WHEREAS, Parent is requesting prior written consent from the Agent to amend its bylaws  as set forth in Exhibit A hereto (the “Bylaws Amendment”) in accordance with Section 5.9 of the  Loan Agreement;  WHEREAS, from the Closing Date through the date hereof, the Credit Parties failed to  deliver reports filed with the Securities and Exchange Commission promptly after such reports  became publicly available in accordance with Section 4.1(h) of the Loan Agreement, which  resulted in an Event of Default pursuant to Section 7.1 of the Loan Agreement (collectively with  the Investment Defaults, the Financial Statements Default, the Cash Balance Certificate Default  and the Compliance Certificate Defaults, the “Designated Defaults”);  WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders  waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below,  each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the  terms set forth herein; and  WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend  certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set  forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein.  NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby  agrees as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendment.  Subject to the satisfaction of the conditions precedent set forth in  Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows:  (a) Article III of the Loan Agreement is hereby amended by inserting the following  new Section 3.41 in the appropriate numerical order:  “On or prior to May 1, 2022, the Credit Parties shall deposit into an escrow account with  an escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and  substance satisfactory to Agent, an amount equal to (x) 1,797,605.82, plus  (y) $1,530,000.00, which is the projected amount of each Foreign Investment to be made  by the Credit Parties in accordance with Section 5.3 from January 1, 2022 through June 30,  2022.  Thereafter, on the first day of each Fiscal Quarter, commencing with the Fiscal  Quarter beginning July 1, 2022, the Credit Parties shall deposit with such escrow agent an  amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal  Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter  in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow  account based on the projected aggregate amount of Foreign Investments for such Fiscal  Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow  account of in respect of the projected Foreign Investments from the immediately preceding  Fiscal Quarter.  Amounts on deposit with such escrow agent will be held for the benefit of  the Agent and the Lenders until the Maturity Date and will be promptly released to the  

 

  4  Agent upon request of the Agent after the occurrence and continuance of an Event of  Default.”  (b) Section 5.3(e) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Canada  Investments made after January 1, 2022 do not exceed $6,856,459 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta Canada Investment, no Default or Event of Default shall have occurred and be  continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders ; or”  (c) Section 5.3(f) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Germany  Investments made after January 1, 2022 do not exceed $89,229,382 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta Germany Investment, no Default or Event of Default shall have occurred and be  continuing, and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders; or”  (d) Section 5.3(g) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta France  Investments made after January 1, 2022 do not exceed $78,329,815 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta France Investment, no Default or Event of Default shall have occurred and be  continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders; or”  (e) Schedule A of the Loan Agreement is hereby amended by inserting the following  new definitions in the appropriate alphabetical order therein:  ““Foreign Investment” means each of the Volta Canada Investments, the Volta France  Investments and the Volta Germany Investments.”  (f) The definition of “De-SPAC Transaction” set forth in Schedule A of the Loan  Agreement is hereby amended by deleting clause (c)(ii) in its entirety and replacing it as follows:  

 

  5  “(ii) Tortoise Acquisition Corp. II shall be immediately renamed Volta Inc., as such  series of related transactions is set forth in greater detail in that certain Business  Combination Agreement and Plan of Reorganization, dated as of February 7, 2021,  by and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR  Merger Sub II, LLC, and Volta Industries, Inc.”  3. Limited Waiver.  The Credit Parties acknowledge and agree that the Designated  Defaults have occurred and are continuing.  In accordance with Section 4 hereof, as of the Effective  Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided  that such waiver is applicable only to the Designated Defaults and to no other current or  prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown  as of the Effective Date.  4. Consent to Parent Bylaws Amendment.  Agent hereby consents to and approves of  the Bylaws Amendment.  5. Conditions to Effectiveness.  This Amendment shall become effective as of the date  first written above (the “Effective Date”) upon:  (a) counterparts of this Amendment shall have been executed and delivered by the  Credit Parties, the Agent and the Required Lenders;  (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable  share of the following amendment fee, which ratable share shall be determined by reference to the  outstanding principal balance of the Term Loans held by each Lender as of the date of this  Amendment), on behalf of each Lender that has delivered an executed signature page to this  Amendment, payment of a non-refundable amendment fee in an amount equal to 0.75% of the  outstanding principal balance of the Terms Loans as of March 30, 2022, which amendment fee  shall be earned in full on the date hereof; and  (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation, execution and  delivery of this Amendment and other services rendered in connection with the Loan Agreement  prior to the date hereof.  6. Representations, Warranties and Covenants.  (a) The Credit Parties represent and warrant that after giving effect to this Amendment,  the representations and warranties contained in the Loan Agreement are true and correct in all  material respects on and as of the date hereof as if such representations and warranties had been  made on and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date).  (b) The Credit Parties represent and warrant that after giving effect to this Amendment,  no Default or Event of Default will have occurred and be continuing on and as of the Effective  Date.  

 

  6  7. Loan Document.  This Amendment is designated a Loan Document by the Agent.  8. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as modified by this Amendment.  9. Release of Claims.  In consideration of the Required Lenders’ and the Agent’s  agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever  discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any  and all claims, suits, actions, investigations, proceedings or demands, whether based in contract,  tort, implied or express warranty, strict liability, criminal or civil statute or common law of any  kind or character, known or unknown, which such Credit Party ever had or now has against Agent,  any Lender or any other Released Person which relates, directly or indirectly, to any acts or  omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or  any other Loan Document on or prior to the date hereof.  10. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  11. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  12. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  13. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  

 

  7  14. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  [Signature pages follow]    

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed by their duly authorized officers, all as of the date and year first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  VOLTA MEDIA LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  GUARANTORS: VOLTA INC.,  a Delaware corporation        By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  VOLTA CANADA INC.      By:   ______________________________________  Name:  James DeGraw  Title:  General Counsel    By:   ______________________________________  Name:  Francois Chadwick  Title:  Chief Financial Officer  VOLTA CHARGING GERMANY GMBH      By:   ______________________________________  Name:  James DeGraw  Title:  Authorized Signatory  VOLTA FRANCE SARL      By:   ______________________________________  Name:  James DeGraw  Title:  Manager  VOLTA CHARGING INDUSTRIES, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  Manager      

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  AGENT: EICF AGENT LLC      By: _______________________________________  Name:  Harry Giovani   Title:  Authorized Signatory      

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  LENDERS: ENERGY IMPACT CREDIT FUND I LP    By:  Energy Impact Credit Fund I GP LLC, its  general partner    By: _______________________________________  Name:  Harry Giovani   Title:  Managing Partner  CION INVESTMENT CORPORATION      By: _______________________________________  Name:  Gregg Bresner  Title:  President & Chief Investment Officer  

 

    LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  This LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  (this “Amendment”) is made as of May 11, 2022, by and among VOLTA CHARGING, LLC, a  Delaware limited liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware  limited liability company (“Volta Media”), VOLTA CHARGING INDUSTRIES, LLC, A  Delaware limited liability company (“Volta Industries”), and VOLTA CHARGING SERVICES  LLC, a Delaware limited liability company (“Volta Services” and collectively with Volta  Charging, Volta Media and Volta Industries, “Borrower”), VOLTA INC., a Delaware corporation  (“Parent”), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada  (“Volta Canada”), VOLTA CHARGING GERMANY GMBH, a limited liability company  (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany (“Volta  Germany”), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité  Limitée) organized under the laws of France (“Volta France” and collectively with Parent, Volta  Canada and Volta France, the “Guarantors”), the Lenders signatory hereto (the “Required  Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of  the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”).  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement,  dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of  November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24,  2021, and that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of  March 30, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from  time to time, the “Loan Agreement”);  WHEREAS, pursuant to Section 1.1(c) of the Loan Agreement, on each Payment Date, the  Borrower is required to make principal payments on the Term Loans to the Agent for the pro rata  benefit of the Lenders;  WHEREAS, pursuant to Section 3.28(b) of the Loan Agreement, the Credit Parties are  required to, within twenty (20) days after the formation of any new Subsidiary (including any  Foreign Subsidiary), (i) deliver to the Agent, among other things, the original certificates  representing all of the Equity Interests of such Subsidiary, together with the undated stock powers  or other appropriate instruments of transfer executed and delivered in blank by a duly authorized  officer of the holder(s) of such Equity Interests and (ii) cause such new Subsidiary to execute a  Joinder Agreement or such comparable documentation to become a Grantor and Guarantor under  the Loan Agreement, and to take all actions necessary or advisable in the opinion of the Agent to  cause the Lien created thereunder to be duly perfected to the extent required by such agreement in  accordance with all applicable Requirements of Law (including any applicable foreign laws),  including the execution by Borrower or the applicable Credit Party of a Joinder Agreement or such  comparable documentation to the applicable Pledge Agreement (the documentation set forth in the  foregoing clauses (i) and (ii), collectively, the “Joinder Documents”).  

 

  2  WHEREAS, pursuant to Section 3.41 of the Loan Agreement, on or before May 1, 2022,  the Credit Parties are required to deposit into an escrow account (the “Escrow Account”) with an  escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and substance  satisfactory to Agent, an amount equal to $3,327,605.82 (the “Escrow Amount”);  WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent’s prior  written consent, from the Closing Date until the Termination Date, neither Borrower nor any other  Credit Party is permitted to make any investment in or loan or advance to any Foreign Subsidiaries,  other than those Investments expressly permitted under Section 5.3;  WHEREAS, the Credit Parties made investments in, and/or loans or advances to, Volta  Netherlands (as defined below in Section 2 of this Amendment) in violation of Section 5.3 (the  “Investments Default”);  WHEREAS, pursuant to Section 4.1(b) of the Loan Agreement, within one hundred twenty  (120) days after of the end of each Fiscal Year, the Credit Parties are required to furnish to the  Agent and each Lender the audited consolidated balance sheet of the Credit Parties as at the end  of such Fiscal Year and as of the end of the such Fiscal Year, and the related audited consolidated  statements of operations, the related statements of profits and losses and related audited  consolidated statements of cash flows and stockholders’ equity for such Fiscal Year and for the  previous Fiscal Year (the “Audited Financial Statements”), as prepared by an independent certified  public accountant of recognized national standing reasonably acceptable to the Agent;  WHEREAS, the Borrower failed to make the principal payment with respect to the May 1,  2022 Payment Date to the Agent on a timely basis, in accordance with Section 1.1(c) of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Payment Defaults”), but, for the avoidance of doubt, Borrower has made the  required payments to Agent prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deliver, and cause each of Rakko Holding B.V., a  private limited liability company incorporated under the laws of the Netherlands, and Volta Rakko  B.V., a private limited liability company incorporated under the laws of the Netherlands, to  execute, the Joinder Documents on a timely basis, in accordance with Section 3.28 of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Joinder Defaults”), but, for the avoidance of doubt, Credit Parties are delivering  the Joinder Documents to Agent on or prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deposit the Escrow Amount into the Escrow  Account on a timely basis, in accordance with Section 3.41 of the Loan Agreement, which resulted  in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the “Escrow  Defaults”), but, for the avoidance of doubt, Credit Parties did complete funding of the required  deposit into the Escrow Account prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deliver the Audited Financial Statements for the  Fiscal Year ending December 31, 2021 on a timely basis, in accordance with Section 4.1(b) of the  Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the  Loan Agreement (collectively with the Investment Defaults, the Payment Defaults, the Joinder  

 

  3  Defaults and the Escrow Defaults, the “Designated Defaults”), but, for the avoidance of doubt,  Credit Parties have delivered the Audited Financial Statements to Agent and Lenders prior to the  Sixth Amendment Effective Date;  WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders  waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below,  each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the  terms set forth herein; and  WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend  certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set  forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein.  NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby  agrees as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendment.  Subject to the satisfaction of the conditions precedent set forth in  Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows:  (a) Section 5.3(f) is hereby amended by deleting “or” at the end thereof.  Section 5.3(g)  is hereby amended by deleting the period at the end thereof and replacing it with “; or”.  A new  Section 5.3(h) of the Loan Agreement is hereby inserted after Section 5.3(g) which new  Section 5.3(h) shall read as follows:  “(h) any capital contributions in, or loans or advances to, Rakko Holding B.V., a  private limited liability company organized under the laws of the Netherlands, and Volta  Rakko B.V., a private limited liability company organized under the laws of the  Netherlands (such entities, individually and collectively, “Volta Netherlands”) (“Volta  Netherlands Investments”), (i) to the extent the aggregate amount of Volta Netherlands  Investments made, whether prior to or after the Sixth Amendment Effective Date, do not  exceed $250,000 in the aggregate at any time, provided that (x) immediately before and  immediately after giving pro forma effect to the making of any such Volta Netherlands  Investment after the Sixth Amendment Effective Date, no Default or Event of Default shall  have occurred and be continuing and (y) the Credit Parties shall not make Foreign  Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount  held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter  without the prior written consent the Required Lenders.”  (b) Schedule A of the Loan Agreement is hereby amended by amending and restating  the following definitions to read as follows:  ““Foreign Investment” means each of the Volta Canada Investments, the Volta  France Investments, the Volta Germany Investments and the Volta Netherlands  Investments.”  

 

  4  (c) Schedule A of the Loan Agreement is hereby amended by inserting the following  new definitions in the appropriate alphabetical order therein:  “Sixth Amendment Effective Date” means May 11, 2022.”  3. Limited Waiver.  The Credit Parties acknowledge and agree that the Designated  Defaults have occurred and are continuing.  In accordance with Section 4 hereof, as of the Effective  Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided  that such waiver is applicable only to the Designated Defaults and to no other current or  prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown  as of the Effective Date.  4. Conditions to Effectiveness.  This Amendment shall become effective as of the date  first written above (the “Effective Date”) upon:  (a) counterparts of this Amendment shall have been executed and delivered by the  Credit Parties, the Agent and the Required Lenders;  (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable  share of the following waiver fee, which ratable share shall be determined by reference to the  outstanding principal balance of the Term Loans held by each Lender as of the date of this  Amendment), on behalf of each Lender that has delivered an executed signature page to this  Amendment, payment of a non-refundable waiver fee in an amount equal to $173,194.45 (such  amount being equal to 0.50% of the outstanding principal balance of the Terms Loans as of as of  May 10, 2022), which waiver fee shall be earned in full on the date hereof; and  (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation, execution and  delivery of this Amendment and other services rendered in connection with the Loan Agreement  prior to the date hereof.  5. Representations, Warranties and Covenants.  (a) The Credit Parties represent and warrant that after giving effect to this Amendment,  the representations and warranties contained in the Loan Agreement are true and correct in all  material respects on and as of the date hereof as if such representations and warranties had been  made on and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date).  (b) The Credit Parties represent and warrant that after giving effect to this Amendment,  no Default or Event of Default will have occurred and be continuing on and as of the Effective  Date.  6. Loan Document.  This Amendment is designated a Loan Document by the Agent.  7. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  

 

  5  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as modified by this Amendment.  8. Release of Claims.  In consideration of the Required Lenders’ and the Agent’s  agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever  discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any  and all claims, suits, actions, investigations, proceedings or demands, whether based in contract,  tort, implied or express warranty, strict liability, criminal or civil statute or common law of any  kind or character, known or unknown, which such Credit Party ever had or now has against Agent,  any Lender or any other Released Person which relates, directly or indirectly, to any acts or  omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or  any other Loan Document on or prior to the date hereof.  9. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  10. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  11. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  12. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  13. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  [Signature pages follow]  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed by their duly authorized officers, all as of the date and year first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA MEDIA LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  GUARANTORS: VOLTA INC.,  a Delaware corporation      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA CANADA INC.      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  By:   ______________________________________  Name:  Francois Chadwick  Title:  Chief Financial Officer  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  VOLTA CHARGING GERMANY GMBH      By:   ______________________________________  Name:  James DeGraw  Title:  Authorized Signatory  VOLTA FRANCE SARL      By:   ______________________________________  Name:  James DeGraw  Title:  Manager  VOLTA CHARGING INDUSTRIES, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  Manager  RAKKO HOLDING B.V., a private limited  liability company incorporated under the laws of the  Netherlands      By: _______________________________________  Name:  Title:  VOLTA RAKKO B.V., a private limited liability  company incorporated under the laws of the  Netherlands      By: _______________________________________  Name:   Title:    

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  AGENT: EICF AGENT LLC      By: _______________________________________  Name:  Harry Giovani  Title:  Authorized Signatory    

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  LENDERS: ENERGY IMPACT CREDIT FUND I LP    By:  Energy Impact Credit Fund I GP LLC, its  general partner      By: _______________________________________  Name:  Harry Giovani  Title:  Managing Partner  CION INVESTMENT CORPORATION      By: _______________________________________  Name:  Gregg Bresner  Title:  President & Chief Investment OfficerExhibit 10.1

 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY

 

The Board of Directors of CNS Pharmaceuticals,
Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”),
which establishes compensation to be paid to non-employee directors of the Company, effective as of July 14, 2021, to provide an inducement
to obtain and retain the services of qualified persons to serve as members of the Company’s Board of Directors.

 

Applicable Persons

 

This Policy shall apply to each director of the
Company who is not an employee of, or compensated consultant to, the Company or any Affiliate (each, an “Outside Director”).
“Affiliate” shall mean a corporation which is a direct or indirect parent or subsidiary of the Company, as determined pursuant
to Section 424 of the Internal Revenue Code of 1986, as amended.

 

Cash Fees

 

Commencing July 1, 2021, the following annual cash
fees shall be paid to the Outside Directors and to each Outside Director serving as Chairperson of the Audit Committee, Compensation Committee
and Nominating and Corporate Governance Committee, as applicable:

 

	Cash
	Base	Committee
    Chair	Committee
    Member
	Audit	Compensation	Nominating
    & 

    Governance	Audit	Compensation	Nominating
    & 

    Governance
	 $40,000 	 $12,000 	 $7,700 	 $5,500 	 $5,500 	 $4,000 	 $3,500 

 

Note: Chair and Committee member compensation are
not additive.

 

*       In addition,
the Lead Independent Director position shall receive an additional annual fee of $12,000.

 

Per meeting payment. In addition, each Outside
Director shall receive $2,500 attendance at face-to-face board meetings (no compensation for telephonic meetings).

 

Cash payments payable to Outside Directors shall
be paid quarterly in arrears. For any portion of a fiscal year in which the Outside Director begins providing service, quarterly payments
shall be pro-rated based on a 365-day year calculation. If an Outside Director dies, resigns or is removed during any quarter, he or she
shall be entitled to a cash payment on a pro rated basis through his or her last day of service based on a 365-day year calculation.

 

Expenses

 

Upon presentation of documentation of such expenses
reasonably satisfactory to the Company, each Outside Director shall be reimbursed for his or her reasonable out-of-pocket business expenses
incurred in connection with attending meetings of the Board of Directors and Committees thereof or in connection with other business related
to the Board of Directors.

 

Amendments

 

The Compensation Committee or the Board of Directors
shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should
be adjusted in order to fulfill the objectives of this Policy.

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