Document:

Loan Agreement

 Exhibit 10.5 
  

					
	

	  	 ASSURED SUPPLY AGREEMENT
  
  
	  	 

  
 BALL
Aerospace & Technologies Corp. (“BALL”), a Delaware corporation with a place of business at 10 Longs Peak Drive, Broomfield, Colorado, and LightPath Technologies, Inc. (“SELLER”), a Delaware corporation with a place of
business at 2603 Challenger Tech Court, Orlando, FL 32826 hereby enter into the following Assured Supply Agreement (“Agreement”) with an effective date of the last date of the signature hereto. 
  
 WHEREAS, BALL requires a reliable and assured supply of Fiber
Mountings for Laser Communications applications (as more fully described in Exhibit A hereto) to meet its requirements (herein referred to as “Goods”); and 
  
 WHEREAS, SELLER has expertise in producing Goods that meet BALL’s requirements; and 
  
 WHEREAS, BALL is willing to purchase, and SELLER is willing to sell
such Goods from time to time in accordance with the provisions of various requests for proposal (“RFP”) to be issued by BALL; 
  
 NOW THEREFORE, the parties agree that such RFPs shall be governed by the terms and conditions set forth below. 
  

	1.	RFPS. BALL may, from time to time, submit RFPs to SELLER soliciting bids for Goods to be delivered by SELLER in accordance with the terms of the RFP. SELLER agrees to submit
a proposal/response to each BALL RFP (subject to BALL making a no bid decision), and, if selected, to supply such Goods to BALL. As consideration for SELLER’s agreement to submit such proposals/responses, BALL agrees to include SELLER on its
bid list (unless otherwise prohibited by BALL’s customer) for all future bids for Goods covered by this Agreement. However, this Agreement does not require BALL to submit a minimum number of RFPs; each RFP shall be submitted solely at
BALL’s discretion. As a condition precedent to BALL’s obligations under this section, SELLER must be on BALL’s list of approved bidders for the relevant RFP. 

  

	2.	TERM. Unless terminated earlier pursuant to the provisions of this Agreement, the term of this Agreement shall be three (3) years, with a termination date of
September 30, 2008. 

  

	3.	PERFORMANCE AND DELIVERY SCHEDULES. Time is of the essence with respect to delivery and performances. Deliveries of Goods are to be made both in quantities and at time
specified in BALL’s schedules. BALL may change or direct temporary suspension of delivery schedules at any time. 

  

	4.	NOTICES. All notices concerning the performance of this Agreement shall be delivered to: 

  

			
	To BALL:	  	Dana-Rene’ B. Randolph
	 	  	1600 Commerce Street
	 	  	Boulder, Co 80301
		
	To SELLER:	  	LightPath Industries
	 	  	Attn: Ken Brizel
	 	  	2603 Challenger Tech Court #100
	 	  	Orlando, Florida 32826

	5.	RESTRICTIVE DATA. The use of BALL’s drawings, specifications or information by SELLER in the performance of this Agreement is expressly restricted to SELLER’s
provision of Goods to BALL. Any other use or disclosure of this proprietary information of BALL is prohibited. BALL retains all rights in designs, drawings, specifications and other data or papers furnished SELLER in connection with this Agreement.
Upon completion of the work, SELLER shall promptly return to BALL all designs, drawings, specifications and other data or papers furnished by BALL together with all copies or reprints then in SELLER’s possession or control.

  

	6.	GOVERNING LAW. This Agreement shall be construed according to the laws of the state of Colorado, including its Uniform Commercial Code. All disputes between SELLER and BALL
arising from this Agreement shall be resolved in the state or federal courts of said state. SELLER agrees that it is a “merchant” dealing in Goods of the kind involved in this Agreement. In the event of any conflict between the Agreement
and the terms of an individual RFP, the RFP shall take precedence. 

  

	7.	WAIVER. BALL shall not be deemed to have waived any right, power, privilege or remedy unless such waiver is in writing and duly executed by it. No failure to exercise, delay
in exercising or course of dealing with respect to any right, power, privilege or remedy shall be operate as a waiver thereof by BALL or of any other right, power, privilege or remedy. No exercise or partial exercise of any right, power, privilege
or remedy shall preclude any other or further exercise thereof by BALL or the exercise of any other right, power, privilege or remedy by BALL. 

  

	8.	THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement. 

  

	9	GENERAL. This Agreement and RFPs issued pursuant to this Agreement contain the entire agreement of the parties with respect to the RFPs and Goods covered by this Agreement,
and all previous contracts, purchase orders, proposals, discussions and communications relating to the RFPs and Goods covered by this Agreement are superseded except to the extent that they have been incorporated by direct reference. Neither this
Agreement, nor any RFP issued hereunder, nor any of the rights or obligations under them may be delegated or assigned by SELLER, in whole or in part, by operation of law or otherwise, without BALL’s express written consent and any contrary
action by SELLER shall be void and without effect. However, this agreement and all the terms hereof shall be binding on and inure to the benefit of the parties hereto, and to their respective legal representatives, successors, or assigns, including,
but not limited to, any entities that may acquire the assets and/or equity of SELLER, with the same force and effect as if specifically mentioned in each 

  

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 instance where a party hereto is named. This Agreement may not be amended without BALL’s written
consent. If any provision of this Agreement, whether a paragraph, sentence or a portion thereof, is determined by a court of competent jurisdiction to be null and void or unenforceable, such provision shall be deemed to be severed, and the remaining
provisions of this Agreement shall remain in full force an effect. The headings in this Agreement are for convenience of reference only and shall not affect its interpretation or construction. 
  
 ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN. 
  

					
	 	 	LightPath Technologies, Inc.	 	BALL AEROSPACE & TECHNOLOGIES CORP.
			
	 	 	 /s/ Kenneth Brizel

	 	 /s/ Scott Whitehill

	 	 	Kenneth Brizel	 	Scott Whitehill
	 	 	Its: President & CEO	 	Its: Director of Supply Chain Management

  

 3Assured Supply Agreement

 Exhibit 10.6 
  
 LOAN AND SECURITY AGREEMENT 
  
 THIS LOAN AND SECURITY AGREEMENT (the “Agreement”) is made as of January 11, 2006 by and between
LIGHTPATH TECHNOLOGIES, INC., a Delaware corporation (“Debtor”) and REGENMACHER HOLDINGS, LTD., a company organized under the Anguilla International Business Companies Act (“Secured Party”). 
  
 RECITALS 
  
 1. In connection with a loan given by the Secured Party to the Debtor in an
amount of up to Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Loan”), Debtor has executed and delivered to the Secured Party a Promissory Note in the principal amount of Five Hundred Thousand and No/100 Dollars ($500,000.00)
dated as of the date hereof (the “Note”). The parties intend that Debtor’s obligations to repay the Note be secured by all of the assets of Debtor described herein. 
  
 2. All terms used herein without definition which are defined by the Florida Uniform Commercial Code, as in effect on the
date hereof (the “Code”) shall have the meanings assigned to them by the Code, unless and to the extent varied by this Agreement. 
  
 AGREEMENT 
  
 In consideration of the Loan by Secured Party and for other good and valuable consideration, Debtor hereby agrees with Secured Party as follows:

  

	 	1.	Grant of Security Interest; Additional Advances and Fees 

  
 (a) To secure Debtor’s full and timely performance of all of Debtor’s obligations and liabilities to Secured Party pursuant to the Note and this
Agreement (including, without limitation, Debtor’s obligation to timely pay the principal amount of, and interest on, the Note, according to the terms contained in the Note) (the “Obligations”), Debtor hereby grants to Secured
Party a continuing security interest (the “Security Interest”) in and to all of the property described on Exhibit A to this Agreement (the “Collateral”). The Security Interest shall be subject to the security
interests in the Collateral described in Section 2(a) below. 
  
 (b) The initial principal advance to Debtor by Secured Party as of the date hereof is zero ($0.00) (the “Borrowing Base”); provided Debtor is in compliance with its Obligations, the Borrowing Base may be increased up to a maximum
Borrowing Base of $500,000 provided incremental advance amounts provided to or for the benefit of Debtor are used solely for the purchase by Debtor from the original equipment manufacturer (or authorized dealer or other representative thereof) of
items of new equipment of the type or satisfying the criteria described in Exhibit B attached hereto. Secured Party may require as a condition to any such advance, that any such advance be paid by it directly to such manufacturer or
representative and such evidence of authenticity and value as deemed appropriate by Secured Party in its reasonable discretion. All such equipment shall become Collateral hereunder by appropriate amendment to this Agreement and subject to
appropriately executed and filed Uniform Commercial Code Financing Statements or amendments thereto, as a condition to any such advance. 
  
 (c) In the event Debtor desires to obtain advances after the date hereof, for each advance requested, the Debtor shall notify the Secured Party by
completing an Advance Request, substantially in the form attached hereto as Exhibit D, and submitting the same to the Secured Party no later than 10:00 a.m. (Eastern Standard Time) at least three (3) Business Days (as defined below)
prior to the date of such proposed advance, specifying (i) the date of the proposed advance (which shall be a 

 Business Day and (ii) the amount of such requested advance. “Business Day” shall mean any day other than
Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed for business in Orlando, Florida. Interest on such advances shall begin to accrue on the day of the advance and be added to the total
principal amount of the Note. 
  
 (d) Should there be
attorneys’ fees, appraisal costs, filing fees, taxes and the like associated with the preparation of the Loan Documents and the closing of the Loan or enforcement of the Loan Documents or the Obligations or any Advance Request, all such costs
and fees shall be the responsibility of the Debtor. 
  
 (e) In
connection with the initial funding under the Note, Debtor shall pay to the Secured Party a $5,000.00 facility fee, which is one percent (1%) of the maximum Borrowing Base of $500,000.00 (the “Facility Fee”). 
  
 Upon satisfaction of the Obligations, the Security Interest shall terminate
and all rights to the Collateral shall revert to Debtor. Upon any such termination, Secured Party shall authenticate and deliver to Debtor such documents as Debtor may reasonably request to evidence or effect such termination. 
  
 2. Covenants. Debtor covenants and agrees with Secured Party
that, from and after the date of this Agreement until the Obligations are paid in full: 
  
 (a) Other Liens. The Security Interest shall constitute a first priority lien upon the Collateral. Except for the Security Interest, Debtor is the owner of the Collateral and will be the owner of the
Collateral hereafter acquired free from any adverse lien, security interest or encumbrance (other than purchase money security interests that will be discharged upon Debtor’s payment of the purchase price for the applicable property), and
Debtor will defend the Collateral against the claims and demands of all persons at any time claiming the same or any interest therein. No financing statements covering any Collateral or any proceeds thereof are on file in any public office except
for the financing statements in favor of Secured Party. 
  
 (b)
Landlord Waiver. The Debtor will obtain a Landlord Waiver substantially in the form attached hereto as Exhibit C, whereby the landlord of the property (the “Landlord”) where the Debtor conducts its business (the
“Property”) and where the Collateral is housed will waive its priority lien and security rights with respect to the Collateral, as defined herein, in favor of Secured Party. 
  
 (c) Further Documentation. At any time and from time to time, upon the written request of Secured Party, and
at the sole expense of Debtor, Debtor will promptly and duly execute and deliver such further instruments and documents and take such further action as Secured Party may reasonably request for the purpose of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted, including, without limitation, filing any financing or continuation statements under the Uniform Commercial Code in effect in any jurisdiction with respect to the liens created hereby.
Debtor also hereby authorizes Secured Party to file any such financing or continuation statement without the signature of Debtor to the extent permitted by applicable law. A reproduction of this Agreement shall be sufficient as a financing statement
(or as exhibit to a form UCC financing statement for filing in any jurisdiction). 
  
 (d) Indemnification. Debtor agrees to defend, indemnify and hold harmless Secured Party against any and all liabilities, costs and expenses (including, without limitation, legal fees and expenses):
(i) with respect to, or resulting from, any delay in paying, any and all excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral, (ii) with respect to, or resulting from, any
delay in complying with any law, rule, regulation or order of any governmental authority applicable to any of the Collateral or (iii) in connection with any of the transactions contemplated by this Agreement. 
  

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 (e) Maintenance of Records. Debtor will keep and maintain, at its own cost and expense,
satisfactory and complete records of the Collateral. 
  
 (f)
Maintenance of Collateral. Debtor will keep and maintain, at its own cost and expense, satisfactory mechanical and working order of the Collateral. 
  
 (g) Inspection Rights. Secured Party shall have full access during normal business hours, and upon reasonable
prior notice, to all the books, correspondence and other records of Debtor relating to the Collateral, and Secured Party or their representatives may examine such records and make photocopies or otherwise take extracts from such records. Debtor
agrees to render to Secured Party, at Debtor’s expense, such clerical and other assistance as may be reasonably requested with regard to the exercise of its rights pursuant to this paragraph. 
  
 (h) Compliance with Laws, etc. Debtor will comply in all
material respects with all laws, rules, regulations and orders of any governmental authority applicable to any part of the Collateral or to the operation of Debtor’s business, including timely filing with the U.S. Securities and Exchange
Commission (“SEC”) of all reports required to be filed by it under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), copies of which shall be provided to Secured Party during the term of this Agreement, and
shall submit, from time to time, at the Secured Party’s request, a Compliance Certificate, substantially in the form attached hereto as Exhibit E evidencing such compliance. Debtor may, however, contest any such law, rule, regulation or
order in any reasonable manner which does not, in the reasonable opinion of Debtor, materially adversely affect Secured Party’ rights or the priority of their liens on the Collateral. 
  
 (i) Payment of Obligations. Debtor will pay promptly prior to
delinquency all taxes, assessments and governmental charges or levies imposed upon the Collateral or with respect to any of its income or profits derived from the Collateral, as well as all claims of any kind (including, without limitation, claims
for labor, materials and supplies) against or with respect to the Collateral, except that no such charge need be paid if (i) the validity of such charge is being contested in good faith by appropriate proceedings, (ii) such proceedings do
not involve any material danger of the sale, forfeiture or loss of any of the Collateral or any interest in the Collateral and (iii) such charge is adequately reserved against on Debtor’s books in accordance with generally accepted
accounting principles. 
  
 (j) Limitation on Liens on
Collateral. Debtor will not create, incur or permit to exist, will defend the Collateral against, and will take such other action as is necessary to remove, any lien or claim on or to the Collateral, other than the Security Interest, and
will defend the right, title and interest of Secured Party in and to any of the Collateral against the claims and demands of all other persons. 
  
 (k) Limitations on Dispositions of Collateral. Debtor will not sell, transfer, lease or otherwise dispose of any of the Collateral, or attempt,
offer or contract to do so. 
  
 (l) Further Identification
of Collateral. Debtor will furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Secured Party may reasonably
request, all in reasonable detail. 
  
 (m) Insurance.
The Collateral at all times shall be maintained in accordance with the material requirements of all insurance carriers which provide insurance with respect to the Collateral so that such insurance shall remain in full force and effect.

  
 The Debtor shall bear the full risk of any loss of any nature
whatsoever with respect to the Collateral. At the Debtor’s own cost and expense in amounts and with carriers reasonably acceptable to the Secured Party, the Debtor shall keep the Collateral insured against the hazards of fire, flood, sprinkler
leakage, those hazards covered by extended coverage insurance and such other hazards, and for 
  

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 such amounts, as is customary in the case of companies engaged in businesses similar to the Debtor’s and furnish the
Secured Party with appropriate loss payable endorsements in form and substance reasonably satisfactory to the Secured Party, naming the Secured Party as a loss payee as its interests may appear but only with respect to insurance coverage covering
damage, loss or destruction of the Collateral, and providing (A) that all proceeds thereunder covering a loss of or damage to Collateral shall be payable to the Secured Party, (B) no such insurance shall be affected by any act or neglect
of the insured or owner of the property described in such policy, and (C) that such policy and loss payable clauses may not be cancelled, amended or terminated unless at least thirty (30) days’ prior written notice is given to the
Secured Party. The Debtor shall provide copies of all such insurance policies (including the appropriate lender loss payee and additional insured endorsements) at closing and within twenty (20) days after the Secured Party’s request. In
the event of any loss under any insurance covering Collateral, the carriers named in such insurance policies covering Collateral hereby are directed by the Debtor and the Debtor to make payment for such loss to the Secured Party and not to the
Secured Party and the Debtor jointly. If any insurance losses with respect to Collateral are paid by check, draft or other instrument payable to the Debtor or to the Secured Party and the Debtor jointly, the Debtor shall endorse the Debtor’s
name thereon and do such other things as the Secured Party may deem advisable to reduce the same to cash. The Secured Party is hereby authorized to adjust and compromise claims under insurance coverage with respect to Collateral. All loss recoveries
with respect to Collateral received by the Secured Party upon any such insurance may be applied to the Obligations, in such order as the Secured Party in its sole discretion shall determine. Any surplus with respect to Collateral shall be paid by
the Secured Party to the Debtor or applied as may be otherwise required by law. Any deficiency thereon shall be paid by the Debtor to the Secured Party, on demand. 
  
 3. Event of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Agreement: 
  
 (a) Debtor fails to make any payment of
principal or interest under the Note when due. 
  
 (b) Debtor
breaches any representation, warranty, covenant or agreement made by Debtor in this Agreement, and fails to cure such breach (if such breach is curable) within 30 days after receipt of written notice thereof from Secured Party to Debtor. 

 
 (c) Debtor defaults in any of its material obligations under any other
document executed in connection with this Agreement, and fails to cure such default (if such default is curable) within 30 days after receipt of written notice thereof from Secured Party to Debtor. 
  
 (d) Debtor shall: 
  
 (i) Become insolvent or generally fail to pay, or admit in writing its
inability to pay, debts as they become due; 
  
 (ii) Apply for,
consent to or acquiesce in the appointment of a trustee, receiver, sequestrator or other custodian for the Debtor or any property of thereof or make a general assignment for the benefit of creditors; 
  
 (iii) In the absence of such application, consent to, acquiesce in, permit
or suffer to exist the appointment of a trustee, receiver, sequestrator, liquidator, assignee, custodian or other similar official for the Debtor or property of thereof; or 
  
 (iv) Permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or
proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding in respect of the Debtor, and, if such case or 
  

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 proceeding is not commenced by the Debtor, such case or proceeding shall be consented to or acquiesced in by the Debtor
or shall result in the entry of an order for relief or shall not be vacated, stayed, or dismissed within sixty (60) days after such case or proceeding is commenced. 
  
 4. Secured Party’s Appointment as Attorney-in-Fact. 
  
 (a) If Debtor fails to perform any agreement contained herein, the Secured
Party may itself perform, or cause performance of, such agreement, and the expenses incurred in connection therewith shall be payable to Secured Party under Section 5. 
  
 (b) The powers conferred on Secured Party by this Section 4 are solely to protect Secured Party’s interests in the
Collateral and shall not impose any duty upon it to exercise any such powers. Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither Secured Party nor any of its
officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to Debtor for any act or failure to act pursuant to this Section 4. 
  
 5. Performance by Secured Party of Debtor’s Obligations.
If Debtor fails to perform or comply with any of its agreements or covenants contained in this Agreement and Secured Party performs or complies, or otherwise causes performance or compliance, with such agreement or covenant in accordance with the
terms of this Agreement, then the reasonable expenses of Secured Party incurred in connection with such performance or compliance shall be payable by Debtor to Secured Party on demand and shall constitute Obligations secured by this Agreement.

  
 6. Remedies. If an Event of Default has occurred
and is continuing, Secured Party may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement relating to the Obligations, all rights and remedies of a secured party under the
Code. Without limiting the foregoing, Secured Party, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law) to or upon Debtor or any other person (all of which
demands, defenses, advertisements and notices are hereby waived), may in such circumstances collect, receive, appropriate and realize upon any or all of the Collateral, and/or may sell, lease, assign, give option or options to purchase, or otherwise
dispose of and deliver any or all of the Collateral (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of a Secured Party or elsewhere upon such terms
and conditions as Secured Party may deem advisable, for cash or on credit or for future delivery without assumption of any credit risk. Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon
any such private sale or sales, to purchase all or any part of the Collateral so sold, free of any right or equity of redemption in Debtor, which right or equity is hereby waived or released. Secured Party shall apply the net proceeds of any such
collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable expenses incurred therein or connection with the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of
Secured Party under this Agreement (including, without limitation, reasonable attorneys’ fees and expenses) to the payment in whole or in part of the Obligations, in such order as Secured Party may elect, and only after such application and
after the payment by Secured Party of any other amount required by any provision of law, need Secured Party account for the surplus, if any, to Debtor. To the extent permitted by applicable law, Debtor waives all claims, damages and demands it may
acquire against Secured Party arising out of the exercise by Secured Party of any of its rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and
proper if given at least five (5) days before such sale or other disposition. Debtor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees
and disbursements of any attorneys employed by Secured Party to collect such deficiency. 
  

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 7. Limitation on Duties Regarding Preservation of Collateral. The sole duty of a Secured
Party with respect to the custody, safekeeping and preservation of the Collateral, under Section 679.2071 of the Code or otherwise, shall be to deal with it in the same manner as such Secured Party deals with similar property for its own
account. Neither Secured Party nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to
sell or otherwise dispose of any Collateral upon the request of Debtor or otherwise. 
  
 8. Powers Coupled with an Interest. All authorizations and agencies contained in this Agreement with respect the Collateral are irrevocable and powers coupled with an interest. 
  
 9. No Waiver; Cumulative Remedies. Secured Party shall not by
any act (except by a written instrument pursuant to Section 10(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default under the Note or in any breach of
any of the terms and conditions of this Agreement. No failure to exercise, nor any delay in exercising, on the part of Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Secured Party of any right or remedy under this Agreement on any one occasion shall not be
construed as a bar to any right or remedy which Secured Party would otherwise have on any subsequent occasion. The rights and remedies provided in this Agreement are cumulative, may be exercised singly or concurrently and are not exclusive of any
rights or remedies provided by law. 
  
 10.
Miscellaneous. 
  
 (a) Amendments and
Waivers. This Agreement may be amended only with the written consent of Debtor and Secured Party. Any amendment or waiver effected in accordance with this Section 10(a) shall be binding upon the parties and their respective successors
and assigns. 
  
 (b) Transfer; Successors and
Assigns. The terms and conditions of this Agreement shall be binding upon Debtor and its successors and assigns and inure to the benefit of Secured Party and its successors and assigns. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

  
 (c) Governing Law, Jurisdiction, and Venue. This
Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be executed in Orange County, Florida and shall be interpreted, construed, and enforced in accordance with the laws of the State of
Florida, without regard to the principles of conflict of laws. 
  
 DEBTOR
AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING DIRECTLY, INDIRECTLY, OR OTHERWISE IN CONNECTION WITH, OUT OF, RELATED TO OR FROM THIS NOTE SHALL BE LITIGATED ONLY IN COURTS HAVING A SITUS WITHIN ORANGE COUNTY, FLORIDA. DEBTOR AND HOLDER, HEREBY
CONSENT AND SUBMIT TO THE JURISDICTION OF ANY LOCAL, STATE, OR FEDERAL COURT LOCATED WITHIN OR FOR SUCH COUNTY AND STATE. DEBTOR AND HOLDER HEREBY WAIVE ANY RIGHT THEY MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST EITHER
OF THEM WITH RESPECT TO THE LOAN OR ANY MATTER RELATED THERETO, INCLUDING ANY ACTION UNDER THE LOAN DOCUMENTS, IN ACCORDANCE WITH THIS PARAGRAPH. 
  

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 (d) Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one instrument. 
  
 (e) Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
  
 (f) Notices. Any notice required or permitted by this Agreement
shall be in writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile, or three (3) business days after being deposited in the U.S. mail as certified or
registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address or facsimile number as set forth below on the signature page, or as subsequently modified by written notice. 
  
 (g) Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith in order to maintain the economic position enjoyed by each party as close as possible to that under the provision rendered
unenforceable. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be
interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 
  
 (h) Accuracy of Information. All information provided to Secured Party or its agents by Debtor with respect to the Debtor and the Collateral
including, without limitation, the information contained in Forms 10-K, 10-Q and 8-K filed with the SEC under the Exchange Act from and after January 1, 2004, was, at the time the same was provided or filed, as the case may be, true and correct
in all material respects. 
  
 (i) Entire Agreement.
This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto
concerning such subject matter are expressly canceled. 
  
 Debtor
and Secured Party have caused this Agreement to be duly executed and delivered as of the date first above written. 
  
  

			
	DEBTOR:
	
	LIGHTPATH TECHNOLOGIES, INC., a
	Delaware Corporation
		
	By:	 	 /s/ Robert L. Burrows

	 	 	Robert L. Burrows, Vice President
	
	SECURED PARTY:
	
	REGENMACHER HOLDINGS, LTD.,
	a company organized under the Anguilla International Business Companies Act
		
	By:	 	 /s/ Jonathan Perry Knight

	 	 	Jonathan Perry Knight,
	 	 	Director

  

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