Document:

Exhibit 10.4

    

     

    

    [FORM OF] REGISTRATION RIGHTS AGREEMENT

    

    

    This REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
      is made as of ________________, 2020, by and among AFC Gamma, Inc., a Maryland corporation which will elect to be treated as a real estate investment trust (the “Company”), AFC Management,
      LLC, a Delaware limited liability company, and each Holder (as defined herein) who is listed on Schedule A hereto or becomes a party to this Agreement pursuant to Section 1.11 hereof.

    

    

    RECITALS

    

    

    WHEREAS, pursuant to (i) a Subscription Agreement dated as of _______________July 31, 2020, by and among the
      Company, AFC Warehouse Holdings, LLC and the Holders identified under “First Closing” on Schedule A hereto (each agreement as applicable to each such Holder, the “First Closing Subscription
        Agreement”) and (ii) a Subscription Agreement dated as of November 1, 2020, by and among the Company and the Holders identified under “Second Closing” on Schedule A hereto (each agreement as applicable to each such Holder, the “Second Closing Subscription Agreement” and, together with the First Closing Subscription Agreements, collectively, the “Subscription
        Agreements”), the Company has agreed to enter into this Agreement for the benefit of each Holder of Registrable Securities (as defined herein).

    

    

    

    NOW, THEREFORE, in consideration of the premises and respective covenants and agreements set forth in this
      Agreement and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

    

    

    ARTICLE I.

    

    

    REGISTRATION RIGHTS

    

    

    Section 1.1          

    Definitions. For purposes of this Agreement:

    

    

    “Affiliate” means, with respect to any Person, any other Person who directly, or indirectly
      through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. For purposes of this definition of Affiliate, (i) “control” means the
      possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and (ii) solely for determining the
      Registrable Securities or Common Stock held by a Holder, any funds and/or accounts holding Registrable Securities that are managed, advised and/or sub-advised by a third-party asset manager will be “under common control” with any and all other any
      funds and/or accounts holding Registrable Securities that are managed, advised and/or sub-advised by such third-party asset manager.

    

    

    “Agent” and “Agents” have the
      meaning specified in Section 1.5(a)(ii) hereof.

    

    

    “Agreement” has the meaning specified in the preamble hereof.

    

    

    “Alternative IPO Entities” has the meaning specified in Section 1.13 hereof.

    

    

    “beneficial ownership” (and related terms such as “beneficially owned” or “beneficial owner”) has the meaning set forth in Rule 13d-3 under the Exchange Act.

    

    

    “Board” means the board of directors of the Company (or any successor governing body) or any
      authorized committee thereof.

    

    

    “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
      in New York City are authorized or required by law to be closed.

    

    

    “Common Stock” means the Company’s common stock, par value $0.01 per share.

    

    

    
      
        

    

    
    

    

    “Company” has the meaning specified in the preamble hereof and includes the Company’s
      successors by merger, acquisition, reorganization or otherwise.

    

    

    “Company Indemnified Parties” has the meaning specified in Section 1.7(a) hereof.

    

    

    “Company Securities” means the securities that the Company proposes to register for its own
      account on a registration statement in accordance with the terms of this Agreement.

    

    

    “Demand Notice” has the meaning specified in Section 1.2(a) hereof.

    

    

    “Demand Registration” has the meaning specified in Section 1.2(a) hereof.

    

    

    “Demand Shelf Registration” has the meaning specified in Section 1.2(a) hereof.

    

    

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
      regulations promulgated thereunder, or any similar or successor statute.

    

    

    “FINRA” means the Financial Industry Regulatory Authority, Inc., or any successor entity
      thereof.

    

    

    “Full Cooperation” means, in addition to the cooperation otherwise required by this
      Agreement, (a) in connection with any underwritten offering, including an IPO, members of senior management of the Company (including the chief executive officer and chief financial officer) reasonably cooperate with the underwriter(s) in connection
      therewith and make themselves available to participate in “road show” and other customary marketing activities in such locations (domestic and foreign) as reasonably recommended by the underwriter(s) (including one-on-one meetings with prospective
      purchasers of the Registrable Securities); provided, that, the Company shall have no obligation to participate in more than two (2) “road shows” in any twelve (12)-month period and such participation shall not unreasonably interfere with the
      business operations of the Company, and (b) the Company prepares preliminary and final prospectuses (preliminary and final prospectus supplements in the case of an offering pursuant to a Shelf Registration Statement) for use in connection therewith
      containing such additional information as reasonably requested by the underwriter(s) (in addition to the minimum amount of information required by law, rule or regulation).

    

    

    “Holder” means a Person that becomes a party to this Agreement in accordance with Section
      1.11 hereof. The term Holder shall not include any registered owner of Registrable Securities that holds such Registrable Securities in “street name” on behalf of beneficial owners thereof.

    

    

    “Holder Indemnified Parties” has the meaning specified in Section 1.7(b) hereof.

    

    

    “Indemnified Party” has the meaning specified in Section 1.7(c) hereof.

    

    

    “Indemnifying Party” has the meaning specified in Section 1.7(c) hereof.

    

    

    “IPO” means an offering which is an initial public offering of the Common Stock pursuant to
      an effective Registration Statement filed under the Securities Act (which excludes, among others, a registration (i) pursuant to a registration statement on Form S-8 (or other registration solely relating to an offering or sale to employees or
      directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a registration statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or
      any successor rule thereto), or (iii) in connection with any dividend reinvestment or similar plan), resulting in the listing of the Common Stock on The New York Stock Exchange or The Nasdaq Stock Market.

    

    

    
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    “Losses” has the meaning specified in Section 1.7(a) hereof.

    

    

    “Maximum Offering Amount” has the meaning specified in Section 1.2(c)(ii) hereof.

    

    

    “Minimum Price” means (i) in the case of an IPO, the minimum price for the offering in the
      so-called “range” as set forth in the preliminary prospectus for the offering immediately prior to the road show for the offering or (ii) in the case of any underwritten registration under the Securities Act other than an IPO, ninety percent (90%) of
      the closing price per share of the Registrable Securities on the trading day immediately prior to the date the demand is made for such registration.

    

    

    “Other Securities” has the meaning specified in Section 1.3(c)(iii) hereof.

    

    

    “Participating Holders” means Holders participating, or electing to participate, in an
      offering of Registrable Securities pursuant to the terms of this Agreement.

    

    

    “Parties” has the meaning specified in Section 1.11 hereof.

    

    

    “Person” means any individual, firm, corporation, company, partnership, trust, incorporated
      or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of any such
      entity.

    

    

    “Piggyback Holder” has the meaning specified in Section 1.3(b) hereof.

    

    

    “Piggyback Registration” has the meaning specified in Section 1.3(a) hereof.

    

    

    “Proposed Registration” has the meaning specified in Section 1.3(a) hereof.

    

    

    “Registrable Securities” means (a) any Common Stock acquired by any Holder (or any of its
      Affiliates) pursuant to the Subscription Agreement and (b) any equity interests or other securities of the Company issued or issuable with respect to the Common Stock referred to in clause (a): (i) upon any conversion or exchange thereof, (ii) by way
      of dividend or other distribution, split or reverse split, or (iii) in connection with a combination of securities, recapitalization, merger, consolidation, exchange offer, reorganization or other similar event; provided, however,
      that Common Stock or other securities that are considered to be Registrable Securities shall cease to be Registrable Securities (A) upon the sale thereof pursuant to and in accordance with an effective Registration Statement, (B) upon the sale
      thereof pursuant to Rule 144 under the Securities Act (or any similar rule promulgated by the SEC then in force), (C) when such securities are eligible for sale without registration pursuant to Rule 144 (or any similar provisions then in force) under
      the Securities Act without limitation thereunder on volume or manner of sale and without the need for current public information required by Rule 144(c)(1) or (D) when they cease to be outstanding.

    

    

    “Registration Expenses” mean all expenses (other than Selling Expenses) arising from or
      incident to the performance by the Company of, or compliance by the Company with, this ARTICLE I, including, without limitation, (i) SEC, stock exchange, FINRA and other registration and filing fees, (ii) all fees and expenses incurred in
      connection with complying with any state securities or blue sky laws (including, without limitation, fees, charges and disbursements of counsel in connection with blue sky qualifications of Registrable Securities), (iii) all printing, messenger and
      delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including, without limitation, any
      expenses arising from any special audits or “comfort letters” required in connection with or incident to any registration), (v) the fees, charges and disbursements of any special experts retained by the Company in connection with any registration
      pursuant to the terms of this Agreement, (vi) all internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vii) the fees and expenses incurred in
      connection with the listing of the Registrable Securities on any securities exchange or over-the-counter trading market, (viii) Securities Act liability insurance (if the Company elects to obtain such insurance), (ix) the reasonable fees and expenses
      incurred in connection with any road show for underwritten offerings and (x) all rating agency fees, regardless of whether any Registration Statement filed in connection with such registration is declared effective. “Registration Expenses” shall also
      include reasonable and documented fees, charges and disbursements of one (1) firm of counsel to all of the Participating Holders participating in any underwritten public offering pursuant to this ARTICLE I (which shall be selected by Holders
      holding at least a majority of the Voting Power of the Registrable Securities held by the Participating Holders).

    

    

    
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    “Registration Statement” shall mean any registration statement of the Company filed with the
      SEC on the appropriate form (including on Form S-8, if applicable) pursuant to the Securities Act which covers any of the Common Stock and/or any other equity securities of the Company pursuant to the provisions of this Agreement and all amendments
      and supplements to any such registration statement, including post-effective amendments, in each case including the prospectus contained therein, all exhibits thereto and all materials incorporated by reference therein.

    

    

    “Requesting Holder” means any Holder making a request for a Demand Registration pursuant to
      Section 1.2(a) hereof.

    

    

    “SEC” or “Commission” means the
      United States Securities and Exchange Commission.

    

    

    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder, or any similar or successor statute.

    

    

    “Selling Expenses” shall mean the underwriting fees, discounts, selling commissions and
      transfer taxes applicable to any Registrable Securities.

    

    

    “Shelf Registration Statement” means a Registration Statement filed with the Commission in
      accordance with the Securities Act for the offer and sale of Registrable Securities by Holders on a continuous or delayed basis pursuant to Rule 415 (or any successor rule in effect).

    

    

    “Subscription Agreement” has the meaning specified in the recitals hereof.

    

    

    “underwritten registration, underwritten offering or underwritten public offering” means an
      offering in which securities of the Company are sold to or through one or more underwriters (as defined in Section 2(a)(11) of the Securities Act) for resale to the public.

    

    

    “Valid Business Reason” has the meaning specified in Section 1.2(d)(i) hereof.

    

    

    “Voting Power” means the voting power of the Registrable Securities (without regard to the
      occurrence of any contingency).

    

    

    Section 1.2          

    Demand Registration.

    

    

    (a)          

    Request by Holders. Subject to the terms and conditions set forth in this Agreement, Holders of Registrable
        Securities may make a written request to the Company (a “Demand Notice”) to register all or part of their Registrable Securities for resale under the Securities Act (a “Demand Registration”) as follows: after the completion of an IPO, Holders may make such a request at any time on or following the date that is the later of six (6) months after the completion
        of an IPO and the expiration of any lock-up agreement with the underwriters in such IPO, provided, that Holders making such request hold at least a majority of the Voting Power of all Registrable Securities outstanding at such time.

    

    

    
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    Each Demand Notice shall (A) specify the number of Registrable Securities that the Requesting Holders intend to sell or dispose of and (B) state the
      intended method or methods of sale or disposition of the Registrable Securities. In connection with any Demand Registration, the Requesting Holders may request the Company file a Shelf Registration Statement (a “Demand Shelf Registration”), provided, that the Company is then eligible to use Form S-3 (or any successor form) under the Securities Act for such intended resale. In connection with each such Demand
      Registration, the Company shall provide its Full Cooperation.

    

    

    (b)          

    Demand Registration. Following receipt of a Demand Notice, the Company shall:

    

    

    (i)          

    give written notice of such request for registration to all Holders of Registrable Securities within fifteen
        (15) days after receipt of such Demand Notice;

    

    

    (ii)          

    cause to be filed, as soon as practicable, a Registration Statement covering such Registrable Securities that
        the Company has been so requested to register by the Requesting Holders and other Holders of Registrable Securities who make a request to the Company, within ten (10) days of the mailing of the Company’s notice referred to in Section 1.2(b)(i)
        hereof, that their Registrable Securities also be registered, providing for the registration under the Securities Act of such Registrable Securities to the extent necessary to permit the disposition of such Registrable Securities in accordance with
        the intended method of distribution specified in such Demand Notice; provided, that, such Registrable Securities are not already covered by an existing and effective Registration Statement that may be utilized for the offering and sale of
        the Registrable Securities requested to be registered in the manner so requested;

    

    

    (iii)          

    use its commercially reasonable efforts to have such Registration Statement declared effective by the SEC as
        soon as practicable thereafter;

    

    

    (iv)          

    refrain from filing any other Registration Statements, other than pursuant to a Registration Statement on Form
        S-4 or Form S-8 (or similar or successor forms), with respect to any equity securities of the Company until such date which is at least ninety (90) days (or, in the case of an IPO, one hundred eighty (180) days) following effectiveness of the
        Registration Statement relating to such Demand Registration; and

    

    

    (v)          

    if the Company shall have previously effected a Demand Registration pursuant to Section 1.2, the Company shall
        not be required to effect any registration pursuant to Section 1.2 until a period of one hundred eighty (180) days shall have elapsed from the effective date of such previous registration statement.

    

    

    (vi)          

    if a Registration Statement filed pursuant to this Section 1.2 is a Shelf Registration Statement, then upon
        the demand of one or more Holders, the Company shall facilitate up to two (2) “takedowns” of Registrable Securities in the form of an underwritten offering utilizing the Shelf Registration Statement, in the manner and subject to the conditions
        described in Sections 1.2(b)(iv), 1.2(c), 1.2(e) and 1.2(f) of this Agreement, provided, that, the Company will not be required to effect a “takedown” made pursuant to this Section 1.2(b)(vi) if the Company reasonably believes, based on the
        advice of an underwriter that is a reputable nationally recognized investment bank, that such an offering would not reasonably be expected to generate gross proceeds (before deducting underwriters’ commissions and fees and other expenses) of at
        least $100,000,000. Within fifteen (15) days after receiving a request for an underwritten offering constituting a “takedown” from a Shelf Registration Statement, the Company shall give written notice of such request to all other Holders, and
        include in such underwritten offering all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the Company’s giving of such notice, provided, that, such
        Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for the offering and sale of the Registrable Securities requested to be registered.

    

    

    
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    (c)          

    Selection of Underwriters; Priority for Demand Registrations.

    

    

    (i)          

    In the event that the Requesting Holders intend to distribute the Registrable Securities covered by the Demand
        Notice by means of an underwriting, they shall so advise the Company as part of the Demand Notice and the Company shall include such information in the notice it provides to all Holders pursuant to Section 1.2(b)(i) hereof. The managing underwriter
        for such underwriting shall be one or more reputable nationally recognized investment banks selected by the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned
        upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided in this Section 1.2(c). In the case of any Proposed Registration pursuant to Section 1.3 as
        set forth in Section 1.3(d) or registration initiated by the Company for its own account or any other offering not effected pursuant to this Section 1.2, the Company shall select one or more investment banks at its sole discretion as an underwriter
        for such offering. If requested by the underwriters, the Company and all Holders proposing to distribute their securities through such underwriting pursuant to this Section 1.2 shall enter into an underwriting agreement with the underwriters
        selected for such underwriting, which underwriting agreement shall be in customary form and reasonably satisfactory in form and substance to the Company, Holders holding at least a majority of the Voting Power of the Registrable Securities held by
        the Participating Holders and the underwriters, and shall contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in agreements of this type, including, but not limited to,
        indemnities to the effect and to the extent provided in this Agreement or as are otherwise then customary (if more extensive), provisions for the delivery of officers’ certificates, opinions of counsel for the Company and the Participating Holders
        and accountants’ “comfort” letters, and lock-up arrangements.

    

    

    (ii)          

    If any Demand Registration involves an underwritten offering and the managing underwriter of such offering
        advises the Company that, in its good faith view, the number of Registrable Securities and other securities, if any, to be included in such offering exceeds the largest number of securities which can reasonably be sold in an orderly manner without
        having a significant and adverse effect on such offering (the “Maximum Offering Amount”), then the Company shall include in such registration the number which can be so sold in the
        following order of priority:

    

    

    (A)          

    first, all Registrable Securities requested by the Participating Holders to be included in such registration
        shall be included, but, if the number of Registrable Securities requested to be included in such registration exceeds the Maximum Offering Amount, then the number of Registrable Securities that each Participating Holder will be entitled to include
        in such registration will be allocated on a pro rata basis based on the number of Registrable Securities owned by such Participating Holder as compared to the aggregate number of Registrable Securities
        owned by all Participating Holders;

    

    

    
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    (B)          

    second, to the extent that the number of Registrable Securities to be included in such registration is less
        than the Maximum Offering Amount, the Company Securities; and

    

    

    (C)          

    third, other securities, if any, to be included in such registration at the Company’s discretion up to the
        Maximum Offering Amount after including the Registrable Securities and the Company Securities to be included in such registration.

    

    

    (d)          

    Limitations on Demand Registrations.

    

    

    (i)          

    Notwithstanding anything herein to the contrary, the Company may suspend the registration process and/or any
        Holder’s ability to use a prospectus or delay making a filing of a Registration Statement or taking any other action in connection therewith when the Board has determined in good faith that it would be materially adverse to the Company if such
        Registration Statement (or an amendment or supplement thereto) were filed, such Registration Statement (or amendment or supplement) were to become effective or remain effective for the time otherwise required for such Registration Statement to
        remain effective or any other action were taken in connection therewith because such filing, effectiveness or other action either would (A) materially adversely affect a significant financing, acquisition, disposition, merger or other material
        transaction, (B) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (C) render the Company unable to comply with requirements under the Securities Act or the
        Exchange Act (each, a “Valid Business Reason”); provided, however, that such right to delay shall be exercised by the Company not more than twice in any twelve (12) month
        period and the Company shall only have the right to delay so long as such Valid Business Reason exists (but in no event for a period longer than (i) sixty (60) days with respect to each such instance of delay and (ii) ninety (90) days in the
        aggregate in any twelve month period). The Company shall give notice to each Participating Holder that the registration process has been delayed and upon notice duly given pursuant to Section 2.3, each Holder agrees not to sell any Registrable
        Securities pursuant to any Registration Statement until such Holder’s receipt of copies of the supplemented or amended prospectus, or until it is advised in writing by the Company that the prospectus may be used, and has received copies of any
        additional or supplemental filings that are incorporated or deemed incorporated by reference in such prospectus. The Company shall not specify the nature of the event giving rise to a suspension in any notice to Holders.

    

    

    (ii)          

    Notwithstanding anything herein to the contrary, the Company shall not be required to effect more than three
        (3) Demand Registrations. A Demand Registration shall not be deemed to have been effected and shall not count as one of the Demand Registrations referenced in the immediately preceding sentence (A) unless a Registration Statement with respect
        thereto has been declared effective by the Commission and remained effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement until such
        time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by Holders thereof set forth in such Registration Statement or there shall cease to be any Registrable Securities covered by
        such Registration Statement; provided, however, that such period shall not be required to exceed one hundred eighty (180) days; (B) if, after it has become effective, (i) such registration is interfered with by any stop order,
        injunction or other order or requirement of the SEC or other governmental agency or court for any reason (other than a violation of applicable law solely by any Participating Holder) and has not thereafter become effective; or (ii) the offering of
        Registrable Securities is not consummated because the underwriters of an underwritten public offering advise the Participating Holders that the Registrable Securities cannot be sold at a net price per share equal to or above the minimum net price
        acceptable to Holders holding at least a majority of the Voting Power of the Registrable Securities held by the Participating Holders, provided, however, that this clause (B)(ii) shall not apply to an underwritten public offering
        conducted on a “firm commitment basis” which is not consummated following the commencement of a road show, unless such offering is an IPO and the underwriters of such offering advise the Participating Holders that the Registrable Securities cannot
        be sold at a net price per share equal to or above the Minimum Price; (C) if the conditions to closing specified in the underwriting agreement to which the Company is a party, if any, entered into in connection with such registration are not
        satisfied or waived (unless a cause of such conditions to closing not being satisfied shall be attributable to any Participating Holder or underwriter); or (D) if there is not Full Cooperation in connection therewith.

    

    

    
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    (iii)          

    Notwithstanding anything herein to the contrary, the Company will not be required to effect any Demand
        Registration relating to a Demand Notice made pursuant to Section 1.2(a) if the Company reasonably believes, based on the advice of an underwriter that is a reputable nationally recognized investment bank, that such an offering would not reasonably
        be expected to generate gross proceeds (before deducting underwriters’ commissions and fees and other expenses) of at least $100,000,000.

    

    

    (iv)          

    Notwithstanding anything herein to the contrary, the Company will not be required to effect any Demand
        Registration (A) during the period starting on the date thirty (30) days prior to the Company’s estimated date of filing of, and ending on the date that is the later of (x) the expiration of any contractual lockup restrictions on the Company, and
        (y) one hundred eighty (180) days immediately following the effective date of, any Registration Statement (other than on Form S-4 or S-8 under the Securities Act, or any successor form) pertaining to the securities of the Company, provided,
        that the Company is employing in good faith all commercially reasonable efforts to cause such Registration Statement to become effective and (B) with respect to any Registrable Securities requested to be registered that are already covered by an
        existing and effective Registration Statement and such Registration Statement may be utilized for the offer and sale of the Registrable Securities requested to be registered, provided, however, that this subsection (B) shall not
        apply if the contemplated distribution of such Demand Registration will be an underwritten public offering that is not conducted on a “firm commitment” basis.

    

    

    (e)          

    Cancellation of Registration. Holders holding at least a majority of the Voting Power of the Registrable
        Securities held by the Participating Holders shall have the right to cancel a proposed registration of Registrable Securities pursuant to Section 1.2(a) prior to the effectiveness of such registration when (i) in their discretion, market conditions
        are so unfavorable as to be seriously detrimental to an offering pursuant to such registration or (ii) the request for cancellation is based upon material adverse information relating to the Company that is different from the information known to
        the Participating Holders at the time of the Demand Notice. Such cancellation of a registration shall not be counted as one of the total of three (3) Demand Registrations referenced in Section 1.2(d)(ii) hereof and notwithstanding anything to the
        contrary in this Agreement, the Company shall be responsible for all Registration Expenses incurred in connection with the registration prior to the time of cancellation; provided, that, the Holders may not exercise their right to cancel
        under this Section 1.2(e) more than once and the Holders do not have the right to cancel a proposed registration of Registrable Securities for any reasons other than those specified in this Section 1.2(e).

    

    

    (f)          

    Withdrawal by Participating Holders. Any Participating Holder shall have the right to withdraw such Holder’s
        request for inclusion of such Holder’s Registrable Securities in any Registration Statement pursuant to Section 1.2(a) by giving written notice to the Company of such withdrawal; provided, however, that the Company may ignore a
        notice of withdrawal made within 96 hours of the time the Registration Statement is to become effective. The Company may choose to not effect such Registration Statement in the event that Holders of Registrable Securities that have not elected to
        withdraw, own in the aggregate, less than the percentage of the shares of Registrable Securities required to initiate a request under Section 1.2(a); provided, that if such Demand Registration is not effected for such reason, such Demand
        Registration shall still count as one of the total of three (3) Demand Registrations referenced in Section 1.2(d)(ii) hereof if (i) the Company has completed a road show for such offering and (ii) the proposed price per share in the offering is
        equal to or above the Minimum Price, unless the withdrawing Holders reimburse the Company for all Registration Expenses incurred in connection with such Demand Registration.

    

    

    
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    Section 1.3          

    Piggyback Registrations.

    

    

    (a)          

    Right to Include Registrable Securities. Each time that the Company proposes for any reason to register any
        of its securities of the same class as the Registrable Securities under the Securities Act, either for its own account or for the account of a stockholder or stockholders exercising demand registration rights (other than Demand Registrations
        pursuant to Section 1.2 hereof) (a “Proposed Registration”), the Company shall promptly give written notice (which notice shall be given not less than twenty (20) days prior to the
        expected filing date of the Proposed Registration and shall describe the intended method of distribution for the offering relating to the Proposed Registration) of such Proposed Registration to all Holders of Registrable Securities and shall offer
        such Holders the right to request inclusion of any of such Holders’ Registrable Securities in the Proposed Registration (a “Piggyback Registration”); provided, however,
        that Holders shall have no right to include Registrable Securities in a registration statement relating to a registration (i) pursuant to a registration statement on Form S-8 (or other registration solely relating to an offering or sale to
        employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a registration statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the
        Securities Act or any successor rule thereto), or (iii) in connection with any dividend reinvestment or similar plan. No registration pursuant to this Section 1.3 shall relieve the Company of its obligation to effect a Demand Registration, as
        contemplated by Section 1.2 hereof. The rights to Piggyback Registration may be exercised on an unlimited number of occasions.

    

    

    (b)          

    Piggyback Procedure. Each Holder shall have five (5) days from the date of receipt of the Company’s notice
        referred to in Section 1.3(a) above to deliver to the Company a written request specifying the number of Registrable Securities such Piggyback Holder intends to register and sell in the offering relating to such Piggyback Registration (any Holder
        so requesting to have any of their Registrable Securities included in the Proposed Registration, a “Piggyback Holder”). Any Piggyback Holder shall have the right to withdraw such
        Piggyback Holder’s request for inclusion of such Holder’s Registrable Securities in any Registration Statement pursuant to this Section 1.3 by giving written notice to the Company of such withdrawal; provided, however, that the
        Company may ignore a notice of withdrawal made within 96 hours of the time the Registration Statement is to become effective. Subject to Section 1.3(c) below, the Company shall use commercially reasonable efforts to include in such Registration
        Statement all such Registrable Securities requested to be included therein; provided, further, that the Company may at any time withdraw or cease proceeding with any such Proposed Registration if it shall at the same time withdraw
        or cease proceeding with the registration of all other securities of the same class as the Registrable Securities originally proposed to be registered, without prejudice, however, to the rights of any Holder to request that a Demand Registration be
        effected; and provided, further, that no registration effected under this provision will relieve the Company from its obligations to effect a Demand Registration upon a Demand Notice, subject to the express terms and conditions set
        forth in this Agreement, including Section 1.2(d)(iv).

    

    

    
      9

      
        

    

    

    

    (c)          

    Priority for Piggyback Registration. If any Proposed Registration involves an underwritten offering and the
        managing underwriter of such offering advises the Company that, in its good faith view, that the number of Registrable Securities and other securities to be included in such offering exceeds the Maximum Offering Amount, then the Company shall
        include in such registration the number of securities which can be so sold in the following order of priority:

    

    

    (i)          

    first, the Company Securities, if any;

    

    

    (ii)          

    second, to the extent that the number of Company Securities is less than the Maximum Offering Amount, the
        remaining securities to be included in such registration will be allocated among all Piggyback Holders requesting that Registrable Securities be included in such Registration on a pro rata basis based on
        the number of Registrable Securities owned by each such Piggyback Holder as compared to the aggregate number of Registrable Securities owned by all Piggyback Holders; and

    

    

    (iii)          

    third, all other holders of the Company’s securities exercising “demand” rights with respect to such
        securities (the “Other Securities”) or who have been granted “piggy‐back” registration rights with respect to such Other Securities and have requested that such Other Securities be
        included in such registration.

    

    

    (d)          

    Underwritten Offering. In the event that the Proposed Registration by the Company is, in whole or in part,
        an underwritten public offering of securities of the Company, any notice from the Company to Holders under this Section 1.3 shall offer Holders the right to include any Registrable Securities covered by the Proposed Registration in the underwriting
        on the same terms and conditions as the securities, if any, otherwise being sold through underwriters under such Proposed Registration.  The managing underwriter for such underwriting shall be one or more reputable nationally recognized investment
        banks selected by the Company.

    

    

    (e)          

    Cancellation and Delay of Registration. If at any time after giving written notice of its Proposed
        Registration and prior to the effective date of the Registration Statement filed in connection with the Proposed Registration or, in the case of a Shelf Registration Statement, prior to the consummation of such offering, the Company shall determine
        for any reason not to register or to delay registration of such offering, the Company may, at its election, give written notice of such determination to each Piggyback Holder and (i) in the case of a determination not to register, the Company shall
        be relieved of its obligation to register any Registrable Securities in connection with such Proposed Registration (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), without prejudice, however, to
        the rights of any Holder to include Registrable Securities in any future registrations pursuant to this Section 1.3 and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities,
        for the same period as the delay in registering other securities in the Proposed Registration.

    

    

    Section 1.4          

    Holdback Agreements.

    

    

    (a)          

    Restrictions on Sale by Holders. Each Holder hereby agrees that, if and whenever the Company (i) proposes to
        register any of its equity securities under the Securities Act, whether or not for its own account, (ii) is required to use its commercially reasonable efforts to effect the registration of any Registrable Securities under the Securities Act
        pursuant to a Demand Registration, or (iii) is conducting an underwritten “takedown” as described in Section 1.2(b)(vi), such Holder, if requested by the managing underwriter in an underwritten offering, agrees to enter into a “lock-up agreement”
        containing terms (including the duration of the lock-up period, which, unless a shorter period of time is acceptable to the managing underwriter thereto, for the avoidance of doubt, shall commence (1) in the case of clauses (i) or (ii) above, no
        earlier than ten (10) days prior to the effectiveness of the registration statement and shall not exceed one hundred eighty (180) days in the case of an IPO or ninety (90) days in the case of any registration under the Securities Act other than an
        IPO, following the effectiveness of the registration statement and (2) in the case of clause (iii) above, no earlier than ten (10) days prior to the closing date of such offering and shall not exceed ninety (90) days following such closing date)
        that are customary at the time such agreement is entered into for offerings of similar size and type, and the Company shall use its commercially reasonable efforts to cause any stockholder owning more than five percent (5%) of the Company’s
        outstanding Common Stock to sign lock-up agreements on comparable terms in connection therewith. Any such lock-up agreements signed by Holders shall contain reasonable and customary exceptions. The Company may impose stop-transfer instructions with
        respect to the Common Stock or other securities subject to the foregoing restrictions until the end of the relevant lock-up period. For purposes of the forgoing, the term “lock-up agreement” refers to an agreement by the undersigned thereto not to
        effect for a specified period of time any sale or distribution (other than in connection with the public offering for which such lock-up agreement is being requested and other customary exceptions), including, without limitation, any sale pursuant
        to Rule 144 under the Securities Act, of any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company, without the prior consent of
        the managing underwriter. The provisions of this Section 1.4 will not apply to a Holder unless such Holder is a Participating Holder or is otherwise a director, executive officer or a stockholder owning more than five percent (5%) of the Company’s
        outstanding Common Stock.

    

    

    
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    (b)          

    Restrictions on Sale by the Company. The Company agrees not to effect (except pursuant to registrations on
        Form S-4 or S-8 or any similar or successor form) any sale or distribution, or to file any Registration Statement covering, any of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities during
        the period (i) beginning no earlier than ten (10) days prior to the effective date of the Registration Statement, and up to one hundred eighty (180) days in the case of an IPO, or ninety (90) days in the case of any registration under the
        Securities Act other than an IPO, after the effective date of the Registration Statement for any Demand Registration, and (ii) with respect to an underwritten “takedown” as described in Section 1.2(b)(vi), beginning no earlier than ten (10) days
        prior to the closing date thereof, and up to ninety (90) days following such closing date, in each case to the extent reasonably requested by the managing underwriter thereto (except for securities being sold by the Company for its own account
        under such Registration Statement), or for such shorter period of time acceptable to the managing underwriter thereto.

    

    

    Section 1.5          

    Registration Procedures.

    

    

    (a)          

    Obligations of the Company. Whenever registration of Registrable Securities is required pursuant to this
        Agreement, the Company shall use commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof as promptly as practicable, and in connection with
        any such request, the Company shall, as promptly as practicable, use its commercially reasonable efforts to:

    

    

    (i)          

    Preparation of Registration Statement; Effectiveness. Prepare and
        file with the SEC a Registration Statement on any form on which the Company then qualifies, which counsel for the Company shall deem appropriate and pursuant to which such offering may be made in accordance with the intended method of distribution
        thereof (except that the Registration Statement shall contain such information as may reasonably be requested for marketing or other purposes by the managing underwriter, if applicable), and use commercially reasonable efforts to cause any
        registration required hereunder to become effective as soon as practicable and, with respect to a Demand Registration, remain effective for a period of not less than one hundred eighty (180) days (or such shorter period in which all Registrable
        Securities have been sold in accordance with the methods of distribution set forth in the Registration Statement);

    

    

    (ii)          

    Participation in Preparation and Full Cooperation. Upon the
        reasonable request of any Participating Holder, any underwriter participating in any disposition pursuant to a Registration Statement, and any attorney, accountant or other agent retained by any Participating Holder or underwriter (each, an “Agent” and, collectively, the “Agents”), provide the opportunity to participate
        (including, but not limited to, reviewing, commenting on and attending all meetings) in the preparation of such Registration Statement, each prospectus included therein or filed with the SEC and each amendment or supplement thereto; provided,
        that, the Company shall not have any obligation to modify any information if the Company expects that so doing would cause (x) the Registration Statement to contain an untrue statement of a material fact or omit to state any material fact required
        to be stated therein or necessary to make the statements therein not misleading or (y) the prospectus to contain an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of
        the circumstances under which they were made, not misleading. In connection with each Demand Registration pursuant to Section 1.2, cause there to occur Full Cooperation;

    

    

    
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    (iii)          

    Due Diligence. For a reasonable period prior to the filing of any
        Registration Statement pursuant to this Agreement, make available upon reasonable notice and during normal business hours for inspection and copying by the Agents such financial and other information and books and records, pertinent corporate
        documents and properties of the Company and its subsidiaries and cause the officers, directors, employees, counsel and independent certified public accountants of the Company and its subsidiaries to respond to such reasonable and customary
        inquiries and to supply all information reasonably and customarily requested by any such Agent in connection with such Registration Statement, as shall be reasonably necessary, in the judgment of the Agents, to conduct a reasonable investigation
        within the meaning of the Securities Act; provided, that, unless the disclosure of such records is necessary to avoid or correct a misstatement or omission in the Registration Statement or the release of such records is ordered pursuant to
        a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this Section 1.4(a)(iii) if (x) the Company believes, after consultation with counsel for the Company, that to do
        so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (y) if either (A) the Company has requested confidential treatment of such information contained in any filing with the Commission or
        documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such records are confidential and so notifies the inspectors in writing, unless prior to furnishing any such information with respect to
        clause (y) such Holder of Registrable Securities agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further, that, each Holder of Registrable Securities agrees that
        it shall, upon learning that disclosure of such records is sought in a court of competent jurisdiction, gives notice to the Company and allows the Company, at its expense, to undertake appropriate action and to prevent disclosure of the records
        deemed confidential;

    

    

    (iv)          

    General Notifications. Promptly notify in writing the Participating
        Holders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold, if applicable, (A) when such Registration Statement or the prospectus included therein or any prospectus amendment or supplement or
        post-effective amendment has been filed, and, with respect to any such Registration Statement or any post-effective amendment, when the same has become effective, (B) when the SEC notifies the Company whether there will be a “review” of such
        Registration Statement, (C) of the receipt of any comments (oral or written) by the SEC and by the blue sky or securities commissioner or regulator of any state with respect thereto and (D) of any request by the SEC for any amendments or
        supplements to such Registration Statement or the prospectus or for additional information;

    

    

    (v)          

    10b-5 Notification. Promptly notify in writing the Participating
        Holders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold pursuant to any Registration Statement at any time when a prospectus relating thereto is required to be delivered under the Securities
        Act upon discovery that, or upon the happening of any event as a result of which, any prospectus included in such Registration Statement (or amendment or supplement thereto) contains an untrue statement of a material fact or omits to state any
        material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and the Company shall promptly prepare a supplement or amendment to such prospectus
        and file it with the SEC so that after delivery of such prospectus, as so amended or supplemented, to the purchasers of such Registrable Securities, such prospectus, as so amended or supplemented, shall not contain an untrue statement of a material
        fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made;

    

    

    
      12

      
        

    

    

    

    (vi)          

    Notification of Stop Orders; Suspensions of Qualifications and Exemptions.
        Promptly notify in writing the Participating Holders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold of (A) any stop order issued or threatened to be issued by the SEC or (B) any
        notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and the Company
        agrees to use commercially reasonable efforts to (x) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of any such stop order, (y) obtain the withdrawal of any order suspending or preventing
        the use of any related prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date and (z) if necessary to satisfy (x) and (y)
        hereof, the Company shall promptly prepare a supplement or amendment to such prospectus or Registration Statement and file it with the SEC, and, in connection with any of the foregoing events which has resulted in a suspension of a Participating
        Holder’s ability to dispose of securities under a Registration Statement, the Company shall promptly advise, in writing, any such Participating Holders that the use of the prospectus may be resumed;

    

    

    (vii)          

    Amendments and Supplements; Acceleration. (A) Prepare and file with
        the SEC such amendments and supplements to each Registration Statement as may be necessary to comply with the provisions of the Securities Act, including post-effective amendments to each Registration Statement as may be necessary to keep such
        Registration Statement continuously effective for the applicable time period required hereunder and if applicable, file any Registration Statements pursuant to Rule 462(b) under the Securities Act; (B) cause the related prospectus to be
        supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and (C) comply with the provisions of the Securities Act and
        the Exchange Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as
        so amended or in such prospectus as so supplemented;

    

    

    (viii)          

    Copies. Furnish as promptly as practicable to each Participating
        Holder and Agent prior to filing a Registration Statement or any supplement or amendment thereto, copies of such Registration Statement, supplement or amendment as it is proposed to be filed, and after such filing such number of copies of such
        Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto), the prospectus included in such Registration Statement (including each preliminary prospectus) and such other documents as each such
        Participating Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Participating Holder;

    

    

    
      13

      
        

    

    

    

    (ix)          

    Blue Sky. Use commercially reasonable efforts to, prior to any public
        offering of the Registrable Securities, register or qualify (or seek an exemption from registration or qualifications) such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Participating Holder or
        underwriter may reasonably request, and to continue such qualification in effect in each such jurisdiction for as long as is permissible pursuant to the laws of such jurisdiction, or for as long as a Participating Holder or underwriter reasonably
        requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and things which may be reasonably necessary or advisable to enable any Participating Holder to consummate the disposition in such
        jurisdictions of the Registrable Securities; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent of process in any such
        states or jurisdictions or subject itself to taxation in any such state or jurisdiction, but for this subparagraph;

    

    

    (x)          

    Other Approvals. Use commercially reasonable efforts to obtain all
        other approvals, consents, exemptions or authorizations from such governmental agencies or authorities as may be necessary upon the advice of counsel of the Company or counsel to the Participating Holders to enable the Participating Holders and
        underwriters to consummate the disposition of Registrable Securities;

    

    

    (xi)          

    Agreements. Enter into and perform customary agreements (including
        any underwriting agreements in customary form), and take such other actions as may be reasonably required in order to expedite or facilitate the disposition of Registrable Securities;

    

    

    (xii)          

    “Cold Comfort” Letters. If such registration is in connection with an
        underwritten offering, obtain “cold comfort” letters, dated the dates of the pricing and the closing under the underwriting agreement and addressed to the underwriters and signed by the Company’s independent public accountants in customary form and
        covering such matters of the type customarily covered by “cold comfort” letters as the managing underwriter of such offering may reasonably request;

    

    

    (xiii)          

    Legal Opinion and 10b-5 Letter. If such registration is in connection
        with an underwritten offering, furnish, at the request of the managing underwriter of such offering on the date such securities are delivered to the underwriters for sale pursuant to such registration, an opinion and 10b-5 letter, dated such date,
        of counsel representing the Company for the purposes of such registration, addressed to the Holders, and the placement agent or sales agent, if any, thereof and the underwriters, if any, thereof, covering such legal matters with respect to the
        registration in respect of which such opinion is being given as such underwriter may reasonably request and as are customarily included in such opinions and 10b-5 letters;

    

    

    (xiv)          

    SEC Compliance, Earnings Statement. Use commercially reasonable
        efforts to comply with all applicable rules and regulations of the SEC and make available to its shareholders, as soon as practicable, but no later than fifteen (15) months after the effective date of any Registration Statement, an earnings
        statement covering a period of twelve (12) months beginning after the effective date of such Registration Statement, in a manner which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder and which requirement
        will be deemed satisfied if the Company timely files complete and accurate information on Forms 10-Q and 10-K and Current Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

    

    

    
      14

      
        

    

    

    

    (xv)          

    Certificates, Closing. If such registration is in connection with an
        underwritten offering, provide officers’ certificates and other customary closing documents as the managing underwriter of such offering may reasonably request;

    

    

    (xvi)          

    FINRA. Cooperate with each Participating Holder and each underwriter
        participating in the disposition of such Registrable Securities and underwriters’ counsel in connection with any filings required to be made with the FINRA;

    

    

    (xvii)          

    Road Show. If such registration is in connection with an underwritten
        offering, cause appropriate officers as are requested by a managing underwriter to participate in a “road show” or similar marketing effort being conducted by such underwriter with respect to an underwritten public offering;

    

    

    (xviii)          

    Listing. Cause all such Registrable Securities to be listed or quoted
        on each securities exchange or market system on which similar securities issued by the Company are so listed or quoted (or, in the case of the IPO, to become so listed or quoted at the election of a majority of the Board, and if the Registrable
        Securities is then permitted to be listed or quoted under the rules of such securities exchange or market system);

    

    

    (xix)          

    Transfer Agent, Registrar and CUSIP. Provide a transfer agent and
        registrar for all Registrable Securities registered pursuant hereto and a CUSIP number for all such Registrable Securities, in each case, no later than the effective date of such registration;

    

    

    (xx)          

    Efforts. Take all other actions necessary to effect the registration
        of the Registrable Securities contemplated hereby;

    

    

    (xxi)          

    Controlling Person. Permit any Holder of Registrable Securities which
        Holder, in its sole and exclusive judgment, might be deemed an underwriter or a “controlling person” (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) of the Company, to participate in the preparation of
        such Registration Statement and to require the insertion therein of language, furnished to the Company in writing, which in the reasonable judgment of such Holder and its counsel should be included.

    

    

    (b)          

    Seller Information. The Company may require each Participating Holder as to which any registration of such
        Holder’s Registrable Securities is being effected to furnish to the Company, such information regarding such Participating Holder and such Participating Holder’s method of disposition of such Registrable Securities as the Company may from time to
        time reasonably request in writing as may be required by law. If a Participating Holder refuses to provide the Company with any of such information on the grounds that it is not necessary to include such information in the Registration Statement,
        the Company may exclude such Participating Holder’s Registrable Securities from the Registration Statement if the Company determines, based on the advice of counsel, that such information must be included in the Registration Statement and such
        Participating Holder continues thereafter to withhold such information. The exclusion of a Participating Holder’s Registrable Securities shall not affect the registration of the other Registrable Securities to be included in the Registration
        Statement.  Each Participating Holder shall, as expeditiously as possible, notify the Company of the occurrence of any event concerning such Participating Holder as a result of which the prospectus relating to such registration contains an untrue
        statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

    

    

    
      15

      
        

    

    

    

    (c)          

    Notice to Discontinue. Each Participating Holder whose Registrable Securities are covered by a Registration
        Statement filed pursuant to this Agreement agrees that, upon receipt of written notice from the Company of the happening of any event of the kind described in Sections 1.2(d)(i), 1.2(d)(ii) and/or 1.5(a)(v) or a notice of a stop order pursuant to
        Section 1.5(a)(vi), such Participating Holder shall forthwith discontinue the disposition of Registrable Securities until such Participating Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Sections
        1.2(d)(i), 1.2(d)(ii) and/or 1.5(a)(v) or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings which are incorporated by reference into the
        prospectus, and, if so directed by the Company in the case of an event described in Sections 1.2(d)(i), 1.2(d)(ii) and/or 1.5(a)(v) or following a notice of a stop order pursuant to Section 1.5(a)(vi), such Participating Holder shall deliver to the
        Company (at the Company’s expense) all copies, other than permanent file copies then in such Participating Holder’s possession, of the prospectus covering such Registrable Securities which is current at the time of receipt of such notice. If the
        Company shall give any such notice, the Company shall extend the period during which such Registration Statement is to be maintained effective by the number of days during the period from and including the date of the giving of such notice pursuant
        to Sections 1.2(d)(i), 1.2(d)(ii) and/or 1.5(a)(v) or the notice of a stop order pursuant to Section 1.5(a)(vi) to and including the date when the Participating Holder shall have received the copies of the supplemented or amended prospectus
        contemplated by, and meeting the requirements of Sections 1.2(d)(i), 1.2(d)(ii) and/or 1.5(a)(v) or notice from the Company of the withdrawal of such stop order, as applicable. Each Participating Holder whose Registrable Securities are covered by a
        Registration Statement filed pursuant to this Agreement agrees that as of the date that a final prospectus is made available to it for distribution to prospective purchasers of Registrable Securities, it shall cease to distribute copies of any
        preliminary prospectus prepared in connection with the offer and sale of such Registrable Securities.

    

    

    Section 1.6          

    Registration Expenses and Selling Expenses. Except as otherwise
        provided herein, all Registration Expenses shall be borne by the Company. All Selling Expenses relating to Registrable Securities registered shall be borne by the Participating Holders of such Registrable Securities pro rata on the basis of the
        number of Registrable Securities sold.

    

    

    Section 1.7          

    Indemnification.

    

    

    (a)          

    Indemnification by the Company. In the event any Registrable Securities are included in a Registration
        Statement, the Company will indemnify and hold harmless to the fullest extent permitted by law each Participating Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each
        Person who controls any such Participating Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, agents and employees of each such
        controlling Person (collectively, “Company Indemnified Parties”) from and against any and all losses, claims, damages, expenses (including, without limitation, reasonable costs of
        investigation and fees, reasonable disbursements and other charges of counsel (subject to Section 1.7(c)), any amounts paid in settlement effected with the Company’s consent, and any costs reasonably incurred in enforcing the Company’s
        indemnification obligations hereunder) or other liabilities (collectively, “Losses”) to which any such Company Indemnified Party may become subject under the Securities Act, the Exchange
        Act, any other federal, state or foreign law or any rule or regulation promulgated thereunder, or under any common law or otherwise insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) are
        resulting from or arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained in any Registration Statement, including any prospectus or preliminary prospectus contained therein or any amendments or
        supplements thereto, any free writing prospectuses or any document incorporated by reference in any of the foregoing or resulting from or arising out of or based upon any omission or alleged omission to state therein a material fact required to be
        stated therein or necessary to make the statements therein (in the case of a prospectus, preliminary prospectus or free writing prospectus, in the light of the circumstances under which they were made), not misleading and the Company will promptly
        reimburse each such Company Indemnified Party for any legal and any other Losses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability, action or investigation or proceeding; provided,
        however, that the Company shall not be liable to any Company Indemnified Party for any Losses that arise out of or are based upon any untrue statement or omission, made in conformity with written information provided by, or on behalf of,
        such Company Indemnified Party expressly for use in the Registration Statement. Such indemnity obligation shall remain in full force and effect regardless of any investigation made by or on behalf of the Company Indemnified Parties and shall
        survive the transfer of Registrable Securities by such Company Indemnified Parties.

    

    

    
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    (b)          

    Indemnification by Participating Holders. In connection with any proposed registration in which a Holder is
        participating pursuant to this Agreement, each such Participating Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, each other Participating Holder, their officers, directors, agents, partners, members, managers,
        stockholders, Affiliates and employees of each of them, each Person who controls the Company or any other Participating Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors,
        partners, members, managers, stockholders, agents and employees of such controlling Persons (collectively, “Holder Indemnified Parties”) to the same extent as the foregoing indemnity from
        the Company to the Participating Holders as set forth in Section 1.7(a) (subject to the exceptions set forth in the foregoing indemnity, the proviso to this sentence and applicable law), but only with respect to any such untrue statement or
        omission made in conformity with information relating to such Participating Holder furnished in writing to the Company by or on behalf of such Participating Holder expressly for use in such Registration Statement; provided, however,
        that the liability of any Participating Holder under this Section 1.7(b) shall be limited to the amount of the net proceeds actually received by such Participating Holder in the offering giving rise to such liability. Such indemnity obligation
        shall remain in full force and effect regardless of any investigation made by or on behalf of the Holder Indemnified Parties and shall survive the transfer of Registrable Securities by such Participating Holder.

    

    

    (c)          

    Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified Party”) agrees to give prompt written notice to the indemnifying party (the “Indemnifying Party”) after the receipt by
        the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this
        Agreement; provided, however, that the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any liability that it may have to the Indemnified Party hereunder unless and to the extent such
        Indemnifying Party is materially prejudiced by such failure. If notice of commencement of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may
        wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right
        to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees in writing to pay the same, (ii) the
        Indemnifying Party shall have failed promptly to assume the defense of such action with counsel satisfactory to the Indemnified Party in its reasonable judgment or (iii) the named parties to any such proceeding include both such Indemnified Party
        and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that in the reasonable judgment of such counsel a conflict of interest exists if the same counsel were to represent such Indemnified Party and the
        Indemnifying Party; provided, that, the Indemnifying Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. No Indemnifying Party
        shall be liable for any settlement entered into without its written consent. No Indemnifying Party shall, without the written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with
        respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement,
        compromise or judgment (A) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act by
        or on behalf of any Indemnified Party. The rights afforded to any Indemnified Party hereunder shall be in addition to any rights that such Indemnified Party may have at common law, by separate agreement or otherwise.

    

    

    
      17

      
        

    

    

    

    (d)          

    Contribution. If the indemnification provided for in this Section 1.7 from the Indemnifying Party is
        unavailable or insufficient to hold harmless an Indemnified Party in respect of any Losses referred to herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
        Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as
        well as any other relevant equitable considerations. The relative faults of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
        statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s and Indemnified Party’s relative
        intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 1.7(d) shall be limited to the amount of the net proceeds actually
        received by such Holder in the offering giving rise to such liability. The amount paid or payable by a party as a result of the Losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in
        Section 1.7(a), Section 1.7(b) and Section 1.7(c), any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The Parties hereto agree that it would not be just and equitable
        if contribution pursuant to this Section 1.7(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person
        guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 1.7(d) from any Person who was not guilty of such fraudulent misrepresentation.

    

    

    (e)          

    The obligations of the Company and Holders under this Section 1.7 shall survive the completion of any offering of
        Registrable Securities pursuant to a registration statement under this Article I, and shall survive the termination of this Agreement.

    

    

    Section 1.8          

    Rule 144 and 144A; Other Exemptions. If the Company has a class of
        equity securities registered under the Exchange Act, the Company shall take all actions reasonably necessary to enable Holders to sell Registrable Securities without registration under the Securities Act to the maximum extent permitted by the
        exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, (b) Rule 144A under the Securities Act, as such Rule may be amended from time to time, or (c) any similar rules or regulations hereafter
        adopted by the Commission, including, without limiting the generality of the foregoing, filing on a timely basis all reports required to be filed under the Exchange Act. Upon the written request of any Holder, the Company shall deliver to such
        Holder a written statement as to whether it has complied with such requirements.

    

    

    Section 1.9          

    Certain Limitations On Registration Rights. No Holder may
        participate in any Registration Statement hereunder involving an underwritten public offering unless such Holder completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably
        required under the terms of the underwriting arrangements made in connection with such Registration Statement and agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting agreement approved by the Holder or
        Holders entitled hereunder to approve such arrangements.

    

    

    
      18

      
        

    

    

    

    Section 1.10          

    Transfer of Registration Rights. The rights of a Holder hereunder
        may be transferred or assigned in connection with any transfer of Registrable Securities if (i) such transfer is permitted under and accomplished in accordance with the requirements set forth in the Company’s Articles  of Incorporation, Bylaws, the
        Stockholders Agreement, dated on or about the date hereof, by and among the stockholders of the Company, and applicable securities laws, (ii) such transfer occurs either (x) at a time when there is not an effective Registration Statement that
        includes the Registrable Securities to be transferred or (y) at a time when there is an effective Registration Statement that includes the Registrable Securities to be transferred but such Registration Statement has been suspended by the Company
        pursuant to Section 1.2(d)(i), and (iii) the Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which
        such rights are being transferred or assigned; provided, that the rights and obligations that are assigned shall apply only to the Registrable Securities sold or transferred by a Holder.

    

    

    Section 1.11          

    Parties to Agreement. The parties (collectively, the “Parties”) to this Agreement shall be (i) the Company, (ii) the Holders listed on Schedule A hereto, (iii) any Person who enters into a Subscription Agreement with the Company in connection
        with its initial offering of up to $200,000,000 of shares of Common Stock and units of AFC Warehouse Holdings, LLC, and  (iv) any Person who is a permitted transferee of Registrable Securities pursuant to Section 1.10 hereof that (A) provides
        written notice of its election to become party to this Agreement to the Company in accordance with Section 2.3 hereof within fifteen (15) days after the date of any transfer pursuant to Section 1.10, and (B) in connection therewith promptly
        executes and returns to the Company a counterpart signature page to this Agreement. The Company shall furnish, without charge, to each Person referred to in the immediately preceding sentence a copy of this Agreement upon written request to the
        Company in accordance with Section 2.3 hereof.

    

    

    Section 1.12          

    Number of Registrable Securities Outstanding. In order to determine
        the number of Registrable Securities outstanding at any time, upon the written request of the Company to Holders, each Holder shall promptly inform the Company of the number of Registrable Securities that such Holder owns and that the Company may
        conclusively rely upon any certificate provided under this Agreement for the purpose of determining the number of such Registrable Securities.

    

    

    Section 1.13          

    Alternative IPO Entities. In the event that the Company elects to
        effect an underwritten registered offering of equity securities of any subsidiary or parent of the Company (collectively, “Alternative IPO Entities”) rather than the equity securities of
        the Company, whether as a result of a reorganization of the Company or otherwise, the Parties shall cause the Alternative IPO Entity to enter into an agreement with the Parties that provides the Parties with registration rights with respect to
        equity securities of the Alternative IPO Entity that such Parties beneficially own that are substantially the same as, and in any event no less favorable in the aggregate to, the registration rights provided to the Parties in this Agreement.

    

    

    ARTICLE II.

    

    

    GENERAL PROVISIONS

    

    

    Section 2.1          

    Entire Agreement. This Agreement, together with any certificates,
        documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the Parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations
        by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.

    

    

    
      19

      
        

    

    

    

    Section 2.2          

    Assignment; Binding Effect. No party may assign either this
        Agreement or any of its rights, interests, remedies, liabilities or obligations hereunder (i) without the prior written approval of the other parties or (ii) except in accordance with the express provisions of this Agreement. All of the terms,
        agreements, covenants, representations, warranties and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the Parties and their respective successors and permitted assigns.

    

    

    Section 2.3          

    Notices. All notices, requests and other communications provided for
        or permitted to be given under this Agreement must be in writing and be given by personal delivery, by certified or registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery service for
        next day delivery, or by e-mail of a PDF document (with confirmation of transmission), as follows (or to such other address as any party may give in a notice given in accordance with the provisions hereof):

    

    

    If to any Holder, at its last known address appearing on the books of the Company maintained for such purpose.

    

    

    If to the Company, at

    

    

    AFC Gamma, Inc.

    525 Okeechobee Blvd. Suite 1770

    West Palm Beach, Fl 33401

    E-mail: jim@advancedflowercapital.com

    Attention: James Castro-Blanco, General Counsel

    

    

    With a copy to:

    

    

    O’Melveny & Myers LLP

    Two Embarcadero Center, 28th Floor

    San Francisco, CA 94111

    E-mail: bchristensen@omm.com

    Attention: C. Brophy Christensen

    

    

    All notices, requests or other communications will be effective and deemed given only as follows: (i) if given by personal delivery, upon such personal delivery, (ii) if
      sent by certified or registered mail, on the fifth (5th) Business Day after being deposited in the United States mail, (iii) if sent for next day delivery by overnight
      delivery service, on the date of delivery as confirmed by written confirmation of delivery, and (iv) if sent by e-mail, upon the transmitter’s confirmation, except that if such confirmation as required by (i) through (iv) above is received after 5:00
      p.m. (in the recipient’s time zone) on a Business Day, or is received on a day that is not a Business Day, then such notice, request or communication will not be deemed effective or given until the next succeeding Business Day. Notices, requests and
      other communications sent in any other manner will not be effective.

    

    

    If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or
      the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

    

    

    
      20

      
        

    

    

    

    Section 2.4          

    Specific Performance; Remedies. Each party acknowledges and agrees
        that the other parties would be damaged irreparably if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached and the Company agrees that it shall not oppose any such demand for specific
        performance on the basis that monetary damages are available. Accordingly, the Parties will be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its
        provisions in any action or proceeding instituted in any court of the United States or any state thereof having jurisdiction over the Parties and the matter, in addition to any other remedy to which they may be entitled, at law or in equity. Except
        as expressly provided herein, the rights, obligations and remedies created by this Agreement are cumulative and in addition to any other rights, obligations or remedies otherwise available at law or in equity. Except as expressly provided herein,
        nothing herein will be considered an election of remedies.

    

    

    Section 2.5          

    Submission to Jurisdiction; Waiver of Jury Trial.

    

    

    (a)          

    Submission to Jurisdiction. Any action, suit or proceeding seeking to enforce any provision of, or based on
        any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall only be brought in any federal court located in the State of New York or any New York state court, and each party consents to the
        exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter
        have to the laying of the venue of any such, action, suit or proceeding in any such court or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or
        proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

    

    

    (b)          

    Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES THAT ANY DISPUTE THAT MAY ARISE OUT OF OR RELATING TO THIS
        AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE SUCH PARTY HEREBY EXPRESSLY WAIVES ITS RIGHT TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY
        DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING
        CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY REPRESENTS THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
        PARTY WOULD NOT IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PARTY UNDERSTANDS AND WITH THE ADVICE OF COUNSEL HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER
        VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION 2.5(b).

    

    

    Section 2.6          

    Governing Law. This Agreement will be governed by and construed in
        accordance with the laws of the State of New York, without giving effect to any choice of law principles.

    

    

    Section 2.7          

    Headings. The article and section headings contained in this
        Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

    

    

    
      21

      
        

    

    

    

    Section 2.8          

    Amendments; Waivers. An amendment, modification or waiver to any
        provision of this Agreement will require the written consent of the Company and Holders holding at least a majority of the Voting Power of the Registrable Securities outstanding on the date of such amendment, modification or waiver, except in the
        case of any amendment, modification or waiver of any warranty, covenant, obligation or other provision of this Agreement relating only to a particular Registration Statement which has been filed with the SEC, which will require the written consent
        of Holders holding at least a majority of the Voting Power of the Registrable Securities held by the Participating Holders relating to that Registration Statement.

    

    

    No waiver by any party of any default, misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend
      to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising because of any such prior or subsequent occurrence. Neither the failure nor any delay on the part of any party
      to exercise any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of the same or of any other right or remedy.

    

    

    Section 2.9          

    Severability. The provisions of this Agreement will be deemed
        severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided, that if any provision of this Agreement, as applied to any party or to any
        circumstance, is judicially determined not to be enforceable in accordance with its terms, the Parties agree that the court judicially making such determination may modify the provision in a manner consistent with its objectives such that it is
        enforceable, and/or to delete specific words or phrases, and in its modified form, such provision will then be enforceable and will be enforced.

    

    

    Section 2.10          

    Counterparts; Effectiveness. This Agreement may be executed in two
        or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Agreement will become effective when one or more counterparts have been signed by each of the Parties and
        delivered to the other parties.

    

    

    Section 2.11          

    Construction. This Agreement has been freely and fairly negotiated
        among the Parties. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any party because of
        the authorship of any provision of this Agreement. Any reference to any law will be deemed to refer to such law as in effect on the date hereof and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words
        “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
        include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
        unless expressly so limited. The Parties intend that each representation, warranty, and covenant contained herein will have independent significance. If any party has breached any covenant contained herein in any respect, the fact that there exists
        another covenant relating to the same subject matter (regardless of the relative levels of specificity) which the party has not breached will not detract from or mitigate the fact that the party is in breach of the first covenant.

    

    

    Section 2.12          

    Termination of Registration Rights. This Agreement, including,
        without limitation, the Company’s obligations under Sections 1.2 and 1.3 hereof to register Registrable Securities for sale under the Securities Act shall terminate on the first date on which no shares of Registrable Securities are outstanding.
        Notwithstanding any termination of this Agreement pursuant to this Section 2.12, the Parties’ rights and obligations under Sections 1.6 and 1.7 and Article II hereof shall continue in full force and effect.

    

    

    [SIGNATURE PAGES FOLLOW]

    

    

    
      22

      
        

    

    IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

    

    

    	
            COMPANY:

          	
            AFC Gamma, Inc.

          
	 	 
	 	
            By:

          
	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      Signature Page to Registration Rights Agreement

      
        

    

    

    

    	
            HOLDER:

          	
            

            

          
	 	 
	 	
            By:

          
	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      Signature Page to Registration Rights Agreement

      
        

    

    Schedule A

     

    

    
      	First Closing	
               

            
	1.

            	

            	
               

            
	2.

            	
               

            	
               

            
	3.

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	Second Closing	
               

            
	1.

            	
               

            	
               

            
	2.

            	
               

            	
               

            
	3.Exhibit 10.6

    

    

    SECURED REVOLVING CREDIT AGREEMENT

    

    

    dated as of August 18, 2020

    

    

    by and among

    

    

    AFC GAMMA, INC., a Maryland corporation,

    

    

    as Borrower,

    

    

    THE LENDERS PARTY HERETO,

    

    

    as the Lenders,

    

    

    and

    

    

    AFC FINANCE, LLC, a Delaware limited liability company

    

    

    as Agent

    

    

    
      

      
        

      

    

    
    TABLE OF CONTENTS

    

    

    

    

    	 	 	
            Page

          
	
            ARTICLE I DEFINITIONS; CONSTRUCTION

          	
            1

          
	
            Section 1.1

          	
            Definitions

          	
            1

          
	
            Section 1.2

          	
            Other Definitional Provisions

          	
            6

          
	
            Section 1.3

          	
            Accounting Terms and Principles

          	
            6

          
	 	 	 
	
            ARTICLE II AMOUNT AND TERMS OF THE LOANS

          	
            6

          
	
            Section 2.1

          	
            Loan Commitment.

          	
            6

          
	
            Section 2.2

          	
            Borrowing Procedure

          	
            7

          
	
            Section 2.3

          	
            Optional Reduction and Termination of Loan Commitment

          	
            7

          
	
            Section 2.4

          	
            Repayment of Loans

          	
            7

          
	
            Section 2.5

          	
            Prepayment

          	
            7

          
	
            Section 2.6

          	
            Interest on Loans

          	
            7

          
	
            Section 2.7

          	
            Computation of Interest

          	
            8

          
	
            Section 2.8

          	
            [Reserved]

          	
            8

          
	
            Section 2.9

          	
            Payments Generally

          	
            8

          
	
            Section 2.10

          	
            Taxes

          	
            10

          
	
            Section 2.11

          	
            Illegality

          	
            10

          
	
            Section 2.12

          	
            Defaulting Lenders

          	
            10

          
	
            Section 2.13

          	
            Independent Obligations

          	
            10

          
	
            Section 2.14

          	
            Maintenance of Loan Account; Statements of Obligations

          	
            11

          
	 	 	 
	
            ARTICLE III CONDITIONS PRECEDENT TO LOANS

          	
            11

          
	
            Section 3.1

          	
            Conditions to Effectiveness

          	
            11

          
	
            Section 3.2

          	
            Conditions to Making of each Loan

          	
            11

          
	 	 	 
	
            ARTICLE IV REPRESENTATIONS AND WARRANTIES

          	
            12

          
	
            Section 4.1

          	
            Corporate Existence; Compliance with Law

          	
            12

          
	
            Section 4.2

          	
            Power; Authorization; Enforceable Obligations

          	
            12

          
	
            Section 4.3

          	
            No Legal Bar

          	
            12

          
	
            Section 4.4

          	
            No Material Litigation

          	
            12

          
	
            Section 4.5

          	
            No Default

          	
            12

          
	
            Section 4.6

          	
            Use of Proceeds

          	
            12

          
	 	 	 
	
            ARTICLE V COVENANTS

          	
            13

          
	
            Section 5.1

          	
            Delivery of Financial Information

          	
            13

          
	
            Section 5.2

          	
            Notice of Default

          	
            13

          
	
            Section 5.3

          	
            Conduct of Business and Maintenance of Existence, etc

          	
            13

          
	 	 	 
	
            ARTICLE VI EVENTS OF DEFAULT

          	
            13

          
	
            Section 6.1

          	
            Events of Default

          	
            13

          
	 	 	 
	
            ARTICLE VII MISCELLANEOUS

          	
            15

          
	
            Section 7.1

          	
            Notices.

          	
            16

          
	
            Section 7.2

          	
            Waiver; Amendment

          	
            16

          
	
            Section 7.3

          	
            Expenses; Indemnification

          	
            16

          
	
            Section 7.4

          	
            Successors and Assigns

          	
            17

          
	
            Section 7.5

          	
            Governing Law

          	
            18

          

    

    

    
      

      -i-

      
        

      

    

    TABLE OF CONTENTS

    (continued)

    

    

    	 	 	
            Page

          
	
            Section 7.6

          	
            Counterparts; Integration

          	
            18

          
	
            Section 7.7

          	
            Survival

          	
            18

          
	
            Section 7.8

          	
            Severability

          	
            18

          
	
            Section 7.9

          	
            VENUE; WAIVER OF JURY TRIAL

          	
            18

          
	
            Section 7.10

          	
            No Waivers; Cumulative Remedies

          	
            19

          
	 	 	 
	
            ARTICLE VIII THE AGENT

          	
            19

          
	
            Section 8.1

          	
            Appointment and Authorization of Agent

          	
            19

          
	
            Section 8.2

          	
            Delegation of Duties

          	
            20

          
	
            Section 8.3

          	
            Liability of Agent

          	
            20

          
	
            Section 8.4

          	
            Reliance by Agent

          	
            20

          
	
            Section 8.5

          	
            Notice of Default or Event of Default

          	
            21

          
	
            Section 8.6

          	
            Credit Decision

          	
            21

          
	
            Section 8.7

          	
            Costs and Expenses; Indemnification

          	
            22

          
	
            Section 8.8

          	
            Agent in Individual Capacity

          	
            22

          
	
            Section 8.9

          	
            Successor Agent

          	
            22

          
	
            Section 8.10

          	
            Lender in Individual Capacity

          	
            23

          
	
            Section 8.11

          	
            Withholding Taxes.

          	
            23

          
	 	 	 
	
            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 THE BORROWER AND E AGENT IN WRITING OF ITS LEGAL INABILITY TO DO SO.

          	
            26

          
	 	 	 
	
            Section 8.12

          	
            Collateral Matters

          	
            26

          
	
            Section 8.13

          	
            Restrictions on Actions by Lenders; Sharing of Payments

          	
            27

          
	
            Section 8.14

          	
            Agency for Perfection

          	
            28

          
	
            Section 8.15

          	
            Payments by Agent to the Lenders

          	
            28

          
	
            Section 8.16

          	
            Concerning the Collateral and Related Loan Documents

          	
            28

          
	
            Section 8.17

          	
            Several Obligations; No Liability

          	
            28

          
	
            Section 8.18

          	
            Election of Remedies

          	
            29

          

    

    

    
      

      -ii-

      
        

      

    

    TABLE OF CONTENTS

    

    

    ANNEXES, EXHIBITS AND SCHEDULES

    

    

    
      	Annex A

            	Loan Commitments

            
	Exhibit A

            	Notice of Borrowing

            
	Exhibit B

            	Form of Assignment and Acceptance

            
	Exhibit C

            	Tax Certificates

            
	Schedule A-1

            	Agent's Account / Lender Account

            

    

    

    

    
      

      -iii-

      
        

      

    

    
    SECURED REVOLVING CREDIT AGREEMENT

    

    

    THIS SECURED REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of August 18, 2020 by and
      between AFC Gamma, Inc., a Maryland corporation, (the “Borrower”), the Lenders identified on the signature pages hereof (such Lenders, together with their respective successors and assigns, are referred to
      hereinafter each individually as a “Lender” and collectively as the “Lenders”), and AFC Finance, LLC, a Delaware limited liability company, as agent for the Lenders (in such capacity, together with its successors and assigns in such
      capacity, “Agent”).

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, the Borrower has requested that the Lenders make loans to the Borrower from time to time in an aggregate principal amount of up to $40,000,000
      outstanding at any time;

    

    

    WHEREAS, as security for, inter alia, such loans, the Borrower and the Agent have entered into the Security
      Agreement; and

    

    

    WHEREAS, subject to the terms and conditions of this Agreement, the Lenders are willing to make the requested loans to the Borrower.

    

    

    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrower, the Agent and the Lenders agree as follows:

    

    

    ARTICLE I

    DEFINITIONS; CONSTRUCTION

     

    

    Section 1.1          

    Definitions. The following terms used herein shall have the meanings herein specified (to be equally applicable to
        both the singular and plural forms of the terms defined):

     

      

    “AFC Lenders” means the collective reference to (a) AFC Finance, LLC, (b) its respective affiliates and (c) any
      designees of AFC Finance, LLC, in each case in their capacities as Lenders hereunder.

    

    

    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
      intermediaries Controls, is Controlled by or is under common Control with, the Person in question; provided that in no event shall the Agent, any Lender or any of
      their respective Affiliates be deemed to be an Affiliate of the Borrower for any purpose whatsoever.

    

    

    “Agent” shall have the meaning assigned to such term in the opening paragraph of this Agreement.

    

    

    “Agent-Related Persons” shall mean the Agent, together with its Affiliates, officers, directors, employees,
      attorneys and agents.

    

    

    “Agent’s Liens” shall mean the Liens granted by the Borrower to the Agent under the Loan Documents securing or
      purporting to secure the Obligations for the benefit of the Secured Parties.

    

    

    “Agreement” shall have the meaning assigned to such term in the opening paragraph of this Agreement.

    

    

    “Application Event” shall mean the occurrence of a failure by the Borrower to repay all of the Obligations (other
      than contingent obligations in respect of which no claim has been made) in full on the Maturity Date.

    

    

    
      

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    “Assignee” shall have the meaning specified therefor in Section 7.4.

    

    

    “Assignment and Acceptance” shall mean an Assignment and Acceptance Agreement substantially in the form of
      Exhibit B to this Agreement.

    

    

    “Borrower Affiliate” shall mean the Borrower and each Subsidiary thereof.

    

    

    “Borrower” shall have the meaning assigned to such term in the opening paragraph of this Agreement.

    

    

    “Business Day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York,
      New York are authorized or required by law to close.

    

    

    “Capital Lease Obligations” shall mean, with respect to 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, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

    

    

    “Closing Date” shall have the meaning assigned to such term in Section 3.1.

    

    

    “Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

    

    

    “Collateral” shall mean the collateral described in the Loan Documents.

    

    

    “Control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the
      management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

    

    

    “Default” shall mean any of the events specified in Article VI, whether or not any requirement for the giving of
      notice, the lapse of time, or both, has been satisfied.

    

    

    “Default Interest” shall have the meaning set forth in Section 2.6(b).

    

    

    “Default Interest Rate” shall mean the Loan Interest Rate, plus an additional 2 % per annum.

    

    

    “Defaulting Lender” shall mean any Lender that (a) has failed to fund any amounts required to be funded by it
      under this Agreement on the date on which it is required to do so under this Agreement, (b) has notified the Borrower, Agent, or any Lender in writing that it does not intend to comply with all or any portion of its funding obligations under this
      Agreement, (c) has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements generally (as reasonably determined by Agent and the Required Lenders) under which
      it has committed to extend credit, (d) has failed, within one (1) Business Day after written request by Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund any amounts required to be funded by it
      under this Agreement, (e) has otherwise failed to pay over to Agent or any other Lender any other amount required to be paid by it under this Agreement on the date that it is required to do so under this Agreement, or (f) (i) becomes or is insolvent
      or has a parent company that has become or is insolvent or (ii) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian or appointed for it, or has taken any action in furtherance of, or
      indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian
      appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

    

    

    
      

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    “Dollars” and “$” shall mean the lawful currency of the United States of
      America.

    

    

    “Event of Default” shall mean any of the events specified in Article VI, provided that any requirement for the
      giving of notice, the lapse of time, or both, has been satisfied.

    

    

    “Excluded Taxes” shall mean, with respect to any Secured Party, taxes imposed on or measured by its overall net
      income, franchise taxes, and any branch profits or similar tax imposed on it by any jurisdiction.

    

    

    “FATCA” means Sections 1471 through 1474 of the IRC, as of the Closing Date (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 and 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.

    

    

    “Foreign Lender” means each Lender (or if the Lender is a disregarded entity for U.S. federal income tax
      purposes, the Person treated as the owner of the assets of such Lender for U.S. federal income tax purposes) that is not a United States person within the meaning of IRC section 7701(a)(30).

    

    

    “GAAP” shall mean United States generally accepted accounting principles applied on a consistent basis.

    

    

    “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof
      and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

    

    

    “Guarantee Obligation” shall mean as to any Person (the “guaranteeing person”),

      any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit), if to induce the creation of such obligation of such other Person the guaranteeing person has issued a
      reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other
      third Person (the “primary obligor”) in any manner, whether directly or indirectly; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection
      in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such
      Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such
      guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in
      good faith.

    

    

    
      

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    “Indebtedness” shall mean of any Person at any date, without duplication, (a) all indebtedness of such Person for
      borrowed money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes,
      bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even though the rights and remedies of
      the seller or any Secured Party under such agreement in the event of default are limited to repossession or sale of such property or assets), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or
      otherwise, as an account party or applicant under acceptance, letter of credit or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any equity interests of such
      Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above; and (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the
      holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become
      liable for the payment of such obligation.

    

    

    “Indemnified Person” shall mean the Agent, each Lender and each of their respective directors, officers,
      employees, agents, trustees, representatives, attorneys, consultants and advisors of or to the Agent.

    

    

    “Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or
      on account of any obligation of the Borrower under any Loan Document.

    

    

    “Lender” shall have the meaning assigned to such term in the opening paragraph of this Agreement.

    

    

    “Lender Account” means, with respect to each Lender, the deposit account of such Lender identified on Schedule

        A-1 (or such other deposit account of such Lender that has been designated as such, in writing, by such Lender to the Borrower and the Agent).

    

    

    “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
      (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention
      agreement and any capital lease having substantially the same economic effect as any of the foregoing).

    

    

    “Loan” shall have the meaning set forth in Section 2.1.

    

    

    “Loan Commitment” shall mean (a) as to any Lender, the aggregate commitment of such Lender to make Loans as set
      forth on Annex A hereto or in the most recent assignment agreement to which it is a party (as adjusted to reflect any assignments as permitted hereunder) and (b) as to all Lenders, the aggregate commitment of all Lenders to make Loans, which
      aggregate commitment shall be Forty Million ($40,000,000) on the Effective Date, as such amount may be adjusted, if at all, from time to time in accordance with this Agreement; provided that if the Borrower
      enters into any Refinancing Credit Facility with an aggregate principal amount exceeding $40,000,000, such aggregate commitment shall be reduced dollar-for-dollar to the extent such Refinancing Credit exceeds $40,000,000.

    

    

    “Loan Documents” shall mean, collectively, this Agreement, the Security Agreement and each Notice of Borrowing.

    

    

    “Loan Interest Rate” shall mean, with respect to any Loan, 8% per annum, payable in cash in arrears as provided
      herein.

    

    

    
      

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    “Material Adverse Effect” shall mean a material adverse effect on (a) the business, assets, liabilities,
      operations or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower to perform its obligations under this Agreement, or (c) the ability of the Secured Parties to enforce this
      Agreement.

    

    

    “Maturity Date” shall mean the earlier of (i) July 31, 2021 and (ii) the date of the closing of any Refinancing
      Credit Facility with an aggregate principal amount equal to or greater than $50,000,000.

    

    

    “Non-Defaulting Lender” shall mean each Lender other than a Defaulting Lender.

    

    

    “Notice of Borrowing” shall have the meaning set forth in Section 2.2.

    

    

    “Obligations” shall mean, with respect to the Borrower, the unpaid principal of and interest on (including,
      without limitation, interest accruing after the maturity of the Loans of the Borrower and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the
      Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent,
      due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Loan Document.

    

    

    “Outstanding Amount” shall mean with respect to Loans on any date, the aggregate principal amount of Loans
      outstanding on such date after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date.

    

    

    “Payment Office” shall mean the deposit account of Agent identified on Schedule A-1 (or such other
      deposit account of Agent that has been designated as such, in writing, by Agent to the Borrower and the Lenders).

    

    

    “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint
      stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

    

    

    “Pro Rata Share” shall mean with respect to any Lender , the percentage obtained by dividing (i) the Loan
      Commitment of that Lender by (ii) the aggregate Loan Commitments of all Lenders (provided, after the Loan Commitments have expired or been terminated, the applicable outstanding balances of Loans held by such Lender and all the Lenders,
      respectively, shall be used in lieu of the Loan Commitment in both clauses (i) and (ii)).

    

    

    “Required Lenders” means, at any time, (x) the Agent and (y) Lenders having or holding more than fifty one
      percent (51.00%) of the aggregate Loans and undrawn Loan Commitments of all Lenders (subject to Section 2.12 in respect of Defaulting Lenders).

    

    

    “Quarterly Payment Date” shall mean the last Business Day of March, June, September and December.

    

    

    “Refinancing Credit Facility” shall mean one or more credit facilities that, in each case, the proceeds of which
      is incurred to refund, refinance or replace this Agreement.

    

    

    “Register” shall have the meaning specified therefor in Section 7.2.

    

    

    “Secured Parties” shall mean the Agent and each Lender.

    

    

    
      

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    “Security Agreement” shall mean the Security Agreement, dated as of the date hereof, by and among the Borrower
      and the Agent.

    

    

    “Subsidiary” shall mean as to any Person, a corporation, partnership, limited liability company or other entity
      of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors
      or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.

    

    

    “Taxes” shall mean 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, provided that “Taxes” shall not include
      Excluded Taxes.

    

    

    “U.S. Tax Compliance Certificate” has the meaning specified therefor in Section 8.11(f).

    

    

    Section 1.2          

    Other Definitional Provisions.

     

      

    (a)          

    Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used
        in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

    

    

    (b)          

    The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to
        this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

    

    

    (c)          

    The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of
        such terms.

    

    

    (d)          

    The term “Lender” shall include, without limitation, each Lender’s
        successors and assigns.

    

    

    (e)          

    All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

    

    

    Section 1.3          

    Accounting Terms and Principles. Except as set forth below, all accounting
        terms not specifically defined herein shall be construed in conformity with GAAP and all accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in conformity with GAAP.

     

        

      

    ARTICLE II

    AMOUNT AND TERMS OF THE LOANS

      

    

    Section 2.1          

    Loan Commitment.

    

    

    (a)          

    Subject to the terms and conditions set forth herein, each Lender agrees to make revolving loans (each, a “Loan” and, collectively, the “Loans”) to the Borrower in an aggregate principal amount at any time outstanding not to exceed its Pro Rata Share of the Loan Commitment.  The
        Pro Rata share of the Loan of any Lender shall not at any time exceed its separate Loan Commitment.  The obligations of each Lender hereunder shall be several and not joint.

    

    

    
      

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    (b)          

    The Borrower shall be entitled to borrow, prepay or repay, and reborrow the Loans in accordance with the provisions
        hereof.

    

    

    Section 2.2          

    Borrowing Procedure. The Borrower shall give the Agent written notice (or telephonic notice promptly confirmed in
        writing) of each borrowing to be made by the Borrower substantially in the form of Exhibit A (a “Notice of Borrowing”), each such Notice of Borrowing to be delivered prior to noon (Pacific time) one (1)
        Business Days before the requested date of each borrowing. Each Notice of Borrowing shall be irrevocable and shall specify: (i) the aggregate principal amount of such borrowing (which shall be in an aggregate principal amount no less than
        $5,000,000 or any multiple of $1,000,000 in excess thereof, in each case unless otherwise agreed by the Agent), (ii) the date of such borrowing (which shall be a Business Day) and (iii) the Borrower’s account for such borrowing.  The Agent shall
        notify each Lender promptly after receipt of a Notice of Borrowing of the details thereof by telecopy, telephone or other similar form of transmission.  Each Lender shall, severally and not jointly, make the amount of such Lender’s Pro Rata Share
        of each borrowing request available to the Agent in same day funds by wire transfer to the Agent’s Payment Office not later than 1:30 p.m. New York time on the requested funding date so that the Agent may make such funds available to the Borrower
        in same day funds by wire transfer to the Borrower’s account set forth in the Notice of Borrowing.

     

      

    Section 2.3          

    Optional Reduction and Termination of Loan Commitment.

        

      

    (a)          

    Upon three (3) Business Days’ written notice to the Agent signed by the Borrower, the Borrower may terminate the
        Loan Commitment, or permanently reduce the Loan Commitment to an amount not less than the then Outstanding Amount of all Loans, provided that each partial reduction of the Loan Commitment shall be in integral multiples of $1,000,000 or more (or
        such lesser amount as agreed by the Agent).

    

    

    Section 2.4          

    Repayment of Loans. On the Maturity Date, the Borrower shall repay any of its Loans then outstanding in full and
        shall additionally pay to the Agent all other sums, if any, then owing or accrued by it under this Agreement.

     

      

    Section 2.5          

    Prepayment. Upon three (3) Business Days’ (or such shorter period agreed by the Agent) written notice from a
        Borrower to the Agent, the Borrower may voluntarily prepay in whole or in part its Loans without premium or penalty.  Each such prepayment shall be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. 
        If an Application Event shall have occurred and be continuing, each such prepayment shall be applied in the manner set forth in Section 2.5(9)(2).

     

      

    Section 2.6          

    Interest on Loans.

     

      

    (a)          

    Each Loan shall accrue interest at the Loan Interest Rate.

    

    

    (b)          

    The Borrower shall pay interest due and payable on its Loans in arrears on the first day of each month following
        the Closing Date.

    

    

    (c)          

    While an Event of Default exists or after acceleration of the Loans in accordance with Article VI, at the option of
        the Agent or the Required Lenders, interest on the unpaid principal amount of the Loans of the Borrower (and any unpaid interest with respect thereto) will accrue at the Default Interest Rate (the “Default Interest”). 

        All Default Interest will be payable by the Borrower upon demand by the Agent or the Required Lenders.

    

    

    
      

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    (d)          

    Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’ intent not to
        contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of New York shall be deemed to be the
        laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”).  If a court of competent jurisdiction shall finally determine that Borrower has actually paid to the Lenders an amount
        of interest in excess of the amount that would have been payable if all of the Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be applied as follows:  first, to the payment
        of the Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lenders’ accrued interest, costs, expenses, professional fees and any other Obligations; and third, after all Obligations are
        repaid, the excess (if any) shall be refunded to Borrower.

    

    

    Section 2.7          

    Computation of Interest. All computations of interest shall be made by the Agent on the basis of a year of 360
        days. Each determination by the Agent of an interest amount hereunder shall, except for manifest error, be final, conclusive and binding for all purposes.  In computing interest, the Closing Date shall be included and the date of payment shall be
        excluded.

     

      

    Section 2.8          

    [Reserved]

        

      

    Section 2.9          

    Payments Generally.

     

      

    (a)          

    All payments by the Borrower to (i) any Lender hereunder shall be made to such Lender at such Lender’s Lender
        Account in immediately available funds without setoff or counterclaim and (ii) the payment shall be made to the Payment Office in immediately available funds without setoff or counterclaim. If any payment hereunder shall be due on a day that is not
        a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of the payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be
        made in Dollars.

    

    

    (b)          

    Apportionment and Application.

    

    

    (1)          

    So long as no Application Event has occurred and is continuing, all principal and interest payments made by
        the Borrower shall be paid ratably to the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and expenses made by the Borrower (other than fees or
        expenses that are for Agent’s separate account, which fees and expenses shall be paid to Agent) shall be paid ratably to each Lender according to such Lender’s Pro Rata Share of the type of commitment or Obligation to which a particular fee or
        expense relates.  All proceeds of any Collateral received by Agent, shall be applied, so long as no Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting Lenders, to be distributed to
        the Borrower or such other Person entitled thereto under applicable law.  If any Lender shall receive any amounts in respect of the Obligations at any time that an Application Event has occurred and is continuing, such Lender shall receive such
        amounts as trustee for Agent, and such Lender shall deliver any such amounts to Agent for application to the Obligations in accordance with Section 2.9(b)(2).

    

    

    
      

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    (2)         

     At any time that an Application Event has occurred and is continuing and except as otherwise provided herein
        with respect to Defaulting Lenders, all payments remitted to Agent or any Lender and all proceeds of any Collateral received by Agent shall be applied as follows:

    

    

    (i)          

    first, to pay any expenses (including cost or expense reimbursements) or indemnities then due to Agent
        under the Loan Documents until paid in full,

    

    

    (ii)          

    second, ratably, to pay any fees or premiums then due to Agent and the Lenders under the Loan Documents
        until paid in full,

    

    

    (iii)          

    third, ratably to pay any expenses (including cost or expense reimbursements) or indemnities then due
        to any of the Lenders under the Loan Documents until paid in full,

    

    

    (iv)          

    fourth, to the extent not paid under clause (C) above, ratably, to pay any fees or premiums then due to
        any of the Lenders under the Loan Documents until paid in full,

    

    

    (v)         

     fifth, to pay interest accrued in respect of the Loans, ratably, until paid in full,

    

    

    (vi)          

    sixth, to pay the outstanding principal balance of the Loans (in the inverse order of the maturity of
        the installments due thereunder), ratably, until such Loans are paid in full,

    

    

    (vii)          

    seventh, to pay any other Obligations other than Obligations owed to Defaulting Lenders until paid in
        full;

    

    

    (viii)          

    eighth, ratably to pay any Obligations owed to Defaulting Lenders until paid in full; and

    

    

    (ix)          

    ninth, to the Borrower or such other Person entitled thereto under applicable law.

    

    

    (3)          

    Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from
        each Lender in writing, such funds as it may be entitled to receive.

    

    

    (4)          

    In each instance, so long as no Application Event has occurred and is continuing, Section 2.5(b)(1)
        shall not apply to any payment made by the Borrower to Agent and specified by the Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other Loan Document.

    

    

    (5)          

    For purposes of Section 2.5(b)(ii), “paid in full” of a type of Obligation means payment in cash or
        immediately available funds of all amounts owing on account of such type of Obligation, including interest accrued after the commencement of any Insolvency Proceeding, default interest, interest on interest, and expense reimbursements, irrespective
        of whether any of the foregoing would be or is allowed or disallowed in whole or in part in any bankruptcy or insolvency proceeding.

    

    

    (6)          

    In the event of a direct conflict between the priority provisions of this Section 2.9(b) and any other
        provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other.

    

    

    
      

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    Section 2.10          

    Taxes. Any and all payments by the Borrower under each Loan Document shall be made free and clear of and without
        deduction for any and all present or future Taxes. If any Taxes shall be required by law to be deducted from or in respect of any sum payable under any Loan Document to any Secured Party, then the Borrower shall be entitled to make such deduction
        or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and the sum payable by the Borrower shall be increased as necessary so that after such deduction or
        withholding has been made (including such deductions and withholdings of Taxes applicable to additional sums payable under this Section) any Secured Party receives an amount equal to the sum it would have received had no such deduction or
        withholding been made.

     

      

    Section 2.11          

    Illegality. Notwithstanding any other provision of this Agreement, if any Lender determines that it is unlawful for
        such Lender to make Loans or to continue to fund or maintain Loans, then, on notice thereof and demand therefor by such Lender to the Borrower, (i) the obligation of such Lender to make or to continue Loans shall be suspended, and (ii) if Loans are
        then outstanding, the Borrower shall prepay such Loans within three (3) Business Days.

     

      

    Section 2.12          

    Defaulting Lenders. Notwithstanding the provisions of Section 2.9(b)(2), the Borrower shall make any
        payments that, but for this Section 2.12(a), would be due and payable to a Defaulting Lender, directly to Agent, and Agent shall not be obligated to transfer to a Defaulting Lender any payments made by the Borrower to Agent for the
        Defaulting Lender’s benefit or any proceeds of any Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, Agent shall transfer any such payments (A) first, to
        each Non-Defaulting Lender ratably in accordance with their Pro Rata Share (but, in each case, only to the extent that such Defaulting Lender’s portion of the funding obligation was funded by such other Non-Defaulting Lender), (B) to a suspense
        account maintained by Agent, the proceeds of which shall be retained by Agent, and (C) from and after the date on which all other Obligations have been paid in full, to such Defaulting Lender in accordance with tier (I) of Section 2.9(b)(2). 

        Solely for the purposes of voting or consenting to matters with respect to the Loan Documents (including the calculation of Pro Rata Share in connection therewith), such Defaulting Lender shall be deemed not to be a “Lender” and such
        Lender’s Pro Rata Share shall be deemed to be zero.  The provisions of this Section 2.12 shall remain effective with respect to such Defaulting Lender until the earlier of (x) the date on which all of the Non-Defaulting Lenders, Agent, and
        the Borrower shall have waived, in writing, the application of this Section 2.12 to such Defaulting Lender, and (y) the date on which such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder, pays to Agent
        all amounts owing by Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if requested by Agent or the Borrower, provides adequate assurance of its ability to perform its future obligations hereunder.  The
        operation of this Section 2.12 shall not be construed to increase or otherwise affect the Loan Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations
        hereunder, or to relieve or excuse the performance by the Borrower of its duties and obligations hereunder to Agent or to the Lenders other than such Defaulting Lender.  Any failure by a Defaulting Lender to fund amounts that it was obligated to
        fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement.  In the event of a direct conflict between the priority provisions of this Section 2.12 and any other provision contained in this Agreement or
        any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of any actual, irreconcilable conflict that
        cannot be resolved as aforesaid, the terms and provisions of this Section 2.12 shall control and govern.

     

      

    Section 2.13          

    Independent Obligations. It is understood that (i) no Lender shall be responsible for any failure by any other
        Lender to perform its obligation to make any Loan (or other extension of credit) hereunder, nor shall any Loan Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder,
        and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder.

    
      

      10

      
        

      

    

    Section 2.14          

    Maintenance of Loan Account; Statements of Obligations.  Agent shall maintain an account on its books in the name
        of the Borrower, (the “Loan Account”) on which the Borrower will be charged with the Loans, and with all other payment Obligations hereunder or under the other Loan Documents, including accrued interest,
        premiums, if any, and fees and expenses.  The Loan Account will be credited with all payments received by Agent or any Lender from the Borrower or for the Borrower’s account.  Agent and/or the Lenders shall endeavor to provide statements regarding
        the Loan Account to the Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting expenses payable under this Agreement (but neither Agent nor any Lender shall have any liability if Agent
        and/or the Lenders shall fail to provide any such statement), and such statements, absent manifest error, shall be conclusively presumed to be correct and accurate and constitute an account stated between the Borrower and the Secured Parties
        unless, within thirty (30) days after Agent first makes such a statement available to the Borrower (or such longer period as Required Lenders may agree in their sole discretion), the Borrower shall deliver to Agent and the Lenders written objection
        thereto describing the error or errors contained in any such statements.

    

      ARTICLE III

    CONDITIONS PRECEDENT TO LOANS

     

      

    Section 3.1          

    Conditions to Effectiveness. This Agreement shall not become effective until the date (such date, the “Closing Date”) on which each of the following conditions is satisfied (or waived in accordance with Section 7.2):

     

      

    (a)          

    The Agent shall have received a counterpart of this Agreement signed by or on behalf of the Borrower.

    

    

    (b)          

    No Default or Event of Default shall exist on the Closing Date.

    

    

    (c)          

    All representations and warranties of the Borrower set forth in the Loan Documents shall be true and correct in all
        material respects on and as of the Closing Date.

    

    

    Section 3.2          

    Conditions to Making of each Loan. The obligations hereunder of each Lender to make each Loan are subject to the
        satisfaction of the Agent (or waiver in accordance with Section 7.2) of the following conditions as of the date each Loan is made:

    

    

    (a)          

    The Agent shall have received a signed Notice of Borrowing from the Borrower requesting the making of a Loan on the
        date specified therein.

    

    

    (b)          

    At the time of and immediately after giving effect to the making of the requested Loan, the aggregate Outstanding
        Amount of all Loans shall not be in excess of the Loan Commitment.

    

    

    (c)          

    At the time of and immediately after giving effect to the making of the requested Loan, no Default or Event of
        Default shall exist.

    

    

    (d)          

    At the time of and immediately after giving effect to the requested Loan, all representations and warranties of the
        Borrower set forth in the Loan Documents shall be true and correct in all material respects on and as of such date.

    

    

    (e)          

    The conditions referred to in Clause 3.1 shall previously have been satisfied.

    

    

    
      

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    ARTICLE IV

    REPRESENTATIONS AND WARRANTIES

    

     

    

    To induce the Lenders to enter into this Agreement and to make each Loan, the Borrower hereby represents and warrants to the Lenders for itself that:

    

    

    Section 4.1          

    Corporate Existence; Compliance with Law. The Borrower and each of its Subsidiaries (a) is duly organized, validly
        existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate power and authority, and the legal right, to own and operate its property and assets, to lease the property and assets it operates as lessee
        and to conduct the business in which it is currently engaged, and (c) is in compliance with all requirements of applicable law except, to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a
        Material Adverse Effect.

    

    

    Section 4.2          

    Power; Authorization; Enforceable Obligations.

     

      

    (a)          

    The Borrower has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to
        which it is a party and to borrow hereunder. The Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, to authorize the borrowings on the terms and conditions
        of this Agreement.

    

    

    (b)          

    No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority
        or any other Person is required to be obtained by the Borrower in connection with (i) the borrowings hereunder, (ii) the execution, delivery, validity or enforceability of this Agreement or any of the other Loan Documents, or (iii) the performance
        of this Agreement or any of the other Loan Documents, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business.

    

    

    (c)         

     This Agreement has been, and, upon execution, each Loan Document shall have been, duly executed and delivered on
        behalf of the Borrower.

    

    

    (d)          

    This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding
        obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
        creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

    

    

    Section 4.3         

     No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents by the
        Borrower, the borrowings hereunder and the use of the proceeds thereof will not violate any applicable law or any material agreement of the Borrower and will not result in, or require, the creation or imposition of any Lien on any of its properties
        or revenues pursuant to any requirement of applicable law or any such agreement.

     

      

    Section 4.4          

    No Material Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental
        Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any Borrower Affiliate of the Borrower, or against any of its or their respective properties or revenues (a) with respect to any of the Loan
        Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect.

     

      

    Section 4.5          

    No Default. No Default or Event of Default has occurred and is continuing.

     

      

    Section 4.6          

    Use of Proceeds. The proceeds of each Loan shall be used solely to fund investments and bridge capital
        contributions, and general corporate purposes.

    
      

      12

      
        

      

    

    ARTICLE V

    COVENANTS

    

    

    Section 5.1          

    Delivery of Financial Information. The Borrower will deliver to the Agent and each Lender such financial or other
        information in respect of its business and financial status as the Agent may reasonably require including, but not limited to, copies of its unaudited quarterly and annual financial statements.

     

      

    Section 5.2          

    Notice of Default. The Borrower shall promptly give notice to the Agent of the occurrence of any Default or Event
        of Default within five (5) Business Days after the Borrower knows or has reason to know thereof.

     

      

    Section 5.3          

    Conduct of Business and Maintenance of Existence, etc. The Borrower will (a) (i) preserve, renew and keep in full
        force and effect its corporate or other existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, to the extent that failure to do so could not
        reasonably be expected to have a Material Adverse Effect; and (b) comply with all agreements and requirements of applicable law, except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a
        Material Adverse Effect.

     

    

    ARTICLE VI

    EVENTS OF DEFAULT

     

      

    Section 6.1          

    Events of Default. If any of the following events shall occur and be continuing:

     

      

    (a)          

    The Borrower shall fail to pay the principal of its Loans on the date when due (including the Maturity Date) in
        accordance with the terms hereof; or the Borrower shall fail to pay any interest on its Loans, or any other amount payable hereunder or under any other Loan Document, within three (3) Business Days after any such interest or other amount becomes
        due in accordance with the terms hereof or thereof; or

    

    

    (b)          

    Any representation or warranty made or deemed made by the Borrower herein or in any other Loan Document or that is
        contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of
        the date made or deemed made or furnished; or

    

    

    (c)          

    The Borrower shall default in the observance or performance of any agreement contained in this Agreement to be
        performed by it (other than as provided in clause (a) of this Section 6.1), and such default shall continue unremedied for a period of thirty (30) days after the earlier of (i) the date on which an officer of the Borrower becomes aware of such
        failure and (ii) the date on which written notice thereof shall have been given to the Borrower by the Agent; or

    

    

    (d)          

    (i) The Borrower or any Borrower Affiliate shall fail to make any payment on any Indebtedness (other than the
        Obligations) of the Borrower or any Borrower Affiliate or on any Guarantee Obligation in respect of Indebtedness of any other Person, and, in each case, such failure relates to Indebtedness having a principal amount of $10,000,000 or more, when the
        same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and the effect of such failure is to accelerate the maturity of such Indebtedness, (ii) any other event shall occur or condition
        shall exist under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate the maturity of such Indebtedness, (iii) any other event shall occur or condition shall exist under any
        agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to permit the acceleration of the maturity of such Indebtedness or (iv) any such Indebtedness shall become or be declared to be due and payable,
        or be required to be prepaid or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof;

    

    

    
      

      13

      
        

      

    

    (e)          

    (i) The Borrower shall commence any case, proceeding or other action (A) under any existing or future law of any
        jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
        reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it
        or for all or any substantial part of its assets, or the Borrower shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower any case, proceeding or other action of a nature referred to
        in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against the
        Borrower any case, proceeding or other action 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
        shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) the Borrower shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
        any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

    

    

    (f)          

    Except pursuant to a valid, binding and enforceable termination or release permitted under the Loan Documents and
        executed by the Agent, or as otherwise expressly permitted under any Loan Document, (i) any provision of any Loan Document shall, at any time after the delivery of such Loan Document, fail to be, or be asserted in writing by Borrower or any
        Borrower Affiliate not to be valid and binding on, or enforceable against, the Borrower, or (ii) any Loan Document purporting to grant a lien to secure any Loan shall, at any time after the delivery of such Loan Document, fail to create a valid and
        enforceable lien on any portion of the collateral purported to be covered thereby or such lien shall fail or cease to be a perfected lien with the priority required in the relevant Loan Document, or the Borrower or any Borrower Affiliate shall
        state in writing that any of the events described in clause (i) or (ii) above shall have occurred.;

    

    

    then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (e) above, (i) the Loan Commitment shall terminate
      immediately and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such event is any other Event of Default, the Agent may, by
      notice to the Borrower, terminate the Loan Commitment, whereupon the Loan Commitment shall terminate immediately, and declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to
      be due and payable forthwith, whereupon the same shall immediately become due and payable.

    

    

    Agent shall not take any action pursuant to this Article VI unless (i) so directed in writing by the AFC Lenders, (ii) taking such enforcement action is permitted
      under the terms of the Loan Documents and applicable law, and (iii) taking such enforcement action will not result in any liability of Agent to the Borrower or any other Person for which Agent has not been indemnified for under the Loan Documents.

    

    

    
      

      14

      
        

      

    

    ARTICLE VII

    MISCELLANEOUS

    

    

    Section 7.1          

    Notices.

    

    

    (a)          

    Addresses for Notices. All notices, demands, requests, consents and other
        communications provided for in this Agreement shall be given in writing (including telecopier or email communication), and sent via overnight courier, mailed, telecopied, emailed, or delivered to the respective address set forth below:

     

      

    	
            If to the Borrower:

          	
            525 Okeechobee Blvd

            Suite 1770

            West Palm Beach, FL 33401

            Attn:  Thomas Geoffroy

            Email:  Tom@advancedflowercapital.com

            Phone:  561-510-2349

             

          
	
            If to the Agent or AFC Lenders:

          	
            525 Okeechobee Blvd

            Suite 1770

            West Palm Beach, FL 33401

            Attn: Thomas Geoffroy

            Email: Tom@advancedflowercapital.com

            Phone:  561-510-2349

             

          
	
            with copies to:

          	
            Rutan & Tucker, LLP

            611 Anton Boulevard, 14th Floor

            Costa Mesa, CA 92626

            Attn: William F. Meehan

            Email: wmeehan@rutan.com

          

    

    

    If not set forth above, the notice address for each Lender shall be set forth in the Assignment and Acceptance pursuant to which such lender becomes a
      Lender hereunder.

    

    

    Any party hereto may change its address, telephone number or facsimile number for notices and other communications hereunder by notice to the other
      parties hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine, respectively, or if
      mailed, upon the third Business Day after the date deposited into the mail or if delivered, upon delivery. All such notices, demands, requests, consents and other communications shall, when mailed, telecopied, or emailed, be effective (x) when
      telecopied, or delivered to such email address, (y) if delivered by hand, including any overnight courier service, upon personal delivery, or (z) if delivered by mail, when deposited in the mails, respectively.

    

    

    
      

      15

      
        

      

    

    Section 7.2          

    Waiver; Amendment

        

      

    (a)          

    No amendment, waiver, or other modification of any provision of this Agreement or any other Loan Document, and no
        consent with respect to any departure by the Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or, with respect to a Loan Document other than this Agreement, by Agent) and the Borrower
        and then any such waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall,
        unless in writing and signed by all of the Lenders directly affected thereby and the Borrower , do any of the following:

    

    

    (1)          

    reduce the principal of any loan or other extension of credit hereunder or under any other Loan Document,

    

    

    (2)          

    change the Pro Rata Share that is required to take any action hereunder,

    

    

    (3)          

    amend, modify, or eliminate this Section or any provision of this Agreement providing for consent or other
        action by all Lenders,

    

    

    (4)          

    other than as permitted by Section 8.12, release Agent’s Lien in and to all or substantially all of
        the Collateral,

    

    

    (5)          

    amend, modify, or eliminate the definitions of “Required Lenders” or “Pro Rata Share”,

    

    

    (6)          

    contractually subordinate any of the Agent’s Liens,

    

    

    (7)          

    other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by
        the terms hereof or the other Loan Documents, release the Borrower from any obligation for the payment of money or consent to the assignment or transfer by the Borrower of any of its rights or duties under this Agreement or the other Loan
        Documents, or

    

    

    (8)          

    amend, modify, or eliminate any of the provisions of Section 2.9(b)(1) or (2),

    

    

    (b)          

    No amendment, waiver, modification, or consent shall amend, modify, waive, or eliminate, any provision of Article

          VIII pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, the Borrower, and the Required Lenders.

    

    

    Anything in this Section 7.2 to the contrary notwithstanding, any amendment, waiver, modification, elimination, or consent of or with respect to any provision of
      this Agreement or any other Loan Document may be entered into without the consent of, or over the objection of, any Defaulting Lender.

    

    

    Section 7.3          

    Expenses; Indemnification.

        

      

    (a)          

    The Borrower shall be obligated to pay all out-of-pocket costs and expenses (including, without limitation, but not
        limited to the reasonable fees, charges and disbursements of outside counsel for the Agent and each Lender) incurred by the Agent or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement,
        including its rights under this Section 7.3, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loans.

    

    

    (b)         

     The Borrower shall be obligated to indemnify each Indemnified Person against, and hold each Indemnified Person
        harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnified Person) incurred by any Indemnified Person or asserted against any Indemnified
        Person by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
        performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or (ii) any actual or prospective claim, litigation, investigation or proceeding
        relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnified Person is a party thereto, provided that such indemnity shall not,
        as to any Indemnified Person, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted from the gross negligence or
        willful misconduct of such Indemnified Person or (y) result from a claim brought by the Borrower against any Indemnified Person for breach in bad faith of such Indemnified Person’s obligations hereunder or under any other Loan Document, if the
        Borrower has obtained a final judgment in their favor on such claim as determined by a court of competent jurisdiction.

    

    

    
      

      16

      
        

      

    

    (c)          

    The Borrower shall be obligated to pay, and hold the Agent and each Lender harmless from and against, any and all
        present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Loan Documents, any collateral described therein, or any payments due thereunder, and save the Agent and each Lender harmless from and
        against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.

    

    

    (d)          

    To the extent permitted by applicable law, each party shall not assert, and hereby waives, any claim against any
        Indemnified Person or the other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any
        agreement or instrument contemplated hereby, the transactions contemplated therein, the Loans or the use of proceeds thereof.

    

    

    (e)          

    All amounts due under this Section 7.3 shall be payable promptly after written demand therefor.

    

    

    Section 7.4          

    Successors and Assigns.

     

      

    (a)          

    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
        respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
        without the prior written consent of the Borrower. Any other attempted assignment or transfer by any party hereto shall be null and void. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
        parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, each Indemnified Person) any legal or equitable right, remedy or claim under or by reason of this Agreement.  Except as Agent
        may otherwise agree, any such assignment shall be in a minimum aggregate amount equal to one million dollars ($1,000,000) or, if less, the remaining Loan Commitments and Loans held by the assigning Lender.  The Borrower and Agent shall be entitled
        to continue to deal solely and directly with such Lender in connection with the interests so assigned to an Assignee until Agent shall have received and accepted an Assignment and Acceptance.

    

    

    (1)          

    From and after the date on which the conditions described above have been met, and subject to acceptance and
        recording of the assignment pursuant to Section 7.4(a), (i) such Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to
        such Assignment and Acceptance, shall have the rights and obligations of a Lender hereunder and (ii) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance,
        shall be released from its rights (other than its indemnification rights) and obligations hereunder. Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment and Acceptance, Borrower shall
        execute and deliver to Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a note or notes setting forth such Lender’s Loans (and, as applicable, a note or notes in the principal amount of the Loans retained by the
        assigning Lender). Each such note shall be dated the effective date of such assignment. Upon receipt by Agent of such note(s), the assigning Lender shall return to Borrower any prior note held by it.

    

    

    
      

      17

      
        

      

    

    (2)          

    The Agent, acting solely for this purpose as an Agent of the Borrower, shall maintain at one of its offices a
        copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Loan Commitments of, and principal amounts of (and stated interest on) the Loans 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 the Borrower, the 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.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior
        notice.

    

    

    Section 7.5          

    Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by, and
        construed and interpreted in accordance with, the law of the State of Florida.

     

      

    Section 7.6          

    Counterparts; Integration. This Agreement may be executed in any number of counterparts and by electronic means
        (including “pdf”) and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

     

      

    Section 7.7          

    Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the
        certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Agent and each Lender and shall survive the execution and delivery of this Agreement and the making of
        the Loans. The provisions of Section 7.3 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision
        hereof.

     

      

    Section 7.8          

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

     

      

    Section 7.9          

    VENUE; WAIVER OF JURY TRIAL.

    

    

    (a)          

    THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND
        FEDERAL COURTS LOCATED IN THE COUNTY OF PALM BEACH, STATE OF FLORIDA, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL
        JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
        THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

    

    

    
      

      18

      
        

      

    

    (b)          

    TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND EACH SECURED PARTY HEREBY WAIVES ANY SPECIAL,
        INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT,
        OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND THE BORROWER AND EACH SECURED PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN
        ITS FAVOR.

    

    

    (c)          

    TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND EACH SECURED PARTY HEREBY WAIVES THEIR
        RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT
        CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A "CLAIM").  THE BORROWER AND EACH SECURED PARTY REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
        TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

    

    

    Section 7.10          

    No Waivers; Cumulative Remedies. No failure by Agent or any Lender to exercise any right, remedy, or option under
        this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof.  No waiver by Agent or any Lender will be effective unless it is in writing, and then only to the extent
        specifically stated.  No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require strict performance by the Borrower of any provision of this Agreement.  Agent’s and each Lender’s
        rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have.

     

    

    ARTICLE VIII

    THE AGENT

    

    

    Section 8.1          

    Appointment and Authorization of Agent. Each Lender hereby designates and appoints AFC Finance, LLC as its Agent
        under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and deliver each of the other Loan Documents on its behalf, and to take such other action on its behalf under the provisions of this
        Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental
        thereto.  Agent agrees to act as Agent for and on behalf of the Lenders on the conditions contained in this Article VIII.  The provisions of this Article VIII are solely for the benefit of Agent, and the Lenders, and the Borrower
        shall not have any rights as a third party beneficiary of any of the provisions contained herein.  Any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or
        responsibilities, except those expressly set forth herein or in any other Loan Document, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
        obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without limiting the generality of the foregoing, the use of the term “Agent” in this Agreement or the other Loan Documents
        with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law.  Instead, such term is used merely as a matter of market custom, and is intended to
        create or reflect only a representative relationship between independent contracting parties.  Each Lender hereby further authorizes Agent to act as the secured party under each of the Loan Documents that create a Lien on any item of Collateral. 
        Except as expressly otherwise provided in this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent
        expressly is entitled to take or assert under or pursuant to this Agreement and the other Loan Documents.  Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent,
        Lenders agree that Agent shall have the right to exercise the following powers as long as this Agreement remains in effect:  (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the
        Obligations, the Collateral, the payments and proceeds of Collateral, and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim,
        notices and other written agreements with respect to the Loan Documents, (c) exclusively receive, apply, and distribute the payments and proceeds of Collateral, (d) open and maintain such bank accounts and cash management arrangements as Agent
        deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes, (e) perform, exercise, and enforce any and all other rights and remedies of the Secured Parties with respect to the Borrower, the Obligations, the
        Collateral, or otherwise related to any of same as provided in the Loan Documents, and (f) incur and pay such expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan
        Documents.

    
      

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    Section 8.2          

    Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or
        through Agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  Agent shall not be responsible for the negligence or misconduct of any Agent or attorney in fact that it
        selects as long as such selection was made without gross negligence, bad faith or willful misconduct.

        

      

    Section 8.3          

    Liability of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be
        taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
        pursuant to a final and nonappealable judgment), or (b) be responsible in any manner to any of the Lenders for any recital, statement, representation or warranty made by the Borrower, or any officer or director thereof, contained in this Agreement
        or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness,
        genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of the Borrower or any other party to any Loan Document to perform its obligations hereunder or thereunder (other than such filings and
        other actions as are necessary to perfect and maintain rights in the Collateral).  No Agent-Related Persons shall be under any obligation to any Lenders to ascertain or to inquire as to the observance or performance of any of the agreements
        contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the books and records or properties of the Borrower or any of its Subsidiaries.

     

      

    Section 8.4          

    Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
        resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile or other electronic method of transmission, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to
        have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Borrower or counsel to any Lender), independent accountants and other experts selected by Agent.  Agent shall
        be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Required Lenders (or, to the extent required by Section 7.4(a),
        all Lenders).  If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.  Agent
        shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act
        pursuant thereto shall be binding upon all of the Lenders (except as otherwise required by Section 7.4(a)).

    
      

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    Section 8.5          

    Notice of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of
        any Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent has
        actual knowledge, unless Agent shall have received written notice from a Lender or a Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default.”  Agent promptly will
        notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge.  If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the other Lenders and Agent of
        such Event of Default.  Each Lender shall be solely responsible for giving any notices to its Participants, if any.  Subject to Section 8.4, Agent shall take such action with respect to such Default or Event of Default as may be requested
        by the Required Lenders in accordance with Article VI.

     

      

    Section 8.6          

    Credit Decision. Each Lender acknowledges that none of the Agent-Related Persons has made any representation or
        warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs of the Borrower or its Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender.  Each Lender
        represents to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such due diligence documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
        prospects, operations, property, financial and other condition and creditworthiness of the Borrower or any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its
        own decision to enter into this Agreement and to extend credit to the Borrower.  Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem
        appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as
        to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower or any other Person party to a Loan Document.  Except for notices, reports, and other documents expressly herein required to be
        furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or
        creditworthiness of the Borrower or any other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons. Each Lender acknowledges that Agent does not have any duty or responsibility, either initially or
        on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender with any credit or other information with respect to the Borrower, its Affiliates or any of their respective business, legal, financial
        or other affairs, and irrespective of whether such information came into Agent’s or its Affiliates’ or representatives’ possession before or after the date on which such Lender became a party to this Agreement.

    
      

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    Section 8.7          

    Costs and Expenses; Indemnification. Agent may incur and pay expenses payable under this Agreement to the extent
        Agent reasonably deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, reasonable attorneys fees and expenses, fees and expenses of
        financial accountants, advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not the
        Borrower is obligated to reimburse Agent or Lenders for such expenses pursuant to this Agreement or otherwise.  Agent is authorized and directed to deduct and retain sufficient amounts from the payments or proceeds of the Collateral received by
        Agent to reimburse Agent for such reasonable out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders.  In the event Agent is not reimbursed for such costs and expenses by the Borrower, each Lender hereby agrees that it
        is and shall be obligated to pay to Agent such Lender’s Pro Rata Share thereof.  Whether or not the transactions contemplated hereby are consummated, each of the Lenders, on a ratable basis, shall indemnify and defend the Agent-Related Persons (to
        the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so) from and against any and all Indemnified Liabilities; provided that no Lender shall be
        liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct as determined by a court of competent jurisdiction pursuant to a final and
        nonappealable judgment.  Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees
        and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights
        or responsibilities under, this Agreement, any other Loan Document, to the extent that Agent is not reimbursed for such expenses by or on behalf of the Borrower.  The undertaking in this Section shall survive the payment of all Obligations
        hereunder and the resignation or replacement of Agent.

     

      

    Section 8.8          

    Agent in Individual Capacity. AFC Finance, LLC and its Affiliates may make loans to, issue letters of credit for
        the account of, accept deposits from, acquire Stock in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with the Borrower or its Affiliates and any other Person party to any Loan Documents as
        though AFC Finance, LLC were not Agent hereunder, and, in each case, without notice to or consent of the other Secured Parties.  The other Secured Parties acknowledge that, pursuant to such activities, AFC Finance, LLC or its Affiliates may receive
        information regarding the Borrower or its Affiliates or any other Person party to any Loan Document that is subject to confidentiality obligations in favor of the Borrower or such other Person and that prohibit the disclosure of such information to
        the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to
        provide such information to them.

        

      

    Section 8.9          

    Successor Agent. Agent may resign as Agent upon thirty (30) days (ten (10) days if an Event of Default has occurred
        and is continuing) prior written notice to the Lenders (unless such notice is waived by the Required Lenders), the Borrower (unless such notice is waived by the Borrower).  If Agent resigns under this Agreement, the Required Lenders shall be
        entitled to appoint a successor Agent for the Lenders.  If no successor Agent is appointed prior to the effective date of the resignation of Agent, the Required Lenders shall act as Agent until they appoint a successor Agent.  If Agent has
        materially breached or failed to perform any material provision of this Agreement or of Applicable Law, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders; provided that, solely for purposes of this fourth sentence of Section 8.9, “Required Lenders” shall be deemed to exclude the current Agent in its capacity as a Lender and any Lender that is an Affiliate of such current
        Agent.  In any such event, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor
        Agent and the retiring Agent’s appointment, powers, and duties as Agent shall be terminated.  After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article VIII shall inure to its benefit as to any actions taken
        or omitted to be taken by it while it was Agent under this Agreement.  If no successor Agent has accepted appointment as Agent by the date which is thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s
        resignation shall nevertheless thereupon become effective and the Required Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Required Lenders appoint a successor Agent as provided for above.

    
      

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    Section 8.10          

    Lender in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue letters of credit
        for the account of, accept deposits from, acquire Stock in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with the Borrower or its Affiliates and any other Person party to any Loan Documents
        as though such Lender were not a Lender hereunder without notice to or consent of the other Secured Parties.  The other Secured Parties acknowledge that, pursuant to such activities, such Lender and its respective Affiliates may receive information
        regarding the Borrower or its Affiliates and any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of the Borrower or such other Person and that prohibit the disclosure of such information to the
        Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any
        obligation to provide such information to them.

        

      

    Section 8.11          

    Withholding Taxes.

     

      

    (a)          

    Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Loan
        Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding Agent) requires the deduction or
        withholding of any Tax from any such payment by a withholding Agent, then the applicable withholding Agent shall be entitled to make such deduction or withholding 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 the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such
        deductions and withholdings applicable to additional sums payable under this Section) the applicable Secured Party receives an amount equal to the sum it would have received had no such deduction or withholding been made.

    

    

    (b)          

    Payment of Other Taxes by Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in
        accordance with applicable law, or at the option of the Agent timely reimburse it for the payment of, any other Taxes.

    

    

    (c)          

    Indemnification by Borrower.  The Borrower shall, jointly and severally, indemnify each Secured Party, within ten
        (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Secured Party or required to be
        withheld or deducted from a payment to such Secured Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
        Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

    

    

    
      

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    (d)          

    Indemnification by the Lenders.  Each Lender shall severally indemnify the Agent, within 10 days after demand
        therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any
        Taxes attributable to such Lender’s failure to comply with the provisions of Section 14.1(b) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or
        paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A
        certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such
        Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this paragraph (d).

    

    

    (e)          

    Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental
        Authority pursuant to this Section, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
        of such payment reasonably satisfactory to the Agent.

    

    

    (f)          

    Status of Lenders.   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 the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or
        the 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 the Borrower or the Agent, shall deliver such other documentation prescribed by
        Applicable Law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the 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 (f)(ii)(A), (ii)(B) and (ii)(D) of this Section) 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.

    

    

    (1)          

    Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

    

    

    (i)          

    any Lender that is a U.S. Person shall deliver to the Borrower and the 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 the Borrower or the Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
        withholding tax;

    

    

    
      

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    (ii)          

    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the 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 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 substantially in the form of Exhibit C-1 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 the Borrower within the
        meaning of Section 871(h)(3)(B) of the IRC, or a “controlled foreign corporation” related to the 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 substantially in the form of Exhibit C-2 or Exhibit C-3, 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 substantially in the
        form of Exhibit C-4 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 the Borrower and the 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 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 the Borrower or the 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 Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the
        time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
        documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied in all material respects 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 (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

    

    

    
      

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    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 the Borrower and e Agent in writing of its legal inability to do so.

    

    

    (g)          

    Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
        received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only
        to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
        the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties,
        interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in
        no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
        would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This
        paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

    

    

    (h)          

    Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the Agent or
        any assignment of rights by, or the replacement of, a Lender, the termination of the Loan Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

    

    

    Section 8.12          

    Collateral Matters.

        

      

    (a)          

    The Lenders hereby irrevocably authorize Agent to release any Lien on any Collateral (i) upon the Commitments and
        payment and satisfaction in full by the Borrower of all of the Obligations (other than contingent obligations in respect of which no claim has been made), (ii) constituting property being sold or disposed of if a release is required or desirable in
        connection therewith and if the Borrower certifies to Agent and the Lenders that the sale or disposition is permitted under Section 6.4 (and Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting
        property in which the Borrower did not own any interest at the time Agent’s Lien was granted nor at any time thereafter, (iv) constituting property leased or licensed to the Borrower under a lease or license that has expired or is terminated in a
        transaction permitted under this Agreement, or (v) in connection with a credit bid or purchase authorized under this Section 8.12.  The Borrower and the Lenders hereby irrevocably authorize Agent, upon the instruction of the AFC Lenders, to
        (a) consent to the sale of, credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of
        the Bankruptcy Code, (b) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the Code, including
        pursuant to Sections 9-610 or 9-620 of the Code, or (c) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or consented to by Agent and
        the AFC Lenders in accordance with Applicable Law in any judicial action or proceeding or by the exercise of any legal or equitable remedy.  In connection with any such credit bid or purchase, (i) the Obligations owed to the Lenders shall be
        entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims being estimated for such purpose if the fixing or liquidation thereof would not impair or unduly delay the ability of
        Agent to credit bid or purchase at such sale or other disposition of the Collateral and, if such contingent or unliquidated claims cannot be estimated without impairing or unduly delaying the ability of Agent to credit bid at such sale or other
        disposition, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the Collateral that is the subject of such credit bid or purchase) and the Lenders whose Obligations are credit bid shall be entitled to receive
        interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) in the Collateral that is the subject of such credit bid or purchase (or in the Stock of the any entities
        that are used to consummate such credit bid or purchase), and (ii) Agent, upon the instruction of the AFC Lenders, may accept non-cash consideration, including debt and equity securities issued by such any entities used to consummate such credit
        bid or purchase and in connection therewith Agent may reduce the Obligations owed to the Lenders (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) based upon the
        value of such non-cash consideration.  Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y) if the release is of all or substantially all of the
        Collateral, all of the Lenders, or (z) otherwise, the AFC Lenders.  Upon request by Agent or the Borrower at any time, the applicable Lenders will confirm in writing Agent’s authority to release any such Liens on particular types or items of
        Collateral pursuant to this Section 8.12; provided that (1) anything to the contrary contained in any of the Loan Documents notwithstanding, Agent shall not be required to execute any document or
        take any action necessary to evidence such release on terms that, in Agent’s opinion, could expose Agent to liability or create any obligation or entail any consequence other than the release of such Lien without recourse, representation, or
        warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly released) upon (or obligations of the Borrower in respect of) any and all interests retained by the
        Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

    

    

    
      

      26

      
        

      

    

    (b)          

    Agent shall have no obligation whatsoever to any of the Lenders (i) to verify or assure that the Collateral exists
        or is owned by the Borrower or is cared for, protected, or insured or has been encumbered, (ii) to verify or assure that Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any
        particular priority, (iii) to impose, maintain, increase, reduce, implement, or eliminate any particular reserve hereunder or to determine whether the amount of any reserve is appropriate or not, or (iv) to exercise at all or in any particular
        manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and agreed that in respect of
        the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the Collateral in its
        capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender as to any of the foregoing, except as otherwise expressly provided herein.

    

    

    Section 8.13          

    Restrictions on Actions by Lenders; Sharing of Payments.

        

      

    (a)          

    Each of the Lenders agrees that it shall not, without the express written consent of the Required Lenders, and that
        it shall, to the extent it is lawfully entitled to do so, upon the written request of the Required Lenders, set off against the Obligations, any amounts owing by such Lender to the Borrower or any deposit accounts of the Borrower now or hereafter
        maintained with such Lender.  Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by the AFC Lenders, take or cause to be taken any action, including, the commencement of any legal or equitable
        proceedings to enforce any Loan Document against the Borrower or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.

    

    

    
      

      27

      
        

      

    

    (b)          

    If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds
        of the Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from the Borrower pursuant to the terms of this Agreement, or (ii) payments in excess of such Lender’s Pro Rata
        Share of all such amounts, such Lender promptly shall (A) turn the same over to Agent or other Lenders, as applicable, in kind, and with such endorsements as may be required to negotiate the same to Agent or the other Lenders, as applicable, or in
        immediately available funds, as applicable, for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations
        owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however, that to the extent that such excess
        payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to
        such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment.

    

    

    Section 8.14          

    Agency for Perfection. Agent hereby appoints each other Lender as its Agent (and each Lender hereby accepts such
        appointment) for the purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code can be perfected by possession or control.  Should any Lender obtain possession or control of any such
        Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions.

     

      

    Section 8.15          

    Payments by Agent to the Lenders. All payments to be made by Agent to the Lenders shall be made by bank wire
        transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written notice to Agent.  Concurrently with each such payment, Agent shall identify whether such payment (or any portion
        thereof) represents principal, premium, fees, or interest of the Obligations.

        

      

    Section 8.16          

    Concerning the Collateral and Related Loan Documents. Each Secured Party authorizes and directs Agent to enter into
        this Agreement and the other Loan Documents.  Each Secured Party agrees that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set
        forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders.

        

      

    Section 8.17          

    Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter may have
        been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of the Lenders to make any credit available hereunder shall constitute the several (and not
        joint) obligations of the respective Lenders on a ratable basis, according to their respective portion of the Loan Commitment, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount at such time
        of their respective portion of the Loan Commitment.  The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it
        shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.  Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect
        of, the business, assets, profits, losses, or liabilities of any other Lender.  Nothing contained herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a
        partnership, an association, a joint venture or any other kind of entity.  Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no
        Lender shall have any obligation, duty, or liability to any Participant of any other Lender.  Except as provided in Section 8.7, no Secured Party shall have any liability for the acts of any other Secured Party.  No Lender shall be
        responsible to the Borrower or any other Person for any failure by any other Lender to fulfill its obligations to make credit available hereunder, nor to advance for it or on its behalf, nor to take any other action on its behalf hereunder or in
        connection with the financing contemplated herein.

    
      

      28

      
        

      

    

    Section 8.18          

    Election of Remedies.  Notwithstanding anything herein or in any other Loan Documents, all enforcement actions, or
        the election to take or not to take enforcement actions, is solely at the direction of the AFC Lenders so long as the AFC Lenders have or hold any amount of the Loan Commitment or any Loan (or other extension of credit hereunder or under any Loan
        Document), or are due any other Obligation.

    

      

      

      [Signature Pages Follow]

    
      

      29

      
        

      

    

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

    

    

    	 	
            AFC GAMMA, INC.

            as Borrower

          
	 	 	 	 
	 	
            By:

          	
            /s/ Thomas Geoffroy

          
	 	 	
            Name:

          	
            Thomas Geoffroy

          
	 	 	
            Title:

          	
            Chief Financial Officer

          
	 	 	 	 
	 	
            AFC FINANCE, LLC

            as Agent

          
	 	 	 	 
	 	
            By:

          	
            /s/ Leonard M. Tannenbaum

          
	 	 	
            Name:

          	
            Leonard M. Tannenbaum

          
	 	 	
            Title:

          	
            CEO

          
	 	 	 	 
	 	
            AFC FINANCE, LLC

            as Lender

          
	 	 	 	 
	 	
            By:

          	
            /s/ Leonard M. Tannenbaum

          
	 	 	
            Name:

          	
            Leonard M. Tannenbaum

          
	 	 	
            Title:

          	
            CEO

          
	 	 	 	 
	 	
            GAMMA LENDING HOLDCO LLC

            a Delaware limited liability company

            as Lender

          
	 	 	 	 
	 	
            By:

          	
            /s/ Jonathan Kalikow

          
	 	 	
            Name:

          	
            Jonathan Kalikow

          
	 	 	
            Title:

          	
            Authorized Signatory

          

    

    

    [Signature Page to Senior Secured Revolving Credit Agreement]

    
      

      
        

      

    

    
    ANNEX A

    

    

    LOAN COMMITMENT

    

    

    	
            Lender

          	
            Loan Commitment

          
	
            AFC FINANCE, LLC

          	
            $30,000,000

          
	
            JON KALIKOW

          	
            $10,000,000

          
	
            TOTAL

          	
            $40,000,000

          

    

    

    

    

  

  A-1

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