Document:

Exhibit
10.19

 

THIS
BOARD OBSERVER AND INDEMNIFICATION AGREEMENT, dated as of the 2nd day of February, 2018 (this “Agreement”),
is made by and between PURPLE INNOVATION, INC., a Delaware corporation (the “Company”), and PAUL
J. ZEPF (“Observer”).

 

WHEREAS,
on February 2, 2018, the Company consummated a business combination with Purple Innovation LLC;

 

WHEREAS,
the Company has agreed that the Observer will be entitled to attend and participate in all meetings of the Company’s Board
of Directors (the “Board”) and any and all committees thereof (each a “Committee” and, collectively,
the “Committees”).

 

NOW,
THEREFORE, in consideration of the foregoing, the Company and Observer hereby agree as follows:

 

		1.	Board
                                         Observer Rights.

 

(a)
The Company agrees that it will invite Observer to attend, in a non-voting observer capacity, all meetings of the Board and
any and all Committees for the purposes of permitting Observer to have current information with respect to the affairs of the
Company and the actions taken by the Board and Observer to provide input and advice with respect thereto (the
“Approved Purposes”). Observer shall have the right to be heard at any such meeting, but in no event shall
Observer: (i) be deemed to be a member of the Board or such Committees; (ii) have the right to vote on any matter under
consideration by the Board or such Committees or otherwise have any power to cause the Company to take, or not to take, any
action; or (iii) except as expressly set forth in this Agreement, have or be deemed to have, or otherwise be subject to, any
duties (fiduciary or otherwise) to the Company or its stockholders or any duties (fiduciary or otherwise) otherwise
applicable to the directors of the Company.  As a non-voting observer, Observer will also be provided (concurrently with
delivery to the directors of the Company and in the same manner delivery is made to them) copies of all notices, minutes,
consents, and all other materials or information (financial or otherwise) that are provided to the directors with respect to
a meeting or any written consent in lieu of meeting (except to the extent Observer has been excluded therefrom pursuant to
clause (c) below).

 

(b)
If a meeting of the Board or any of the Committees is conducted via telephone or other electronic medium (e.g., videoconference),
Observer may attend such meeting via the same medium.

 

(c)
Notwithstanding the foregoing, the Company may exclude Observer from access to any material or meeting or portion thereof if:
(i) the Board concludes in good faith, upon advice of the Company’s counsel, that such exclusion is reasonably necessary
to preserve the attorney-client privilege between the Company and such counsel; provided, however, that any such exclusion shall
apply only to such portion of the material or such portion of the meeting which would be required to preserve such privilege and
not to any other portion thereof; or (ii) such portion of a meeting is an executive session limited solely to independent director
members of the Board, independent auditors and/or legal counsel, as the Board may designate, and Observer (assuming Observer were
a member of the Board) would not meet the then-applicable standards for independence adopted by Nasdaq, or such other exchange
on which the Company’s securities are then traded.

  

     

     

    

 

(d)
The Company shall compensate Observer in the same amount of all cash and non-cash retainers, meeting fees and any other cash and
non-cash fees (including, without limitation, equity and equity incentive awards) as if Observer were an independent director
member of the Board and a member of each of the committees thereof, as such compensation may be modified from time to time. Further,
the Company shall reimburse Observer for all reasonable out-of-pocket expenses incurred by Observer in connection with attendance
at Board and Committee meetings or any other matter which the Company requests Observer to undertake on behalf of the Company
(it being understood that Observer shall be under no obligation to undertake any matter other than as set forth in Section 1(a)
hereof unless Observer expressly agrees thereto in his sole discretion). All compensation and reimbursements payable by the Company
pursuant to this Section 1(d) shall be paid to Observer in accordance with the Company’s policies and practices with respect
to director compensation and expense reimbursement then in effect; provided, however, that any such compensation or reimbursement
shall be paid to Observer no later than comparable compensation or reimbursement is paid to the members of the Board.

 

(e)
The rights described in this Section 1 shall terminate upon: (i) the termination of the Observer Period, as provided below; (ii)
any material violation of the terms of this Agreement by Observer which (A) remains uncured within ten business days after receipt
of notice thereof, or (B) if such violation is not subject to cure, directly causes harm to the Company in the Board’s sole
and absolute discretion; or (iii) the death or disability of Observer. The Observer Period shall be for a period of one year from
the date hereof, and shall automatically renew for successive periods of one year unless the Company shall provide written notice
to the Observer, not less than 30 days prior to any such renewal period, of its determination not to renew the Observer Period.
The Observer may terminate the Observer Period at any time by written notice to the Company.

 

		2.	Confidential
                                         Treatment of Company Confidential Information.

 

(a)
In consideration of the Company’s disclosure to Observer of information which is not publicly available concerning the Company
for the Approved Purposes, Observer agrees that this Agreement will apply to all information, in any form whatsoever, disclosed
or made available to Observer concerning the Company, its affiliates and/or the Approved Purposes (“Confidential Information”).

 

(b)
Except as otherwise provided herein, Observer agrees: (i) to hold Confidential Information in strict confidence; (ii) not to disclose
Confidential Information to any third parties; and (iii) not to use any Confidential Information for any purpose except for the
Approved Purposes. Observer may disclose the Confidential Information to its responsible agents, advisors, affiliates and representatives
with a bona fide need to know (“Representatives”), but only to the extent necessary for the Approved Purposes.
Observer agrees to instruct all such Representatives not to disclose such Confidential Information to third parties without the
prior written permission of the Company. Observer will, at all times, remain liable under the terms of this Agreement for any
unauthorized disclosure or use by any of its Representatives of Confidential Information provided to such Representatives by Observer.

 

3.
Exempted Disclosure. The foregoing restriction on the use and nondisclosure of Confidential Information will not include
information which: (i) is, or hereafter becomes, through no act or failure to act on the part of Observer, generally known or
available to the public; (ii) was acquired by Observer before receiving such information from the Company, without restriction
as to use or disclosure; (iii) is hereafter furnished to Observer by a third party, without, to Observer’s knowledge, restriction
as to use or disclosure; (iv) such information was independently developed by Observer; or (v) is required or requested to be
disclosed pursuant to judicial, regulatory or administrative process or court order, provided, that to the extent permitted by
law, rule or regulation and reasonably practicable under the circumstances, Observer gives the Company prompt notice of such required
disclosure so that the Company may challenge the same.

  

    	 	2	 

     

    

 

4.
Return of Confidential Information. Following the termination of the rights of Observer described in Section 1 and upon
request of the Company, Observer will promptly: (i) return to the Company all physical materials containing or consisting of Confidential
Information and all hard copies thereof; and (ii) destroy all electronically stored Confidential Information in Observer’s
possession or control. Observer may retain in his confidential files one copy of any item of Confidential Information in order
to comply with any legal, compliance or regulatory requirements. Any Confidential Information that is not returned or destroyed,
including, without limitation, any oral Confidential Information, and all notes, analyses, compilations, studies or other documents
prepared by or for the benefit of Observer from such information, will remain subject to the confidentiality obligations set forth
in this Agreement indefinitely.

 

5.
Disclaimer. All Confidential Information is provided to Observer “as is” and the Company does not make any
representation or warranty as to the accuracy or completeness of the Confidential Information or any component thereof. The Company
will have no liability to Observer resulting from the reliance on the Confidential Information by Observer or any third party
to whom such Confidential Information is disclosed.

 

6.
Company Ownership of Confidential Information. Observer acknowledges that all of the Confidential Information is owned
solely by the Company (or its licensors) and that the unauthorized disclosure or use of such Confidential Information would cause
irreparable harm and significant injury, the degree of which may be difficult to ascertain. Therefore, in the event of any breach
of this Agreement, the Company is entitled to seek all forms of equitable relief (including an injunction and order for specific
performance), in addition to all other remedies available at law or in equity.

 

7.
Observer and Representative Compliance with Securities Laws. Observer agrees that the Confidential Information is given
in confidence in accordance with the terms of this Agreement, and Observer will not take any action relating to the securities
of the Company which would constitute insider trading, market manipulation, or any other violation of applicable securities law.
Observer agrees to instruct all of its Representatives to whom it discloses Confidential Information that they may not take any
action relating to the securities of the Company which would constitute insider trading, market manipulation, or any other violation
of applicable securities law.

 

8.
Indemnity.

 

(a)
The Company will indemnify and hold harmless Observer from and against any losses, claims, damages, liabilities and expenses to
which Observer may become subject, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof)
arise out of, relate to, or are based upon Observer’s designation or attendance as a non-voting observer at meetings of
the Board and Committees, Observer’s receipt of materials or information under this Agreement, or Observer’s exercise
of his rights under this Agreement. The Company will pay or reimburse Observer for such losses, claims, damages, liabilities and
expenses as they are incurred, including, without limitation, for amounts incurred in connection with investigating or defending
any such loss, claim, damage, liability, expense or action.

 

(b)
Promptly after receipt by Observer under Section 8(a) of notice of the commencement of any action (but in no event in excess of
30 days after receipt of actual notice), Observer will, if a claim in respect thereof is to be made against Observer under this
Section 8, notify the Company in writing of the commencement thereof, but the omission to so notify the Company will not relieve
the Company from any liability under this Section 8, except to the extent that the Company is materially prejudiced by such failure
to notify and, in such case, only as to the particular item for which indemnification is then being sought and with respect to
which the Company has been materially prejudiced and not from any other liability which the Company may have to Observer. In case
any such action is brought against Observer, and Observer notifies the Company of the commencement thereof, the Company will be
entitled, to the extent it may wish, to participate in the defense thereof, with separate counsel. Such participation shall not
relieve the Company of the obligation to pay or reimburse Observer for reasonable legal and other expenses (subject to Subsection
(c)) incurred by Observer in defending itself, except for such expenses incurred after the Company has deposited funds sufficient
to effect the settlement (unless an expungement proceeding has been initiated), with prejudice, of the claim in respect of which
indemnity is sought. The Company shall not be liable to Observer on account of any settlement of any claim or action effected
without the consent of the Company, such consent not to be unreasonably withheld or delayed.

   

    	 	3	 

     

    

 

(c)
The Company shall pay all reasonable legal fees and expenses of Observer in the defense of such claims or actions.

 

9.
Insurance. For the duration of Observer’s appointment as Observer of the Company, and thereafter for the duration
of the applicable statute of limitations, the Company shall cause to be maintained in effect a policy of liability insurance coverage
for Observer against liability that may be asserted against or incurred by him in his capacity as Observer which is equivalent
in scope and amount to that provided to the members of the Board. Upon request, the Company shall provide Observer or his counsel
with a copy of all directors’ liability insurance applications, binders, policies, declarations, endorsements, and other
related materials. Notwithstanding the foregoing, the Company may, but shall not be required to, create a trust fund, grant a
security interest, or use other means, including, without limitation, a letter of credit, to ensure the payment of such amounts
as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement.

 

10.
Governing Law: Venue for Disputes. This Agreement shall be governed in all respects by the laws of the State of Delaware
(without giving effect to principles of conflicts of laws which would lead to the application of the laws of another jurisdiction).
Each of the parties hereto consents to the non-exclusive jurisdiction of the federal courts whose districts encompass any part
of the District of Delaware or the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware
lacks jurisdiction, then in the applicable Delaware state court), with any dispute arising under this Agreement and hereby waives,
to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing
of any such proceeding in such jurisdictions

 

11.
Notices. All notices and communications hereunder shall be in writing and shall be deemed to have been given and delivered
when deposited in the United States mail, postage prepaid, registered or certified mail, to the applicable address set forth below.

 

	 	To
    the Company:	Purple
    Innovation, Inc.
	 	 	123
    E. 200 N.
	 	 	Alpine,
    UT 84004
	 	 	Attention:
    Casey McGarvey
	 	 	E-mail:
    casey@purple.com
	 	 	 
	 	With
    a copy to:	Dorsey
    & Whitney LLP
	 	 	111
    S. Main St., Suite 2100
	 	 	Salt
    Lake City, UT 84111
	 	 	Attention:
    Nolan S. Taylor
	 	 	E-mail:
taylor.nolan@dorsey.com

	 	 	 
	 	To
    Observer:	Paul
    J. Zepf
	 	 	10
    Allison Lane
	 	 	Thornwood,
NY 10594 

  

    	 	4	 

     

    

 

12.
Entire Agreement. This Agreement constitutes the complete and exclusive statement regarding the subject matter of this
Agreement and supersedes all prior agreements, understandings and communications, oral or written, between the parties regarding
the subject matter of this Agreement.

 

13.
Expenses. The Company agrees to reimburse Observer for the actual and reasonable costs and expenses of the Observer that
the Observer incurs in connection with the enforcement of this Agreement or any claim, damages or litigation relating to any breach
of this Agreement, if the Company is found to have breached this Agreement.

 

14.
Term. The provisions of Section 1 hereof shall terminate and be of no further force or effect pursuant to Section 1(e)
hereof. Notwithstanding the provisions of this Section 14, the provisions of Sections 2, 3, 4, 6, 7, 8, 9, 10, 13 and this Section
14 shall survive any termination or expiration of this Agreement.

  

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

 

	 	PURPLE INNOVATION, INC.
	 	 
	 	By: 	/s/ Sam Bernards
	 	Sam
    Bernards, Chief Executive Officer
	 	 
	 	OBSERVER
	 	 
	 	 /s/
    Paul G. Zepf
	 	Paul
    G. Zepf

 

5Exhibit

 EXECUTION VERSION 

 AMENDMENT NO. 2 TO 
SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
AND REAFFIRMATION OF PERFORMANCE GUARANTY 

This AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT AND REAFFIRMATION OF PERFORMANCE GUARANTY (this “Amendment”), dated as of November 28, 2017, is by and among PRESIDIO CAPITAL FUNDING LLC, as the seller (together with its successors and permitted assigns, the “Seller”), PRESIDIO LLC, formerly known as Presidio, Inc., as initial servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), PRESIDIO NETWORKED SOLUTIONS LLC, formerly known as Presidio Networked Solutions, Inc., as sub-servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Sub-Servicer”), the various Purchasers and Purchaser Agents from time to time party thereto and PNC Bank, National Association (“PNC”), as the administrator (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrator”), a related committed purchaser (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Purchaser”) and a purchaser agent (in such capacity, together with its successors and permitted assigns in such capacity, a “Purchaser Agent”), and is reaffirmed by, with respect to Section 11 hereof, PRESIDIO IS LLC, formerly known as Presidio IS Corp., as performance guarantor (in such capacity, together with its successors and permitted assigns in such capacity, the “Performance Guarantor”). 

BACKGROUND 

WHEREAS, the parties hereto entered into that certain Second Amended and Restated Receivables Purchase Agreement, dated as of February 2, 2015 (the “Original Receivables Purchase Agreement”), as amended by that certain Assignment and Amendment Agreement, dated as of October 5, 2015 (the “Assignment and Amendment Agreement”), as further amended by that certain Amendment No. 1 to Second Amended and Restated Receivables Purchase Agreement and Reaffirmation of Performance Guaranty, dated as of February 8, 2016 (the “First Amendment”; together with the Original Purchase Agreement and Assignment and Amendment Agreement, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”); 

WHEREAS, the parties hereto wish to amend the Receivables Purchase Agreement pursuant to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1.  Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Receivables Purchase Agreement. 

SECTION 2.  Amendments to Receivables Purchase Agreement. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Receivables Purchase Agreement is hereby amended as follows: 

(a)     Exhibit I of the Receivables Purchase Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order: 

“Ratings Event” means, with respect to the Servicer, (a) if the Servicer has an issuer credit rating from Standard & Poor’s or a corporate family rating from Moody’s, either (x) the Standard & Poor’s long-term Issuer Rating for the Servicer is below B or (y) the Moody’s Corp. Family Rating for the Servicer is below B2 or (b) if the Servicer does not have an issuer credit rating from Standard & Poor’s or a corporate family rating from Moody’s, the long-term unsecured credit rating from Standard & Poor’s for the Servicer (if available) is below B, the long-term unsecured credit rating from Moody’s for the Servicer (if available) is below B2 or the rating from such other ratings source approved by the Administrator in writing is below such level agreed to in writing by the Administrator. 

“Weighted Average Credit Terms” means for any month, the weighted average (weighted based on Outstanding Balance) payment terms (computed in days and calculated based on the difference between the original invoice date and the stated due date for payment) of invoices for all Receivables in the Receivables Pool as of the last day of such month. 

(b)     The definition of “Default Ratio” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1.00%) computed as of the last day of each calendar month by dividing: (i) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables during such month (other than Receivables that became Defaulted Receivables as a result of an Event of Bankruptcy with respect to the Obligor thereof during such month) by (ii) the aggregate credit sales made by all the Originators during the calendar month that is eleven (11) months before such month, or such other number of months prior to such month as determined by the Administrator in connection with modifying clause (a) of the definition of Defaulted Receivable upon not less than ninety (90) days’ prior notice to the Seller. 

(c)     Clause (a) of the definition of “Defaulted Receivable” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

(a) as to which any payment, or part thereof, remains unpaid for more than two hundred seventy (270) days from the original due date for such payment or such other number of days from the original due date for such payment as determined by the Administrator upon not less than ninety (90) days’ prior written notice to the Seller; provided that such other number of days shall not be less than one hundred eighty (180) days from the original due date for such payment, or 

(d)     The definition of “Delinquent Receivable” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than 120 days from the original due date for such payment. 

(e)     The definition of “Dilution Reserve Percentage” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Dilution Reserve Percentage” means on any date, the product of (a) the Dilution Horizon multiplied by (b) the sum of (i) 2.50 times the Average Dilution Ratio and (ii) the Dilution Spike Factor. 

(f)     Clause (c) of the definition of “Eligible Receivable” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

(c) that does not have a stated maturity which is more than 180 days after the original invoice date of such Receivable, 

(g)     The definition of “Excess Concentration” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Excess Concentration” means the sum of the amounts without duplication by which the Outstanding Balance of Eligible Receivables of each Obligor then in the Receivables Pool exceeds an amount equal to the sum of: (i) an amount equal to (a) the applicable Concentration Percentage for such Obligor multiplied by (b) the Outstanding Balance of all Eligible Receivables then in the Receivables Pool, plus (ii) the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool the Obligor of which is an Eligible Foreign Obligor exceeds 2.00% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool, plus (iii) the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool that have a stated maturity which is more than 90 days but less than 181 days after the original invoice date of such Receivable exceeds 2.50% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool, plus (iv) the amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool the Obligor of which is a Federal Government Entity exceeds 10.00% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool, plus (v) the amount by which the aggregate Outstanding Balance of all Eligible Unbilled Receivables then in the Receivables Pool exceeds 20.00% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool. 

(h)     Clauses (a) and (d) of the definition of “Facility Termination Date” set forth in Exhibit I of the Receivables Purchase Agreement are hereby amended by deleting the phrase the Amendment and Restatement Closing Date and replacing it with “November 28, 2017”. 

(i)     The definition of “Loss Reserve Percentage” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Loss Reserve Percentage” means, on any date, an amount equal to (a) the product of (i) 2.50 times the highest average of the Default Ratios for any three consecutive calendar months during the twelve most recent calendar months multiplied by (ii) the sum of (A) the aggregate credit sales made by all Originators during the six most recent calendar months, plus (B) if the Weighted Average Credit Terms on such date is (X) less than 30, 0, (Y) equal to or greater than 30 but less than 60, the product of (1) the aggregate credit sales made by all Originators during the seventh most recent calendar month, multiplied by (2) the quotient of (x) the Weighted Average Credit Terms on such date minus 30.0, divided by (y) 30.0, (Z) equal to or greater than 60 but less than 90, the aggregate credit sales made by all Originators during the seventh most recent calendar month, plus the product of (1) the aggregate credit sales made by all Originators during the eighth most recent calendar month, multiplied by (2) the quotient of (x) the Weighted Average Credit Terms on such date minus 60.0, divided by (y) 30.0, divided by (b) the Net Receivables Pool Balance as of such date. 

(j)     The first sentence of the definition of “Weekly Reporting Event” set forth in Exhibit I of the Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Weekly Reporting Event” means (i) (A) the Default Ratio shall exceed 3.50%, or (B) the Delinquency Ratio shall exceed 12.0%, (ii) the average for three consecutive calendar months of (A) the Default Ratio shall exceed 2.75%, (B) the Delinquency Ratio shall exceed 10.0%, or (C) the Dilution Ratio shall exceed 5.00%, (iii) Days’ Sales Outstanding exceeds 60 days (or, for the calendar months of September, October, November and December (and any week therein), 65 days), or (iv) a Ratings Event shall have occurred and is continuing. 

SECTION 3.  Representations, Warranties and Enforceability. Each of the Seller and Servicer hereby represents and warrants to the Administrator, the Purchaser Agents, and the Purchasers, as of the date hereof with respect to itself, as follows: 

(a)     the representations and warranties of it contained in Exhibit III of the Receivables Purchase Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for representations and warranties which apply as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); 

(b)     no event has occurred and is continuing, or would result from this Amendment, that constitutes a Termination Event, Unmatured Termination Event, Servicer Default or Unmatured Servicer Default, as set forth in Exhibit V or Exhibit I, as applicable, of the Receivables Purchase Agreement; and 

(c)     (i) the execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment and the Receivables Purchase Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary action on its part and (ii) this Amendment and the Receivables Purchase Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with their respective terms. 

SECTION 4.  Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 

(a)     The Administrator shall have received a fully executed counterpart of (i) this Amendment, (ii) the Sixth Amended and Restated Fee Letter, dated as of the date hereof, by and among PNC as the 

Administrator and the Related Committed Purchaser, the Seller and the Servicer, and (iii) such other documents as may be required in connection with the foregoing (collectively, the “Amendment Documents”). 

(b)     The Administrator shall have received such documents and certificates as the Administrator shall have reasonably requested on or prior to the date hereof. 

(c)     The Administrator shall have received all fees and other amounts due and payable to it under the Receivables Purchase Agreement and in connection with this Amendment on or prior to the date hereof, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including reasonable and documented out-of-pocket fees, charges and disbursements of counsel) required to be paid or reimbursed on or prior to the date hereof. To the extent such fees and other amounts have not yet been invoiced, the Seller agrees to remit payment to the applicable party promptly upon receipt of such invoice. 

(d)     No Termination Event, Unmatured Termination Event, Servicer Default or Unmatured Servicer Default, as set forth in Exhibit V or Exhibit I, as applicable, of the Receivables Purchase Agreement, shall have occurred and be continuing. 

SECTION 5.  Amendment. The Seller, the Servicer, the Sub-Servicer, the Administrator, the various Purchasers and Purchaser Agents from time to time party thereto, and, with respect to Section 11 hereof, the Performance Guarantor, hereby agree that the provisions and effectiveness of this Amendment shall apply to the Receivables Purchase Agreement as of the date hereof. Except as amended by this Amendment, the Receivables Purchase Agreement remains unchanged and in full force and effect. This Amendment is a Transaction Document. 

SECTION 6.  Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart. 

SECTION 7.  Captions. The headings of the Sections of this Amendment are provided solely for convenience of reference and shall not modify, define, expand or limit any of the terms or provisions of this Amendment. 

SECTION 8.  Successors and permitted assigns. The terms of this Amendment shall be binding upon, and shall inure to the benefit of the Seller, the Servicer, the Administrator, the various Purchasers and Purchaser Agents from time to time party thereto, and, with respect to Section 11 hereof, the Performance Guarantor, and their respective successors and permitted assigns. 

SECTION 9.  Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 10.  Governing Law and Jurisdiction. The provisions of the Receivables Purchase Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein. 

SECTION 11.  Ratification of Performance Guaranty. After giving effect to this Amendment and the remaining Amendment Documents, all of the provisions of that certain Performance Guaranty, dated as of March 31, 2011 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Performance Guaranty”), by the Performance Guarantor in favor of the Administrator, shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. 

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Amendment 2 to 2nd A&R RPA (PNC/Presidio)

Amendment 2 to 2nd A&R RPA (PNC/Presidio)

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Amendment 2 to 2nd A&R RPA (PNC/Presidio)

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