Document:

imci_ex105.htm

  EXHIBIT 10.5
    
 AMENDMENT #1
  
 THIS AMENDMENT #1 to the Transaction Documents (as defined below) (the “Amendment”) is entered into as of 
February 18, 2022 (the “Effective Date”), by and between Infinite Group, Inc., a Delaware corporation (the “Company”), and Mast 
Hill Fund, L.P., a Delaware limited partnership (the “Holder”) (collectively the “Parties”).
  
 BACKGROUND
  
 A. The Company and Holder are the parties to that certain disbursement authorization, officer’s certificate, promissory note, securities purchase agreement, and common stock purchase warrant dated February 11, 2022 (as amended from time to time, the “Transaction Documents”); and
  
 B. The Parties desire to amend the Transaction Documents as set forth expressly below.
  
 NOW THEREFORE, in consideration of the execution and delivery of the Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
  
 1. All references to “February 11, 2022” in the Transaction Documents shall be replaced with “February 15, 2022”.
  
 2. Section 4.17 of the Note shall be replaced in the entirety with the following:
  
 “4.17 Amortization Payments. In addition to all other obligations under this Note, the Borrower shall make the following amortization payments (each an “Amortization Payment”) in cash to the Holder towards the repayment of this Note, as provided in the following table:
  
 	 Payment Date:
	  
	 Payment Amount:
	  

	 6/15/2022
	  
	$	44,400.00	  

	 7/15/2022
	  
	$	44,400.00	  

	 8/15/2022
	  
	$	44,400.00	  

	 9/15/2022
	  
	$	44,400.00	  

	 10/14/2022
	  
	$	44,400.00	  

	 11/15/2022
	  
	$	44,400.00	  

	 12/15/2022
	  
	$	44,400.00	  

	 1/13/2023
	  
	$	44,400.00	  

	 2/15/2023
	  
	$	44,400.00	  

  
 (a) With respect to the first Amortization Payment originally due on June 15, 2022 (the “First Amortization Payment”), the Company may notify the Holder on or before June 15, 2022, that the Company is electing to extend the due date of the First Amortization Payment to July 15, 2022 (the “First Amortization Payment Extension”) as further provided herein. If the Company exercises the First Amortization Payment Extension, then the First Amortization Payment shall be due on July 15, 2022 and the Company shall pay $4,440.00 (the “First Amortization Payment Extension Fee”) to the Holder on or before June 15, 2022. For the avoidance of doubt, the First Amortization Payment Extension shall not affect the due date of any other Amortization Payment and the First Amortization Payment Extension Fee shall not reduce the amounts owed under the Note. The Company shall not be permitted to exercise the First Amortization Payment Extension if an Event of Default occurs under the Note.
  
 (b) With respect to the second Amortization Payment originally due on July 15, 2022 (the “Second Amortization Payment”), the Company may notify the Holder on or before July 15, 2022, that the Company is electing to extend the due date of the Second Amortization Payment to August 15, 2022 (the “Second Amortization Payment Extension”) as further provided herein. If the Company exercises the Second Amortization Payment Extension, then the Second Amortization Payment shall be due on August 15, 2022 and the Company shall pay $4,440.00 (the “Second Amortization Payment Extension Fee”) to the Holder on or before July 15, 2022. For the avoidance of doubt, the Second Amortization Payment Extension shall not affect the due date of any other Amortization Payment and the Second Amortization Payment Extension Fee shall not reduce the amounts owed under the Note. The Company shall not be permitted to exercise the Second Amortization Payment Extension if an Event of Default occurs under the Note.
  
 	 
	
	

	 

    
 (c) With respect to the third Amortization Payment originally due on August 15, 2022 (the “Third Amortization Payment”), the Company may notify the Holder on or before August 15, 2022, that the Company is electing to extend the due date of the Third Amortization Payment to September 15, 2022 (the “Third Amortization Payment Extension”) as further provided herein. If the Company exercises the Third Amortization Payment Extension, then the Third Amortization Payment shall be due on September 15, 2022 and the Company shall pay $4,440.00 (the “Third Amortization Payment Extension Fee”) to the Holder on or before August 15, 2022. For the avoidance of doubt, the Third Amortization Payment Extension shall not affect the due date of any other Amortization Payment and the Third Amortization Payment Extension Fee shall not reduce the amounts owed under the Note. The Company shall not be permitted to exercise the Third Amortization Payment Extension if an Event of Default occurs under the Note.”
  
 3. This Amendment shall be deemed part of, but shall take precedence over and supersede any provisions
 to the contrary contained in the Transaction Documents. Except as specifically modified hereby, all of the provisions of the Transaction Documents, which are not in conflict with the terms of this Amendment, shall remain in full force and effect.
  
 [Signature page to follow]
   
 	 
	
	

	 

    
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
  
 	 Infinite Group, Inc. 
	  
	 Mast hill Fund, L.P.
	  

	  
	  
	  
	  
	  

	 By: 
	 /s/ James Villa
	  
	 By:
	 /s/ Patrick Hassani
	  

	 Name: 
	 James Villa  
	  
	 Name:
	 Patrick Hassani
	  

	 Title: 
	 Chief Executive Officer   
	  
	 Title: 
	 Chief Investment Officerexhibit10a-8

Execution Version  FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT  THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of  March 9, 2021 (this “Amendment”), to the Existing Credit Agreement (as defined below) is  made by PPL CAPITAL FUNDING, INC., a Delaware corporation (the “Borrower”), PPL  CORPORATION, a Pennsylvania corporation (the “Guarantor”), and The Bank of Nova Scotia,  as the Lender (such capitalized term and other capitalized terms used in this preamble and the  recitals below to have the meanings set forth in, or are defined by reference in, Article I below).  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantor, and The Bank of Nova Scotia, as the Lender,  are all parties to the Revolving Credit Agreement, dated as of March 12, 2020 (as amended or  otherwise modified prior to the date hereof, the “Existing Credit Agreement”, and as amended by  this Amendment and as the same may be further amended, supplemented, amended and restated  or otherwise modified from time to time, the “Credit Agreement”); and  WHEREAS, the Borrower has requested that the Lender amend the Existing Credit  Agreement in order to extend the maturity date therein and the Lender is willing to modify the  Existing Credit Agreement on the terms and subject to the conditions hereinafter set forth;  NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:  ARTICLE I  DEFINITIONS  SECTION 1.1.  Certain Definitions.  The following terms when used in this  Amendment shall have the following meanings (such meanings to be equally applicable to the  singular and plural forms thereof):  “Amendment” is defined in the preamble.  “Borrower” is defined in the preamble.  “Credit Agreement” is defined in the first recital.   “Existing Credit Agreement” is defined in the first recital.  “Guarantor” is defined in the preamble.  SECTION 1.2.  Other Definitions.  Terms for which meanings are provided in the  Existing Revolving Credit Agreement are, unless otherwise defined herein or the context  otherwise requires, used in this Amendment with such meanings.  AmericasActive:15440029.5  Exhibit 10(a)-8 

 

2    ARTICLE II  AMENDMENTS TO THE EXISTING CREDIT AGREEMENT    Effective as of the date hereof, but subject to the satisfaction of the conditions in Article  III,   (a) Section 1.01 of the Existing Credit Agreement is hereby amended by  amending and restating the following definition in its entirety as follows:  ““Termination Date” means March 9, 2022.”  (b) Sections 5.04(a), 5.04(c), 5.05 and 5.13 of the Existing Credit Agreement  are hereby amended by replacing references to “December 31, 2019” with “December 31,  2020”.   ARTICLE III  CONDITIONS TO EFFECTIVENESS  This Amendment and the amendments contained herein shall become effective as of the  date hereof when each of the conditions set forth in this Article III shall have been fulfilled to the  satisfaction of the Administrative Agent.  SECTION 3.1.  Counterparts. The Lender shall have executed this Amendment and  shall have received counterparts hereof executed on behalf of the Borrower and the Guarantor.  SECTION 3.2.  Costs and Expenses, etc. The Lender shall have received for its account  all fees, costs and expenses due and payable pursuant to Section 8.03 of the Credit Agreement,  if then invoiced.  SECTION 3.3.  Resolutions, etc. The Lender shall have received from the Borrower and  the Guarantor (i) a copy of a good standing certificate for such Loan Party, dated a date  reasonably close to the date hereof and (ii) a certificate, dated as of the date hereof, of a  Secretary or an Assistant Secretary of each Loan Party certifying (a) that attached thereto is a  true, correct and complete copy of (x) the articles or certificate of incorporation of such Loan  Party certified by the Secretary of State (or equivalent body) of the jurisdiction of incorporation  of such Loan Party and (y) the bylaws of such Loan Party, and (b) that attached thereto is a true,  correct and complete copy of resolutions adopted by the board of directors of such Loan Party  authorizing the execution, delivery and performance of this Amendment and each other  document delivered in connection herewith and that such resolutions have not been amended  and are in full force.  SECTION 3.4.  Opinion of Counsel. The Lender shall have received an opinion, dated  the date hereof and addressed to the Lender, from counsel to the Borrower, in form and  substance satisfactory to the Lender.  SECTION 3.5.  Satisfactory Legal Form.  The Lender and its counsel shall have received  all information, and such counterpart originals or such certified or other copies of such materials,  

 

3    as the Lender or its counsel may reasonably request, and all legal matters incident to the  effectiveness of this Amendment shall be satisfactory to the Lender and its counsel.  All  documents executed or submitted pursuant hereto or in connection herewith shall be reasonably  satisfactory in form and substance to the Lender and its counsel.  ARTICLE IV  MISCELLANEOUS  SECTION 4.1.  Cross-References.  References in this Amendment to any Article or  Section are, unless otherwise specified, to such Article or Section of this Amendment.  SECTION 4.2.  Loan Document Pursuant to Existing Credit Agreement.  This  Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall  (unless otherwise expressly indicated therein) be construed, administered and applied in  accordance with all of the terms and provisions of the Existing Credit Agreement, as amended  hereby, including Article VIII thereof.  SECTION 4.3.  Successors and Assigns.  This Amendment shall be binding upon and  inure to the benefit of the parties hereto and their respective successors and assigns.  SECTION 4.4.  Counterparts.  This Amendment may be executed by the parties hereto  in several counterparts, each of which when executed and delivered shall be an original and all  of which shall constitute together but one and the same agreement.  Delivery of an executed  counterpart of a signature page to this Amendment by facsimile or in electronic (i.e., “pdf” or  “tif”) format shall be effective as delivery of a manually executed counterpart of this   Amendment. The words “execution,” “signed,” “signature,” and words of similar import in this  Amendment or any notice, certificate, document, agreement or instrument in respect thereof  shall be deemed to include electronic or digital signatures or the keeping of records in  electronic form, each of which shall be of the same effect, validity and enforceability as  manually executed signatures or a paper-based recordkeeping system, as the case may be, to the  extent and as provided for under applicable law, including the Electronic Signatures in Global  and National Commerce Act of 2000, the Electronic Signatures and Records Act of 1999, or  any other similar state Laws based on the Uniform Electronic Transactions Act.  SECTION 4.5.  Governing Law.  THIS AMENDMENT WILL BE DEEMED TO BE A  CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE  STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND  5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).  SECTION 4.6.  Full Force and Effect; Limited Amendment.  Except as expressly  amended hereby, all of the representations, warranties, terms, covenants, conditions and other  provisions of the Existing Credit Agreement and the Loan Documents shall remain unchanged  and shall continue to be, and shall remain, in full force and effect in accordance with their  respective terms.  The amendments set forth herein shall be limited precisely as provided for  herein to the provisions expressly amended herein and shall not be deemed to be an amendment  to, waiver of, consent to or modification of any other term or provision of the Existing Credit  Agreement or any other Loan Document or of any transaction or further or future action on the  

 

4    part of any Obligor which would require the consent of the Lender under the Existing Credit  Agreement or any of the Loan Documents.  SECTION 4.7.  Representations and Warranties.  In order to induce the Lender to  execute and deliver this Amendment, the Borrower and Guarantor each hereby represents and  warrants to the Lender, on the date this Amendment becomes effective pursuant to Article III,  that both before and after giving effect to this Amendment, all representations and warranties  set forth in Article V of the Credit Agreement are true and correct as of such date, except to the  extent that any such statement expressly relates to an earlier date (in which case such statement  was true and correct on and as of such earlier date).    [Signature page follows] 

 

First Amendment to Revolving Credit Agreement  

 

First Amendment to Revolving Credit Agreement THE BANK OF NOVA SCOTIA, as the Lender By:__________________________  Name: David Dewar             Title: Director

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