Document:

Exhibit 10.1

 

FIFTH AMENDMENT TO THE AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

THIS FIFTH AMENDMENT to the Amended
and Restated Loan and Security Agreement (this “Amendment”) is made effective as of December 28, 2022 (the “Fifth
Amendment Date”) and made by and among WESTERN ALLIANCE BANK, an Arizona corporation (“Bank”) and
CYTOSORBENTS CORPORATION, a Delaware corporation and CYTOSORBENTS MEDICAL, INC., a Delaware corporation (individually and
collectively, jointly and severally “Borrower”).

 

WHEREAS, Bank and Borrower have entered
into that certain Amended and Restated Loan and Security Agreement, dated as of March 29, 2018 (as amended, supplemented, restated or
otherwise modified from time to time, the “Loan Agreement”) pursuant to which Bank has provided to Borrower certain
loans in accordance with the terms and conditions thereof; and

 

WHEREAS, Bank and Borrower desire to
amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of
the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Bank and Borrower hereby agree as follows:

 

		1.	Capitalized terms used herein but not otherwise defined shall have the respective
meanings given to them in the Loan Agreement.

 

		2.	Section 1.1 of the Loan Agreement is hereby amended by amending and restating the
following definitions therein as follows:

 

“Third Draw Period” means the period commencing
on the Fourth Amendment Date and ending on the earlier of (i) March 1, 2023 and (ii) the occurrence of an Event of Default; provided further
that no Term C Loan as would cause the aggregate principal amount of Term C Loans to exceed Five Million Dollars ($5,000,000.00) shall
be made during the Third Draw Period unless on the Funding Date of such Term C Loan, the Required Reserves Test is met and on or before
the Funding Date of such Term C Loan (but no earlier than ten (10) days prior to the Funding Date), the Seventy Five Percent Test is met.

 

		3.	Limitation of Amendment.

 

		a.	The amendments and the consents set forth above are effective for the purposes set forth herein and shall be limited precisely as
written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan
Document, or (b) otherwise prejudice any right, remedy or obligation which the Bank or Borrower may now have or may have in the future
under or in connection with any Loan Document, as amended hereby.

 

		b.	This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and
confirmed and shall remain in full force and effect.

 

		4.	To induce the Bank to enter into this Amendment, Borrower hereby represents and warrants
to the Bank as follows:

 

		a.	Immediately after giving effect to this Amendment (a) the representations and warranties contained in the
Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations
and warranties relate to an earlier date, in which case they are true and correct in all material respects
as of such date), and (b) no Event of Default has occurred and is continuing;

 

    	 	 	 

     

    

 

		b.	Borrower has the power and due authority to execute and deliver this Amendment and
to perform its obligations under the Loan Agreement, as amended by this Amendment;

 

		c.	The organizational documents of Borrower delivered to the Bank on the Effective Date, and updated pursuant
to subsequent deliveries by the Borrower to the Bank, if any, remain true, accurate and complete and have not been amended, supplemented
or restated and are and continue to be in full force and effect;

 

		d.	The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, will not constitute an event of default under any material
agreement with a Person binding on Borrower, or a breach of any provision contained in the Articles of Incorporation or Bylaws of Borrower;
and

 

		e.	This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and by general equitable principles.

 

		5.	Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without
alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements.

 

		6.	This Amendment shall be deemed effective as of the Amendment Date upon the due execution and delivery
to the Bank of this Amendment by each party hereto.

 

		7.	This Amendment may be executed in any number of counterparts, each of which shall
be deemed an original, and all of which, taken together, shall constitute one and the same instrument.

 

		8.	This Amendment and the rights and obligations of the parties hereto shall be governed
by and construed in accordance with the laws of the State of California.

 

[Balance of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Fifth Amendment to the Amend and Restated Loan and Security Agreement to be executed as of the date first set
forth above.

  

 

	 	CYTOSORBENTS CORPORATION, A
    DELAWARE CORPORATION
		 
	 	By:	/s/ Kathleen P. Bloch
	 	Name:	Kathleen P. Bloch
	 	Title:	Chief Financial Officer
	 	 
	 	 
	 	CYTOSORBENTS MEDICAL, INC., A
    DELAWARE CORPORATION
	 	 
		 
	 	By:	/s/ Kathleen P. Bloch
	 	Name:	Kathleen P. Bloch
	 	Title: 	Chief Financial Officer
		 
	 	 
	 	WESTERN ALLIANCE BANK, AN
    ARIZONA CORPORATION
	 	 
		 
	 	By:	/s/ Bill Wickline
	 	Name:	Bill Wickline
	 	Title:	Managing DirectorExhibit 10.1

 

December
28, 2022

 

Faraday
Future Intelligent Electric Inc.

18455
South Figueroa Street

Gardena,
California 90248

Attention:
Legal Department, Brian Fritz

Phone:
(800) 228 - 7702

Email:
brian.fritz@ff.com

 

Re:
Amendment No. 4 

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Securities Purchase Agreement dated as of August 14, 2022 (as amended by that certain Amendment No. 1 to Securities
Purchase Agreement and Convertible Senior Secured Promissory Notes, dated as of September 23, 2022, that certain Joinder and Amendment
Agreement, dated as of September 25, 2022, that certain Limited Consent and Third Amendment to Securities Purchase Agreement, dated as
of October 24, 2022, that certain Limited Consent dated November 8, 2022, and as the same may be further amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “SPA”) by and among Faraday Future Intelligent
Electric Inc., a Delaware corporation (the “Issuer”), Senyun International Ltd. (“Senyun”) and
the other financial institutions or other entities from time to time parties thereto, and FF Simplicity Ventures LLC, a Delaware limited
liability company (“FF Simplicity”), as administrative agent and collateral agent. Capitalized terms used but not
defined herein shall have the meanings set forth in the SPA. Senyun will pay the first $4 million of its fourth funding tranche in the
SPA promptly after execution of this letter agreement.

 

		1.	Additional
                                            New Notes. In accordance with Section 2.1 of the SPA, the Issuer shall issue and sell
                                            to Senyun, and Senyun hereby commits to acquire from the Issuer, subject to the satisfaction
                                            of all of the conditions set forth in Section 2 of this letter agreement, Incremental Notes
                                            in an aggregate principal amount of up to $30,000,000 (collectively, the “Additional
                                            New Notes”) on the following dates (each, an “Additional Funding Date”):

 

		a.	$10
                                            million in principal amount of Additional New Notes no later than January 31, 2023;

 

		b.	$10
                                            million in principal amount of Additional New Notes no later than February 28, 2023; and

 

		c.	$10
                                            million in principal amount of Additional New Notes no later than March 15, 2023.

 

     

     

    

 

All
Additional New Notes shall be deemed to be “New Notes” for all purposes of the Financing Documents.

 

		2.	Conditions
                                            to Funding the Additional New Notes. Subject to mutual agreement on further terms and
                                            conditions regarding the Additional New Notes, the obligation of Senyun to purchase the Additional
                                            New Notes on each Additional Funding Date shall be subject to the satisfaction or waiver,
                                            in form and substance reasonably satisfactory to Senyun, of each of the following conditions:

 

		a.	the
                                            Issuer has delivered to Senyun a Warrant registered in the name of Senyun to purchase up
                                            to a number of shares of Common Stock equal to 33% of Senyun’s Conversion Shares on
                                            such Additional Funding Date, with an exercise price equal to $5.00, subject to adjustment
                                            therein, in a form attached as Exhibit D to the Securities Purchase Agreement, with
                                            such further adjustments to be agreed to by the parties;

 

		b.	the
                                            Issuer has delivered to Senyun an Additional New Note in the principal amount applicable
                                            to such Additional Funding Date, which Additional New Note shall be on the same terms and
                                            conditions as the New Notes issued to Senyun prior to the date of this letter agreement,
                                            as amended by the terms of this letter agreement;

 

		c.	no
                                            Default or Event of Default shall have occurred and is continuing or would occur as a result
                                            of such purchase;

 

		d.	the
                                            representations and warranties contained in the Financing Documents are true and correct
                                            in all material respects (without duplication of any materiality qualifier) as of such Additional
                                            Funding Date, both before and after giving effect to the Additional New Note being issued
                                            on such Additional Funding Date;

 

		e.	the
                                            Issuer has paid all legal fees and other transaction expenses Senyun incurred through such
                                            Additional Funding Date up to $500,000 in the aggregate, which fees and expenses can be paid
                                            by, at the Issuer’s option, net funding the applicable Additional New Notes;

 

		f.	the
                                            Issuer has (i) either (A) obtained the prior written consent of FF Simplicity for the transactions
                                            contemplated by this Agreement or (B) with the prior written consent of Senyun (such consent
                                            not to be unreasonably withheld, conditioned or delayed), agreed to issue unsecured notes
                                            (“Unsecured Notes”) to Senyun in lieu of Notes on substantially identical
                                            terms as the Notes other than such Unsecured Notes shall not have any security interest (and
                                            such Unsecured Notes shall also have such other adjustments required so that FF Simplicity’s
                                            consent under the SPA shall not be required in connection with the issuance thereof), and
                                            (ii) shall have used commercially reasonable efforts to obtain a waiver from each of FF Simplicity
                                            and RAAJJ Trading LLC of its right to amend its existing Note(s) as permitted under Section
                                            2.5(b) of the SPA and any downward adjustment to the conversion price of the Note(s)
                                            as a result of the amendments contemplated by this letter agreement, provided that obtaining
                                            such waiver shall not be a condition to any Senyun funding;

 

    2

     

    

 

		g.	the
                                            Issuer has obtained stockholder approval for and filed a certificate of amendment to its
                                            second amended and restated certificate of incorporation to increase the number of authorized
                                            shares of Common Stock to have sufficient shares to satisfy the full conversion or exercise,
                                            as the case may be, of all New Notes, Warrants and Tranche B Notes issuable pursuant to the
                                            Financing Documents;

 

		h.	a
                                            registration statement on Form S-1 registering the resale by Senyun of an aggregate of 161,500,000
                                            shares of Common Stock shall have been declared effective by the Commission and the Issuer
                                            has made all filings required to be filed pursuant to the Securities Act or Exchange Act
                                            and the rules promulgated thereunder;

 

		i.	the
                                            Issuer has delivered to Senyun the most recent quarterly and annual financial statements
                                            described in Section 4.1(b) and Section 4.1(c), respectively, of the SPA that either have
                                            been filed with the Commission or that are otherwise required to be filed with the Commission
                                            as of the applicable Additional Funding Date; provided, however, Senyun agrees that any such
                                            document or report that the Issuer files with the Commission via EDGAR or otherwise makes
                                            publicly available on its website shall be deemed to be delivered to Senyun for purposes
                                            of this Section 2.i at the time such documents are filed via EDGAR or posted to such website
                                            as long as the Issuer has notified Senyun that such filing has been made; and

 

		j.	the
                                            Issuer has delivered to Senyun amended and restated New Notes reflecting the terms of Section
                                            4 of this letter agreement.

 

		3.	Conversion
                                            Adjustment. Subject to the waiver described in Section 2.f above, the Issuer shall issue
                                            to Senyun such number of shares of Common Stock as is equal to the difference between (x)
                                            the actual number of Conversion Shares issued to Senyun on $19,000,000 in aggregate principal
                                            amount of New Notes previously converted by Senyun and (y) the number of Conversion Shares
                                            that would have been issued to Senyun as if the Conversion Price applicable to such New Notes
                                            were $0.8925. The shares to be issued to Senyun pursuant to this Section 3 shall take into
                                            account any beneficial ownership limitation applicable to Senyun and may be issued in multiple
                                            tranches to ensure compliance with such beneficial ownership limitation.

 

		4.	Amendments
                                            to New Notes. The Issuer and Senyun hereby agree to the following amendments with respect
                                            to $10,000,000 in aggregate principal amount of New Notes issued prior to the date hereof:

 

		a.	Section
                                            3(f) of each such New Note shall be deleted in its entirety.

 

For
the purposes of Rule 144, the Issuer acknowledges and agrees that the holding period of each New Note, as amended by this letter agreement,
commenced as of the issuance date of such New Note, and the Issuer agrees not to take a position contrary to this paragraph.

 

    3

     

    

 

In
order to induce Senyun to enter into this letter agreement, the Issuer hereby represents and warrants to Senyun that all material non-public
information regarding the Issuer or any other Credit Party that has been disclosed to Senyun on or prior to the date hereof, has been
disclosed in the Issuer’s public filings with the Commission prior to the date hereof or will be disclosed within one Business
Day of such disclosure.

 

Except
as otherwise expressly provided herein, nothing contained herein shall constitute or be deemed to be a waiver or amendment of, or consent
to any departure from any other term or provision in the SPA or any other Financing Document, each of which shall continue unmodified
and in full force and effect, nor shall the foregoing consent and amendment constitute a course of dealing among the parties. Except
as specifically set forth herein, Senyun reserves all of its rights and remedies under the SPA and the Financing Documents.

 

On
or before 9:00 a.m., New York time, on the first (1st) Business Day after the date of this letter agreement, the Issuer shall
file a Current Report on Form 8-K describing all the material terms of the transactions contemplated hereby in the form required by the
Securities Exchange Act of 1934, as amended, and attaching the form of this letter agreement (including all attachments, the “8-K
Filing”). From and after the filing of the 8-K Filing, the Issuer shall have disclosed all material, non-public information
(if any) provided to Senyun by the Issuer or any of its Subsidiaries or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated hereby. In addition, effective upon the filing of the 8-K Filing, the Issuer acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Issuer,
any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and Senyun
or any of its affiliates, on the other hand, relating to the transactions contemplated by this Agreement, shall terminate.

 

This
letter agreement may be executed in any number of counterparts 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. Signature
pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page
of this letter by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart
hereof.

 

THE
INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN ALL MATTERS ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS LETTER AGREEMENT,
INCLUDING, WITHOUT LIMITATION, ITS VALIDITY, INTERPRETATION, CONSTRUCTION, PERFORMANCE AND ENFORCEMENT, WITHOUT REGARD TO CONFLICTS OF
LAWS PROVISIONS OF SUCH STATE.

 

-
Remainder of page intentionally blank; signature pages follow -

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this letter agreement to be duly executed by their respective duly authorized officers
on the date first written above

 

ISSUER:

 

	 	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
	 	 	 
	 	By:	/s/
    Xuefeng Chen
	 	Name:  	Xuefeng
    Chen
	 	Title:	Global
    Chief Executive Officer

 

(Signature
Page to Amendment No. 4)

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this letter agreement to be duly executed by their respective duly authorized officers
on the date first written above

 

PURCHASER:

 

	 	SENYUN INTERNATIONAL LTD.
	 	 	 
	 	By:	/s/
    Zhang Bo
	 	Name:	Zhang
    Bo
	 	Title:	CEO

 

(Signature
Page to Amendment No. 4)

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