Document:

Third Supplemental Indenture

 Exhibit 4.1 
 DISCOVERY COMMUNICATIONS, LLC, 
 Issuer 

DISCOVERY COMMUNICATIONS, INC., 
 Guarantor 
 and 

U.S. BANK NATIONAL ASSOCIATION, 
 Trustee 
 THIRD SUPPLEMENTAL INDENTURE 

DATED AS OF JUNE 20, 2011 
 TO 
 INDENTURE 

DATED AS OF AUGUST 19, 2009 
 Relating To 
 $650,000,000 4.375% Senior Notes due 2021 

 

 THIRD SUPPLEMENTAL INDENTURE 

THIRD SUPPLEMENTAL INDENTURE, dated as of June 20, 2011 (the “Supplemental Indenture”), to the Base
Indenture (defined below) among Discovery Communications, LLC, a Delaware limited liability company (the “Company”), Discovery Communications, Inc., a Delaware corporation (the “Guarantor”), and U.S. Bank National
Association, as Trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of August 19, 2009 (the “Base
Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of its Securities; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its Securities to be known as its 4.375% Senior Notes due 2021 (the
“Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to
make this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations of the Company, and all
acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

WITNESSETH: 
 NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as
follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01 Capitalized terms used but not
defined in this Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture. 
 Section 1.02
References in this Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 

 Section 1.03 For purposes of this Supplemental Indenture, the following terms have the
meanings ascribed to them as follows: 
 “Notes” has the meaning provided in the recitals. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of the
lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually. 
 “Base Indenture” has the meaning provided in
the recitals. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
 “Guarantor” has the meaning provided in the preamble. 

“Indenture” has the meaning provided in the recitals. 

“Interest Payment Date” has the meaning provided in Section 2.04. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on
title to real property, and any financing lease substantially having the same economic effect as any of the foregoing). 

“Notes” has the meaning provided in the recitals. 

“Paying Agent” has the meaning provided in Section 2.03(d). 

“Permitted Sale and Leaseback Transaction” has the meaning provided in Section 3.02(b). 

“Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any Subsidiary
leases any property that 

  
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has been or is to be sold or transferred by the Company or the Subsidiary to such person. 
 “Supplemental Indenture” has the meaning provided in the preamble. 
 “Total Consolidated Assets” means, as of any date, the total consolidated assets of the Guarantor and its Subsidiaries computed in accordance with GAAP as of the last day of the fiscal
quarter most recently ended prior to such date, subject to the second sentence of the definition of “Debt” in the Base Indenture. 
 “Trustee” has the meaning provided in the recitals. 
 ARTICLE 2

 GENERAL TERMS AND CONDITIONS OF
THE NOTES 
 Section 2.01. Designation and Principal Amount. The Notes are hereby
authorized and are designated the “4.375% Notes due 2021,” unlimited in aggregate principal amount. The Notes issued on the date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of $650,000,000, of
which amounts shall be set forth in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 2.05 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the
consent of the Holders of the Notes, create and issue additional Notes ranking equally and ratably with the Notes issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of
such additional Notes or except for the first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with such series of Notes issued on the date hereof
and shall have the same terms as to status, redemption or otherwise as such series of Notes issued on the date hereof. 

Section 2.02. Maturity. The principal amount of the Notes shall be payable on June 15, 2021. 

Section 2.03. Form and Payment. (a) The Notes shall be issued as global notes, only in fully registered book-entry form,
without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b) Principal, premium, if
any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying Agent (defined below) which in turn shall make payment to The Depository Trust Company as the Depositary with respect to the Notes of such series or
its nominee. 
 (c) The global notes representing the Notes shall be deposited with, or on behalf of, the Depositary and shall
be registered, at the request of the Depositary, in the name of Cede & Co. 

  
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 (d) U.S. Bank National Association shall act as paying agent for the Notes (the
“Paying Agent”). The Company may appoint and change the Paying Agent without prior notice to the Holders. 

Section 2.04. Interest. Interest on the Notes shall accrue at the rate of 4.375% per annum. Interest on the Notes shall
be payable semiannually in arrears on June 15 and December 15, commencing on December 15, 2011 (each an “Interest Payment Date”), to the Holders in whose names the Notes are registered at the close of business on the
June 1 and December 1 immediately preceding such Interest Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the
related payment of interest for such Interest Payment Date shall be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay.

 Section 2.05. Other Terms. The Notes shall be unsecured senior indebtedness of the Company and shall rank equally
and ratably in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company, except
that the Notes shall be exchangeable for other Notes to the extent provided for in the Base Indenture. 
 ARTICLE 3

 ADDITIONAL COVENANTS 

Section 3.01. Limitation on Liens. (a) The Company shall not, and shall not permit any of its Subsidiaries to, create,
incur, assume or permit to exist any Lien on any property or asset, to secure any Debt of the Company, any of its Subsidiaries or any other Person, or permit any of its Subsidiaries to do so, without securing the Notes equally and ratably with such
Debt for so long as such Debt will be so secured, subject to the exceptions set forth in Section 3.01(b). 
 (b) The
foregoing restriction does not apply, with respect to any Person, to any of the following: 
 (i) Liens existing
on the date hereof; 
 (ii) Liens on assets or property of a Person at the time it becomes a Subsidiary securing
only indebtedness of such Person or Liens existing on assets or property at the time of the acquisition of such assets, provided such indebtedness was not incurred or such Liens were not created in connection with such Person becoming a Subsidiary
or such assets being acquired; 

  
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 (iii) Liens on assets created at the time of or within 12 months after the
acquisition, purchase, lease, improvement or development of such assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of, such assets; 

(iv) Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or
refundings), in whole or in part, of any indebtedness secured by Liens referred to in the foregoing clauses (i) through (iii) or Liens created in connection with any amendment, consent or waiver relating to such indebtedness, so long as
such Lien does not extend to any other property and the amount of Debt secured is not increased (other than by the amount equal to any costs and expenses incurred in connection with any extension, renewal, refinancing or refunding); 

(v) Liens on property incurred in a Permitted Sale and Leaseback Transaction; 

(vi) Liens in favor of only the Guarantor, the Company or one or more Subsidiaries granted by the Company or a Subsidiary
to secure any obligations owed to the Guarantor, the Company or a Subsidiary of the Guarantor; 
 (vii)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, laborers’, landlords’ and similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more
than 90 days or that are being contested in good faith by appropriate proceedings; 
 (viii) pledges or deposits
in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by the Employee Retirement Income Security Act of 1974, as amended;

 (ix) deposits to secure the performance of bids, trade contracts and leases, statutory obligations, surety
bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(x) Liens arising out of a judgment, decree or order of court being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the Guarantor, the Company or the books of their Subsidiaries, as the case may be, in conformity with GAAP; 

(xi) Liens for taxes not yet due and payable, or being contested in good faith by appropriate proceedings, provided that
adequate reserves 

  
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with respect thereto are maintained on the books of the Guarantor, the Company or the books of their Subsidiaries, as the case may be, in conformity with GAAP; 

(xii) easements, rights of way, restrictions and similar Liens affecting real property incurred in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of business of the Guarantor, the Company or of such Subsidiary;

 (xiii) Liens securing reimbursement obligations with respect to letters of credit related to trade payables
and issued in the ordinary course of business, which Liens encumber documents and other property relating to such letters of credit and the products and proceeds thereof; 

(xiv) Liens encumbering customary initial deposits and margin deposits and other Liens in the ordinary course of business,
in each case securing indebtedness under any interest swap obligations and currency agreements and forward contract, option, futures contracts, futures options or similar agreements or arrangements designed to protect the Guarantor or any of its
Subsidiaries from fluctuations in interest rates or currencies; 
 (xv) Liens in the nature of voting, equity
transfer, redemptive rights or similar terms under any such agreement or other term customarily found in such agreements, in each case, encumbering the Company’s or such Subsidiary’s equity interests or other investments in such Subsidiary
or other Person; 
 (xvi) Liens created in favor of a producer or supplier of television programming or films
over distribution revenues and/or distribution rights which are allocable to such producer or supplier under related distribution arrangements; or 
 (xvii) Liens otherwise prohibited by this Section 3.01, securing indebtedness which, together with the amount of Attributable Debt incurred in Sale and Leaseback Transactions, do not at any time
exceed 10% of Total Consolidated Assets. 
 Section 3.02. Limitation on Sale and Leasebacks. (a) The Company
shall not, and shall not permit any Subsidiary to, enter into any Sale and Leaseback Transaction (other than a Permitted Sale and Leaseback Transaction), unless the Company or such Subsidiary would be entitled to secure the property to be leased
(without equally and ratably securing the outstanding Notes) in a principal amount equal to the amount of Attributable Debt incurred in such Sale and Leaseback Transaction. 

  
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 (b) For purposes of Section 3.01 and this Section 3.02, “Permitted Sale
and Leaseback Transaction” means any of the following: (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only
between Subsidiaries of the Company, (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of
commercial operation of the property and (iv) any Sale and Leaseback Transaction regarding the real property in Silver Spring, Maryland and the Company’s headquarters building located on such property. 

Section 3.03. Consolidation, Sale, Merger or Conveyance. (a) In addition to complying with the provisions of
Section 9.01 of the Base Indenture, the Company agrees that if, as a result of any consolidation, merger, conveyance, transfer or lease to which such Section 9.01 applies, properties or assets of the Company or any Subsidiary would become
subject to any lien that would not be permitted by Section 3.01 hereof without equally and ratably securing the Notes, (i) the Company or the Person formed by such consolidation or into which the Company is merged or the Person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Company substantially as an entirety, as the case may be, shall take the steps as are necessary to effectively secure the Notes equally and ratably with, or prior
to, all indebtedness secured by those liens as provided for in Section 3.01 and (ii) the Officer’s Certificate and an Opinion of Counsel required by Section 9.01(c) of the Base Indenture shall also state that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Section 3.03(a). 

(b) In addition to complying with the provisions of Section 9.03 of the Base Indenture, the Guarantor agrees that if, as a result of
any consolidation, merger, conveyance, transfer or lease to which such Section 9.03 applies, properties or assets of the Company or any Subsidiary would become subject to any lien that would not be permitted by Section 3.01 hereof without
equally and ratably securing the Notes, (i) the Guarantor or the Person formed by such consolidation or into which the Guarantor is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the
Guarantor substantially as an entirety, as the case may be, shall take the steps as are necessary to effectively secure the Notes equally and ratably with, or prior to, all indebtedness secured by those liens as provided for in Section 3.01 and
(ii) the Officer’s Certificate and an Opinion of Counsel required by Section 9.03(c) of the Base Indenture shall also state that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this Section 3.03(b). 
 (c) Nothing contained in
the last paragraph of each of Sections 9.01 and 9.03 of the Base Indenture shall limit the application of Section 3.01 hereof to any consolidation or merger of any Person into the Company or the Guarantor where

  
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the Company or the Guarantor is the survivor of such transaction, or the acquisition by the Company or the Guarantor, by purchase or otherwise, of all or any part of the property of any other
Person (whether or not affiliated with the Company or the Guarantor). 
 ARTICLE 4 

REDEMPTION OF THE NOTES 

Section 4.01. Optional Redemption.  
 (a) The Notes shall be redeemable, in each case, in whole or in part, at the option of the Company at any time and from time to time at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed, and 

(ii) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis points plus accrued interest on the principal amount being redeemed to the date of redemption. 

(b) For purposes of this Section 4.01, the following definitions are applicable: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for
such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means,
with respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such 

  
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Reference Treasury Dealer Quotations, or (ii) if the trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit
Suisse Securities (USA) LLC and their respective successors; provided, however, that if any of foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall
substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day preceding such redemption date. 
 Section 4.02. Purchase of Notes
Upon a Change of Control Triggering Event. (a) If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Notes in full, pursuant to Section 4.01, Holders of Notes shall have the right to
require the Company to repurchase all or a portion of such Holders’ Notes pursuant to the offer described in 4.02(b) below (such offer, the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior
to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to Holders of Notes, with a copy to the Trustee, which notice shall govern the terms of
the Change of Control Offer. Such notice shall state, among other things, the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the
“Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, may state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to
the Change of Control Payment Date. Holders of Notes electing to have Notes repurchased pursuant to a Change of Control Offer shall be required to surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Notes completed, to the Paying Agent at the address specified in the 

  
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notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day
prior to the Change of Control Payment Date. 
 (c) The Company shall not be required to make a Change of Control Offer if a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.

 (d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or
regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the provisions in the Indenture
governing the Change of Control Offer by virtue of any such conflict. 
 (e) For purposes of this Section 4.02, the
following definitions are applicable: 
 “Below Investment Grade Rating Event” with respect to the Notes means
that such Notes become rated below Investment Grade by each Rating Agency on any date from the date of the public notice by the Guarantor or the Company of an arrangement that results in a Change of Control until the end of the 60-day period
following public notice by the Guarantor or the Company of the occurrence of a Change of Control (which period will be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by any of the Rating
Agencies); provided, however, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed
a Below Investment Grade Rating Event for purposes of the definition of “Change of Control Triggering Event”), if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event). 
 “Change of
Control” means the occurrence of any one of the following: 
 (i) the direct or indirect sale, lease,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or 

  
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a series of related transactions, of all or substantially all of the assets of the Guarantor and its Subsidiaries, or the Company and its Subsidiaries, taken as a whole, to any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Guarantor or one of its Subsidiaries; 
 (ii) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act) other than any Significant Shareholder (as defined below) or any combination of Significant Shareholders becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the outstanding Voting Stock of the Guarantor or the Company, measured by voting power rather than number of shares; 
 (iii) the consummation of a so-called “going private/Rule 13e-3 Transaction” that results in any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange Act (or any
successor provision) with respect to each class of the Guarantor’s common stock, following which any Significant Shareholder or any combination of Significant Shareholders “beneficially own” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act), directly or indirectly, more than 50% of the outstanding Voting Stock of the Guarantor or the Company, measured by voting power rather than number of shares; 

(iv) the first day on which the majority of the members of the Board of Directors of the Guarantor cease to be Continuing
Directors; or 
 (v) the adoption of a plan relating to the liquidation, dissolution or winding up of the
Guarantor. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have, occurred in connection with any particular Change of Control unless and until such Change of Control has actually been
consummated. 
 “Continuing Director” means, as of any date of determination, any member of the Board of
Directors (or equivalent body) of the Guarantor who: 
 (i) was a member of such board of directors on the date
of the issuance of the Notes; or 
 (ii) was nominated for election, elected or appointed to such board of
directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by

  
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approval of the Guarantor’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Fitch” means Fitch Ratings Ltd., and its successors. 

“Investment Grade” means a rating of “BBB–” or better by S&P (or its equivalent under any successor
rating category of S&P), a rating of “Baa3” or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of “BBB–” or better by Fitch (or its equivalent under any
successor rating category of Fitch). 
 “Moody’s” means Moody’s Investors Service, Inc., and its
successors. 
 “Rating Agency” means (i) each of S&P, Moody’s and Fitch; and (ii) if any of
S&P, Moody’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors of the Guarantor and reasonably acceptable to the Trustee) as a replacement agency for S&P, Moody’s
or Fitch, or all of them, as the case may be. 
 “S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Significant Shareholder” means
each of (i) Advance/Newhouse Programming Partnership, (ii) the Guarantor or any of its Subsidiaries and (iii) any other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) if 50% or more of the
Voting Stock of such person is “beneficially owned” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, by Advance/Newhouse Programming Partnership or the Guarantor or one of its Subsidiaries or any
combination thereof. 
 “Voting Stock” of any specified Person as of any date means any and all shares or
equity interests (however designated) of such Person that are at the time entitled to vote generally in the election of the board of directors, managers or trustees of such Person, as applicable. 

ARTICLE 5 

EVENTS OF DEFAULT 

Section 5.01. Events of Default. (a) Solely with respect to the Notes, the first paragraph of Section 5.01 of the
Base Indenture shall be amended as follows: 

  
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 (i) Clause (a) shall be amended by replacing the phrase “60 days
(or such other period as may be established for the Securities of such series as contemplated by Section 2.04)” with “30 days” therein; 
 (ii) Clause (b) shall be amended by deleting the phrase “, and the continuance of such default for five days (or such other period as may be established for the Securities of such series as
contemplated by Section 2.04)” therein; 
 (iii) The following clause shall be added immediately
following clause (e): “(f) the Guarantee ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or the Guarantor denies or disaffirms its obligations
under the Indenture or the Guarantee; or”; and 
 (iv) Clause (f) shall be amended and restated in its
entirety to read as follows: 
 “(g) default under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any indebtedness for money borrowed by the Guarantor, the Company or any of their Subsidiaries (or the payment of which is guaranteed by the Guarantor, the Company or any of their Subsidiaries), whether
such indebtedness or guarantee now exists, or is created after the date hereof, if that default (i) is caused by a failure to pay principal on such indebtedness at its stated final maturity (after giving effect to any applicable grace periods
provided in such indebtedness) (a “Payment Default”) or (ii) results in the acceleration of such indebtedness prior to its express maturity (an “Acceleration Event”) and (A) in each case, the principal
amount of any such indebtedness, together with the principal amount of any other such indebtedness under which there has been a Payment Default or an Acceleration Event, aggregates $100 million or more and (B) in the case of a Payment Default,
such indebtedness is not discharged and, in the case of an Acceleration Event, such acceleration is not rescinded or annulled, within ten days after there has been given, by registered or certified mail, to the Company and the Guarantor by the
Trustee or to the Company, the Guarantor and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is
a “Notice of Default” hereunder.” 

  
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 (b) Solely with respect to the Notes, the first sentence of the second paragraph of
Section 5.01 of the Base Indenture shall be amended by replacing the phrase “in clauses (a), (b), (c) or (f)” with “in clauses (a), (b), (c), (f) or (g)” therein. 

Section 5.02. Collection of Debt by Trustee; Trustee May Prove Debt. Solely with respect to the Notes, the first sentence of
the first paragraph of Section 5.02 of the Base Indenture shall be amended as follows: 
 (a) Clause (a) shall be
amended by replacing the phrase “60 days” with “30 days” therein; and 
 (b) Clause (b) shall be
amended by deleting the phrase “, and such default shall have continued for a period of five days” therein. 

ARTICLE 6 

SUPPLEMENTAL INDENTURES 
 Section 6.01. Supplemental Indentures with Consent of Securityholders. Solely with respect to the Notes, the first paragraph of Section 8.02 of the Base Indenture shall be amended as
follows: 
 (a) the following clauses shall be added immediately following clause (a) in the proviso of that paragraph (but
before the word “or” immediately preceding clause (b)): “(b) reduce the amount payable upon repurchase of any Note, or change the time at which any Note may be so repurchased; (c) make any change to the Guarantee in any manner
adverse to the Holders of the Notes;” and 
 (b) clause (b) in the proviso of that paragraph shall become clause (d).

 ARTICLE 7 
 MISCELLANEOUS 
 Section 7.01. Covenant Defeasance.
Article 10 of the Base Indenture shall be applicable to the Notes. If the Company effects “covenant defeasance” (as defined in Section 10.05 of the Base Indenture) pursuant to Article 10 of the Base Indenture, then the
Company shall be released from its obligations under Article Three and Section 4.02 of this Supplemental Indenture with respect to the Notes as provided for in Article 10 of the Base Indenture. 

Section 7.02. Form of Notes. (a) The Notes and the Trustee’s certificates of authentication to be endorsed thereon
are to be substantially in the form of Exhibit A attached hereto, which form is hereby incorporated in and made a part of this Supplemental Indenture. 

  
 14 

 (b) The terms and provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 7.03. Ratification of Base Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 
 Section 7.04. Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with the duties imposed by Section 310 through 317 of the Trust Indenture Act of 1939,
the imposed duties shall control. 
 Section 7.05. Conflict with Indenture. To the extent not expressly amended or
modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this
Supplemental Indenture shall control. 
 Section 7.06. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES
SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. 

Section 7.07. Successors. All agreements of the Company and the Guarantor in the Base Indenture, this Supplemental Indenture
and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 
 Section 7.08. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. 
 Section 7.09. Trustee Disclaimer. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and the Guarantor and not the
Trustee. 

  
 15 

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

					
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	 /s/ Bradley E. Singer

		 	Name:	 	Bradley E. Singer
		 	Title:	 	Chief Financial Officer and Treasurer
	
	DISCOVERY COMMUNICATIONS, INC.
		
	By:	 	 /s/ Bradley E. Singer

		 	Name:	 	Bradley E. Singer
		 	Title:	 	Senior Executive Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	 /s/ Earl W. Dennison

		 	Name:	 	Earl W. Dennison Jr.
		 	Title:	 	Vice President

 [Third
Supplemental Indenture] 

  
 16 

 EXHIBIT A 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1

 DISCOVERY COMMUNICATIONS, LLC 

4.375% Senior Note Due 2021 
  

			
	 	  	CUSIP No.: 25470DAE9
	 No. [    ]
	  	ISIN No.: US25470DAE94
		  	$

 DISCOVERY COMMUNICATIONS,
LLC, a Delaware limited liability company (the “Company”, which term includes any successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $
             (the “Principal”) on June 15, 2021. 
 Interest Payment Dates: June 15 and December 15 (each, an “Interest Payment Date”), commencing on December 15, 2011. 

Interest Record Dates: June 1 and December 1 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same effect as if set
forth at this place. 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by
facsimile by its duly authorized officer under its seal. 
  

			
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 A-3

 NOTATION OF GUARANTEE 

Discovery Communications, Inc., a Delaware corporation (the “Guarantor”, which term includes any successor thereto under
the Indenture (the “Indenture”) referred to in the Security on which this notation is endorsed) has unconditionally guaranteed, pursuant to the terms of the Guarantee contained in Article 13 of the Indenture, the due and punctual
payment of the principal of and any premium and interest on this Security, when and as the same shall become due and payable in accordance with the terms of this Security and the Indenture. 

The obligations of the Guarantor to the Holders of the Securities and to the Trustee pursuant to the Guarantee and the Indenture are
expressly set forth in Article 13 of the Indenture, and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee. 
 The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this notation of the Guarantee is endorsed shall have been executed by the
Trustee under the Indenture by the manual signature of one of its authorized signatories. 

  
 A-4

 
			
	DISCOVERY COMMUNICATIONS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 A-5

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: June 20, 2011 

 

					
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer

  
 A-6

 (REVERSE OF SECURITY) 

DISCOVERY COMMUNICATIONS, LLC 
 4.375% Senior Note Due 2021 
 1. Interest. 

DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from June 20, 2011. The Company will
pay interest semi-annually in arrears on each Interest Payment Date, commencing December 15, 2011. Interest will be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the
related payment of interest for such Interest Payment Date shall be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay.

 The Company shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities and on
overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 
 2. Method of Payment.

 The Company shall pay interest on the Securities (except defaulted interest) to the persons who are the registered Holders at
the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and prior to such Interest Payment Date. Holders must
surrender Securities to the Trustee to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal
Tender”). Payment of principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in Boston, Massachusetts or at any other office or agency designated by the Company for
such purpose; provided that at the option of the Company payment of interest may be made by check mailed to the address of the Holder entitled thereto as such address appears in the Security register. However, the payments of interest, and any
portion of the principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by 12:30
p.m., New York City time (or such other time as may be agreed to between the Company and the Paying Agent or the Company), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which 

  
 A-7

 
such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the
unredeemed principal amount of the Securities surrendered. 
 3. Paying Agent. 

Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent. The Company may change any Paying
Agent without notice to the Holders. 
 4. Indenture. 
 The Company issued the Securities under an Indenture, dated as of August 19, 2009 (the “Indenture”), among the Company, the Guarantor and the Trustee. Capitalized terms herein are
used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections
77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and holders of Securities are referred to the Indenture and the TIA
for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern. 
 The Company, the Guarantor and the Trustee entered into a Third Supplemental Indenture, dated as of June 20, 2011 setting forth certain terms of the Securities pursuant to Section 2.04 of the
Indenture (the “Supplemental Indenture”). The Supplemental Indenture imposes certain limitations on the incurrence of liens and certain sale and leaseback transactions and limits the Company’s ability to consolidate, merge,
convey, transfer or lease its properties and assets substantially as an entirety. To the extent the terms of the Supplemental Indenture are inconsistent with the Indenture or this Security, the terms of the Supplemental Indenture shall govern.

 5. Guarantee. 
 The payment by the Company of the principal of, and premium and interest on, the Securities is irrevocably and unconditionally guaranteed on a senior basis by the Guarantor. 

6. Optional Redemption 
 The Securities are redeemable, in whole or in part, at the option of the Company, at any time and from time to time at the redemption price described in the Supplemental Indenture. 

  
 A-8

 7. Change of Control Offer to Repurchase 

If a Change of Control Triggering Event (as defined in the Supplemental Indenture) occurs, unless the Company has exercised its right to
redeem the Securities, Holders of the Securities will have the right to require the Company to repurchase all or a portion of their Securities pursuant to the offer described in the Supplemental Indenture at a purchase price equal to 101% of the
principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the rights of Holders of Securities on the relevant Interest Record Date to receive interest due on the relevant Interest Payment Date.

 8. Denominations; Transfer; Exchange. 
 The Securities are in registered form, without coupons, in denominations of $2,000 and multiples of $1,000. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture.
The Company may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The
Company need not issue, authenticate, register the transfer of or exchange any Securities or portions thereof for a period of 15 days before such series is selected for redemption, nor need the Company register the transfer or exchange of any
Security selected for redemption in whole or in part. 
 9. Persons Deemed Owners. 

The registered Holder of a Security shall be treated as the owner of it for all purposes. 

10. Unclaimed Funds. 
 If funds for the payment of principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Company or the Guarantor at its written request. After that,
all liability of the Trustee and such Paying Agent with respect to such funds shall cease. 
 11. Legal Defeasance and Covenant
Defeasance. 
 The Company may be discharged from its obligations under the Securities and under the Indenture with respect to
the Securities except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and in the Indenture with respect to the Securities, in each case upon satisfaction of certain
conditions specified in the Indenture. 
 12. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Securities and the provisions of the Indenture relating to the Securities may be amended or
supplemented with the 

  
 A-9

 
written consent of the Holders of at least a majority in aggregate principal amount of the Securities of all series then outstanding affected by such amendment or supplement (voting as one
class), and any existing Default or Event of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Securities of such series, each series voting as a
separate class, (or of all the Securities, as the case may be, voting as a single class) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Securities to, among other
things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely affect the rights of any Holder of a Security.

 13. Defaults and Remedies. 
 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Company or the Guarantor) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of Securities of this series then outstanding (voting as a separate class) may declare all of the Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of
Default with respect to the Company or the Guarantor occurs and is continuing, the entire principal amount of the Securities then outstanding and interest accrued thereon, if any, shall immediately become due and payable. Holders of Securities may
not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain
limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain
continuing Defaults or Events of Default if it determines that withholding notice is in their interest. 
 14. Trustee Dealings
with Company. 
 The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of
Securities and may otherwise deal with the Company as if it were not the Trustee. 
 15. No Recourse Against Others. 

No stockholder, director, officer, employee, member or incorporator, as such, of the Company, of the Guarantor or any successor Person
thereof shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Security by accepting a Security waives and
releases 

  
 A-10

 
all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 
 16. Authentication. 
 This Security shall not be valid until the Trustee manually
signs the certificate of authentication on this Security. 
 17. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

18. CUSIP Numbers. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the
Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 

19. Governing Law. 
 The laws of the State of New York shall govern the Indenture and this Security thereof. 

  
 A-11

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
 (Print or type name, address and zip code of assignee or transferee) 
 (Insert Social Security or
other identifying number of assignee or transferee) 
 and irrevocably appoint
                         agent to transfer this Security on the books of the Company. The agent may substitute another to act for
him. 
 Dated: 
  

			
	 Signed:

		
		 	  

		 	(Signed exactly as name appears on the other side of this Security)

  

							
	 Signature

Guarantee:
	 	 	 	
		 		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 A-12

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.02 of the Supplemental Indenture, check
the box  ̈. 
 If you want to elect to have only part of this Security purchased
by the Company pursuant to Section 4.02 of the Supplemental Indenture, state the amount you elect to have purchased (must be integral multiples of $1,000): 
 $             
 Dated: 

 

			
	 Signed:

		
		 	  

		 	(Signed exactly as name appears on the other side of this Security)

  

							
	 Signature

Guarantee:
	 	 	 	
		 		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 A-13Exhibit 10.8.3

 Exhibit 10.8.3 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 NEWTEK SMALL BUSINESS
FINANCE, INC. 
 (as Borrower) 
 and 
 CAPITAL ONE, N.A. 

(as Lender) 
 Dated as of June 16, 2011 

 List of Schedules 

 

			
	Schedule A	  	Ineligible Financed SBA Loans
		
	Schedule 1.1(a)	  	Indebtedness
		
	Schedule 1.1(b)	  	Liens
		
	Schedule 3.1(a)(xiv)	  	Commercial Tort Claims
		
	Schedule 5.1	  	Qualification Jurisdictions
		
	Schedule 5.2	  	Places of Business
		
	Schedule 5.3	  	Litigation
		
	Schedule 5.7	  	Tax ID Numbers/Organizational Numbers
		
	Schedule 5.9	  	Subsidiaries
		
	Schedule 5.10(b)	  	Leases
		
	Schedule 5.11(c)	  	ERISA Plans
		
	Schedule 5.13(a)	  	Names
		
	Schedule 5.13(b)	  	Certain Intellectual Property Matters
		
	Schedule 5.13(c)	  	Additional Intellectual Property Matters
		
	Schedule 5.14	  	Other Associations
		
	Schedule 5.15	  	Environmental Matters
		
	Schedule 5.17	  	Capital Stock
		
	Schedule 5.19	  	UCC Offices
		
	Schedule 5.21	  	Letter of Credit Rights
		
	Schedule 5.22	  	Deposit Accounts

  
 ii 

 This Amended and Restated Loan and Security Agreement (as the same may be amended, modified,
or restated from time to time, this “Agreement”) is dated this 16th day of June 2011 by and between NEWTEK SMALL BUSINESS FINANCE, INC., a New York corporation (“Borrower”), and CAPITAL ONE, N.A.
(“Lender”). 
 BACKGROUND 

On December 15, 2010, Lender established in favor of Borrower a revolving credit facility for the purpose of financing a stated
percentage of SBA 7(a) Guaranteed Note Receivables (as defined below). 
 Borrower has requested that Lender establish in favor
of Borrower an additional line of credit for the purpose of financing a stated percentage of SBA 7(a) Non-Guaranteed Note Receivables (as defined below), and Lender has agreed to do so under the terms and subject to the conditions hereinafter set
forth. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION I. DEFINITIONS AND INTERPRETATION 
 1.1 Terms Defined. As used in this Agreement, the following terms have the following respective meanings: 
 “Account” means all of the “accounts” (as that term is defined in the UCC) of Borrower, whether now existing or hereafter arising. 

“ACH Transactions” means any cash management or related services including the automatic clearing house transfer of
funds by Lender for the account of Borrower pursuant to agreement or overdrafts. 
 “Administrative Fee” has
the meaning set forth in Section 2.7(b). 
 “Advance” means any extension of credit pursuant to this
Agreement; collectively, the “Advances”. 
 “Advances-Guaranteed Loans” means extensions of
credit pursuant to Section 2.1(a). 
 “Advances—Guaranteed Loans Maturity Date” means
December 15, 2012. 
 “Advances-Non-Guaranteed Loans” means extensions of credit pursuant to
Section 2.1(b). 
 “Advances—Non-Guaranteed Loans Maturity Date” means December 16, 2012.

 “Affiliate” means, with respect to any Person, (a) any Person which, directly or indirectly through one
or more intermediaries controls, or is controlled by, or is under common 

 
control with, such Person, or (b) any Person who is a director or officer (i) of such Person, (ii) of any Subsidiary of such Person, or (iii) any person described in clause
(a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote 5% or more of the Capital Stock having ordinary voting power for the election of directors (or comparable equivalent) of
such Person, or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Control may be by ownership, contract, or otherwise. 

“Approved Forms” means the forms of SBA 7(a) Note Receivable Documents, approved and used by Borrower in the conduct of
its business, together with such changes and modifications or additions thereto from time to time as allowed by this Agreement or as required by the SBA. 
 “Asset Sale” means the sale, transfer, lease, license or other disposition by Borrower, or by any Subsidiary of Borrower, to any Person other than Borrower, of any Property now owned, or
hereafter acquired, of any nature whatsoever in any transaction or series of related transactions. An Asset Sale includes, but is not limited to, a merger, consolidation, division, conversion, dissolution or liquidation. 

“Authorized Officer” means any officer (or comparable equivalent) of Borrower authorized by specific resolution of
Borrower to request Advances or execute Compliance Certificates as set forth in the incumbency certificate referred to in Section 4.1(d) of this Agreement. 
 “Availability” means as of any date of determination, (a) with respect to Advances-Guaranteed Loans, the lesser of: (i) the Maximum Guaranteed Loan Commitment, or (ii) the
Borrowing Base—Guaranteed, and (b) with respect to Advances-Non-Guaranteed Loans, the lesser of (i) the Maximum Non-Guaranteed Loan Commitment, or (ii) the Borrowing Base-Non-Guaranteed. 

“Availability-Guaranteed” means with respect to Advances-Guaranteed Loans, the lesser of: (a) the Maximum
Guaranteed Loan Commitment, or (b) the Borrowing Base—Guaranteed. 

“Availability—Non-Guaranteed” means with respect to Advances-Non-Guaranteed Loans, the lesser of (a) the
Maximum Non-Guaranteed Loan Commitment, or (b) the Borrowing Base-Non-Guaranteed. 
 “Base Rate” means a
variable per annum rate, as of any date of determination, equal to the rate of interest publicly announced from time to time by Lender as its prime rate, which is a rate set by Lender based upon various factors including Lender’s costs and
desired return, general economic conditions, and other factors, and is used as a reference point for pricing some loans. However, Lender may price loans at, above, or below such announced rate and, accordingly, Borrower acknowledges that the Prime
Rate may not necessarily be the lowest rate of interest charged by Lender to its customers. Any changes in the Base Rate shall take effect on the day specified in the public announcement of such change. 

“Base Rate Margin” means (a) with respect to Advances-Guaranteed Loans and the other Obligations relating thereto,
one percent (1.0%) per annum and (b) with respect to Advances-

  
 2 

 
Non-Guaranteed Loans and the other Obligations relating thereto, one and seven-eighths percent (1.875%). 
 “Blocked Account” has the meaning set forth in Section 6.11. 

“Blocked Account Agreement” means a blocked account agreement between Borrower and Lender as required herein, as the
same may be amended, modified, or restated from time to time. 
 “Borrowing
Base—Guaranteed” means, with regard to Advances—Guaranteed Loans, as of any date of determination by Lender from time to time, an amount equal to the lesser of: (a) the Maximum Guaranteed Loan Commitment, less
any applicable Reserves, or (b) (i) (A) 85%, with respect to SBA 7(a) Guaranteed Note Receivables related to Eligible SBA 7(a) Loans made during the period prior to June 16, 2011, or (B) 90%, with respect to
SBA 7(a) Guaranteed Note Receivables related to Eligible SBA 7(a) Loans made during the period commencing on June 16, 2011 and at all times thereafter (in each case subject to adjustment by Lender in the exercise of its reasonable credit
discretion), of the aggregate outstanding principal amount of the SBA 7(a) Guaranteed Note Receivables related to Eligible SBA 7(a) Loans, less (ii) any applicable Reserves. 

“Borrowing Base—Non-Guaranteed” means, with respect to Advances—Non-Guaranteed Loans, as of
any date of determination by Lender from time to time, an amount equal to the lesser of: (a) the Maximum Non-Guaranteed Loan Commitment, less (i) the Non-Guaranteed Term Loan Reserve, if applicable, and (ii) any other
applicable Reserves, or (b) (i) 50% (subject to adjustment by Lender in the exercise of its reasonable credit discretion) of the aggregate outstanding principal amount of the SBA 7(a) Non-Guaranteed Note Receivables
related to Eligible SBA 7(a) Loans, less (ii) the sum of (A) the Non-Guaranteed Term Loan Reserve, if applicable, plus (B) any other applicable Reserves. 

“Borrowing Base Certificate” means a certificate, duly executed by an Authorized Officer, appropriately completed and
substantially in the form of Exhibit A hereto. 
 “Borrowing Notice” means a written notice to Lender
requesting disbursement of an Advance hereunder. 
 “Business Day” means a day other than Saturday or Sunday or
a national banking holiday when Lender is open for business in New York, New York. 
 “Capitalized Lease
Obligations” means any Indebtedness represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP, consistently applied. 

“Capital Expenditures” means, for any period, the aggregate of all expenditures (including that portion of Capitalized
Lease Obligations attributable to that period, which have not been financed) made in respect of the purchase, construction or other acquisition of fixed or capital assets, determined in accordance with GAAP. 

  
 3 

 “Capital Stock” means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of a corporation, any and all other ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing. 

“Cash Management System” has the meaning set forth in Section 2.4(b). 

“Casualty Proceeds” means (a) the aggregate insurance proceeds received in connection with one or more related
events under any insurance policy maintained by any Credit Party covering losses with respect to tangible real or personal property or improvements or losses from business interruption, or (b) any award or other compensation with respect to any
eminent domain, condemnation of property or similar proceedings (or any transfer or disposition of property in lieu of condemnation). 
 “CCCRE” means CCC Real Estate Holding Co. LLC, a Delaware limited liability company. 
 “Crystaltech” means Crystaltech Web Hosting, Inc., a New York corporation. 
 “Closing” has the meaning set forth in Section 4.2. 

“Closing Date” has the meaning set forth in Section 4.2. 

“Collateral” means all of the Property and interests in Property described in Section 3.1 of this Agreement and all
other Property and interests in Property that now or hereafter secure payment of the Obligations and satisfaction by Borrower of all covenants and undertakings contained in this Agreement and the other Loan Documents. 

“Compliance Certificate” has the meaning set forth in Section 6.9. 

“Credit Parties” means Parent, Borrower (and any subsidiaries of Borrower), and each Guarantor. 

“Default” means any event, act, condition or occurrence which with notice, or lapse of time or both, would constitute an
Event of Default hereunder. 
 “Default Rate” has the meaning set forth in Section 2.6(b). 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock
into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of
the holder thereof, in whole or in part, (c) provides for the scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would constitute Disqualified
Capital Stock, in each case, prior to the date that is 91 days after the Non-Guaranteed Term Loan Maturity Date. 

  
 4 

 “Environmental Laws” means any and all Federal, foreign, state, local or
municipal Laws, rules, orders, regulations, statutes, ordinances, codes, decrees and any and all common Law requirements, rules and bases of liability regulating, relating to or imposing liability or standards of conduct concerning pollution,
protection of the environment, or the impact of pollutants, contaminants or toxic or hazardous substances on human health or the environment, as now or may at any time hereafter be in effect. 

“EBITDA” means net income (loss) plus goodwill impairment (incurred prior to the date hereof), interest, taxes (or less
tax benefit), depreciation and amortization determined in accordance with GAAP. For purposes of determining the EBITDA for Parent together with its consolidated Subsidiaries, net income shall be reduced by the amount of income from tax credits,
increased by the other than temporary decline in investments, and reduced (if a gain) or increased (if a loss) by the net change in the fair market value of credits in lieu of cash and notes payable in credits in lieu of cash, shall exclude the
effect of any minority interests, and shall exclude the amount of any non-cash compensation expense in respect of stock-based compensation actually included in the determination of net income (loss) in accordance with GAAP. 

“Eligible SBA 7(a) Loan” means an SBA 7(a) Loan that is not an Ineligible SBA 7(a) Loan and does not violate any SBA
Rules and Regulations. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be
amended, from time to time. 
 “Event of Default” has the meaning set forth in Section 8.1. 

“Expenses” has the meaning set forth in Section 9.6. 

“FAS 166” means Statement of Financial Accounting Standards No. 166 Accounting for Transfers of Financial Assets an
amendment of FASB Statement No. 140 dated, June 2009. 
 “Financed Guaranteed Loans” means those Eligible
SBA 7(a) Loans extended by Borrower to SBA 7(a) Loan Obligors using the proceeds of Advances-Guaranteed Loans, which SBA 7(a) Loans constitute Collateral for the Loan, as specifically set forth in each Request for Advance delivered by Borrower to
Lender in accordance herewith. 
 “Financed Non-Guaranteed Loans” means those Eligible SBA 7(a) Loans extended
by Borrower to SBA 7(a) Loan Obligors using the proceeds of Advances—Non-Guaranteed Loans, which SBA 7(a) Loans constitute Collateral for the Loan, as specifically set forth in each Request for Advance delivered by Borrower to Lender in
accordance herewith. 
 “Fiscal Month” means a calendar month ending on the last day of such month. 

“Fiscal Quarter” means a calendar quarter ended March 31, June 30, September 30 and
December 31. 
 “Fiscal Year” means a calendar year ended December 31. 

  
 5 

 “Fixed Charge Coverage Ratio” means, calculated for Parent together with
its consolidated Subsidiaries, as of the end of any calendar quarter, EBITDA for the previous four (4) Fiscal Quarters, less capital expenditures during the previous four (4) Fiscal Quarters, divided by the sum of the amounts
paid during the previous four (4) Fiscal Quarters for (a) scheduled payments of principal of long term debt, (b) interest (excluding interest to the extent recognized as interest expense on Parent’s financial statements in
accordance with GAAP for the applicable four (4) Fiscal Quarter period for which the Fixed Charge Coverage Ratio is being calculated solely in respect of the 2010 Newtek Securitization Notes), (c) dividends, and (d) treasury stock
redemptions. For purposes of the foregoing, during the twelve calendar month period commencing with the first full calendar month following the Non-Guaranteed Term Loan Conversion Date, item (a) in the denominator above will be increased by an
amount equal to the first twelve monthly installments of principal required to be paid by Borrower in respect of the Non-Guaranteed Term Loan (but without duplication of amounts during such period that shall actually be paid, and that are reflected
in the calculation under such item (a) as paid, by Borrower in respect of such installments). 
 “FIRREA”
means the Federal Financial Institution Reform, Recovery and Enforcement Act of 1989, as amended. 
 “FTA”
means Colson Services Corp., as fiscal and transfer agent for the SBA and as the SBA’s agent to hold the original SBA 7(a) Loan Notes pursuant to the Multi-Party Agreement, and as bailee for Lender for purposes of perfecting Lender’s
security interest in the original SBA 7(a) Loan Notes pursuant to the Multi-Party Agreement, or any other Person designated by the SBA or Lender, subject to the consent of the SBA in accordance with the terms of the Multi-Party Agreement to perform
the same or similar function. 
 “GAAP” means generally accepted accounting principles as in effect on the
Closing Date applied in a manner consistent with the most recent audited financial statements of Borrower furnished to Lender and described in Section 5.7 herein. 
 “Governmental Authority” means any federal, state or local government or political subdivision, or any agency, authority, bureau, central bank, commission, department or instrumentality
of either, or any court, tribunal, grand jury, or arbitration. 
 “Guarantor” means each of: (a) Parent;
(b) Small Business Lending, Inc., a Delaware corporation; (c) Crystaltech; (d) Universal Processing Services of Wisconsin LLC (d/b/a Newtek Merchant Solutions), a New York limited liability company; (e) CCCRE; (f) Newtek
Insurance Agency, LLC, (g) PMTWorks Payroll LLC; and (h) any other Person that is or becomes a wholly-owned Subsidiary of Borrower. 
 “Guarantor Security Agreement” means each amended and restated guarantor security agreement to be executed by each Guarantor in favor of Lender on or prior to the Closing Date, as the
same may be amended, modified, or restated from time to time, each to be in form and substance satisfactory to Lender. 

  
 6 

 “Guaranty Agreement” means each guaranty agreement to be executed by each
Guarantor in favor of Lender on or prior to the Closing Date, as the same may be amended, modified, or restated from time to time, in form and substance satisfactory to Lender. 

“Hazardous Substances” means any substances defined or designated as hazardous or toxic waste, hazardous or toxic
material, hazardous or toxic substance or similar term, under any Environmental Law. 
 “Hedging Agreements”
means any Interest Hedging Instrument or any other interest rate protection agreement, foreign currency exchange agreement, commodity purchase or option agreement, or any other interest rate hedging device or swap agreement (as defined in 11 U.S.C.
§ 101 et seq.). 
 “Indebtedness” means, with respect to any Person at any date, without
duplication: (a) all indebtedness of such Person for borrowed money (including with respect to Borrower, the Obligations) or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary
course of business and payable in accordance with customary practices); (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument; (c) all Capitalized Lease Obligations of such Person;
(d) the face amount of all letters of credit issued for the account of such Person and all drafts drawn thereunder; (e) all obligations of other Persons which such Person has guaranteed; (f) Disqualified Stock; (g) all
Obligations of such Person under Hedging Agreements; and (h) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. 

“Ineligible Financed SBA Loans” shall have the meaning set forth on Schedule A hereto. 

“Investments” means any investment in any Person, whether by means of acquiring (whether for cash, property, services,
securities or otherwise) or holding securities, capital contributions, acquiring all or any portion of the business or assets of any other Person, loans, evidence of Indebtedness, advances, guarantees or otherwise (other than, to the extent
applicable, current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices). 
 “Interest Hedging Instrument” means any documentation evidencing any interest rate swap, interest “cap” or “collar” or any other interest rate hedging device or swap
agreement (as defined in 11 U.S.C. § 101 et seq.) between Borrower and Lender (or any Affiliate of Lender). 

“Interest Rate” means the Base Rate plus the applicable Base Rate Margin, subject to the applicability of the Default
Rate. 
 “Inventory” means all of the “inventory” (as that term is defined in the UCC) of Borrower,
whether now existing or hereafter acquired or created. 
 “IRS” means the Internal Revenue Service. 

  
 7 

 “Laws” means any and all federal, state, local and foreign statutes, Laws,
judicial decisions, regulations, guidances, guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental restrictions, whether now or
hereafter in effect. 
 “Lien” means any interest of any kind or nature in property securing an obligation owed
to, or a claim of any kind or nature in property by, a Person other than the owner of the Property, whether such interest is based on the common Law, statute, regulation or contract, and including, but not limited to, a security interest or lien
arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt, a lease, consignment or bailment for security purposes, a trust, or an assignment. For the purposes of this Agreement, Borrower shall be deemed to be the owner of any
Property which it has acquired or holds subject to a conditional sale agreement or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person for security purposes. 

“Loans” means, the aggregate outstanding balance of all Advances made hereunder; each, a “Loan.”

 “Loan Documents” means, collectively, this Agreement, the Note, the Guaranty Agreements, the Guarantor
Security Agreements, the Trademark Security Agreements, the Blocked Account Agreement, the Trust Account Agreement, the Multi-Party Agreement and all other agreements, instruments and documents executed or delivered in connection therewith, all as
may be as the same may be amended, modified, or restated from time to time. 
 “Material Adverse Effect” means
an occurrence or state of events which has resulted or could reasonably result in a material adverse effect upon (a) the business, assets, properties, financial condition, stockholders’ equity, contingent liabilities, prospects, material
agreements or results of operations of Borrower or any Guarantor, taken as a whole, or (b) Borrower’s or any Guarantor’s ability to pay the Obligations in accordance with the terms hereof, or (c) the validity or enforceability of
this Agreement or any of the other Loan Documents or the rights and remedies of Lender hereunder or thereunder. 

“Maximum Guaranteed Loan Commitment” means Twelve Million Dollars ($12,000,000). 

“Maximum Non-Guaranteed Loan Commitment” means (a) for the period from and including the Closing Date to and
including the Non-Guaranteed Term Loan Conversion Date, Fifteen Million Dollars ($15,000,000) and (b) thereafter, the difference between Fifteen Million Dollars ($15,000,000) less the Non-Guaranteed Term Loan Reserve. 

“Multi-Draw SBA Loan” shall mean an SBA 7(a) Loan which (a) is a term loan that is not fully disbursed at the
closing of such SBA 7(a) Loan, and (b) pursuant to its terms provides to the applicable SBA Loan Obligor the right to request that the loan be disbursed in multiple draws. 

  
 8 

 “Multi-Party Agreement” means the Second Amended and Restated Multi-Party
Agreement by and among Borrower, Parent, the Guarantors, Lender, FTA, and the SBA, dated as of June 16, 2011, as the same may be amended, modified, or restated from time to time. 

“Net Cash Proceeds” means, with respect to any transaction or event, an amount equal to the cash proceeds received by
any Credit Party from or in respect of such transaction or event (including any prior or subsequent proceeds of any non-cash proceeds of such transaction), less (i) any actual out-of-pocket expenses paid to a Person that are reasonably incurred
by such Credit Party in connection therewith and (ii) in the case of an Asset Disposition, the amount of any Indebtedness secured by a Lien on the related asset and discharged from the proceeds of such Asset Disposition and any taxes actually
paid or estimated (in the reasonable judgment of Lender) by the applicable Credit Party to be payable by such Person in respect of such Asset Disposition (provided, that if the actual amount of taxes paid is less than such estimated amount, the
difference shall immediately constitute Net Cash Proceeds). 
 “Non-Guaranteed Term Loan” means the term loan
referred to in Section 2.1(c). 
 “Non-Guaranteed Term Loan Conversion Amount” means the outstanding
principal balance of Advances—Non-Guaranteed Loans as at the close of business on the Business Day immediately preceding the Non-Guaranteed Term Loan Conversion Date. 
 “Non-Guaranteed Term Loan Conversion Date” shall mean December 16, 2012. 
 “Non-Guaranteed Term Loan Maturity Date” means December 1, 2015. 
 “Non-Guaranteed Term Loan Reserve” shall mean a reserve against Availability that Lender shall establish on the Non-Guaranteed Term Loan Conversion Date in the amount of the
Non-Guaranteed Term Loan, which reserve shall decrease on the Business Day immediately subsequent to the payment in full by Borrower of each installment of principal of the Non-Guaranteed Term Loan in the amount of such payment, or upon any other
repayment or prepayment of the Non-Guaranteed Term Loan in the amount of such repayment or prepayment, in each case in accordance with this Agreement; provided, that such reserve shall no longer decrease after the occurrence of an Event of
Default. 
 “Notes” has the meaning set forth in Section 2.2. 

“Note Participation” means a participation interest in a SBA 7(a) Loan. 

“Obligations” means all existing and future debts, liabilities and obligations of every kind or nature at any time owing
by Borrower to Lender, whether under this Agreement, or any other existing or future instrument, document or agreement, between Borrower or Lender, whether joint or several, related or unrelated, primary or secondary, matured or contingent, due or
to become due (including debts, liabilities and obligations obtained by assignment), and whether principal, interest, fees, indemnification obligations hereunder or Expenses (specifically including interest accruing after the commencement of any
bankruptcy, insolvency or similar proceeding with respect to Borrower, whether or not a claim for such post-commencement interest is allowed), including, without limitation, debts, liabilities and obligations in respect of the Loans and any
extensions, 

  
 9 

 
modifications, substitutions, increases and renewals thereof; any amount payable by Borrower or any Subsidiary of Borrower pursuant to an Interest Hedging Instrument or any ACH Transactions; the
payment of all amounts advanced by Lender to preserve, protect and enforce rights hereunder and in the Collateral; and all Expenses incurred by Lender. Without limiting the generality of the foregoing, Obligations shall include any other debts,
liabilities or obligations owing to Lender in connection with any cash management, or other services (including electronic funds transfers or automated clearing house transactions) provided by Lender to Borrower, as well as any other loan, advances
or extension of credit, under any existing or future loan agreement, promissory note, or other instrument, document or agreement between Borrower and Lender. 
 “Parent” means Newtek Business Services Inc., a New York corporation. 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Permitted Capcos” means, collectively, Wilshire DC Partners, LLC, Wilshire Alabama Partners, LLC, Wilshire Louisiana
BIDCO, LLC, Wilshire Texas Partners I, LLC. 
 “Permitted Disposition” means: (a) sales of SBA 7(a)
Guaranteed Note Receivables; (b) sales of SBA 7(a) Non-Guaranteed Note Receivables; (c) sales of Note Participations; (d) sales to SBA of the SBA 7(a) Non-Guaranteed Note Receivable portion of any SBA 7(a) Note Receivable with respect
to which SBA also holds the SBA 7(a) Guaranteed Note Receivable portion thereof; (e) other Secondary Market Sales of Financed SBA Loans; and (f) other dispositions of SBA 7(a) Note Receivables or the collateral therefor, in each case to
the extent required or permitted by SBA in accordance with SBA Rules and Regulations; provided that (x) any sales of SBA 7(a) Guaranteed Note Receivables or any sales of Note Participations in any SBA 7(a) Guaranteed Note Receivables may
not be for an amount less than par, and (y) any sale of a SBA 7(a) Non-Guaranteed Note Receivable or any sales of Note Participations in any SBA 7(a) Non-Guaranteed Note Receivable may not be for an amount less than the value attributable to
the applicable SBA 7(a) Non-Guaranteed Note Receivable, or the participated portion thereof, in the Borrowing Base—Non-Guaranteed as of the date of such sale. 
 “Permitted Indebtedness” means: (a) Indebtedness to Lender in connection with the Loans, or otherwise pursuant to the Loan Documents, (b) Indebtedness to Lender in connection
with the Term Loan Agreement and the Term Loan Documents, (c) purchase money Indebtedness (including Capitalized Lease Obligations) hereafter incurred by Borrower to finance the purchase of fixed assets; provided, that (i) such
Indebtedness incurred in any Fiscal Year shall not exceed (x) as to Borrower, $200,000 and (y) as to Crystaltech Web Hosting, Inc., $100,000, (ii) such purchase money Indebtedness shall not exceed the purchase price of the assets
funded and (iii) no such purchase money Indebtedness may be refinanced for a principal amount in excess of the principal amount outstanding at the time of such refinancing, (d) Indebtedness existing on the Closing Date that is disclosed on
Schedule 1.1(a) hereto, (e) Indebtedness of Borrower to another Credit Party; provided, the same is at all times fully subordinated to Lender, in each case pursuant to subordination documents in form and substance satisfactory to
Lender, and (f) Indebtedness of Borrower to the Permitted Capcos; provided, the same is at all times fully subordinated to Lender pursuant to subordination documents in form and substance satisfactory to Lender. 

  
 10 

 “Permitted Investments” means: (a) Investments and advances existing
on the Closing Date that are disclosed on Schedule 5.10(a) hereto; and (b) each of (i) obligations issued or guaranteed by the United States of America or any agency thereof, (ii) commercial paper with maturities of not more
than 180 days and a published rating of not less than A-1 or P-1 (or the equivalent rating) by a nationally recognized investment rating agency, (iii) (A) certificates of time deposit and bankers’ acceptances having maturities of not
more than 180 days and repurchase agreements backed by United States government securities of a commercial bank and (B) provided Borrower is at all times in compliance with Section 6.5 hereof, demand deposit accounts located at a
commercial bank and in which deposit accounts Lender shall have a perfected, first priority security interest, in each case if (x) such bank has a combined capital and surplus of at least $500,000,000 or (y) its debt obligations, or those
of a holding company of which it is a Subsidiary, are rated not less than A (or the equivalent rating) by a nationally recognized investment rating agency, (iv) U.S. money market funds that invest solely in obligations issued or guaranteed by
the United States of America or an agency thereof and (v) except during the continuance of a Default or Event of Default, loans, advances, dividends or other distributions to Parent; provided, that the proceeds of such loans, advances,
dividends or other distributions are solely used by Parent in accordance with Section 13(b)(iii) of the Guaranty Agreement of Parent in favor of Lender, as the same may be in effect from time to time. 

“Permitted Liens” means: (a) Liens securing taxes, assessments or governmental charges or levies or the claims or
demands of materialmen, mechanics, carriers, warehousemen, and other like persons not yet due; (b) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance, social
security and other like Laws; (c) Liens on fixed assets securing purchase money Indebtedness permitted under clause (c) of the definition of “Permitted Indebtedness”; provided, that, (i) such Lien attached to such
assets concurrently, or within 20 days of the acquisition thereof, and only to the assets so acquired, and (ii) a description of the asset acquired is furnished to Lender in writing; and (d) Liens existing on the Closing Date and shown on
Schedule 1.1(b) hereto. 
 “Person” means an individual, partnership, corporation, trust, limited
liability company, limited liability partnership, unincorporated association or organization, joint venture or any other entity. 
 “Pledge Agreement” means each of the amended and restated Pledge Agreements dated as of the Closing Date executed by Pledgors in favor of Lender, and any pledge agreements entered into
after the Closing Date by any Credit Party (as required by the Agreement or any other Loan Document), in each case as the same may be amended, modified, or restated from time to time. 

“Pledgors” means, collectively, Parent, Small Business Finance Inc., Crystaltech and each other Person, if any, that
executes a pledge agreement or other similar agreement in favor of Lender in connection with the transactions contemplated by the Agreement and the other Loan Documents. 
 “Projections” has the meaning set forth in Section 6.8(a)(vi). 

  
 11 

 “Property” means any interest of Borrower in any kind of property or asset,
whether real, personal or mixed, or tangible or intangible. 
 “REO Property” means real estate owned by
Borrower or any other Credit Party, which real estate has been acquired and is owned by such Credit Party as a result of foreclosure or acceptance by such Credit Party of a deed in lieu of foreclosure, or similar transaction, whether previously
constituting SBA 7(a) Note Receivable Collateral or otherwise), together with all of such Credit Party’s now owned or hereafter acquired interests in the improvements thereon, the fixtures attached thereto and the easements appurtenant thereto.

 “Request for Advance” has the meaning set forth in Section 2.3(a). 

“Required Procedures” means procedures, including credit and underwriting standards, loan to value ratio limitations and
the use of Approved Forms with respect to the financing and servicing of SBA 7(a) Note Receivables as in effect on the Closing Date, together with such changes and modifications thereto from time to time as shall be required by SBA Rules and
Regulations or as have been approved in writing by Lender, in Lender’s reasonable credit judgment. 

“Reserves” means such reserves against SBA 7(a) Loans, Availability, the Borrowing Base-Guaranteed, or the Borrowing
Base-Non Guaranteed that Lender may, in its reasonable credit judgment, establish from time to time. Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expenses or Indebtedness shall be
deemed to be a reasonable exercise of Lender’s credit judgment. 
 “Restricted Payments” means the
declaration or payment of any dividend on, or any payment or other distribution on account of, or the purchase, redemption, retirement, or other acquisition (directly or indirectly) of, or the setting apart of assets for a sinking or other analogous
fund for the purchase, redemption, retirement or other acquisition of, any class of Capital Stock of any Person, or the making of any distribution of cash, property or assets to the holders of shares of any Capital Stock of any Person. 

“SBA” means the United States Small Business Administration or any other federal agency administering the SBA Act.

 “SBA Act” means the Small Business Act of 1953, as the same may be amended from time to time. 

“SBA Lender’s License” means that authority given to a lender by the SBA to make SBA 7(a) Loans as permitted under
the SBA Act, as amended and further authorized by the SBA in CFR Title 13 Part 120-470 and 471, as amended. 
 “SBA
Rules and Regulations” means the SBA Act, as amended, any other legislation binding on SBA relating to financial transactions, any “Loan Guaranty Agreement”, all rules and regulations promulgated from time to time under the SBA
Act, and SBA Standard Operating Procedures and any Official Notices issued by the SBA, all as from time to time in effect. 

  
 12 

 “SBA 7(a) Guaranteed Note Receivable” means that portion of any SBA 7(a)
Note Receivable that is actually guaranteed by the SBA. 
 “SBA 7(a) Loan Notes” means any promissory notes
that at any time evidence SBA 7(a) Loans. 
 “SBA 7(a) Loan Obligor” means any Person, other than the SBA, who
is or may become obligated to Borrower under an SBA 7(a) Loan. 
 “SBA 7(a) Loans” means any loans made by
Borrower (or its predecessors in interest) to small businesses and partially guaranteed by the SBA, all originated in accordance with the SBA Rules and Regulations and pursuant to the authorization contained in Section 7(a) of the SBA Act.

 “SBA 7(a) Non-Guaranteed Note Receivable” means that portion of any SBA 7(a) Note Receivable that is not
guaranteed by the SBA. 
 “SBA 7(a) Note Receivable” means the obligation of an SBA 7(a) Loan Obligor to pay an
SBA 7(a) Loan made by Borrower (or its predecessors in interest) to such SBA 7(a) Loan Obligor, whether or not evidenced by a promissory note or other instrument. 
 “SBA 7(a) Note Receivable Collateral” means any and all property or interests in property, whether personal property (including without limitation accounts, chattel paper, instruments,
documents, deposit accounts, contract rights, general intangibles, inventory or equipment) or real property, or both, whether owned by an SBA 7(a) Loan Obligor or any other Person, that secures an SBA 7(a) Note Receivable or an SBA 7(a) Loan
Obligor’s obligations under an SBA 7(a) Loan Note or SBA 7(a) Note Receivable Document, and all supporting obligations in respect thereof. 
 “SBA 7(a) Note Receivable Documents” means, with respect to any SBA 7(a) Note Receivable, all original documents, instruments, and chattel paper, executed or delivered to or for the
account of Borrower by the applicable SBA 7(a) Loan Obligor and evidencing such SBA 7(a) Note Receivable. 
 “SBA
Standard Operating Procedures and Official Notices” means Public Law 85-536, as amended; those Rules and Regulations, as defined in 13 CFR Part 120, “Business Loans” and 13 CFR Part 121, “Size Standards”; Standard
Operating Procedures, (SOP) 50-10 for loan processing, 50-50 for loan servicing and 50-51 for loan liquidation as may be published and or amended from time to time by the SBA. 
 “SBA Reduced Guaranty Ineligible Amount” means as of any date of determination with respect to any SBA Reduced Guaranty Receivable, the difference between (a) the product of
(i) the amount of such SBA Reduced Guaranty Receivable times (ii) the applicable percentage of the SBA guarantee relating to such SBA Reduced Guaranty Receivable on the date Lender shall have made the Financed Guaranteed Loan
as to such SBA Reduced Guaranty Receivable, less (b) the product of (i) the amount of such SBA Reduced Guaranty Receivable times (ii) the applicable reduced percentage of the SBA guarantee relating to such
SBA Reduced Guaranty Receivable on the applicable date of determination. 

  
 13 

 “SBA Reduced Guaranty Receivable” means each SBA 7(a) Note Receivable
relating to a Financed SBA 7(a) Loan as to which the applicable percentage or dollar amount of the SBA guarantee relating thereto at any time or from time to time shall have been reduced below the applicable percentage or dollar amount on the date
Lender shall have made the Financed Guaranteed Loan as to such SBA 7(a) Note Receivable. 
 “Secondary Market Net Sales
Proceeds” means, as to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan: (i) at any time other than during the continuance of a Default or Event of Default, the gross sales proceeds received from a Secondary Market Sale
thereof up to an amount equal to the proceeds of Advances made by Lender hereunder in respect thereof or (ii) during the continuance of a Default or Event of Default, the gross proceeds received from a Secondary Market Sale thereof. 

“Secondary Market Sale” means the sale or participation of an SBA 7(a) Loan to the secondary market in accordance with
the SBA Rules and Regulations. 
 “Subsidiary” means, with respect to any Person at any time: (a) any
corporation more than fifty percent (50%) of whose voting stock is legally and beneficially owned by such Person or owned by a corporation more than fifty percent (50%) of whose voting stock is legally and beneficially owned by such
Person; (b) any trust of which a majority of the beneficial interest is at such time owned directly or indirectly, beneficially or of record, by such Person or one or more Subsidiaries of such Person; and (c) any partnership, joint
venture, limited liability company or other entity of which ownership interests having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at such time owned directly or indirectly,
beneficially or of record, by, or which is otherwise controlled directly, indirectly or through one or more intermediaries by, such Person or one or more Subsidiaries of such Person. 

“2010 Newtek Securitization Notes” means the issuance in December 2010 by Newtek Small Business Loan Trust 2010-1 of $16
million of its Standard & Poor’s AA rated notes to securitize a portion of its SBA 7(a) Non-Guaranteed Note Receivables. 
 “Term Loan Agreement” means the Loan and Security Agreement dated as of April 30, 2010 among Borrower, Crystaltech and Lender, as the same may be amended, supplemented or otherwise
modified from time to time. 
 “Term Loan Documents” means the “Loan Documents” as defined in the
Term Loan Agreement. 
 “Termination Date” means the earlier to occur of, as applicable: (a) (i) with
respect to Advances—Guaranteed Loans, the Advances—Guaranteed Loans Maturity Date; (ii) with respect to Advances—Non-Guaranteed Loans, the Advances—Non-Guaranteed Loans Maturity Date, (iii) with respect to the
Non-Guaranteed Term Loan, December 1, 2015, and (b) with respect to all Loans, otherwise any date on which Lender elects to cease making Advances pursuant to this Agreement or if the Obligations are declared by Lender or automatically
become due and payable (whether at stated maturity, by acceleration or otherwise), in either case in accordance with the terms and provisions of this Agreement. 

  
 14 

 “Trademark Security Agreements” means those certain Trademark Security
Agreements executed by Borrower and the Guarantors in favor of Lender, as the same may be amended, modified, or restated from time to time. 
 “Trust Account” shall have the meaning ascribed to such term it in the Trust Account Agreement. 
 “Trust Account Agreement” means that certain Amended and Restated Trust Account Agreement, dated as of the Closing Date, by and between Borrower and the Trustee, as the same may be
amended, modified, or restated from time to time. 
 “UCC” means the Uniform Commercial Code as adopted in the
state where Lender’s office identified in Section 9.8 is located, as the same may be amended from time to time. 

“Upfront Fee” has the meaning set forth in Section 2.7(a). 

1.2 Other Capitalized Terms. Any other capitalized terms used without further definition herein shall have the respective meaning
set forth in the UCC. 
 1.3 Accounting Principles. Where the character or amount of any asset or liability or item of
income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, this shall be done in accordance with GAAP, consistently applied, to the extent
applicable, except as otherwise expressly provided in this Agreement. 
 1.4 Construction: No doctrine of construction of
ambiguities in agreements or instruments against the interests of the party controlling the drafting shall apply to any Loan Documents. 

SECTION II. THE LOANS 
 2.1 Loans. 
 (a) Advances—Guaranteed Loans. 

(i) On the terms and subject to the conditions set forth herein (including, without limitation, the conditions precedent set forth in
Section IV hereof), Lender agrees to make Advances to Borrower from time to time from the date hereof to and including the Business Day immediately prior to the Termination Date to provide short-term financing of SBA 7(a) Guaranteed Note Receivables
with respect to Eligible SBA 7(a) Loans; provided that after giving effect thereto, the aggregate sum of all such outstanding Advances made pursuant to this Section 2.1(a) shall not exceed the Availability—Guaranteed Loans. Within such
limit and subject to Section 2.1(a)(iii), Borrower may borrow, prepay or repay such Advances from time to time and may reborrow Advances. 
 (ii) In no event shall any such Advance be made when any Default or Event of Default has occurred and is continuing. 

  
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 (iii) Notwithstanding anything contained in this Agreement or any other Loan Document to
the contrary, Borrower may not prepay or repay any such Advance on the same day as such Advance shall be made hereunder, except for any prepayment or repayment of any such Advance on the same day as such Advance shall be made (i) as a result of
any mandatory prepayment required by Section 2.5(d) or (e), or (ii) as a result of the maturity of the Advances or if the Obligations are declared by Lender or automatically become due and payable (whether at stated maturity, by
acceleration or otherwise) in accordance with the terms and provisions of this Agreement. 
 (b) Advances—Non-Guaranteed
Loans. 
 (i) On the terms and subject to the conditions set forth herein (including, without limitation, the conditions
precedent set forth in Section IV hereof), Lender agrees to make Advances to Borrower from time to time from the date hereof to and including the Business Day immediately prior to the Termination Date to provide short-term financing of SBA 7(a)
Non-Guaranteed Note Receivables with respect to Eligible SBA 7(a) Loans; provided that after giving effect thereto, the aggregate sum of all such outstanding Advances made pursuant to this Section 2.1(b) shall not exceed the
Availability-Non-Guaranteed. Within such limit and subject to Section 2.1(b)(iii) and Section 2.1(c), Borrower may borrow, prepay or repay Advances from time to time and may reborrow Advances. 

(ii) In no event shall any such Advance be made when any Default or Event of Default has occurred and is continuing. 

(iii) Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, Borrower may not prepay or repay
any such Advance on the same day as such Advance shall be made hereunder, except for any prepayment or repayment of any such Advance on the same day as such Advance shall be made (A) as a result of any mandatory prepayment required by
Section 2.5(d) or (e), or (B) as a result of the maturity of the Advances or if the Obligations are declared by Lender or automatically shall become due and payable in accordance with the terms and provisions of this Agreement (whether at
stated maturity, by acceleration or otherwise). 
 (c) Non-Guaranteed Term Loan. 

(i) On the Non-Guaranteed Term Loan Conversion Date, the Non-Guaranteed Term Loan Conversion Amount shall automatically convert into a
term loan (the “Non-Guaranteed Term Loan”), which shall become due and payable, and Borrower shall repay the Non-Guaranteed Term Loan, in thirty-six (36) equal monthly installments of principal, each to be made on the first day
of each calendar month commencing with the first day of the calendar month immediately following the Non-Guaranteed Term Loan Conversion Date. On the Non-Guaranteed Term Loan Conversion Date, as a condition precedent to such conversion, Borrower
shall execute and deliver to the Lender the Note evidencing the Non-Guaranteed Term Loan, in the form attached to this Agreement as Exhibit B-3 hereto with insertions as to the amount of the Non-Guaranteed Term Loan, the date of such Note,
and the date upon which the monthly installments of the Non-Guaranteed Term Loan shall commence. 

  
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 (ii) Borrower may prepay or repay all or any portion of the Non-Guaranteed Term Loan
commencing on the Business Day after the Non-Guaranteed Term Loan Conversion Date, each such prepayment or repayment to be applied to the outstanding balance of the Non-Guaranteed Term Loan on the date deemed received pursuant to Section 2.4(a)
and otherwise in such manner as shall be determined by Lender. 
 2.2 Notes. 

(a) The Advances—Guaranteed Loans, the Advances—Non-Guaranteed Loans, and the Non-Guaranteed Term Loan each shall be evidenced
by a promissory note of Borrower substantially in the respective forms of Exhibit B-1, B-2 and B-3 attached hereto (the “Notes”). 
 (b) The date, amount and Interest Rate of each Loan made by Lender to Borrower, and each payment made on account of the principal balance thereof, shall be recorded by Lender on its books; provided
that the failure of Lender to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing hereunder or under the Notes in respect of the Loans. 

2.3 Procedures for Borrowing Advances. 
 (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans or an Advance-Non-Guaranteed Loan on any Business Day during the period from and including the Closing Date to and including
the applicable Termination Date by delivering to Lender a written request for an Advance—Guaranteed Loans or an Advance—Non-Guaranteed Loans, as applicable, substantially in the form of Exhibit C attached hereto (each, a
“Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be
irrevocable and Borrower shall be bound thereby. 
 (b) Each Request for Advance shall: (i) attach a schedule identifying
the Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed
Non-Guaranteed Loans, as applicable, as Lender shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably
requested by Lender from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Lender and hold it harmless against any costs incurred by Lender as a result of any failure of
Borrower to timely deliver to FTA the SBA 7(a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan as required by Section 8.1(f). 
 (c) Unless otherwise agreed by Lender and Borrower, each Advance requested by Borrower and made by Lender hereunder shall be made to Borrower’s main operating account maintained with Lender.

  
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 2.4 Payments – General; Cash Management System. 

(a) Except to the extent otherwise set forth in this Agreement, all payments of principal and of interest on the Loan and all Expenses,
fees, indemnification obligations and all other charges and any other Obligations of Borrower not made by automatic transfers from the Blocked Account or Borrower’s accounts maintained with Lender, shall be made to Lender at its office at 275
Broadhollow Road, Melville, N.Y. 11747, in United States dollars, in immediately available funds. Lender shall have the unconditional right and discretion (and Borrower hereby authorizes Lender) to charge Borrower’s operating and/or deposit
account(s) for all of Borrower’s Obligations as they become due from time to time under this Agreement including, without limitation, interest, principal, fees, indemnification obligations and reimbursement of Expenses; provided, that
Lender may not charge the Trust Account in a manner inconsistent with the Trust Account Agreement. Any payments received prior to 2:00 p.m. Eastern time on any Business Day shall be deemed received on such Business Day. Any payments (including any
payment in full of the Obligations) received after 2:00 p.m. Eastern time on any Business Day shall be deemed received on the immediately following Business Day. 
 (b) On or prior to the date hereof, Borrower shall establish and maintain until all Obligations shall have been fully and indefeasibly paid in full the cash management system described in Exhibit D
attached hereto (the “Cash Management System”). 
 2.5 Payment of Interest and Principal; Mandatory
Prepayments. 
 (a) From and following the Closing Date, the Loans and the other Obligations shall bear interest at the
Interest Rate. 
 (b) Interest shall be payable in arrears on the first day of each month (beginning on the first day of the
first full calendar month after the Closing Date), as provided in Sections 2.5(d) and (e), and upon the payment in full of any Advances or any or all of the Loans, and on the Termination Date. 

(c) The outstanding principal amount of the Loans other than the Non-Guaranteed Term Loan, plus all accrued but unpaid interest and all
other sums due Lender hereunder in respect of such Loans, shall be due and payable in full on the Termination Date. The outstanding principal amount of the Non-Guaranteed Term Loan shall be payable in accordance with Section 2.1(c) and,
together with all accrued but unpaid interest and all other sums due Lender hereunder in respect of such Non-Guaranteed Term Loan, shall be due and payable in full on the Termination Date. If on any payment date for the Non-Guaranteed Term Loan the
balance in the Blocked Account is less then the next due principal payment, Borrower shall remit the balance of such payment to Lender on such payment date. 
 (d) There shall become due and payable and Borrower shall prepay the Advances, together with all accrued but unpaid interest thereon, in an amount equal to (i) the amount by which: (A) the then
outstanding balance of Advances—Guaranteed Loans exceeds the Borrowing Base—Guaranteed, (B) the then outstanding balance of the Advances—Non-Guaranteed Loans plus the then outstanding principal balance of all loans
under the Term Loan Agreement exceeds the Borrowing 

  
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Base—Non-Guaranteed, or (C) the then outstanding principal amount of the Non-Guaranteed Term Loan exceeds the Borrowing Base—Non-Guaranteed; or (ii) the Secondary Market Net
Sales Proceeds of any Secondary Market Sale of any Financed Guaranteed Loan or any Financed Non-Guaranteed Loans, including, without limitation, any such portion of any Multi-Draw SBA Loan (which proceeds shall be applied as set forth in the Cash
Management System and this Agreement). Without limiting the generality of the foregoing, in the event that at any time (x) the aggregate amount of Advances—Guaranteed Loans shall exceed, as applicable: (A) 85%, with respect to
Financed Guaranteed Loans made during the period prior to June 16, 2011, and (B) 90%, with respect to Financed Guaranteed Loans made during the period commencing on June 16, 2011 and at all times thereafter (in each case subject to
adjustment by Lender in the exercise of its reasonable credit discretion) of the outstanding principal amount of the SBA 7(a) Guaranteed Note Receivables related to such Advances—Guaranteed Loans, (y) the aggregate amount of
Advances—Non-Guaranteed Loans shall exceed 50% (subject to adjustment by Lender in the exercise of its reasonable credit discretion) of the outstanding principal amount of the SBA 7(a) Non-Guaranteed Note Receivables related to such
Advances—Non-Guaranteed Loans, or (z) the sum of (1) the aggregate amount of Advances—Non-Guaranteed Loans plus (2) the then outstanding principal amount of the Non-Guaranteed Term Loan shall exceed 50%
(subject to adjustment by Lender in the exercise of its reasonable credit discretion) of the outstanding principal amount of the SBA 7(a) Non-Guaranteed Note Receivables related to such Advances—Non-Guaranteed Loans and Non-Guaranteed Term
Loan, Borrower shall prepay such excess, together with accrued but unpaid interest thereon. Notwithstanding the foregoing, if clause (ii) of the definition of the term “Secondary Market Net Sales Proceeds” shall be applicable, then
such Secondary Market Net Sales Proceeds received in respect of any Financed Guaranteed Loan shall be applied against Advances-Guaranteed Loans, and Secondary Market Net Sales Proceeds received in respect of any Financed Non-Guaranteed Loans shall
be applied against Advances-Non-Guaranteed Loans and/or the Non-Guaranteed Term Loan in such manner as Lender shall determine, with any excess after such application to be held by Lender, at its option, as cash collateral for the Obligations. Any
prepayments received by Lender in respect of clauses (i)(A) above shall be applied against Advances-Guaranteed Loans. Any prepayments received by Lender in respect of clauses (i)(B) above shall be applied against Advances-Guaranteed Loans and/or the
Non-Guaranteed Term Loan in such manner as Lender shall determine. All such prepayments received by Lender pursuant to this Section 2.5(d) shall be applied against its respective Loan on the date deemed received pursuant to Section 2.4(a)
and otherwise in such manner as shall be determined by Lender. 
 (e) There shall become due and payable and Borrower shall
prepay the Advances-Non-Guaranteed Loans and the Non-Guaranteed Term Loan, and shall cause the other Credit Parties to prepay the Advances-Non-Guaranteed Loans and the Non-Guaranteed Term Loan, in each case together with all accrued but unpaid
interest thereon, in an amount equal to in the following amounts and at the following times: 
 (i) on the date on which any
Credit Party (or Lender as loss payee or assignee) receives any Casualty Proceeds, an amount equal to one hundred percent (100%) of such Casualty Proceeds or such payment; provided, that, so long as no Default or Event of Default has
occurred and is continuing, the recipient (other than Lender) of any Casualty Proceeds may reinvest the amount of such Casualty Proceeds within thirty (30) days in replacement assets comparable to the assets giving rise to such Casualty
Proceeds; provided, further that the aggregate amount which may 

  
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be reinvested by Borrower and its Subsidiaries pursuant to the preceding proviso may not exceed $250,000 in any Fiscal Year; and provided, further, that if the applicable Credit
Party does not intend to fully reinvest such Casualty Proceeds, or if the time period set forth in this sentence expires without such Credit Party having reinvested such Casualty Proceeds, Borrower shall prepay such Advances or Loans, as applicable,
in an amount equal to such Casualty Proceeds (to the extent not reinvested or intended to be reinvested within such time period); 
 (ii) upon receipt by any Credit Party of the proceeds from the issuance and sale of any Debt or equity securities (other than (1) proceeds of Permitted Indebtedness, (2) proceeds from the
issuance of equity securities to members of the management of any Credit Party, (3) proceeds of the issuance to Parent of equity securities of Borrower or any wholly-owned Subsidiary of Parent, or (4) Indebtedness of any Credit Party to
another Credit Party to the extent expressly permitted by the Loan Documents), an amount equal to one hundred percent (100%) of the Net Cash Proceeds of such issuance and sale; and 

(iii) upon receipt by any Credit Party of the proceeds of any Asset Sale (other than the proceeds of a Permitted Disposition), an amount
equal to one hundred percent (100%) of the Net Cash Proceeds of such Asset Sale. 
 Notwithstanding the foregoing, each Credit Party other
than the Borrower shall be required to remit amounts set forth in this Section 2.5(e)(i)-(iii) during each Fiscal Year of such Credit Party only in the event and to the extent that the aggregate amount received by that Credit Party during
such Fiscal Year of Casualty Proceeds, Net Cash Proceeds from the issuance and sale of Debt or equity securities, and Net Cash Proceeds of Asset Sales of such Credit Party shall exceed $250,000. 

(iv) Amounts paid pursuant to this Section 2.5(e) shall be applied to the Advanced-Non-Guaranteed Loans and/or the Non-Guaranteed
Term Loan on the date deemed received pursuant to Section 2.4(b) and otherwise in such manner as shall be determined by Lender. 
 (f) Subject to Section 2.1, the Loans may be prepaid in whole or in part at any time from time to time, without penalty or premium; provided, however, that Borrower shall have
given Lender at least ten (10) days prior written notice of the date of such prepayment. Any prepayment shall be accompanied by all accrued and unpaid interest thereon. 
 2.6 Additional Interest Provisions. 
 (a) Interest on the Loans shall be
calculated on the basis of a year of three hundred sixty (360) days but charged for the actual number of days elapsed. The date of funding of an Advance shall be included in the calculation of interest. The date of payment with respect to an
Advance shall be excluded from the calculation of interest. 
 (b) After the occurrence and during the continuance of an Event
of Default hereunder, the per annum effective rate of interest on all outstanding principal under the Loans shall be equal to the applicable Interest Rate plus five hundred (500) basis points (the “Default Rate”). All such
increases may be applied retroactively to the date of the occurrence of the Event of Default. 

  
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Borrower agrees that the Default Rate is a reasonable estimate of Lender’s damages and is not a penalty. 
 (c) All contractual rates of interest chargeable on outstanding principal under the Loans shall continue to accrue and be paid even after Default, an Event of Default, maturity, acceleration, judgment,
bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar. 
 (d) In no
contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Law which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto. In the event that such court determines Lender has charged or received interest hereunder in excess of the highest applicable rate, Lender shall apply, in its sole discretion, and set off such
excess interest received by Lender against other Obligations due or to become due and such rate shall automatically be reduced to the maximum rate permitted by such Law. 
 2.7 Fees and Charges. 
 (a) On the Closing Date, Borrower shall pay to
Lender, a fully-earned, non-refundable up-front fee (the “Upfront Fee”) in the amount of $112,500.00. 
 (b) On
June 16, 2011 and on each anniversary of such date, a fully-earned, non-refundable administrative fee (the “Administrative Fee”) in the amount of $12,000. 

(c) From and following the Closing Date, Borrower shall pay Lender fees in an amount equal to (a)(i)(A) the Maximum Guaranteed Loan
Commitment less (B) the average daily outstanding balance of Advances—Guaranteed Loans during the preceding month, multiplied by (ii) one-quarter of one percent (1/4 of 1%) per annum, and (b)(i)(A) the
Maximum Financed Non-Guaranteed Loan Commitment less (2) the average daily outstanding balance of Advances—Non-Guaranteed Loans during the preceding month, multiplied by (ii) one-quarter of one percent (1/4 of
1%) per annum. Such fees are to be paid quarterly in arrears on the last day of each calendar quarter. 
 (d) Borrower
shall unconditionally pay to Lender a late charge equal to five percent (5%) of any and all payments of principal or interest on the Loans that are not paid within fifteen (15) days of the due date. Such late charge shall be due and
payable regardless of whether Lender has accelerated the Obligations, or the Obligations automatically shall become due and payable. Borrower agrees that any late fee payable to Lender is a reasonable estimate of Lender’s damages and is not a
penalty. 
 2.8 Use of Proceeds. The proceeds of (a) Advances—Guaranteed Loans shall be used solely to provide
Borrower with short-term financing of an amount not to exceed (i) 85%, with respect to Financed Guaranteed Loans made during the period prior to June 16, 2011, and (ii) 90%, with respect to Financed Guaranteed Loans made during the
period commencing on June 16, 2011 and at all times thereafter, and (b) Advances—Non-Guaranteed Loans shall be used solely to provide 

  
 21 

 
Borrower with short-term financing of an amount not to exceed 50% of the SBA 7(a) Non-Guaranteed Note Receivable in respect of each Financed Non-Guaranteed Loan. 

2.9 Taxes. All payments of principal and interest on the Loans and all other amounts payable hereunder shall be made free and
clear of and without deduction for any present or future income, excise, stamp, documentary, property or franchise taxes and other taxes, fees, duties, levies, assessments, withholdings or other charges of any nature whatsoever (including interest
and penalties thereon) imposed by any taxing authority, excluding taxes imposed on or measured by Lender’s net income by the jurisdiction under which Lender is organized or conducts business (other than solely as the result of entering into any
of the Financing Documents or taking any action thereunder) (all non-excluded items being called “Taxes”). If any withholding or deduction from any payment to be made by Borrower hereunder is required in respect of any Taxes
pursuant to any applicable Law, then Borrower will: (i) pay directly to the relevant authority the full amount required to be so withheld or deducted; (ii) promptly forward to Lender an official receipt or other documentation satisfactory
to Lender evidencing such payment to such authority; and (iii) pay to Lender such additional amount or amounts as is necessary to ensure that the net amount actually received by Lender will equal the full amount Lender would have received had
no such withholding or deduction been required. If any Taxes are directly asserted against Lender with respect to any payment received by Lender or such Lender hereunder, Lender may pay such Taxes and Borrower will promptly pay such additional
amounts (including any penalty, interest or expense) as is necessary in order that the net amount received by such Lender after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount Lender would have
received had such Taxes not been asserted. 
 2.10 Capital Adequacy. If any present or future Law, governmental rule,
regulation, policy, guideline, directive or similar requirement (whether or not having the force of Law) imposes, modifies, or deems applicable any capital adequacy, capital maintenance or similar requirement which affects the manner in which Lender
allocates capital resources to its commitments (including any commitments hereunder), and as a result thereof, in the reasonable opinion of Lender, the rate of return on Lender’s capital with regard to the Loans is reduced to a level below that
which Lender would have achieved but for such circumstances, then in such case and upon notice from Lender to Borrower, from time to time, Borrower shall pay Lender such additional amount or amounts as shall compensate Lender for such reduction in
Lender’s rate of return. A notice to Borrower from Lender as to the amount of that reduction and showing the basis of the computation thereof submitted by Lender to Borrower shall be presumptive evidence of the matters set forth therein.

 SECTION III. COLLATERAL 
 3.1 Collateral. As security for the payment of the Obligations, and satisfaction by Borrower of all covenants and undertakings contained in this Agreement and the other Loan Documents: 

(a) Borrower hereby assigns and grants to Lender a continuing Lien on and first priority (except for Liens in favor of Lender under the
Term Loan Documents) security interest in, upon and to all assets of Borrower (other than Borrower’s SBA Lender’s License), including any 

  
 22 

 
Real Property and including, without limitation, to the following Property, all whether now owned or hereafter acquired, created or arising and wherever located: 

(i) Accounts - All Accounts; 
 (ii) Chattel Paper - All Chattel Paper; 
 (iii) Documents - All
Documents; 
 (iv) Instruments - All Instruments; 

(v) Inventory - All Inventory; 
 (vi) General Intangibles - All General Intangibles; 
 (vii)
Equipment - All Equipment, 
 (viii) Fixtures - All Fixtures; 

(ix) Deposit Accounts - All Deposit Accounts, including, without limitation, the Blocked Account and all operating accounts of
Borrower maintained at or with Lender, but excluding the Trust Account to the extent prohibited by the Multi-Party Agreement and SBA Rules and Regulations; 
 (x) Goods - All Goods; 
 (xi) Letter of Credit Rights - All Letter
of Credit Rights; 
 (xii) Supporting Obligations - All Supporting Obligations; 

(xiii) Investment Property - All Investment Property; 
 (xiv) Commercial Tort Claims - All Commercial Tort Claims identified and described on Schedule 3.1(a)(xiv) (as amended or supplemented from time to time); 

(xv) Property in Lender’s Possession - All Property of Borrower, now or hereafter in Lender’s possession; and

 (xvi) Proceeds - The Proceeds (including, without limitation, insurance proceeds), whether cash or non-cash, of all
of the foregoing property described in clauses (i) through (viii). 
 3.2 Lien Documents. At the Closing and
thereafter as Lender deems necessary, Borrower shall execute and/or deliver to Lender, or have executed and delivered (all in form and substance satisfactory to Lender and its counsel): 

  
 23 

 (a) Financing statements pursuant to the UCC, which Lender may file in the jurisdiction
where Borrower is organized and in any other jurisdiction that Lender deems appropriate; and 
 (b) Any other agreements,
documents, instruments and writings, including, without limitation, intellectual property security agreements, required by Lender to evidence, perfect or protect the Liens and security interests in the Collateral or as Lender may reasonably request
from time to time. 
 3.3 Other Actions. 
 (a) In addition to the foregoing, Borrower shall do anything further that may be reasonably required by Lender to secure Lender and effectuate the intentions and objects of this Agreement, including,
without limitation, the execution and delivery of security agreements, contracts and any other documents required hereunder. At Lender’s reasonable request, Borrower shall also immediately deliver (with execution by Borrower of all necessary
documents or forms to reflect, implement or enforce the Liens described herein), or cause to be delivered to Lender all items for which Lender must receive possession to obtain a perfected security interest, including without limitation, all notes
(other than SBA(7)a Notes are delivered to the FTA pursuant to the Multi-Party Agreement), stock powers, letters of credit, certificates and documents of title, Chattel Paper, Warehouse Receipts, Instruments, and any other similar instruments
constituting Collateral. 
 (b) Lender is hereby authorized to file financing statements and amendments to financing statements
without Borrower’s signature, in accordance with the UCC. Borrower hereby authorizes Lender to file all such financing statements and amendments to financing statements describing the Collateral in any filing office as Lender, in its sole
discretion may determine, including financing statements listing “All Assets,” “All property and assets” and/or words of similar import in the collateral description therein. Borrower agrees to comply with the requests of Lender
in order for Lender to have and maintain a valid and perfected first security interest in the Collateral including, without limitation, executing and causing any other Person to execute such documents as Lender may require to obtain Control over all
Deposit Accounts, Letter of Credit Rights and Investment Property. 
 3.4 Searches, Certificates. 

(a) Lender shall, prior to or at the Closing, and thereafter as Lender may reasonably determine from time to time, at Borrower’s
expense, obtain the following searches (the results of which are to be consistent with the warranties made by Borrower in this Agreement): 
 (i) UCC searches with the Secretary of State and local filing office of each state where Borrower (and each Guarantor) is organized, maintains its executive office, a place of business, or assets; and

 (ii) judgment, state and federal tax lien and corporate tax lien searches, in all applicable filing offices of each state
searched under subparagraph (i) above. 

  
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 (b) Borrower shall, prior to or at the Closing and at its sole expense, obtain and deliver
to Lender good standing certificates showing Borrower and each corporate Guarantor to be in good standing in its state of organization and in each other state in which it is doing and presently intends to do business for which qualification is
required. 
 (c) Landlord’s and Warehouseman’s Waivers. Borrower will cause each owner of any premises occupied
by Borrower or to be occupied by Borrower and each warehouseman of any warehouse, where, in either event Collateral is held, to execute and deliver to Lender an instrument, in form and substance satisfactory to Lender, under which such owner(s) or
warehouseman subordinates its/his/their interests in and waives its/his/their right to distrain on or foreclose against the Collateral and agrees to allow Lender to remain on such premises to dispose of or deal with any Collateral located thereon.

 3.5 Filing Security Agreement. A carbon, photographic or other reproduction or other copy of this Agreement or of a
financing statement is sufficient as and may be filed in lieu of a financing statement. 
 3.6 Power of Attorney. Each of
the officers of Lender is hereby irrevocably made, constituted and appointed the true and lawful attorney for Borrower (without requiring any of them to act as such) with full power of substitution to do the following: (a) endorse the name of
Borrower upon any and all checks, drafts, money orders and other instruments for the payment of monies that are payable to Borrower and constitute collections on Borrower’s Accounts or proceeds of other Collateral; (b) execute and/or file
in the name of Borrower any financing statements, schedules, assignments, instruments, documents and statements that Borrower is obligated to give Lender hereunder or is necessary to perfect (or continue or evidence the perfection of such security
interest or Lien) Lender’s security interest or Lien in the Collateral; and (c) during the continuance of an Event of Default, do such other and further acts and deeds in the name of Borrower that Lender may reasonably deem necessary or
desirable to enforce any Account or other Collateral. 
 3.7 Pari Passu Collateral. The security interests and Liens
granted hereunder in the Collateral in all respects shall rank pari passu with the security interests and Liens granted by Borrower under the Term Loan Agreement and the other Term Loan Documents. 

SECTION IV. THE CLOSING; CONDITIONS PRECEDENT TO EACH ADVANCE 
 4.1 Conditions to the Closing. The Closing of this Agreement is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to
Lender and Lender’s counsel): 
 (a) Loan Documents, Resolutions, Opinions, and Other Documents. Borrower shall have
delivered, or caused to be delivered, to Lender the following, in each case in form and substance satisfactory to Lender and its counsel: 
 (i) this Agreement, the Notes (other than the Note representing the Non-Guaranteed Term Loan) and each of the other Loan Documents all properly executed; 

  
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 (ii) financing statements and each of the other documents to be executed and/or delivered
by Borrower, the Guarantors, or any other Person pursuant to this Agreement; 
 (iii) certified copies of (1) resolutions
of Borrower and each Guarantor’s board of directors or managing members (as applicable) authorizing the execution, delivery and performance of this Agreement, the Note to be issued hereunder and each of the other Loan Documents required to be
delivered by such applicable party and (2) Borrower’s and each Guarantor’s articles or certificate of incorporation and by-Laws or certificate of formation and shareholders’ agreement or operating agreement, as applicable;

 (iv) an incumbency certificate for Borrower and each Guarantor identifying all Authorized Officers, with specimen
signatures; 
 (v) a written opinion or opinions of Borrower’s independent counsel addressed to Lender and opinions of
such other counsel as Lender deems reasonably necessary; 
 (vi) such other financial statements, reports, certifications and
other operational information as Lender may reasonably require, satisfactory in all respects to Lender; 
 (vii) certification
by the president of Borrower that there has not occurred any Borrower Material Adverse Effect since December 31, 2010; 

(viii) payment by Borrower of all fees including, without limitation, the Upfront Fee and all of Lender’s fees and expenses
associated with this Agreement; 
 (ix) searches and certificates required under Section 3.4; 

(x) Pledge Agreements from the Parent, Small Business Finance Inc., and Crystaltech, in form and substance satisfactory to Lender;

 (xi) the Multi-Party Agreement together with any required consent of the SBA; 

(xii) the documents set forth on the Lender’s closing checklist previously furnished to Borrower; 

(xiii) payment by Borrower to Lender of an Administrative Fee in the amount of $12,000 required by Section 2.7(b); and 

(xiv) such other documents reasonably required by Lender. 
 (b) Absence of Certain Events. On the Closing Date, no Default or Event of Default hereunder, or under any other agreement between Borrower, any Guarantor or any Affiliate of any of them and
Lender, shall have occurred and be continuing. 
 (c) Warranties and Representations at Closing. The warranties and
representations contained in Section 5 of this Agreement as well as any other Section of this 

  
 26 

 
Agreement shall be true and correct in all respects on the Closing Date with the same effect as though made on and as of that date. Borrower shall not have taken any action or permitted any
condition to exist which would have been prohibited by any Section hereof. 
 (d) Compliance with this Agreement.
Borrower shall have performed and complied with all agreements, covenants and conditions contained herein including, without limitation, the provisions of Sections 6 and 7 hereof, which are required to be performed or complied with by Borrower
before or at the Closing Date. 
 (e) Officers’ Certificate. Lender shall have received a certificate dated the
Closing Date and signed by the chief financial officer of Borrower and Parent certifying that all of the conditions specified in this Section have been fulfilled. 
 4.2 The Closing. Subject to the conditions of this Section, Advances shall be available on such date (the “Closing Date”) and at such time as may be mutually agreeable to the
parties contemporaneously with the execution hereof (the “Closing”) at Lender’s office at 1001 Avenue of the Americas New York, NY 10018. 
 4.3 Waiver of Rights. By consummating the Closing hereunder, or by making Advances hereunder, Lender does not thereby waive a breach of any warranty or representation made by Borrower hereunder or
under any agreement, document, or instrument delivered to Lender or otherwise referred to herein, and any claims and rights of Lender resulting from any breach or misrepresentation by Borrower are specifically reserved by Lender. 

4.4 Conditions to the Making of Each Advance. The making of each Advance hereunder is subject to the fulfillment of the following
conditions precedent in a manner satisfactory in form and substance to Lender and its counsel: 
 (a) Compliance.
Borrower shall have complied and shall then be in compliance with all terms, covenants, conditions and provisions of this Agreement and the other Financing Documents that are binding upon it. 

(b) Borrowing Base. Borrower shall have furnished all Borrowing Base Certificates required by Section 6.8(a) and as evidence
thereof, Borrower shall have furnished to Lender such reports, schedules, certificates, records and other papers as may be requested by Lender, and Borrower shall be in compliance with the provisions of this Agreement both immediately before and
immediately after the making of the Advance requested. The aggregate outstanding balance of the Loan immediately after giving effect to such Advance shall not exceed the Borrowing Base. 

(c) Default. No Event of Default or Default shall exist hereunder. 

(d) Representations and Warranties. The representations and warranties of Borrower contained among the provisions of this
Agreement shall be true and with the same effect as though such representations and warranties had been made at the time of the making of, and of the request for, such Advance. 

  
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 (e) Adverse Change. No Material Adverse Effect shall have occurred that would, in the
good faith judgment of Lender, have a material adverse effect on Borrower or materially impair the ability of Borrower to pay or perform any of the Obligations. 
 (f) Legal Matters. All legal documents incident to such Advance shall be reasonably satisfactory to counsel for Lender. 
 (g) Eligibility Requirements. Each Financed Guaranteed Loan and each Financed Non-Guaranteed Loan shall be an Eligible SBA 7(a) Loan. 
 SECTION V. REPRESENTATIONS AND WARRANTIES 
 To induce Lender to
complete the Closing and make the Loan to Borrower, Borrower warrants and represents to Lender that: 
 5.1 Corporate
Organization and Validity. 
 (a) Borrower: (i) is a corporation, duly organized and validly existing under the Laws of
the state of New York; (ii) has the appropriate power and authority to operate its business and to own its Property; and (iii) is duly qualified, is validly existing and in good standing and has lawful power and authority to engage in the
business it conducts in each state where the nature and extent of its business requires qualification, except where the failure to so qualify does not nor could not reasonably be predicted to have a Material Adverse Effect. A list of all states and
other jurisdictions where Borrower is qualified to do business is shown on Schedule 5.1 attached hereto and made part hereof. 
 (b) The making and performance of this Agreement and the other Loan Documents will not violate any Law, government rule or regulation, court or administrative order or other such order, or the charter,
minutes or bylaw provisions of Borrower, or of Borrower’s shareholder’s agreement, operating agreement or partnership agreement, as applicable, or violate or result in a default (immediately or with the passage of time) under any contract,
agreement or instrument to which Borrower is a party, or by which Borrower is bound. Borrower is not in violation of any term of any agreement or instrument to which it is a party or by which it may be bound which violation has caused or is
reasonably likely to cause a Material Adverse Effect, or of its charter, minutes or bylaw provisions, or of Borrower’s operating agreement or partnership agreement, as applicable. 

(c) Borrower has all requisite power and authority to enter into and perform this Agreement and to incur the obligations herein provided
for, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and the other Loan Documents as applicable. 
 (d) This Agreement, the Note to be issued hereunder and all of the other Loan Documents, when delivered, will be valid and binding upon Borrower, and enforceable in accordance with their respective terms
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 

  
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 5.2 Places of Business. The only places of business of Borrower, and the places where
Borrower keeps and intends to keep its Property, are at the addresses shown on Schedule 5.2 attached hereto. 
 5.3
Pending Litigation. There are no judgments or judicial or administrative orders or proceedings pending, or to the knowledge of Borrower, threatened, against Borrower in any court or before any Governmental Authority relating to a claim in
excess of $100,000 (except for any proceeding relating to any license or seeking injunctive relief as to which no dollar threshold shall apply) except as shown on Schedule 5.3 attached hereto, other than counterclaims arising solely out of
routine collection matters brought by Borrower against any Person. To the knowledge of Borrower, there are no investigations (civil or criminal) pending or threatened against Borrower in any court or before any Governmental Authority. Borrower is
not in default with respect to any order of any Governmental Authority. To the knowledge of Borrower, no shareholder or executive officer of Borrower has been indicted in connection with or convicted of engaging in any criminal conduct, or is
currently subject to any lawsuit or proceeding or under investigation in connection with any anti-racketeering or other conduct or activity which may result in the forfeiture of any property to any Governmental Authority. 

5.4 Title to Properties. Borrower has good and marketable title in fee simple (or its equivalent under applicable Law) to all the
Property it purports to own, free from Liens and free from the claims of any other Person, except for Permitted Liens. 
 5.5
Governmental Consent. Neither the nature of Borrower or of its business or Property, nor any relationship between Borrower and any other Person, nor any circumstance affecting Borrower in connection with the issuance or delivery of this
Agreement, the Note or any other Loan Documents is such as to require a consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority on the part of Borrower (other than with respect to the SBA).

 5.6 Taxes. All tax returns required to be filed by Borrower in any jurisdiction have been filed, and all taxes,
assessments, fees and other governmental charges upon Borrower, or upon any of its Property, income or franchises, which are shown to be due and payable on such returns have been paid, except for those taxes being contested in good faith with due
diligence by appropriate proceedings for which appropriate reserves have been maintained under GAAP and as to which no Lien has been entered. Borrower is not aware of any proposed additional tax assessment or tax to be assessed against or applicable
to Borrower. 
 5.7 Financial Statements. The audited consolidated financial statements of Parent as at and for the year
ended December 31, 2009 (complete copies of which have been delivered to Lender), and the interim consolidated financial statements of Parent as at and for the three-month and six-month periods ended June 30, 2010 have been prepared in
accordance with GAAP and present fairly the financial position of Parent as of such dates and the results of its operations for such periods. The Fiscal Year for Parent and Borrower currently ends on December 31. Borrower’s federal tax
identification number and state organizational identification number for UCC purposes are as shown on Schedule 5.7 attached hereto. All projections provided to Lender represent Borrower’s best estimate of Borrower’s (and
Parent’s or any consolidated entity’s) consolidated 

  
 29 

 
future financial performance as of the date thereof and the assumptions contained therein are believed by Borrower to be fair and reasonable in light of current business conditions. 

5.8 Full Disclosure. The financial statements referred to in Section 5.7 of this Agreement do not, nor does any other written
statement of Borrower to Lender in connection with the negotiation of the Loan, contain any untrue statement of a material fact. Such statements do not omit a material fact, the omission of which would make the statements contained therein
misleading. There is no fact known to Borrower which has not been disclosed in writing to Lender which has or is reasonably likely to have a Material Adverse Effect. 
 5.9 Subsidiaries. Borrower does not have any Subsidiaries or Affiliates, except as shown on Schedule 5.9 attached hereto. 

5.10 Investments, Guarantees, Contracts, etc. 
 (a) Borrower does not own or hold equity, long term debt or other Investments in any other Person, except as shown on Schedule 5.10(a) attached hereto. 

(b) Borrower has not entered into any leases for real or personal Property (whether as landlord or tenant or lessor or lessee), except as
shown on Schedule 5.10(b) attached hereto. 
 (c) Borrower is not a party to any contract or agreement, or subject to any
charter or other corporate restriction, which has or is reasonably likely to have a Material Adverse Effect. 
 (d) Borrower,
except as otherwise specifically provided in this Agreement, has not agreed or consented to cause or permit any of its Property whether now owned or hereafter acquired to be subject in the future (upon the happening of a contingency or otherwise),
to a Lien not permitted by this Agreement. 
 5.11 Government Regulations, etc. 

(a) The use of the proceeds of and Borrower’s issuance of the Notes will not directly or indirectly violate or result in a violation
of Section 7 of the Securities Exchange Act of 1934, as amended, or any regulations issued pursuant thereto, including, without limitation, Regulations U, T and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II.
Borrower does not own or intend to carry or purchase any “margin stock” within the meaning of said Regulation U. 

(b) Borrower has obtained all licenses, permits, franchises or other governmental authorizations necessary for the ownership of its
Property and for the conduct of its business. 
 (c) As of the date hereof, no employee benefit plan (“Pension
Plan”), as defined in Section 3(2) of ERISA, maintained by Borrower or under which Borrower could have any liability under ERISA: (i) has failed to meet the minimum funding standards established in Section 302 of ERISA;
(ii) has failed to comply in a material respect with all applicable requirements of ERISA and of the Internal Revenue Code, including all applicable rulings and regulations thereunder; (iii) has engaged in or been involved in a prohibited
transaction under Section 406 of ERISA or Section 4975 

  
 30 

 
of the Internal Revenue Code which would subject Borrower to any material liability; or (iv) has been terminated if such termination would subject Borrower to any material liability.
Borrower has not assumed, or received notice of a claim asserted against Borrower for, withdrawal liability (as defined in Section 4207 of ERISA) with respect to any multi employer pension plan and is not a member of any Controlled Group (as
defined in ERISA). Borrower has timely made all contributions when due with respect to any multi employer pension plan in which it participates and no event has occurred triggering a claim against Borrower for withdrawal liability with respect to
any multi employer pension plan in which Borrower participates. All Employee Benefit Plans and multi employer pension plans in which Borrower participates are shown on Schedule 5.11(c) attached hereto. 

(d) Borrower is not in violation of or receipt of written notice that it is in violation of any applicable statute, regulation or
ordinance of the United States of America, or of any state, city, town, municipality, county or of any other jurisdiction, or of any agency, or department thereof, (including, without limitation, Environmental Laws or government procurement
regulations), a violation of which causes or is reasonably likely to cause a Material Adverse Effect. 
 (e) Borrower (and each
Guarantor) is current with all reports and documents required to be filed with any state or federal securities commission or similar agency and is in full compliance in all material respects with all applicable rules and regulations of such
commissions. 
 5.12 Business Interruptions. Within five (5) years prior to the date hereof, none of the business,
Property or operations of Borrower has been materially and adversely affected in any way by any casualty, strike, lockout, combination of workers, order of the United States of America, or any state or local government, or any political subdivision
or agency thereof, directed against Borrower. There are no pending or, to Borrower’s knowledge, threatened labor disputes, strikes, lockouts or similar occurrences or grievances affecting Borrower. No labor contract of Borrower is scheduled to
expire prior to December 1, 2015. 
 5.13 Names and Intellectual Property. 

(a) Within five (5) years prior to the Closing Date, Borrower has not conducted business under or used any other name (whether
corporate or assumed) except for the names shown on Schedule 5.13(a) attached hereto. Except to the extent that Borrower may conduct business under a name utilizing the word “Newtek” the ownership of which is with Parent, Borrower
is the sole owner of all names listed on such Schedule 5.13(a) and any and all business done and all invoices issued in such trade names are Borrower’s sales, business and invoices. Each trade name of Borrower, including business
conducted under a name utilizing the word “Newtek”, represents a division or trading style of Borrower and not a separate Subsidiary or Affiliate or independent entity. 

(b) All trademarks, service marks, patents or copyrights which Borrower uses, plans to use or has a right to use are shown on Schedule
5.13(b) attached hereto and Borrower has the legal authority to use such intellectual property in the conduct of its business. Borrower is not in violation of any rights of any other Person with respect to such Property. 

  
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 (c) Except as shown on Schedule 5.13(c) attached hereto: (i) Borrower does not
require any copyrights, patents, trademarks or other intellectual property, or any license(s) to use any patents, trademarks or other intellectual property (other than software licenses generally available) in order to provide services to its
customers in the ordinary course of business; and (ii) Lender will not require any copyrights, patents, trademarks or other intellectual property or any licenses to use the same in order to provide such services after the occurrence of an Event
of Default. 
 5.14 Other Associations. Borrower has not engaged in, nor has it any interest in, any joint venture or
partnership with any other Person except as shown on Schedule 5.14 attached hereto. 
 5.15 Environmental Matters.
Except as shown on Schedule 5.15 attached hereto: 
 (a) To Borrower’s knowledge after due inquiry, no Property
presently owned, leased or operated by Borrower contains, or has previously contained, any Hazardous Substances in amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could give rise to liability under,
any Environmental Law. 
 (b) To Borrower’s knowledge after due inquiry, Borrower is in compliance, and, for the duration
of all applicable statutes of limitations periods, has been in compliance with all applicable Environmental Laws, and there is no contamination at, under or about any properties presently owned, leased, or operated by Borrower or violation of any
Environmental Law with respect to such properties which could reasonably be expected to interfere with any of their continued operations or reasonably be expected to impair the fair saleable value thereof. 

(c) Borrower has not received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws and Borrower has no knowledge that any such notice will be received or is being threatened. 
 (d) Hazardous Substances have not been transported or disposed of in a manner or to a location which are reasonably likely to give rise to liability of Borrower under any Environmental Law. 

(e) No judicial proceeding or governmental or administrative action is pending, or to the knowledge of Borrower, threatened under any
Environmental Law to which Borrower is, or to Borrower’s knowledge will be, named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial
requirements outstanding, the implementation of which is reasonably likely to have a Material Adverse Effect on Borrower’s business, financial condition, Property or prospects under any Environmental Law. 

5.16 Regulation O. No director, executive officer or principal shareholder of Borrower or any Guarantor is a director, executive
officer or principal shareholder of Lender. For the purposes hereof the terms “director” “executive officer” and “principal shareholder” (when used with reference to Lender), have the respective meanings assigned
thereto in Regulation O issued by the Board of Governors of the Federal Reserve System. 

  
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 5.17 Capital Stock. The authorized and outstanding Capital Stock of Borrower is as
shown on Schedule 5.17 attached hereto. All of the Capital Stock of Borrower has been duly and validly authorized and issued and is fully paid and non-assessable and has been sold and delivered to the holder thereof in compliance with, or
under valid exemption from, all Federal and state Laws and the rules and regulations of all Governmental Authorities governing the sale and delivery of securities. Except for the rights and obligations shown on Schedule 5.17, there are no
subscriptions, warrants, options, calls, commitments, rights or agreements by which Borrower or any of the shareholders of Borrower is bound relating to the issuance, transfer, voting or redemption of shares of its Capital Stock or any pre-emptive
rights held by any Person with respect to the shares of Capital Stock of Borrower. Except as shown on Schedule 5.17, Borrower has not issued any securities convertible into or exchangeable for shares of its Capital Stock or any options,
warrants or other rights to acquire such shares or securities convertible into or exchangeable for such shares. 
 5.18
Solvency. After giving effect to the transactions contemplated under this Agreement, Borrower is solvent, is able to pay its debts as they become due, and has capital sufficient to carry on its business and all businesses in which it is about
to engage, and now owns Property having a value both at fair valuation and at present fair salable value greater than the amount required to pay Borrower’s debts. Borrower will not be rendered insolvent by the execution and delivery of this
Agreement or any of the other Loan Documents executed in connection with this Agreement or by the transactions contemplated hereunder or thereunder. 
 5.19 Perfection and Priority. This Agreement and the other Loan Documents are effective to create in favor of Lender legal, valid, enforceable and perfected first priority (except for Liens in
favor of Lender under the Term Loan Documents) Liens in all right, title and interest of Borrower in the Collateral, superior in right to any and all other Liens, existing or future. 

5.20 Commercial Tort Claims. As of the Closing Date, Borrower is not a party to any Commercial Tort Claims, except as shown on
Schedule 3.1(a)(xiv) attached hereto. 
 5.21 Letter of Credit Rights. As of the Closing Date, Borrower has no
rights under an outstanding letter of credit, except as shown on Schedule 5.21 attached hereto. 
 5.22 Deposit
Accounts. All deposit accounts of Borrower are shown on Schedule 5.22 attached hereto. 
 5.23 Preferred Lender
Status. As of the Closing Date, Borrower has been approved as and continues to be a preferred lender under the SBA’s Preferred Lender Program in accordance with the SBA Rules and Regulations. Borrower has not been advised, and has no reason
to believe, that it will not continue to be such a preferred lender after the Closing Date. 
 SECTION VI. BORROWER’S AFFIRMATIVE
COVENANTS 
 Borrower covenants that until all of the Obligations are paid and satisfied in full, that: 

6.1 Payment of Taxes and Claims. Borrower shall pay, before they become delinquent, all taxes, assessments and governmental
charges, or levies imposed upon it, or upon Borrower’s Property, and all claims or demands of materialmen, mechanics, carriers, warehousemen, landlords 

  
 33 

 
and other Persons, entitled to the benefit of statutory or common Law Liens which, in any case, if unpaid, would result in the imposition of a Lien upon its Property; provided however, that
Borrower shall not be required to pay any such tax, assessment, charge, levy, claim or demand if the amount, applicability or validity thereof, shall at the time, be contested in good faith and by appropriate proceedings by Borrower, and if Borrower
shall have set aside on its books adequate reserves in respect thereof, if so required in accordance with GAAP; which deferment of payment is permissible so long as no Lien other than a Permitted Lien has been entered and Borrower’s title to,
and its right to use, its Property are not materially adversely affected thereby. 
 6.2 Maintenance of Properties and
Corporate Existence. 
 (a) Property. Borrower shall maintain its Property in good condition (normal wear and tear
excepted) make all necessary renewals, replacements, additions, betterments and improvements thereto and will pay and discharge when due the cost of repairs and maintenance to its Property, and will pay all rentals when due for all real estate
leased by Borrower. 
 (b) Property Insurance, Public and Products Liability Insurance. Borrower shall maintain insurance
(i) on all insurable tangible Property against fire, flood, casualty and such other hazards (including, without limitation, extended coverage, workmen’s compensation, boiler and machinery, with inflation coverage by endorsement) and
(ii) against public liability, product liability and business interruption, in each case in such amounts, with such deductibles and with such insurers as are customarily used by companies operating in the same industry and geographic area as
Borrower. At or prior to Closing, Borrower shall furnish Lender with duplicate original policies of insurance or such other evidence of insurance as Lender may require, and any certificates of insurance shall be issued on Accord Form-27. In the
event Borrower fails to procure or cause to be procured any such insurance or to timely pay or cause to be paid the premium(s) on any such insurance, Lender may do so for Borrower, but Borrower shall continue to be liable for the same. The policies
of all such casualty insurance shall contain standard Lender’s Loss Payable Clauses (and, with respect to liability and interruption insurance, additional insured clauses) issued in favor of Lender under which all losses thereunder shall be
paid to Lender as Lender’s interest may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without thirty (30) days prior written notice to Lender and shall insure Lender
notwithstanding the act or neglect of Borrower. With respect to any single claim which exceeds $500,000 or any series of claims in any twelve month period which in the aggregate exceeds $1,500,000, Borrower hereby appoints Lender as Borrower’s
attorney-in-fact, exercisable at Lender’s option to endorse any check which may be payable to Borrower in order to collect the proceeds of such insurance and any amount or amounts collected by Lender pursuant to the provisions of this Section
may be applied by Lender, in its sole discretion, to any Obligations or to repair, reconstruct or replace the loss of or damage to Collateral as Lender in its discretion may from time to time determine. Borrower further covenants that all insurance
premiums owing under its current policies have been paid. Borrower shall notify Lender, immediately, upon Borrower’s receipt of a notice of termination, cancellation, or non-renewal from its insurance company of any such policy. In addition
Borrower shall, consistent with the requirements of the SBA, cause each SBA 7(a) Loan Obligor to maintain Borrower as a named as additional insured or loss payee, as appropriate, in all such policies. 

  
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 (c) Financial Records. Borrower shall keep current and accurate books of records and
accounts in which full and correct entries will be made of all of its business transactions, and will reflect in its financial statements adequate accruals and appropriations to reserves, all in accordance with GAAP. Borrower shall not change its
Fiscal Year end date without the prior written consent of Lender. 
 (d) Corporate Existence and Rights. Borrower shall
do (or cause to be done) all things necessary to preserve and keep in full force and effect its existence, good standing, rights and franchises. 
 (e) Compliance with Laws. Borrower shall be in compliance with any and all Laws, ordinances, governmental rules and regulations, and court or administrative orders or decrees to which it is
subject, whether federal, state or local, (including, without limitation, Environmental Laws and government procurement regulations) and shall obtain any and all licenses, permits, franchises or other governmental authorizations necessary to the
ownership of its Property or to the conduct of its businesses, which violation or failure to obtain causes or could cause a Material Adverse Effect. Borrower shall timely satisfy all assessments, fines, costs and penalties imposed (after exhaustion
of all appeals, provided a stay has been put in effect during such appeal) by any Governmental Authority against Borrower or any Property of Borrower. Without limiting the foregoing, Borrower shall cause the Required Procedures, the SBA 7(a) Note
Receivable Documents and all actions and transactions by Borrower in connection therewith (a) to comply with SBA Rules and Regulations, and (b) to comply with all other requirements of all applicable Laws except where the failure to comply
with such other requirements of any applicable Law reasonably could not be expected to result in a Material Adverse Effect. 

(f) Business Conducted. Borrower shall continue in the business presently operated by it using its best efforts to maintain its
customers and goodwill. Borrower shall not engage, directly or indirectly, in any material respect in any line of business materially different from the businesses conducted by Borrower immediately prior to the Closing Date. 

6.3 Litigation. Borrower shall give prompt notice to Lender of any litigation claiming in excess of One Hundred Thousand Dollars
($100,000.00) from Borrower, or which is reasonably likely to have a Material Adverse Effect. 
 6.4 Issue Taxes.
Borrower shall pay all taxes (other than taxes based upon or measured by any Lender’s income or revenues or any personal property tax), if any, in connection with the issuance of the Notes and the recording of any lien documents. The
obligations of Borrower hereunder shall survive the payment of Borrower’s Obligations hereunder and the termination of this Agreement. 
 6.5 Bank Accounts. Borrower and each Guarantor shall maintain its primary depository and disbursement account(s) with Lender. 

6.6 Employee Benefit Plans. Borrower shall (a) fund all of its Pension Plan(s) in a manner that will satisfy the minimum funding
standards of Section 302 of ERISA, (b) furnish Lender, promptly upon Lender’s request, with copies of all reports or other statements filed with the 

  
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United States Department of Labor, the PBGC or the IRS with respect to all Pension Plan(s), or which Borrower, or any member of a Controlled Group, may receive from the United States Department
of Labor, the IRS or the PBGC, with respect to all such Pension Plan(s), and (c) promptly advise Lender of the occurrence of any reportable event (as defined in Section 4043 of ERISA, other than a reportable event for which the thirty
(30) day notice requirement has been waived by the PBGC) or prohibited transaction (under Section 406 of ERISA or Section 4975 of the Internal Revenue Code) with respect to any such Pension Plan(s) and the action which Borrower
proposes to take with respect thereto. Borrower will make all contributions when due with respect to any multi employer pension plan in which it participates and will promptly advise Lender upon (x) its receipt of notice of the assertion
against Borrower of a claim for withdrawal liability, (y) the occurrence of any event which, to Borrower’s knowledge, would trigger the assertion of a claim for withdrawal liability against Borrower, and (z) upon the occurrence of any
event which, to Borrower’s knowledge, would place Borrower in a Controlled Group as a result of which any member (including Borrower) thereof may be subject to a claim for withdrawal liability, whether liquidated or contingent. 

6.7 Financial Covenants. 
 (a) Borrower shall cause Parent to at all times comply with the following financial covenants which shall be tested on Parent together with its consolidated Subsidiaries: 

(i) As at the last day of each Fiscal Quarter, Parent shall maintain a Fixed Charge Coverage Ratio of at least 1.50:1; and 

(ii) As of the last day of each Fiscal Quarter, Parent shall maintain a minimum EBITDA for the twelve (12) month period ending on
each of the following dates of the following amounts: (A) as of the last day of each Fiscal Quarter during Fiscal Year 2011, $7,000,000; and (B) as of the last day of each Fiscal Quarter thereafter, $7,500,000; and 

(iii) There shall be at least $4,000,000.00 in unrestricted cash on the consolidated balance sheet of the Parent at all times.

 (b) As of the last day of each Fiscal Quarter, Borrower shall maintain a minimum EBITDA for the twelve (12) month period
ending on each of the following dates of the following amounts: (A) as of March 31, 2011 and June 30, 2011, $2,200,000; (B) as of September 30, 2011 and December 31, 2011, $2,400,000; and (C) as of the last day of
each Fiscal Quarter thereafter, $2,600,000. 
 (c) Universal Processing Services of Wisconsin LLC (d/b/a Newtek Merchant
Solutions) and shall at all times comply with the following financial covenants which shall be tested on the basis of the results of the Electronic Payment Processing segment: 

(i) As of the last day of each Fiscal Quarter, Universal Processing Services of Wisconsin LLC (d/b/a Newtek Merchant Solutions) shall
maintain a minimum EBITDA for the twelve (12) month period ending on each of the following dates of the following amounts: 

  
 36 

 
(A) as of March 31, 2011, June 30, 2011; $5,000,000 (B) as of December 31, 2011, $5,500,000; and (B) as of the last day of each Fiscal Quarter thereafter,
$5,600,000. 
 (ii) As of the last day of each Fiscal Quarter, Crystaltech shall maintain a minimum EBITDA for the twelve
(12) month period ending on each such day of $5,400,000. 
 6.8 Financial and Business Information; Other Reports.
Borrower shall deliver or cause to be delivered to Lender the following: 
 (a) Financial Statements and Collateral
Reports. Such data, reports, statements and information, financial or otherwise, as Lender may reasonably request, including, without limitation: 
 (i) (A) Within forty five (45) days after the end of each Fiscal Quarter (other than the last Fiscal Quarter in any Fiscal Year), financial information regarding Parent and its consolidated
subsidiaries, certified by the Chief Financial Officer of Parent, consisting of consolidated (i) unaudited balance sheets as of the close of such Fiscal Quarter and the related statements of income and cash flows for that portion of the Fiscal
Year ending as of the close of such Fiscal Quarter; (ii) unaudited statements of income and cash flows for such Fiscal Quarter, setting forth in comparative form the figures for the corresponding period in the prior year and on a trailing
twelve month basis, and (iii) including an income statement for Parent on a consolidated basis by business segment as currently reported by Parent, all prepared in accordance with GAAP (subject to normal year-end adjustments) and
(B) within forty five (45) days after the end of each Fiscal Quarter, the actual results of operations of Borrower for the Fiscal Quarter, compared to the Projections for such Fiscal Quarter. 

(ii) Within ninety (90) days after the end of each Fiscal Year, audited financial statements for Parent and its Subsidiaries on a
consolidated basis, consisting of balance sheets, cash flow statements and statements (including statements on a business segment basis) of income and retained earnings and, setting forth in comparative form in each case the figures for the previous
Fiscal Year, which financial statements shall be prepared in accordance with GAAP and certified without qualification, by an independent certified public accounting firm of national standing and acceptable to Lender. 

(iii) Within fifteen (15) days after the end of each Fiscal Month Borrowing Base Certificates, which shall include, among other
things, detailed reporting as to eligibility of Financed Guaranteed Loans and Financed Non-Guaranteed Loans. 
 (iv) Within
forty five (45) days after the end of each Fiscal Quarter, financial information regarding Borrower and its consolidated subsidiaries, certified by the Chief Financial Officer of Borrower, consisting of consolidated (i) unaudited balance
sheets as of the close of such Fiscal Quarter and the related statements of income and cash flows for that portion of the Fiscal Year ending as of the close of such Fiscal Quarter; (ii) unaudited statements of income and cash flows for such
Fiscal Quarter, setting forth in comparative form the figures for the corresponding period in the prior year and on a trailing twelve month basis, and (iii) including an 

  
 37 

 
income statement for Borrower on a consolidated basis by business segment as currently reported by Parent, all as prepared in accordance with GAAP (subject to normal year-end adjustments).

 (v) Within ninety (90) days after the end of each Fiscal Year, audited financial statements for Borrower and its
Subsidiaries on a consolidated basis, consisting of balance sheets, cash flow statements and statements (including statements on a business segment basis) of income and retained earnings and, setting forth in comparative form in each case the
figures for the previous Fiscal Year, which financial statements shall be prepared in accordance with GAAP and certified without qualification, by an independent certified public accounting firm of national standing and acceptable to Lender.

 (vi) Within ninety (90) days after the end of each Fiscal Year, three-year projections for Parent and for Borrower,
prepared in light of the past operations of their respective businesses, but including future payments of known contingent liabilities, prepared on a quarterly basis for the then current Fiscal Year and annually for the following two years
(“Projections”). The Projections shall be based upon the same accounting principles as those used in the preparation of the financial statements described above and the estimates and assumptions stated therein, all of which Parent
and Borrower each believe to be reasonable and fair in light of current conditions and current facts known to Parent and Borrower, as applicable, and reflect Parent’s and Borrower’s good faith and reasonable estimates of the future
financial performance of Parent and Borrower, respectively, for the periods set forth therein. 
 (b) Management Letters.
Within five (5) Business Days after receipt thereof by any Credit Party, copies of all management letters, exception reports or similar letters or reports received by such Credit Party from its independent certified public accountants.

 (c) Governmental Reports. Borrower agrees that, if requested by Lender, it shall promptly furnish Lender with copies
of all reports filed with any federal, state or local Governmental Authority. 
 (d) Notice of Event of Default. Promptly
upon a director or executive officer of Borrower obtaining knowledge of the existence of any condition or event which constitutes a Default or an Event of Default under this Agreement, Borrower shall provide Lender with a written notice specifying
the nature and period of existence thereof and what action Borrower is taking (and proposes to take) with respect thereto. 

(e) Notice of Claimed Default. Promptly upon receipt by Borrower of a notice of default, oral or written, given to Borrower by any
creditor for Indebtedness for borrowed money, or otherwise holding long term Indebtedness of Borrower in excess of Fifty Thousand Dollars ($50,000.00), Borrower shall give notice of the same to Lender. 

(f) Securities and Other Reports. If Borrower shall be required to file reports with the Securities and Exchange Commission
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, Borrower shall promptly upon its becoming available, provide Lender with one copy of each financial statement, report, notice or proxy statement sent by
Borrower to stockholders generally, and, a copy of each regular or periodic report, and any registration 

  
 38 

 
statement, or prospectus in respect thereof, filed by Borrower with any securities exchange or with federal or state securities and exchange commissions or any successor agency. 

6.9 Officers’ Certificates. Along with each set of financial statements and or reports delivered to Lender pursuant to
Section 6.8 hereof, Borrower and each corporate Guarantor shall deliver to Lender a certificate (“Compliance Certificate”) from the chief financial officer, chief executive officer or president of Borrower and each corporate
Guarantor (and as to certificates accompanying the annual financial statements of Borrower and each corporate Guarantor, also certified by Borrower’s independent certified public accountant) setting forth: 

(a) Event of Default. That the signer has reviewed the relevant terms of this Agreement, and has made (or caused to be made under
his/her supervision) a review of the transactions and conditions of Borrower and each corporate Guarantor from the beginning of the accounting period covered by the financial statements being delivered therewith to the date of the certificate, and
that such review has not disclosed the existence during such period of any condition or event which constitutes a Default or an Event of Default or, if any such condition or event exists, specifying the nature and period of existence thereof and
what action Borrower and/or each corporate Guarantor has taken or proposes to take with respect thereto. 
 (b) Covenant
Compliance; The information (including detailed calculations) required in order to establish that Borrower is in compliance with the requirements of Section 6.7 of this Agreement, as of the end of the period covered by the financial
statements delivered. 
 6.10 Audits and Inspection. Borrower shall permit any of Lender’s officers or other
representatives to visit and inspect upon reasonable notice during business hours any of the locations of Borrower, to examine and audit all of Borrower’s books of account, records, reports and other papers, to make copies and extracts there
from and to discuss its affairs, finances and accounts with its officers, employees and independent certified public accountants all at Borrower’s expense at the standard rates charged by Lender for such activities, plus Lender’s
reasonable out-of-pocket expenses (all of which amounts shall be Expenses). Borrower acknowledges that Lender intends to conduct such audits at least twice annually. 
 6.11 Blocked Account. On or before the Closing Date and until all Obligations have been fully and finally paid., Borrower shall establish a blocked account with Lender (“Blocked
Account”), and deposit and/or shall cause to be deposited directly into such Blocked Account all payments swept from the Trust Account in a manner consistent with the Cash Management System. 

6.12 Information to Participant. Lender may divulge to any participant, assignee or co-lender or prospective participant, assignee
or co-lender it may obtain in the Loan or any portion thereof, all information, and furnish to such Person copies of any reports, financial statements, certificates, and documents obtained under any provision of this Agreement, or related agreements
and documents. 
 6.13 Material Adverse Developments. Borrower agrees that immediately upon obtaining knowledge of any
development or other information outside the ordinary course of business (and excluding matters of a general economic, financial or political nature) which would reasonably be 

  
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expected to have a Material Adverse Effect it shall give to Lender telephonic notice specifying the nature of such development or information and such anticipated effect. In addition, such verbal
communication shall be confirmed by written notice thereof to Lender on the same day such verbal communication is made or the next Business Day thereafter. 
 6.14 Places of Business. Borrower shall give thirty (30) days prior written notice to Lender of any changes in the location of any of their respective places of business, of the places where
records concerning their Accounts or where its Inventory are kept, or the establishment of any new, or the discontinuance of any existing, place of business; provided that Borrower may not establish any place of business outside of the United
States. 
 6.15 Commercial Tort Claims. Borrower will immediately notify Lender in writing in the event that Borrower
becomes a party to or obtains any rights with respect to any Commercial Tort Claim. Such notification shall include information sufficient to describe such Commercial Tort Claim, including, but not limited to, the parties to the claim, the court in
which the claim was commenced, the docket number assigned to such claim, if any, and a detailed explanation of the events that gave rise to the claim. Borrower shall execute and deliver to Lender all documents and/or agreements necessary to grant
Lender a security interest in such Commercial Tort Claim to secure the Obligations. Borrower authorizes Lender to file (without Borrower’s signature) initial financing statements or amendments, as Lender deems necessary to perfect its security
interest in the Commercial Tort Claim. 
 6.16 Letter of Credit Rights. Borrower shall provide Lender with written notice
of any letters of credit for which Borrower is the beneficiary. Borrower shall execute and deliver (or cause to be executed or delivered) to Lender, all documents and agreements as Lender may require in order to obtain and perfect its security
interest in such letters of credit. 
 6.17 Inter-Company and Shareholder Loans. All inter-company loans to Borrower from
a Guarantor or from any officer, director or employee, or affiliates shall be subordinate to this Loan pursuant to a subordination agreement in form and substance satisfactory to Lender. 

6.18 Separateness Covenant. Borrower agrees and covenants that: 

(a) Borrower will maintain Borrower’s separate existence and identity and will take reasonable steps to make it apparent to third
parties that Borrower is an entity with assets (in particular the Pledged Shares (as defined in the Pledge Agreement)) and liabilities distinct from those of each Guarantor. 
 (b) Not in limitation of the generality of the foregoing, Borrower agrees as follows: 
 (i) Borrower will not inadvertently commingle its assets in any material respects with those of any other Person and shall take all reasonable steps to maintain its assets in a manner that facilitates
their identification and segregation from those of each Guarantor; 

  
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 (ii) Borrower shall take all reasonable steps to prevent any of Borrower’s funds from
at any time being pooled with any funds of each Guarantor and shall not maintain joint bank accounts or other depository accounts to which Guarantors have access; 
 (iii) Borrower will conduct its business in its own name and from an office separate (or otherwise internally distinguishable) from that of Guarantors; 

(iv) Borrower will maintain separate corporate records and books of account from those of any other Person; 

(v) Borrower will maintain separate financial statements from those of any other Person; provided, however, financial information about
Borrower may be contained in consolidated financial statements issued by Parent; 
 (vi) Borrower will pay its own liabilities,
including the salaries of its own employees, consultants and agents, from its own funds and bank accounts; 
 (vii) Borrower
will compensate Guarantors at market rates for any services that such parties render to Borrower; and 
 (viii) Borrower will
observe the formalities of a corporation in all material respects. 
 6.19 Borrower as Servicer. Borrower shall at its
own expense service all of the SBA 7(a) Note Receivables, including (i) the billing, posting and maintaining of complete records applicable thereto, and (ii) subject to applicable SBA Rules and Regulations, the taking of such action with
respect thereto as Borrower may deem advisable. 
 6.20 Negotiable Collateral. Borrower shall cause the original of each
SBA 7(a) Loan Note to be delivered to FTA or such other Person designated in accordance with the Multi-Party Agreement and to be dealt with as provided therein. Subject to the Multi-Party Agreement, in the event that any other Collateral, including
proceeds, is evidenced by or consists of collateral readily negotiable, and if and to the extent that perfection of priority of Lender’s security interest is dependent on or enhanced by possession, Borrower, immediately upon the request of
Lender, shall endorse and deliver physical possession of such negotiable collateral to Lender. 
 6.21 Collection of SBA 7(a)
Note Receivables, Accounts, General Intangibles and Chattel Paper. Subject in each case to the Multi-Party Agreement, at any time after the occurrence and during the continuation of a Default or Event of Default under this Agreement or any other
Loan Document, Lender or Lender’s designee may (a) notify SBA 7(a) Loan Obligors or other obligors that SBA 7(a) Note Receivables, Accounts, Chattel Paper, or General Intangibles have been assigned to Lender or that Lender has a security
interest therein, or (b) collect the SBA 7(a) Loan Receivables, Accounts, Chattel Paper or General Intangibles directly and charge the collection costs and expenses to the Loan Account. Subject in each case to the Multi-Party Agreement,
Borrower agrees that it will hold in trust for Lender, as Lender’s trustee, any payments with respect to or in connection with SBA 7(a) Note Receivables or SBA 7(a) Note Receivable Collateral that it receives and immediately will deliver said
payments with respect to or in connection with SBA 7(a) Note Receivables or SBA 7(a) 

  
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Note Receivable Collateral to a replacement servicer appointed or approved by the SBA or, at the request of Lender with the SBA’s consent to Lender, in each case, in their original form as
received by Borrower. 
 6.22 Records. Borrower shall maintain accurate and materially complete records regarding all SBA
7(a) Note Receivables, including without limitation all SBA 7(a) Note Receivables which have been guaranteed by the principals of the respective SBA 7(a) Loan Obligors; provided that in no event shall such records fail to comply with the
requirements of the SBA Rules and Regulations. 
 6.23 Due Diligence. Borrower shall cooperate fully with Lender in
connection with Lender’s due diligence, from time to time, with respect to property proposed by Borrower as Collateral and SBA 7(a) Note Receivable Collateral. Lender shall be entitled to procure such appraisals, brokers’ price opinions,
lien search reports, tax filing reports, title reports, evaluations or other reports, certifications or information as it may require in connection with its evaluation or re-evaluation of any Collateral. 

6.24 Multi-Party Agreement; Trust Account Agreement; Blocked Account Agreement. Borrower shall comply in a timely manner with all
of its obligations and agreements under the Multi-Party Agreement, the Trust Account Agreement and the Blocked Account Agreement, including without limitation, providing complete and accurate instructions, in accordance with the terms of the Blocked
Account Agreement. 
 6.25 REO Property. Promptly upon acquisition of any REO Property, the applicable Credit Party shall
execute such deeds of trust, mortgages and other documentation with respect to such Credit Party’s interest in such REO Property, and to the extent, if any, required by SBA Rules and Regulations, obtain and deliver or cause to be delivered to
Lender, an appraisal that is compliant with the requirements of FIRREA, a mortgagee policy of title insurance, environmental report, engineering report or other documentation as Lender may reasonably request in connection therewith. 

6.26 Foreclosure (or Deed in Lieu) Regarding SBA 7(a) Note Receivable Collateral. Borrower shall notify Lender of sending or
recording any notice of default on a SBA 7(a) Note Receivable within fifteen (15) days of such sending or recording, and notify Lender thereof in writing with each Borrowing Base Certificate delivered to Lender. Borrower shall also notify
Lender in writing with each Borrowing Base Certificate delivered to Lender, the date upon which any notice of foreclosure sale was recorded and the initial date set for related foreclosure sale. In the case of a notice of foreclosure sale, Borrower
will also notify Lender in writing of the recordation of any related notice of trustee sale within five (5) days of recordation thereof, and include in such notice the date first set for sale. Promptly upon consummation of any such foreclosure
or trustee sale, or any deed or bill of sale in lieu of foreclosure, retention of collateral in satisfaction of debt or similar transaction, Borrower shall deliver to Lender true and complete copies of all documentation executed (in the case of
notices, postings and the like), or to be executed (in the case of deeds, bills of sale or other documents related to consummation of such transaction or transfer of such property), by Borrower in respect thereof. In the event Borrower intends or
expects, by means of any such foreclosure, deed or bill of sale in lieu of foreclosure, retention of collateral in satisfaction of debt or similar transaction, to acquire title to any personal property included in the SBA 7(a) Note

  
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Receivable Collateral, Borrower shall, contemporaneously upon acquiring such title, execute and deliver to Lender such security agreements, financing statements or other documents as may be
required by Lender in order to maintain Lender’s interest therein (Borrower hereby appoints Lender as its attorney-in-fact, and grants Lender a special power of attorney, coupled with an interest, to execute any such security agreements,
financing statements or other documents, in Borrower’s name and on its behalf, and file and record same as required to perfect Lender’s interest therein). If permitted by applicable SBA Rules and Regulations, Borrower will not acquire
title to, or take possession of, any such real property unless Borrower has determined, based on an environmental site assessment prepared by a credentialed consultant acceptable to Lender who regularly conducts environmental audits, either that
such real property, including all improvements thereon, is in compliance with all applicable Environmental Laws and that there are no circumstances present on such real property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any Environmental Law, or that the cost of any such actions is justified and appropriate in relation to the liquidation value of such real
property. 
 6.27 Eligible SBA 7(a) Note Receivables. With regard to Financed Guaranteed Loans and Financed
Non-Guaranteed Loans: (a) each related SBA 7(a) Guaranteed Note Receivable and each related SBA 7(a) Non-Guaranteed Note Receivable, as applicable, will (i) represent bona fide existing obligations created by the lending of money by
Borrower to SBA 7(a) Loan Obligors in the ordinary course of Borrower’s business, (ii) be unconditionally owed to Borrower without defenses, disputes, offsets or counterclaims, or rights of return or cancellation and is secured by SBA 7(a)
Note Receivable Collateral in accordance with the Required Procedures, and (iii) be documented on Approved Forms in accordance with the Required Procedures. Unless otherwise clearly disclosed to Lender in writing prior to submission to Lender
for evaluation for eligibility, Borrower will not have received notice of (a) actual or imminent bankruptcy, insolvency, or material impairment of the financial condition of any SBA 7(a) Loan Obligor regarding any such SBA 7(a) Guaranteed Note
Receivable or any such SBA 7(a) Non-Guaranteed Note Receivable or (b) actual or threatened litigation regarding the validity or enforceability of any such SBA 7(a) Guaranteed Note Receivable or any such SBA 7(a) Non-Guaranteed Note Receivable
or the validity, enforceability or priority of any such SBA 7(a) Note Receivable Collateral. With respect to each such SBA 7(a) Guaranteed Note Receivable and each such Eligible SBA 7(a) Non-Guaranteed Note Receivable, Borrower will, no later than
the respective funding date of the related Financed Guaranteed Loan or Financed non-Guaranteed Loan, as applicable, have taken the steps required to perfect Borrower’s Liens in any SBA 7(a) Note Receivable Collateral for such SBA 7(a)
Guaranteed Note Receivable or such SBA 7(a) Non-Guaranteed Note Receivable, as applicable, against the applicable SBA 7(a) Loan Obligor in all applicable jurisdictions. Unless otherwise clearly disclosed to Lender in writing prior to or
simultaneously with submission to Lender for evaluation for eligibility, Borrower represents that it will be the sole legal and beneficial owner of each such SBA 7(a) Guaranteed Note Receivable, and that no participation interest or other ownership
interest (legal, beneficial or otherwise) has been sold or is otherwise outstanding with respect thereto. 
 6.28
Compliance. The Required Procedures, the SBA 7(a) Note Receivable Documents and all actions and transactions by Borrower in connection therewith will comply in all material respects with all Applicable Laws. Borrower covenants and agrees that
each Financed Guaranteed Loan and each Financed Non-Guaranteed Loan shall comply with the following: (a) all conditions 

  
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precedent to the effectiveness of the guaranty of the SBA and all other obligations of the SBA under Applicable Laws with respect thereto shall have been met; (b) Borrower shall have
perfected its security interests and Liens in and to all underlying collateral; (c) it shall conform to all SBA Rules and Regulations; and (d) it shall have been originated by Borrower. 

SECTION VII. BORROWER’S NEGATIVE COVENANTS 
 Borrower covenants that until all of the Obligations are paid and satisfied in full and, that: 
 7.1 Merger, Consolidation, Dissolution or Liquidation. 
 (a) Borrower shall
not engage in any Asset Sale other than: (i) Inventory sold in the ordinary course of Borrower’s business; (ii) equipment that is replaced by other equipment of comparable or superior quality and value within ninety (90) days of
such Asset Sale; (iii) a sale of property in one transaction or a series of transactions with a fair market value of less than One Hundred Thousand Dollars ($100,000) during any six month period; or (iv) Permitted Dispositions. 

(b) Borrower shall not merge or consolidate with any other Person or commence a dissolution or liquidation. 

7.2 Acquisitions. Borrower shall not acquire all or a material portion of the Capital Stock or assets of any Person in any
transaction or in any series of related transactions or enter into any sale and leaseback transaction. 
 7.3 Liens and
Encumbrances. Borrower shall not: (i) execute a negative pledge agreement with any Person covering any of its Property; or (ii) cause or permit or agree or consent to cause or permit in the future (upon the happening of a contingency
or otherwise), its Property (including, without limitation, the Collateral), whether now owned or hereafter acquired, to be subject to a Lien or be subject to any claim except for Permitted Liens. 

7.4 Transactions With Affiliates or Subsidiaries. Borrower shall not enter into any transaction with any Subsidiary or other
Affiliate, including, without limitation, the purchase, sale, or exchange of Property, or the loaning or giving of funds to any Affiliate or any Subsidiary unless: (i) (A) except with regard to loans or advances to Borrower by either the
Permitted Capcos or by Parent, such Subsidiary or Affiliate is engaged in a business substantially related to the business conducted by Borrower, and (B) except with regard to loans or advances to Borrower by either the Permitted Capcos or by
Parent expressly permitted under the Loan Documents, the transaction is in the ordinary course of Borrower’s business (but nevertheless such loans or advances to Borrower by either the Permitted Capcos or by Parent must be consistent with past
practices), and, in each case, pursuant to the reasonable requirements of Borrower’s business and upon terms substantially the same and no less favorable to Borrower as it would obtain in a comparable arm’s length transactions with any
Person not an Affiliate or a Subsidiary, and so long as such transaction is not prohibited hereunder; (ii) such transaction is intended for incidental administrative purposes; or (iii) it is a dividend. 

7.5 Guarantees. Excepting the endorsement in the ordinary course of business of negotiable instruments for deposit or collection
(and the joint obligations to Lender hereunder), 

  
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Borrower shall not become or be liable, directly or indirectly, primary or secondary, matured or contingent, in any manner, whether as guarantor, surety, accommodation maker, or otherwise, for
the existing or future Indebtedness of any kind of any Person. 
 7.6 Distributions, Bonuses and Other Indebtedness.
Borrower shall not: (i) declare or pay any cash bonus compensation to its officers if an Event of Default exists or would result from the payment thereof; (ii) incur, become liable for or suffer to exist any Indebtedness other than
Permitted Indebtedness; (iii) make any prepayments on any existing or future Indebtedness (other than the Obligations); or (iv) make any Restricted Payments other than as permitted by clause (b)(v) of the definition of Permitted
Investments. 
 7.7 Loans and Investments. Borrower shall not make or have outstanding loans, advances, extensions of
credit, capital contributions or other Investments in or to any Person other than (i) Permitted Investments, and (ii) SBA 7(a) Loans and other SBA loans, in each case (a) that are originated by Borrower in the ordinary course of
Borrower’s business, (b) that are in compliance with and conform to the Required Procedures and the SBA Rules and Regulations and in all material respects with all other Applicable Laws, (c) as to which Borrower shall have perfected
its security interests and Liens in and to all underlying collateral, and (d) to the extent applicable, that otherwise meet the requirements applicable thereto set forth in the Loan Documents and the Term Loan Documents. 

7.8 Use of Lenders’ Name. Borrower shall not use Lender’s name in connection with any of its business operations.
Nothing herein contained is intended to permit or authorize Borrower to make any contract on behalf of Lender. 
 7.9
Miscellaneous Covenants. 
 (a) Borrower shall not become or be a party to any contract or agreement which at the time of
becoming a party to such contract or agreement materially impairs Borrower’s ability to perform under this Agreement, or under any other instrument, agreement or document to which Borrower is a party or by which it is or may be bound.

 (b) Borrower shall not carry or purchase any “margin stock” within the meaning of Regulations U, T or X of the
Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. 
 7.10 Jurisdiction of Organization. Borrower
shall not change its jurisdiction of organization. 
 SECTION VIII. DEFAULT 

8.1 Events of Default. Each of the following events shall constitute an event of default (“Event of Default”):

 (a) Payments. If Borrower fails to make any payment of principal or interest (including, without limitation, mandatory
prepayments pursuant to Section 2.5(d) hereof) under the Obligations on the date such payment is due and payable; or 

  
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 (b) Other Charges. If Borrower fails to pay any other charges, fees, Expenses or
other monetary obligations owing to Lender arising out of or incurred in connection with this Agreement within five (5) Business Days after the date such payment is due and payable; or 

(c) Particular Covenant Defaults. If Borrower fails any covenant or undertaking contained in this Agreement and (other than with
respect to the covenants contained in Sections 2.1(b)(v), 6.7 and 7 for which no cure period shall exist other than as set forth in 8.1(d) below), such failure continues for ten (10) Business Days after the occurrence thereof; 

(d) Financial Covenant Defaults. Subject to the Limitation in Section 8.7 below, if Borrower fails to perform, comply with or
observe with respect to the covenants contained in Section 6.7, and such failure continues for five (5) Business Days after the occurrence thereof; 
 (e) Financial Information. If any statement, report, financial statement, or certificate made or delivered by Borrower or any of its officers, employees or agents, to Lender is not true and
correct, in all material respects, when made; or 
 (f) Delivery of SBA 7(a) Loan Notes. Borrower shall not deliver any
SBA 7(a) Loan Note to FTA pursuant to the Multi-Party Agreement by the close of business on the fifth Business Day after the funding date of any Financed Guaranteed Loan or Financed Non-Guaranteed loan, as the case may be. 

(g) Uninsured Loss. If there shall occur any uninsured damage to or loss, theft, or destruction in excess of One Hundred Thousand
Dollars ($100,000.00) in the aggregate with respect to any portion of any Property of Borrower for which Borrower has not established a cash or cash equivalent reserve in the full amount of such loss; or 

(h) Warranties or Representations. If any warranty, representation or other statement by or on behalf of Borrower contained in or
pursuant to this Agreement, the other Loan Documents or in any document, agreement or instrument furnished in compliance with, relating to, or in reference to this Agreement, is false, erroneous, or misleading in any material respect when made; or

 (i) Agreements with Others. (A) If Borrower shall default beyond any grace period in the payment of principal or
interest of any Indebtedness of Borrower in excess of Twenty Five Thousand Dollars ($25,000.00) in the aggregate; or (B) if Borrower otherwise defaults under the terms of any such Indebtedness if the effect of such default is to enable the
holder of such Indebtedness to accelerate the payment of Borrower’s obligations, which are the subject thereof, prior to the maturity date or prior to the regularly scheduled date of payment; 

(j) Other Agreements with Lender. If Borrower or any Guarantor breaches or violates the terms of, or if a default (and expiration
of any applicable cure period), or an Event of Default, occurs under, any Interest Hedging Instrument or any other existing or future agreement (related or unrelated) (including, without limitation, the other Loan Documents) between Borrower or any
Guarantor, on the one hand, and Lender on the other hand; or 

  
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 (k) Judgments. If any final judgment for the payment of money in excess of One
Hundred Thousand Dollars ($100,000.00) in the aggregate (i) which is, in the reasonable opinion of Lender, not fully covered by insurance or (ii) for which Borrower has not established a cash or cash equivalent reserve in the full amount
of such judgment, shall be rendered by a court of record against Borrower and such judgment shall continue unsatisfied and in effect for a period of thirty (30) consecutive days without being vacated, discharged, satisfied or bonded pending
appeal; or 
 (l) Assignment for Benefit of Creditors, etc. If Borrower makes or proposes in writing, an assignment for
the benefit of creditors generally, offers a composition or extension to creditors, or makes or sends notice of an intended bulk sale of any business or assets now or hereafter owned or conducted by Borrower; or 

(m) Bankruptcy, Dissolution, etc. Upon the commencement of any action for the dissolution or liquidation of Borrower, or the
commencement of any proceeding to avoid any transaction entered into by Borrower, or the commencement of any case or proceeding for reorganization or liquidation of Borrower’s debts under the Bankruptcy Code or any other state or federal Law,
now or hereafter enacted for the relief of debtors, whether instituted by or against Borrower; provided, however, that Borrower shall have forty-five (45) days to obtain the dismissal or discharge of involuntary proceedings filed
against it, it being understood that during such forty-five (45) day period, Lender shall not be obligated to make Advances hereunder and Lender may seek adequate protection in any bankruptcy proceeding; or 

(n) Receiver. Upon the appointment of a receiver, liquidator, custodian, trustee or similar official or fiduciary for Borrower or
for Borrower’s Property; or 
 (o) Execution Process, etc. The issuance of any execution or distraint process against
any Property of Borrower; or 
 (p) Termination of Business. If Borrower ceases any material portion of its business
operations as presently conducted; or 
 (q) Pension Benefits, etc. If Borrower fails to comply with ERISA so that
proceedings are commenced to appoint a trustee under ERISA to administer Borrower’s employee plans or the PBGC institutes proceedings to appoint a trustee to administer such plan(s), or a Lien is entered to secure any deficiency or claim or a
“reportable event” as defined under ERISA occurs; or 
 (r) Investigations. A determination by Lender that it
is reasonable to conclude, based on one or more events which have occurred, such as an indictment, announcement of formal investigation or similar event, that Borrower is engaged, directly or indirectly, in any type of activity which would
reasonably be likely to result in the forfeiture of property of Borrower to any governmental entity, federal, state or local, in an amount or of a value which would be material to Borrower’s financial condition or business; or 

(s) Guaranty Agreement and Guarantor Security Agreement. If any breach or default occurs under a Guaranty Agreement or Guarantor
Security Agreement, or if a Guaranty 

  
 47 

 
Agreement or Guarantor Security Agreement, or any obligation to perform thereunder, is terminated; or 
 (t) Liens. If any Lien in favor of Lender shall cease to be valid, enforceable and perfected and prior to all other Liens other than Permitted Liens or if Borrower or any Governmental Authority
shall assert any of the foregoing; or 
 (u) Material Adverse Effect. If there is any change in Borrower’s or any
Guarantor’s financial condition which, in Lender’s reasonable good faith opinion, has or would be reasonably likely to have a Material Adverse Effect, or 
 (v) Other Loan Documents. If any other Person (other than Lender) party to a Loan Document, breaches or violates any material (as determined by Lender) term, provision or condition of such Loan
Document; 
 (w) Enforceability of Loan Documents. Any of the Loan Documents shall for any reason fail to constitute the
valid and binding agreement of any Credit Party thereto, or any such Credit Party shall so assert; or 
 (x) SBA Status.
If Borrower shall lose, or have any material limitation imposed upon, its authority to process, close, service, collect enforce or liquidate any SBA 7(a) Loans, which material limitation may not include the loss of Borrower’s status as a lender
under the SBA Preferred Lender Program. 
 8.2 Cure. Nothing contained in this Agreement or the Loan Documents shall be
deemed to compel Lender to accept a cure of any Event of Default hereunder. 
 8.3 Rights and Remedies on Default.

 (a) In addition to all other rights, options and remedies granted or available to Lender under this Agreement or the Loan
Documents (each of which is also then exercisable by Lender), or otherwise available at Law or in equity, upon or at any time after the occurrence and during the continuance of an Event of Default Lender may, in its discretion, cease making Advances
hereunder, terminate the Loan and declare the Obligations immediately due and payable, all without demand, notice, presentment or protest or further action of any kind (it also being understood that the occurrence of any of the events or conditions
set forth in Sections 8.1(k),(l) or (m) shall automatically cause an acceleration of the Obligations). 
 (b) In addition
to all other rights, options and remedies granted or available to Lender under this Agreement or the Loan Documents (each of which is also then exercisable by Lender), or otherwise available at Law or in equity, upon or at any time after the
acceleration of the Obligations following the occurrence of an Event of Default (other than the rights with respect to clause (iv) below which Lender may exercise at any time after an Event of Default and regardless of whether there is an
acceleration), Lender may, in its discretion, exercise all rights under the UCC and any other applicable Law or in equity, and under all Loan Documents permitted to be exercised after the occurrence of an Event of Default, including the following
rights and remedies (which list is given by way of example and is not intended to be an exhaustive list of all such rights and remedies): 

  
 48 

 (i) the right to take possession of, send notices regarding and collect directly the
Collateral, with or without judicial process (including without limitation the right to notify the United States postal authorities to redirect mail addressed to Borrower to an address designated by Lender); or 

(ii) by its own means or with judicial assistance, enter Borrower’s premises and take possession of the Collateral, or render it
unusable, or dispose of the Collateral on such premises in compliance with subsection (e) below, without any liability for rent, storage, utilities or other sums, and Borrower shall not resist or interfere with such action; or 

(iii) require Borrower at Borrower’s expense to assemble all or any part of the Collateral (other than real estate or fixtures) and
make it available to Lender at any place designated by Lender; or 
 (iv) take additional reserves against the Borrowing Base;
or 
 (v) the right to enjoin any violation of Section 7.1, it being agreed that Lender’s remedies at Law are
inadequate. 
 (c) Borrower hereby agrees that a notice received by it at least seven (7) days before the time of any
intended public sale or of the time after which any private sale or other disposition of the Collateral is to be made, shall be deemed to be reasonable notice of such sale or other disposition. If permitted by applicable Law, any perishable
inventory or Collateral which threatens to speedily decline in value or which is sold on a recognized market may be sold immediately by Lender without prior notice to Borrower. Borrower covenants and agrees not to interfere with or impose any
obstacle to Lender’s exercise of its rights and remedies with respect to the Collateral, after the occurrence of an Event of Default hereunder. Lender shall have no obligation to clean up or prepare the Collateral for sale. If Lender sells any
of the Collateral upon credit, Borrower will only be credited with payments actually made by the purchaser thereof, that are received by Lender. Lender may, in connection with any sale of the Collateral specifically disclaim any warranties of title
or the like. 
 8.4 Nature of Remedies. All rights and remedies granted Lender hereunder and under the Loan Documents, or
otherwise available at Law or in equity, shall be deemed concurrent and cumulative, and not alternative remedies, and Lender may proceed with any number of remedies at the same time until all Obligations are satisfied in full. The exercise of any
one right or remedy shall not be deemed a waiver or release of any other right or remedy, and Lender, upon or at any time after the occurrence of an Event of Default, may proceed against Borrower, at any time, under any agreement, with any available
remedy and in any order. 
 8.5 Set-Off. If any bank account of Borrower with Lender or any participant is attached or
otherwise liened or levied upon by any third party, Lender (and such participant) shall have and be deemed to have, without notice to Borrower, the immediate right of set-off and may apply the funds or amount thus set-off against any of
Borrower’s Obligations hereunder. 
 8.6 Limitation on Remedies. 

  
 49 

 (a) Notwithstanding, anything else to the contrary contained herein, with respect to an
Event of Default under Section 6.7 hereof, Lender agrees that it shall not be entitled to exercise its rights under Section 8.3(a) or 8.3(b), provided, that Lender is expressly permitted to take additional Reserves against Availability, or
to impose the Default Rate on the Loan. The foregoing limitation shall not apply if there shall have occurred any other Event of Default hereunder in which case Lender’s right of action shall not be impaired. Furthermore during such Event of
Default nothing shall be deemed to limit Lender’s right to pursue any action against any Guarantor. 
 (b) Notwithstanding
any provision of Section 8.3(a) and (b), any exercise of the rights and remedies of Lender solely as it relates to the Loans and Borrower under Section 8.3(a) and (b) may be subject to the provisions of the Multi-Party Agreement.

 SECTION IX. MISCELLANEOUS 
 9.1 Governing Law. THIS AGREEMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). THE PROVISIONS OF THIS AGREEMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR
UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 
 9.2 Integrated Agreement. The Notes, the other Loan Documents, all related agreements, and this Agreement shall be construed as integrated and complementary of each other, and as augmenting and not
restricting Lender’s rights and remedies. If, after applying the foregoing, an inconsistency still exists, the provisions of this Agreement shall constitute an amendment thereto and shall control. 

9.3 Waiver. No omission or delay by Lender in exercising any right or power under this Agreement or any related agreements and
documents will impair such right or power or be construed to be a waiver of any Default, or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or power will not preclude other or further exercise
thereof or the exercise of any other right, and as to Borrower no waiver will be valid unless in writing and signed by Lender and then only to the extent specified. 
 9.4 Indemnity. 
 (a) Borrower releases and shall indemnify, defend and hold
harmless Lender and its respective officers, employees and agents, of and from any claims, demands, liabilities, obligations, judgments, injuries, losses, damages and costs and expenses (including, without limitation, reasonable legal fees)
resulting from (i) acts or conduct of Borrower under, pursuant or related to this Agreement and the other Loan Documents, (ii) Borrower’s breach or violation of any representation, warranty, covenant or undertaking contained in this
Agreement or the other Loan Documents, (iii) Borrower’s failure to comply with any or all Laws, statutes, ordinances, 

  
 50 

 
governmental rules, regulations or standards, whether federal, state or local, or court or administrative orders or decrees, (including without limitation Environmental Laws, etc.), and
(iv) any claim by any other creditor of Borrower against Lender arising out of any transaction whether hereunder or in any way related to the Loan Documents and all costs, expenses, fines, penalties or other damages resulting there from, unless
resulting solely from acts or conduct of Lender constituting willful misconduct or gross negligence. 
 (b) Promptly after
receipt by an indemnified party under subsection (a) above of notice of the commencement of any action by a third party, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such
subsection, notify the indemnifying party in writing of the commencement thereof. The omission so to notify the indemnifying party shall relieve the indemnifying party from any liability which it may have to any indemnified party under such
subsection only if the indemnifying party is unable to defend such actions as a result of such failure to so notify. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnified party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation. 
 9.5 Time. Whenever Borrower shall be required to make any
payment, or perform any act, on a day which is not a Business Day, such payment may be made, or such act may be performed, on the next succeeding Business Day. Time is of the essence in Borrower’s performance under all provisions of this
Agreement and all related agreements and documents. 
 9.6 Expenses of Lender. At the Closing and from time to time
thereafter, Borrower will pay within five (5) Business Days of receipt of written demand of Lender all reasonable costs, fees and expenses of Lender in connection with (i) the analysis, negotiation, preparation, execution, administration,
delivery and termination of this Agreement, and other Loan Documents and the documents and instruments referred to herein and therein, and any amendment, amendment and restatement, supplement, waiver or consent relating hereto or thereto, whether or
not any such amendment, amendment and restatement, supplement, waiver or consent is executed or becomes effective, search costs, the reasonable fees, expenses and disbursements of counsel for Lender, any fees or expenses incurred by Lender under
Section 6.10 for which Borrower are obligated thereunder, and reasonable charges of any independent appraisers and consultants to Lender (and without limiting the generality of all of the foregoing, the costs and expenses in connection with the
creation and perfection of the Liens created by this Agreement and the other Loan Documents, including title investigations, Lien searches and other costs and expenses); (ii) the enforcement of Lender’s rights hereunder, or the collection
of any payments owing from, Borrower under this Agreement and/or the other Loan Documents or the protection, preservation or defense of the rights of Lender hereunder and under the other Loan Documents; and (iii) any refinancing or
restructuring of the credit arrangements provided under this Agreement and other Loan Documents in the nature of a “work-

  
 51 

 
out” or arising in connection with any insolvency or bankruptcy proceedings (including any action Lender deems necessary to protect its interest in such proceedings, or otherwise (including
the reasonable fees and disbursements of counsel for Lender and, with respect to clauses (ii) and (iii), reasonable allocated costs of internal counsel)) (collectively, the “Expenses”). 

9.7 Brokerage. This transaction was brought about and entered into by Lender and Borrower acting as principals and without any
brokers, agents or finders being the effective procuring cause hereof. Borrower represents that it has not committed Lender to the payment of any brokerage fee, commission or charge in connection with this transaction. If any such claim is made on
Lender by any broker, finder or agent or other person alleging that it is based on actions of Borrower, a Guarantor or any affiliate, officer director or employee of either of them, Borrower hereby indemnifies, defends and saves such party harmless
against such claim and further will defend, with counsel satisfactory to Lender, any action or actions to recover on such claim, at Borrower’s own cost and expense, including such party’s reasonable counsel fees. Borrower further agree
that until any such claim or demand is adjudicated in such party’s favor, the amount demanded shall be deemed an Obligation of Borrower under this Agreement. 
 9.8 Notices. 
 (a) Any notices or consents required or permitted by this
Agreement shall be in writing and shall be deemed given if delivered in person to the person listed below or by nationally recognized overnight courier, as follows, unless such address is changed by written notice hereunder: 

 

			
	 If to Lender to:
	  	Capital One, N.A.,
		  	1001 Avenue of the Americas
		  	New York, NY 10018
		  	Attention: Brian Talty
		  	                  Senior Vice President
		
	 With a copy to Bank Counsel:
	  	Troutman Sanders LLP
		  	The Chrysler Building
		  	405 Lexington Avenue
		  	New York, NY 10174
		  	Attention: William D. Freedman, Esq.
		
	 If to Borrower to:
	  	Newtek Small Business Finance, Inc.
		  	1440 Broadway, 17th Floor
		  	New York, NY 10018
		  	Attention: Peter Downs, President
		
	 With a copy to Borrower Counsel:
	  	Legal Department
		  	Newtek Business Services, Inc.
		  	1440 Broadway, 17th floor
		  	New York, NY 10018

  
 52 

 (b) Any notice sent by Lender, or Borrower by any of the above methods shall be deemed to be
given when so received. Failure to send a copy to counsel shall not invalidate any notice otherwise properly given. 
 (c) All
parties shall be fully entitled to rely upon any telecopy transmission or other writing purported to be sent by any Authorized Officer (whether requesting an Advance or otherwise) as being genuine and authorized. 

9.9 Headings. The headings of any paragraph or Section of this Agreement are for convenience only and shall not be used to
interpret any provision of this Agreement. 
 9.10 Survival. All warranties, representations, and covenants made by
Borrower herein, or in any agreement referred to herein or on any certificate, document or other instrument delivered by it or on its behalf under this Agreement, shall be considered to have been relied upon by Lender, and shall survive the delivery
to Lender of the Notes, regardless of any investigation made by Lender or on its behalf. All statements in any such certificate or other instrument prepared and/or delivered for the benefit of Lender shall constitute warranties and representations
by Borrower hereunder. Except as otherwise expressly provided herein, all covenants made by Borrower hereunder or under any other agreement or instrument shall be deemed continuing until all Obligations are satisfied in full. All indemnification
obligations under this Agreement, including, without limitation, under Section 6.4, 9.4 and 9.7, shall survive the termination of this Agreement and payment of the Obligations for a period of two (2) years. 

9.11 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each
of the parties. Borrower may not transfer, assign or delegate any of its duties or obligations hereunder. Borrower acknowledges and agrees that Lender may at any time, and from time to time, (a) sell participating interests in the Loan, and
Lender’s rights hereunder to other financial institutions, and (b) sell, transfer, or assign the Loan and Lender’s rights hereunder, to any one or more additional banks or financial institutions, subject (as to Lender’s rights
under this clause (b)) to Borrower’s written consent, which consent shall not be unreasonably withheld; provided that, no consent under this clause (b) shall be required if an Event of Default exists at the time of such sale, transfer or
assignment. 
 9.12 Counterparts. Two or more duplicate originals of this Agreement may be signed by the parties, each of
which shall be an original but all of which together shall constitute one and the same instrument. 
 9.13 Modification.
No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed by both Borrower and Lender. 
 9.14 Signatories. Each individual signatory hereto represents and warrants that he is duly authorized to execute this Agreement on behalf of his principal and that he executes the Agreement in such
capacity and not as a party. 
 9.15 Third Parties. No rights are intended to be created hereunder, or under any related
agreements or documents for the benefit of any third party donee, creditor or incidental beneficiary of 

  
 53 

 
Borrower. Nothing contained in this Agreement shall be construed as a delegation to Lender of Borrower’s duty of performance, including, without limitation, Borrower’s duties under any
account or contract with any other Person. 
 9.16 Discharge of Taxes, Borrower’s Obligations, Etc. Lender, in its
sole discretion, shall have the right at any time, and from time to time, with at least ten (10) days prior notice to Borrower if Borrower fail to do so, to: (a) pay for the performance of any of Borrower’s obligations hereunder, and
(b) discharge taxes or Liens, at any time levied or placed on Borrower’s Property in violation of this Agreement unless Borrower is in good faith with due diligence by appropriate proceedings contesting such taxes or Liens and maintaining
proper reserves therefor in accordance with GAAP. Expenses and advances shall be added to the Loan, and bear interest at the rate applicable to the Loan, until reimbursed to Lender. Such payments and advances made by Lender shall not be construed as
a waiver by Lender of a Default or Event of Default under this Agreement. 
 9.17 Withholding and Other Tax Liabilities.
In the event that any Lien, assessment or tax liability against Borrower shall arise in favor of any taxing authority, whether or not notice thereof shall be filed or recorded as may be required by Law, Lender shall have the right (but shall not be
obligated, nor shall Lender hereby assume the duty) to pay any such Lien, assessment or tax liability by virtue of which such charge shall have arisen; provided, however, that Lender shall not pay any such tax, assessment or Lien if the amount,
applicability or validity thereof is being contested in good faith and by appropriate proceedings by Borrower. In order to pay any such Lien, assessment or tax liability, Lender shall not be obliged to wait until such lien, assessment or tax
liability is filed before taking such action as hereinabove set forth. Any sum or sums which Lender shall have paid for the discharge of any such Lien shall be added to the Loan and shall be paid by Borrower to Lender with interest thereon at the
rate applicable to the Loan, upon demand, and Lender shall be subrogated to all rights of such taxing authority against Borrower. 
 9.18 Consent to Jurisdiction. Borrower and Lender each hereby irrevocably consent to the non-exclusive jurisdiction of the federal and state courts located in the City of New York, Borough of
Manhattan in any and all actions and proceedings whether arising hereunder or under any other agreement or undertaking. Borrower waives any objection which Borrower may have based upon lack of personal jurisdiction, improper venue or forum non
conveniens. Borrower irrevocably agrees to service of process by certified mail, return receipt requested to the address of the appropriate party set forth herein. 
 9.19 Additional Documentation. Borrower shall execute and/or re-execute, and cause any Guarantor or other Person party to any Loan Document, to execute and/or re-execute and to deliver to Lender or
Lender’s counsel, as may be deemed appropriate, any document or instrument signed in connection with this Agreement which reflects manifest error in its drafting or incorrectly drafted and/or signed, as well as any document or instrument which
should have been signed at or prior to the Closing, but which was not so signed and delivered. Borrower agrees to comply with any written request by Lender within ten (10) days after receipt by Borrower of such request. 

9.20 Advertisement. 

  
 54 

 (a) Lender, in its sole discretion, shall have the right to announce and publicize the
financing established hereunder, as it deems appropriate, by means and media selected by Lender. Such publication shall include all pertinent information relating to such financing, including without limitation, the term, purpose, pricing, loan
amount, and name of Borrower. 
 (b) The form and content of the published information shall be in the sole discretion of Lender
and shall be considered the sole and exclusive property of Lender. All expenses related to publicizing the financing shall be the sole responsibility of Lender. 
 9.21 Waiver of Jury Trial. BORROWER AND LENDER EACH HEREBY WAIVE ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT
TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT,
MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS. 

9.22 Consequential Damages. Neither Lender nor agent or attorney of Lender, shall be liable for any consequential damages arising
from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the Obligations. 
 9.23 Inconsistency with Term Loan Documents. In the event of any inconsistency between the terms and conditions of this Agreement and the Loan Documents, on the one hand, and the terms and
conditions of the Term Loan Agreement and the other Term Loan Documents, on the other hand, the terms and conditions of this Agreement and the Loan Documents shall govern. 
 9.24 USA Patriot Act. Lender hereby notifies Borrower that pursuant to the requirements of USA Patriot Act (Title III of Pub. L. 107-56 (signed into Law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance
with the Act. 
 [Remainder of Page Intentionally Left Blank] 

  
 55 

 IN WITNESS WHEREOF, the undersigned parties have executed this Agreement the day and year
first above written. 
  

			
	NEWTEK SMALL BUSINESS FINANCE, INC.
		
	By:	 	     /s/

	Name:	 	Peter Downs
	Title:	 	President
	
	CAPITAL ONE, N.A.,
		
	By:	 	     /s/

	Name:	 	Brian Talty
	Title:	 	Senior Vice President

  
 56 

 SCHEDULE A 
 DEFINITION OF INELIGIBLE FINANCED SBA LOANS 
 The term
“Ineligible Financed SBA Loans” means the portion of each SBA 7(a) Loan as to which any of the exclusionary criteria set forth below applies; provided, however, that Lender reserves the right, at any time and from time
to time after the Closing Date, to adjust any of the criteria set forth below and to establish new criteria with respect to Eligible SBA 7(a) Loans, in its reasonable credit judgment; provided, further, however, that Lender
shall provide twenty-five (25) days prior written notice to Borrower with respect to any adjustment of existing criteria or establishment of new criteria that would have the effect of reducing the availability of Advances to Borrower.

 Ineligible Financed SBA Loans are SBA 7(a) Loans: 
 (i) as to which all conditions precedent to the effectiveness of the SBA guaranty with respect to the applicable SBA 7(a) Loan have not been met; 

(ii) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which Borrower has not perfected
its security interests and Liens in all underlying collateral for the applicable SBA 7(a) Loan; provided, that at the discretion of Lender, the perfection requirements of this clause may be deemed satisfied if escrow arrangements reasonably
acceptable to Lender are in place to insure that all steps necessary for such perfection will be accomplished promptly, and in any event within seven (7) Business Days following the disbursement by Borrower of the proceeds of such SBA 7(a)
Loan; 
 (iii) with respect to which the applicable SBA 7(a) Loan does not conform to all requirements of the SBA applicable to
the initial approval and guaranty by the SBA thereof; 
 (iv) with respect to which the applicable SBA 7(a) Loan, SBA 7(a) Loan
Notes or SBA 7(a) Note Receivable Documents do not comply in all material respects with applicable Laws; 
 (v) with respect to
which an event or condition has occurred that would release the SBA from its obligations to Borrower with respect to the applicable SBA 7(a) Loan, or the SBA has rejected the applicable SBA 7(a) Loan or the applicable SBA 7(a) Note Receivable
Documents in any respect, or an event pursuant to which the SBA has reduced the amount of its guarantee of any of the foregoing (but in such event only to the extent of such reduction); 

(vi) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which the insurance coverage
required by the applicable SBA Note Receivable Documents has been cancelled or lapsed or Borrower has not been named as loss payee or additional insured, as applicable, with respect thereto; 

(vii) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which an event or condition has
occurred that would release the SBA from its obligations to Borrower with respect to the applicable SBA 7(a) Loan, or the SBA has 

  
 57 

 
rejected the applicable SBA 7(a) Loan or the applicable SBA 7(a) Note Receivable Documents in any respect; 
 (viii) with respect to which the applicable SBA 7(a) Loan was not originated by the Borrower; 
 (ix) with respect to which the applicable SBA 7(a) Loan does not conform in all material respects to Borrower’s written credit and underwriting guidelines, as in effect on the date the applicable SBA
7(a) Loan was underwritten, copies of which have been previously delivered to Lender; 
 (x) to the extent that the outstanding
principal amount of any SBA 7(a) Guaranteed Note Receivable exceeded the maximum amount permitted by the SBA Act at the time the applicable SBA 7(a) Loan was underwritten; 
 (xi) to the extent that the aggregate outstanding principal amount of both the SBA 7(a) Guaranteed Note Receivable portion and the SBA 7(a) Non-Guaranteed Note Receivable portion of the same SBA 7(a) Loan
exceeded the maximum amount permitted by the SBA Act at the time the applicable SBA 7(a) Loan was underwritten, to the extent of such excess; 
 (xii) with respect to which the applicable SBA 7(a) Loan Obligor is the subject of an insolvency proceeding or a case commenced under the Bankruptcy Code; 

(xiii) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which the applicable SBA 7(a)
Loan is not a valid, legally enforceable obligation of the SBA 7(a) Loan Obligor or is subject to any offset or other defense on the part of such SBA 7(a) Loan Obligor or to any claim on the part of the SBA 7(a) Loan Obligor denying liability;

 (xiv) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which the subject SBA
7(a) Note Receivable is subject to any Lien, except for the Lien of Lender and the interest of the SBA pursuant to the applicable Loan Guaranty Agreement; 
 (xv) to the extent that any payment of interest, principal or any other amount due under the applicable SBA 7(a) Loan is more than 61 days past due; 

(xvi) to the extent that the subject SBA 7(a) Note Receivable has been sold pursuant to a Note Participation; 

(xvii) with respect to which the applicable SBA 7(a) Loan does not conform in all material respects to forms provided by the SBA;

 (xviii) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which the
applicable SBA 7(a) Loan is not evidenced by legal documentation in form and substance satisfactory to Lender; provided, that legal documentation that conforms in all material respects to forms provided by the SBA, standard forms of mortgages or

  
 58 

 
deeds of trust provided by Borrower’s local counsel for use in specific jurisdictions, or other forms of documents previously approved by Lender shall be presumed to be satisfactory to
Lender; 
 (xix) with respect to which the applicable SBA 7(a) Loan is made to an employee, officer, agent, director,
stockholder, or Affiliate of Borrower or any Affiliate of any thereof; 
 (xx) with respect to which the applicable SBA 7(a)
Loan has been turned over to the SBA or any other Person for servicing or collection; 
 (xxi) with respect to Financed
Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which the applicable SBA 7(a) Loan and the respective rights of the parties thereto are not subject to the terms of the Multi-Party Agreement or such other agreement with SBA
and Borrower that Lender, in its sole discretion, deems acceptable; 
 (xxii) as to which any of the representations or
warranties in the Loan Documents with respect to the SBA 7(a) Loan are untrue; 
 (xxiii) with respect to Financed
Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, to the extent that any SBA 7(a) Note Receivable together with all other SBA 7(a) Note Receivables in any one industry, as determined by the applicable NAICS four digit code (except for the
Retail Trade industry which shall be measured for this purpose as independent industries under NAICS codes 44 and 45), exceeds ten percent (10%) as of the end of each Fiscal Quarter (or, collectively, with respect to the Full-Service Restaurant
and Limited-Service Eating Places industries (NAICS codes 7221 and 7222), as of the end of each Fiscal Quarter, fifteen percent (15%); with respect to the Traveler Accommodation industry (NAICS code 7211), as of the end of each Fiscal Quarter thirty
percent (30%); and, with respect to the Auto Repair and Maintenance (including car wash) industry (NAICS code 8111), as of the end of each Fiscal Quarter, ten percent (10%)) of all Eligible SBA 7(a) Note Receivables; 

(xxiv) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, as to which Lender’s Lien and any security
in support thereof is not a first priority perfected Lien in favor of Lender; 
 (xxv) with respect to Financed Non-Guaranteed
Loans and Advances-Non-Guaranteed Loans, with respect to which the SBA 7(a) Loan Note has been released from the possession of the FTA in excess of 10 calendar days or has been released from the possession of the FTA pursuant to the SBA’s prior
written consent or instruction as contemplated by the Multi-Party Agreement; 
 (xxvi) with respect to Financed Non-Guaranteed
Loans and Advances-Non-Guaranteed Loans, as to which any amounts payable have been deferred within the last ninety (90) days or as to which any amounts payable have been deferred more than twice within the last twelve (12) months;

  
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 (xxvii) with respect to Financed Guaranteed Loans and Advances- Guaranteed Loans, with
respect to any SBA Reduced Guaranty Receivable, to the extent of the SBA Reduced Guaranty Ineligible Amount; 
 (xxviii) with
respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which any SBA 7(a) Loan that is not secured by any SBA 7(a) Note Receivable Collateral other than a first priority Lien on commercial real property, if and
to the extent that the outstanding principal balance of such SBA 7(a) Loan exceeds seventy percent (70%) of the fair market value of such commercial real property; 
 (xxix) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, with respect to which any SBA 7(a) Loan which is secured exclusively commercial real property to the extent
Borrower’s Lien is not a first priority mortgage Lien; 
 (xxx) with respect to Financed Non-Guaranteed Loans and
Advances-Non-Guaranteed Loans, in the reasonable credit judgment of Lender, to the extent that any SBA 7(a) Note Receivable is secured by real property as to which there are potential industry-wide liabilities and Environmental Liabilities;

 (xxxi) with respect to Financed Non-Guaranteed Loans and Advances-Non-Guaranteed Loans, where any Credit Party currently has
established a reserve on it own books and records with respect to the applicable SBA 7(a) Loan; or 
 (xxxii) with respect to
which the applicable SBA 7(a) Loan and the respective rights of the SBA, Lender, Borrower, and FTA with respect thereto are not subject to the terms of the Multi-Party Agreement or such other agreement with SBA and Borrower that Lender, in its sole
discretion, deems acceptable; 
 (xxxiii) that is otherwise unacceptable to Lender in its reasonable credit judgment.

  
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