Document:

ex_144427.htm

Exhibit 10.5

 

SIXTH AMENDING AGREEMENT

 

BETWEEN: 

 

ACCELERIZE INC.

 

- AND -

BEEDIE INVESTMENTS LIMITED

 

dated as of May 1 , 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIXTH AMENDING AGREEMENT

 

 

This Sixth Amending Agreement is made effective as of the 1st day of May, 2019 between:

 

 

 

ACCELERIZE INC.

as Borrower

(the "Borrower")

 

and

 

BEEDIE INVESTMENTS LIMITED

as Lender

(the "Lender")

 

 

 

WHEREAS the Borrower and the Lender have entered into a credit agreement dated as of January 25, 2018 (the “Original Credit Agreement”), as amended by a first amending agreement (the “First Amending Agreement”) dated as of May 31, 2018, a second amending agreement (the “Second Amending Agreement”) dated as of June 13, 2018, a third amending agreement (the “Third Amending Agreement”) dated as of August 31, 2018, a fourth amending agreement (the “Fourth Amending Agreement”) dated as of January 23, 2019 and a fifth amending agreement (the “Fifth Amending Agreement”) dated as of March 1, 2019 (collectively, the "Credit Agreement");

 

AND WHEREAS the parties have agreed to enter into this sixth amending agreement (the "Sixth Amending Agreement") to amend the Credit Agreement as provided for herein (the Credit Agreement as amended by this Sixth Amending Agreement is referred to as the "Amended Credit Agreement");

 

NOW THEREFORE in consideration of the payment of the sum of one dollar ($1.00) by each of the parties hereto to the others and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree with each other as follows:

 

	
			1.

				
			Amendments to Credit Agreement

			

 

	
			1.1

				
			The Credit Agreement is hereby amended as of the date that the conditions precedent in Section 3 herein have been satisfied or waived by the Lenders (the "Effective Date") as follows:

			

 

	 	
			(a)

				
			The following is added to the definitions in Section 1.1 of the Credit Agreement and shall constitute a “Subsequent Tranche” under the Credit Agreement:

			

 

“‘Fourth Tranche’ means the principal amount of US $400,000.”

 

	 	
			(b)

				
			Section 6.2(a) of the Credit Agreement is waived in respect of the Advance of the Fourth Tranche; provided that such waiver shall not be construed as a permanent waiver of such Section.

			

 

 

- 2 -

 

	 	
			(c)

				
			Sections 6.2(b), 6.2(d) and 7.1(x) of the Credit Agreement are waived in respect of the Advance of the Fourth Tranche to the extent only that:

			

 

	 	
			(i)

				
			a Default or Event of Default has occurred and is continuing as a result of the Borrower being in breach of Section 8.4(c) (Minimum Liquidity) of the Credit Agreement prior to the making of such Advance; and

			

 

	 	
			(ii)

				
			a Default or Event of Default has occurred and is continuing as a result of the March Default (as defined in Section 2.1(a)) existing for the month of March 2019;

			

 

provided that such waivers shall not be construed as a permanent waiver of such Section 8.4(c) or of Section 8.4(f) of the Credit Agreement, and Section 8.4(c) shall apply with full force and effect after such Advance is made and Section 8.4(f) shall apply with full force and effect in respect of all periods other than the month of March 2019.

 

	 	
			(d)

				
			The Lender irrevocably waives its right to receive the Warrant to purchase 400,000 Common Shares which would otherwise be required to be issued by the Borrower to the Lender on a pro rata basis as the Advance of the Fourth Tranche is made.

			

 

	
			2.

				
			Certification

			

 

	
			2.1

				
			The Borrower confirms to and agrees with the Lender that:

			

 

	 	
			(a)

				
			each of the representations and warranties made in the Amended Credit Agreement is true and correct (except (i) as disclosed in Section 1.1(c) above in respect of Section 8.4(c) of the Credit Agreement, (ii) for failure to comply with the covenant set forth in Section 8.4(f) (Secured Debt to MRR) for the month of March 2019 which constitutes an Event of Default under Section 9.1(b) (the “March Default”), and (iii) for any other qualifications to representations and warranties disclosed to the Lender and consented to in writing by the Lender in its sole discretion), and provided however that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date); and

			

 

	 	
			(b)

				
			except as disclosed in Section 1.1(c) above in respect of Section 8.4(c) of the Credit Agreement and for the March Default, no Default or Event of Default under the Amended Credit Agreement has occurred which is continuing.

			

 

	
			3.

				
			Conditions Precedent

			

 

	
			3.1

				
			This Sixth Amending Agreement shall become effective at such time as:

			

 

	 	
			(a)

				
			the Lender shall have received this Sixth Amending Agreement, duly executed and delivered by the Borrower;

			

 

	 	
			(b)

				
			the Borrower shall in respect of the preparation, execution and delivery of this Sixth Amending Agreement have paid all fees, costs and expenses of the kind referred to in Section 10.11 of the Credit Agreement;

			

 

	 	
			(c)

				
			no event or circumstance shall have occurred that in the opinion of the Lender would reasonably be expected to have a Material Adverse Effect;

			

 

	 	
			(d)

				
			except as disclosed in Section 1.1(c) above in respect of Section 8.4(c) of the Credit Agreement and for the March Default, no Default or Event of Default shall have occurred and be continuing;

			

 

	 	
			(e)

				
			SaaS shall have consented in writing to the entry by the Borrower and the Lender into this Sixth Amending Agreement pursuant to the last sentence of Section 5(c) of the SaaS Intercreditor Agreement; and

			

 

 

- 3 -

 

	 	
			(f)

				
			receipt of all required regulatory, securities and/or third party consents and/or approvals in respect of this Sixth Amending Agreement, if any, in form, and on terms, satisfactory to the Lender.

			

 

	
			3.2

				
			The terms and conditions of this Section 3 are inserted for the sole benefit of the Lender and may be waived by the Lender in whole or in part without terms and conditions.

			

 

	
			4.

				
			Miscellaneous

			

 

	
			4.1

				
			All capitalized terms used but not otherwise defined herein shall have the meanings respectively ascribed thereto in the Amended Credit Agreement.

			

 

	
			4.2

				
			The Credit Agreement and all covenants, terms and provisions thereof, as amended by this Sixth Amending Agreement, shall be and continue to be in full force and effect and is hereby ratified and confirmed.

			

 

	
			4.3

				
			This Sixth Amending Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and such counterparts together shall constitute one and the same Sixth Amending Agreement. For the purposes of this Section, the delivery of a facsimile copy or pdf emailed copy of an executed counterpart of this Sixth Amending Agreement shall be deemed to be valid execution and delivery of this Sixth Amending Agreement, but the party delivering a facsimile copy or pdf emailed copy shall deliver an original copy of this Sixth Amending Agreement as soon as possible after delivering the facsimile copy or pdf emailed copy.

			

 

	
			4.4

				
			This Sixth Amending Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable in British Columbia. Each party to this Sixth Amending Agreement hereby irrevocably and unconditionally attorns to the non-exclusive jurisdiction of the courts of British Columbia and California and all courts competent to hear appeals therefrom.

			

 

	
			4.5

				
			This Sixth Amending Agreement shall enure to the benefit of and be binding upon the Borrower and the Lender and their respective successors and assigns.

			

 

 

 

[SIGNATURE PAGES TO FOLLOW]

 

 

 

 

IN WITNESS WHEREOF the parties hereto have executed this Sixth Amending Agreement as of the day and year first written above.

 

	
			ACCELERIZE INC., as Borrower

			
	 
	 	
			 

			
	
			By:

				
			/s/ Brian Ross

			
	 	
			Name: Brian Ross

			
	 	
			Title:    CEO

			

 

 

 

	
			BEEDIE INVESTMENTS LIMITED, as Lender

			
	 
	 	
			 

			
	
			By:

				
			            /s/ Ryan Beedie

			
	 	
			Name: Ryan Beedie

			
	 	
			Title:    President

			

 

 

A-1

 

	
			CONSENT AND AGREEMENT OF GUARANTOR

			 

			The undersigned unlimited guarantor of the Obligations of the Borrower to the Lender does hereby consent and agree to the Borrower entering into this Sixth Amending Agreement.

			 

			Dated as of the 1st day of May, 2019.

			

 

 

 

	
			CAKE MARKETING UK LTD.

				 
	 	 
	 	
			 

				 
	
			By:

				
			/s/ Brian Ross

				 
	 	
			Name: Brian Ross

				 
	 	
			Title:    CEO

				 

 

 

B-1

 

	
			CONSENT OF SAAS CAPITAL FUNDING II, LLC

			 

			Reference is made to the Subordination Agreement (Debt and Security Interest) dated January 25, 2018, as amended by a First Amendment to Subordination Agreement dated August 31, 2018 and a Second Amendment to Subordination Agreement dated March 1, 2019 (collectively, the “SaaS Intercreditor Agreement”) made between Beedie Investments Limited (“Beedie”) and SaaS Capital Funding II, LLC (“SaaS”), and consented and agreed to by Accelerize Inc. the “Borrower”) and Cake Marketing UK Ltd. (the “Guarantor”).

			 

			Pursuant to the last sentence of Section 5(c) of the SaaS Intercreditor Agreement; the undersigned does hereby consent and agree to Beedie, the Borrower and the Guarantor entering into the Sixth Amending Agreement to which this consent is attached.

			 

			Dated as of the 1st day of May, 2019.

			

 

 

 

	
			SAAS CAPITAL FUNDING II, LLC

				 
	 	 
	 	
			 

				 
	
			By:

				
			            /s/ Todd Gardner

				 
	 	
			Name: Todd Gardner

				 
	 	
			Title:    Presidentex_144428.htm

Exhibit 10.6

 

Payment Deferral Agreement

 

This payment Deferral AGREEMENT (this “Agreement”) is entered into as of May 2, 2019, by and between ACCELERIZE INC., a Delaware corporation (“Borrower”), and SAAS CAPITAL FUNDING II, LLC, a Delaware limited liability company (“Lender”).

 

Recitals

 

A.     Lender and Borrower have entered into that certain Loan and Security Agreement dated as of May 5, 2016, as amended by that certain First Amendment to Loan and Security Agreement, dated as of November 29, 2016, as further amended by that certain Second Amendment to Loan and Security Agreement, dated as of May 5, 2017, as further amended by that certain Third Amendment to Loan and Security Agreement, dated as of June 16, 2017, as further amended by that certain Fourth Amendment to Loan and Security Agreement, dated as of August 14, 2017, as further amended by that certain Fifth Amendment to Loan and Security Agreement, Limited Waiver and Consent, dated as of November 8, 2017, as further amended by that certain Sixth Amendment to Loan and Security Agreement and Consent, dated as of January 25, 2018, as further amended by that certain Seventh Amendment to Loan and Security Agreement, dated as of May 31, 2018, as further amended by that certain Eighth Amendment to Loan and Security Agreement, dated as of June 13, 2018, as further amended by that certain Ninth Amendment to Loan and Security Agreement and Limited Waiver, dated as of August 31, 2018 and as further amended by that certain Tenth Amendment to Loan and Security Agreement (the “Tenth Amendment”), dated as of January 23, 2019 (and as it may be further amended, modified, supplemented or restated from time to time prior to the date hereof, the “Loan Agreement”).

 

B.     Lender has extended credit to Borrower for the purposes permitted in the Loan Agreement.

 

C.     Borrower and Lender previously entered into that certain Payment Deferral Agreement, dated as of March 1, 2019, pursuant to which Lender agreed to defer certain payments due or to become due with respect to the Notes (the “Original Deferral Agreement”).

 

D.     Borrower has requested that Lender agree to (i) refund certain scheduled payments made by Borrower to Lender with respect to the Notes, (ii) defer certain other payments due or to become due with respect to the Notes, and (iii) waive certain defaults and Events of Default under the Loan Agreement.

 

E.     Lender has agreed to (i) refund certain payments, (ii) defer certain payments due or to become due to it by Borrower, and (iii) waive certain defaults and Events of Default under the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

 

 

 

 

Agreement

 

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.       Definitions. Capitalized terms used but not defined in this Agreement shall have the respective meanings given to such terms in the Loan Agreement.

 

2.       Payment Deferral.

 

2.1     Deferral of January 2019 Principal Payment. Pursuant to the Original Deferral Agreement, Lender agreed, subject to certain terms and conditions, to defer the payment of $225,420.56 (the “January Deferred Principal Amount”) of the total amount of principal and interest that was due and payable by Borrower to Lender on January 15, 2019, until the earlier of (a) May 15, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise. Lender hereby agrees to further defer the payment of the January Deferred Principal Amount until the earlier of (a) May 30, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise (such earlier date, the “January Deferred Payment Due Date”). The January Deferred Principal Amount shall continue to accrue interest from the date of the Tenth Amendment until paid in full at the rate of 11.78% per annum, with such interest to be due and payable on the January Deferred Payment Due Date. Failure by Borrower to pay any amounts due and owing under this Section 2.1 shall be an Event of Default under Section 8.1.1 of the Loan Agreement.

 

2.2     Deferral of February 2019 Principal Payment. Pursuant to the Original Deferral Agreement, Lender agreed, subject to certain terms and conditions, to defer the payment of $137,900.30 (the “February Deferred Principal Amount” of the total amount of principal and interest that was due and payable on February 15, 2019, until the earlier of (a) May 15, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise, provided, that (i) the balance of the February Principal Amount was paid by Borrower to Lender on or before February 15, 2019 and (ii) all accrued and unpaid interest on each Note (other than the accrued and unpaid interest with respect to the January Deferred Principal Amount) was paid by Borrower to Lender on or before February 15, 2019. Lender hereby agrees to further defer the payment of the February Deferred Principal Amount until the earlier of (a) May 30, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise (such earlier date, the “February Deferred Payment Due Date”). The February Deferred Principal Amount shall continue to accrue interest from the date of the Original Agreement until paid in full at the rate of 11.78% per annum, with such interest to be due and payable on the February Deferred Payment Due Date. Failure by Borrower to pay any amounts due and owing under this Section 2.2 shall be an Event of Default under Section 8.1.1 of the Loan Agreement.

 

2

 

 

2.3     Deferral of March 2019 Principal Payment. Pursuant to the Original Deferral Agreement, Lender agreed, subject to certain terms and conditions, to defer the payment of $140,401.61 (the “March Deferred Principal Amount” of the total amount of principal and interest that was due and payable on March 15, 2019, until the earlier of (a) May 15, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise, provided, that (i) the balance of the March Principal Amount was paid by Borrower to Lender on or before March 15, 2019 and (ii) all accrued and unpaid interest on each Note (other than the accrued and unpaid interest with respect to the January Deferred Principal Amount and the February Deferred Principal Amount) was paid by Borrower to Lender on or before March 15, 2019. Lender hereby agrees to further defer the payment of the March Deferred Principal Amount until the earlier of (a) May 30, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise (such earlier date, the “March Deferred Payment Due Date”). The March Deferred Principal Amount shall continue to accrue interest from the date of the Original Agreement until paid in full at the rate of 11.78% per annum, with such interest to be due and payable on the March Deferred Payment Due Date. Failure by Borrower to pay any amounts due and owing under this Section 2.3 shall be an Event of Default under Section 8.1.1 of the Loan Agreement.

 

2.4    Partial Refund and Deferral of April 2019 Principal Payment. Borrower hereby acknowledges that it paid principal and interest in the amount of $327,729.49 that was due and payable on April 15, 2019 (the “Scheduled April Payment”) to Lender with respect to the Notes. Lender hereby agrees to refund, within three (3) Business Days of the date of this Agreement, $242,924.66 of the principal amount of the Scheduled April Payment that was previously paid by Borrower and Borrower acknowledges that, as a result of such refund, the principal amount of $242,924.66 is due and payable to Lender (the “April Deferred Payment Amount”). Lender hereby agrees to defer the payment of the April Deferred Payment Amount until the earlier of (a) May 30, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise (such earlier date, the “April Deferred Payment Due Date”). The April Deferred Principal Amount shall continue to accrue interest from the date of this Agreement until paid in full at the rate of 11.78% per annum, with such interest to be due and payable on the April Deferred Payment Due Date. Failure by Borrower to pay any amounts due and owing under this Section 2.4 shall be an Event of Default under Section 8.1.1 of the Loan Agreement.

 

2.5     Deferral of May 2019 Principal Payment. Borrower hereby acknowledges that a payment of principal and interest is due and payable to Lender on May 15, 2019, with respect to each outstanding Note and the aggregate principal owed on such date is $295,469.66 (the “May Principal Amount”) and the aggregate amount of interest owed on such date is $32,259.83. Lender hereby agrees to defer the payment of $145,469.66 of the May Principal Amount (the “May Deferred Principal Amount”) until the earlier of (a) May 30, 2019 and (b) the date all Obligations become due and payable pursuant to Section 9.1(a) of the Loan Agreement or otherwise (such earlier date, the “May Deferred Payment Due Date”), provided, that (i) the balance of the May Principal Amount is paid by Borrower to Lender on or before May 15, 2019 and (ii) all accrued and unpaid interest on each Note (other than the accrued and unpaid interest with respect to the January Deferred Principal Amount, the February Deferred Principal Amount, the March Deferred Principal Amount and the April Deferred Principal Amount) is paid by Borrower to Lender on or before May 15, 2019. The May Deferred Principal Amount shall accrue interest from the date of this Agreement until paid in full at the rate of 11.78% per annum, with such interest to be due and payable on the May Deferred Payment Due Date. Failure by Borrower to pay any amounts due and owing under this Section 2.5 shall be an Event of Default under Section 8.1.1 of the Loan Agreement.

 

3

 

 

3.       Limited Waiver.

 

3.1    Failure to Comply with Financial Covenants. Borrower acknowledges that during the month ending March 31, 2019, it failed to comply with the financial covenants set forth in paragraphs (ii) and (vi) on Schedule 6.17 of the Loan Agreement resulting in an Event of Default under Section 8.2.1 of the Loan Agreement (the “Specified Defaults”).

 

3.2     Limited Waiver of Specified Defaults. Subject to the satisfaction of the conditions set forth in Section 10 hereof, Lender hereby temporarily waives, on a one time only basis, the Specified Defaults, from the date hereof until the earliest of (a) a default or breach by Borrower of any term, agreement or covenant under this Amendment (except for the Specified Defaults) or (b) the occurrence of an Event of Default under the Loan Agreement or any other Loan Document (other than the Specified Defaults) (the “Waiver Termination Date”). This specific waiver applies only to the Specified Defaults and only for the period and for the express circumstances described above. This specific waiver shall not be construed to constitute (i) a waiver of any other event, circumstance or condition or of any other right or remedy available to Lender pursuant to the Loan Agreement or any other Loan Document or (ii) a course of dealing or a consent to any departure by Borrower from any other term or requirement of the Loan Agreement. Immediately upon the occurrence of the Waiver Termination Date, the Specified Defaults and any other Event of Default which has occurred after the date hereof shall continue to exist and all of the rights and remedies available to Lender under the Loan Agreement and the other Loan Documents and at law, in equity or otherwise will be available to Lender without restriction, limitation or modification of any kind, as if the temporary limited waiver under this Amendment had not occurred.

 

4.       Limitations and Acknowledgments by Borrower.

 

4.1    The agreements set forth in Section 2 above are effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document other than as expressly set forth in Section 2 herein, or (b) otherwise prejudice any right or remedy which Lender may now have or may have in the future under or in connection with any Loan Document.

 

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

 

4

 

 

4.3     As of the date hereof, Borrower acknowledges and agrees that the Obligations of Borrower under the Loan Documents are not subject to any restriction, setoff, deduction, claim, counterclaim or defense of any kind or character whatsoever.

 

4.4     Borrower hereby agrees and acknowledges that as of the date hereof, Borrower has outstanding Obligations to Lender, which include indebtedness to Lender in connection with the Advances made under the Loan Agreement in an aggregate outstanding principal amount equal to $4,157,210.65, plus accrued and unpaid interest thereon.

 

5.        Representations and Warranties. To induce Lender to enter into this Agreement, Borrower hereby represents and warrants to Lender as follows:

 

5.1     Immediately after giving effect to this Agreement (a) the representations and warranties contained in the Loan Documents, are true, accurate and complete as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) except the Specified Defaults waived pursuant to Section 3 of this Agreement, no Event of Default has occurred and is continuing;

 

5.2     Borrower has the power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement and the Loan Agreement;

 

5.3     The organizational documents of Borrower delivered to Lender on or about May 5, 2016, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

 

5.4     The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under this Agreement have been duly authorized;

 

5.5     The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under this Agreement do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

5.6     The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under this Agreement, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made;

 

5

 

 

5.7     This Agreement has been duly executed and delivered by Borrower and this Agreement is the binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights; and

 

5.8     Borrower has not assigned the Loan Agreement or any of its rights or obligations (including, without limitation, the Obligations) thereunder.

 

6.       Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement for all purposes.

 

7.      Expenses. Without limitation of the terms of the Loan Documents, and as a condition to the effectiveness of this Agreement, Borrower shall reimburse Lender for all its costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with this Agreement or that are otherwise outstanding. Lender, at its discretion, is authorized (x) to charge said fees, costs and expenses to Borrower’s loan account or any of Borrower’s deposit accounts or (y) to directly invoice Borrower for such fees, costs and expenses.

 

8.       No Third Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.

 

9.       Loan Documents; Indemnity. For purposes of clarity and not by way of limitation, Borrower and Lender acknowledge and agree that this Agreement is one of the Loan Documents and that the indemnification provided pursuant to Section 12.2 of the Loan Agreement applies hereto.

 

10.     Effectiveness. This Agreement shall be deemed effective and the agreements set forth herein are conditioned upon (a) the due execution and delivery of this Agreement by each party hereto, (b) the due execution and delivery of that certain Second Amendment to Subordination Agreement by each party thereto, (c) the delivery to Lender of true, accurate and complete copies of any amendments to the Beedie Subordinated Debt Documents, as in effect as of the date hereof, in form and substance reasonably satisfactory to Lender, duly executed by the parties thereto, and (d) the payment by Borrower of the fees and expenses set forth in Section 7 above.

 

6

 

 

11.     Release. As a material part of the consideration for Lender entering into this Agreement, Borrower hereby releases and forever discharges Lender and Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys and other professionals, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever and whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted arising out of, arising under or related to the Loan Documents, that Borrower may have or allege to have against any or all of the Lender Group and that arise from events occurring before the date hereof.

 

12.     Governing Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

13.     JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

14.     ENTIRE AGREEMENT; NO COURSE OF DEALING. THIS AGREEMENT IS A LOAN DOCUMENT. THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AMENDED, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT NEITHER THE AGREEMENTS AND EXTENSIONS CONTAINED HEREIN NOR ANY OTHER AGREEMENTS OR EXTENSIONS GRANTED TO BORROWER SHALL BE INTERPRETED OR CONSTRUED UNDER ANY CIRCUMSTANCES AS HAVING ESTABLISHED A COURSE OF DEALING OR COURSE OF CONDUCT BINDING UPON THE LENDER IN THE FUTURE OR OTHERWISE CREATING ANY FUTURE OBLIGATIONS ON THE PART OF LENDER TO PROVIDE OR AGREE TO ANY SIMILAR AGREEMENT OR EXTENSION AT ANY TIME.

 

[Signatures on next page]

 

7

 

 

In Witness Whereof, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above.

 

	
			LENDER

				
			BORROWER

			
	
			 

			SAAS CAPITAL FUNDING II, LLC

			 

			 

			 

			By:        /s/ Todd Gardner                                

			Name:  Todd Gardner

			Title:    President

				
			 

			ACCELERIZE INC.

			 

			 

			 

			By:      /s/ Brian Ross                                    

			Name: Brian Ross

			Title:   Chief Executive Officer

			

 

 

 

 

 

 

Signature page to Payment Deferral

Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]