Document:

Unassociated Document

    CONSENT,
WAIVER AND AMENDMENT

     

    THIS CONSENT, WAIVER AND AMENDMENT
(this “Agreement”), dated as of January 28,
2009, is entered into by and among Celsia Technologies, Inc., a Nevada
corporation (the “Company”),
and the persons identified as “Holders” on the signature pages hereto (the
“Holders”).  Defined
terms not otherwise defined herein shall have the meanings set forth in the
Existing Purchase Agreement (as defined below).

     

    WHEREAS, pursuant to a
Securities Purchase Agreement, dated May 25, 2007 (the “Existing
Purchase Agreement”), among the Company and the Holders, the Holders were
issued an aggregate of $8,897,783 in principal amount of 8% Secured Convertible
Debentures due May 25, 2010, as amended on March 26, 2008 (the “Existing
Debentures”) and were issued warrants (the “Existing
Warrants”)
exercisable for shares of Common Stock of the Company.

     

    WHEREAS, pursuant to a
Securities Purchase Agreement dated on or about the date hereof in the form
attached as Exhibit
A hereto (the “New
Purchase Agreement”) among the Company and the purchasers identified on
the signature pages thereto (collectively, the “New
Investors”), the New Investors will be purchasing debentures (the “New
Debentures”)
together with warrants exercisable for shares of common stock for an
aggregate purchase price of up to $2,000,000 (the offer and sale of such
debentures and warrants pursuant to the New Purchase Agreement are hereafter
referred to as the “New
Financing”).

     

    WHEREAS, the Company desires
to obtain acknowledgements, waivers and consents from the Holders with respect
to certain provisions and other matters contained in the Transaction Documents
(as defined herein) to ensure the consummation of the New Financing any other
transactions related thereto.

     

    NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, each Holder hereby agrees as follows:

     

    1.           Waivers.

    

    (a)           Subject
to the terms and conditions hereunder, each Holder hereby waives the
restrictions set forth in Sections 7(a) and 7(b) of the Existing Debentures with
respect to the issuance of the New Debentures and granting the New Investors a
lien pursuant to the security agreement attached as an exhibit to the New
Purchase Agreement.  Further, subject to the terms and conditions
hereunder, to the extent required under the Existing Purchase Agreement, each
Holder signatory hereto hereby consents to the New Financing.

    

    (b)           Subject
to the terms and conditions herein, each Holder hereby waives any and all rights
such holder was granted under the Security Agreement and the Existing
Debentures, including, without limitation, pursuant to Section 8 of the Security
Agreement and Section 8 of the Existing Debentures, to exercise any rights or
remedies conferred upon such holder thereunder solely in connection the
Company’s relocation of its engineering and pilot line facilities and the
Collateral incidental thereto (the “Transferred
Assets”) from Korea to Taiwan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)           Notwithstanding
anything to the contrary contained in any of the Transaction Documents, each
undersigned Holder hereby consents to the Company and Celsia Technologies
Taiwan, Inc. entering into and delivering the trust
agreement with Chinatrust Commercial Bank attached hereto as Exhibit B (the “Trust
Agreement”), for the purpose of securing the obligations of the Company
to the undersigned with respect to the Transferred Assets pursuant to the
Security Documents and the Debentures.

     

    (d)           Each
undersigned Holder hereby acknowledges that Midsummer Ventures, L.P., a limited
partnership organized and existing under the laws of Bermuda (“Midsummer”),
acting on behalf of and for the benefit of the undersigned is hereby
authorized to send the payments due and payable to the undersigned as
contemplated by Section 5.1.1 of the Trust Agreement to the bank account set
forth in the wire instructions on the signature page hereto.  Further,
the undersigned hereby designates Midsummer as collateral agent under the Trust
Agreement, and acknowledges and agrees that Midsummer’s rights, responsibilities
and immunities as collateral agent thereunder shall be as set forth in Annex B to the
Security Agreement.

    

    (e)           Each
Holder hereby waives any and all rights such Holder was granted under Section
4.13(b) of the Existing Purchase Agreement, to receive the Pre-Notice (as
defined in the Existing Purchase Agreement) from the Company in connection with
New Financing.

    

    2.           Certain
Amendments.

    

    (a)           The
exercise price of the Existing Warrants held by each Holder that invests in the
New Financing (each, a “Participating
Holder”) in an amount equal to the lesser of $250,000 or the individual
amounts set forth on Schedule A hereto
(but not the exercise price of Existing Warrants held by Holders that do not
participate in the New Financing (each, a “Non-Participating
Holder”) is hereby amended and reduced to $0.10 per share, and the
aggregate number of shares of Common Stock underlying such warrants is hereby
increased in the individual amounts set forth on Schedule A hereto,
each subject to further adjustment therein.

    

    (b)           The
date in the definition of “Maturity Date” in the first sentence of the second
paragraph of the Existing Debentures which reads “May 25, 2010” is hereby
amended and replaced with “December 31, 2010”.

    

    (c)           The
conversion price of the Existing Debentures held by each Participating Holder
(but not the conversion price of the Existing Debentures held by a
Non-Participating Holder) is hereby amended and reduced to $0.10, subject to
further adjustment therein.

    

    (d)           The
definition of “Change of Control Redemption Amount” in Section 1 of the Existing
Debentures held by each Participating Holder is hereby amended and replaced in
its entirety with the following:

    

     ““Change of Control Redemption
Amount” shall equal the sum of (i) 400% of the then outstanding principal
amount of this Debenture, plus all accrued and unpaid interest thereon, plus
(ii) all other amounts, costs, expenses and liquidated damages due in respect of
this Debenture.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (e)           The
definitions of “Permitted Indebtedness” and “Permitted Lien” in Section 1 of the
Existing Debentures held by each Participating Holder and each Non-Participating
Holder is hereby amended to add the following as new clauses (c) and (d),
respectively:

    

     “and (c) indebtedness evidenced
by those certain Original Issue Discount Secured Convertible Debentures issued
by the Company on or about January 28, 2009 (the “New
Debentures”).”

    

     “and (d) Liens granted to the
holders of the New Debentures pursuant to that certain Security Agreement dated
January 28, 2009 among the Company, its Subsidiaries and the secured parties
signatory thereto (the “New Security
Agreement”).”

    

    (f)           Section
2(a) of the Existing Debentures held by each Participating Holder is hereby
amended and replaced in its entirety with the following:

    

    ““Payment of Interest in Cash
or Kind. The Company shall pay interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Debenture at the rate
of 8% per annum (increasing to
a rate of 12% per annum effective on January 28, 2009), payable quarterly
on January 1, April 1, July 1 and October 1, beginning on January 1, 2008, on
each Optional Redemption Date (as to that principal amount then being redeemed),
on each Conversion Date (as to that principal amount then being converted), and
on the Maturity Date (each such date, an “Interest Payment
Date”) (if any Interest Payment Date is not a Business Day, then the
applicable payment shall be due on the next succeeding Business Day), in cash or
duly authorized, validly issued, fully paid and non-assessable shares of Common
Stock at the Interest Conversion Rate (the dollar amount to be paid in shares,
the “Interest Share
Amount”) or a combination thereof; provided, however, that payment
in shares of Common Stock may only occur if (i) all of the Equity Conditions
have been met (unless waived by the Holder in writing) during the 20 Trading
Days immediately prior to the applicable Interest Payment Date  (the
“Interest Notice
Period”) and through and including the date such shares of Common Stock
are issued to the Holder and (ii) the Company shall have given the Holder notice
in accordance with the notice requirements set forth below.”

    

    (g)           The
following is added as new Section 9(m) of the Existing Debentures held by the
Participating Holders and the Non-Participating Holders:

    

    “Notwithstanding anything to the
contrary contained in the Purchase Agreement or the Security Agreement, by its
acceptance of this Debenture, the Holder acknowledges and agrees that the
holders of the New Debentures have a valid security interest in the Collateral
(as defined in the Security Agreement) and the security interests granted under
the Security Agreement and the New Security Agreement shall be pari-passu with
each other.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (h)           The
following is added as new clauses (d) and (e) of the definition of “Exempt
Issuance” in the Existing Purchase Agreement:

    

     “and (d) the issuance of
debentures, warrants, and shares of Common Stock upon the conversion and
exercise thereof, pursuant to that certain Securities Purchase Agreement dated
January 28, 2009 among the Company and the investors signatory thereto (provided
that such securities are not amended to increase the number of such securities
or to decrease the exercise, exchange or conversion price of such securities)
and (e) the issuance of shares of Common Stock upon conversion or exercise, as
applicable, of the Debentures and Warrants held by “Participating Holders” (as
defined in the consent, waiver and amendment agreement referred to in this
clause) at the amended conversion and exercise prices set forth in that certain
Consent, Waiver and Amendment Agreement dated January 28, 2009 among the Company
and the investors signatory thereto.”

    

     (i)           Section
4.13(a) of the Existing Purchase Agreement is hereby amended in its entirety and
replaced with the following:

    

    “(a)           From
the date hereof until the date that the Debentures are no longer outstanding,
upon any issuance by the Company or any of its Subsidiaries of Common Stock or
Common Stock Equivalents (a “Subsequent
Financing”), each Purchaser shall have the right to participate in up to
an amount of the Subsequent Financing equal to the lesser of (i) the aggregate
principal amount of the Debentures then outstanding or (ii) 100% of the
Subsequent Financing less any amounts as to which the investor parties to that
certain securities purchase agreement dated January 28, 2009 among the Company
and such investors have exercised participation rights thereunder in respect of
such Subsequent Financing (the “Participation
Maximum”) on the same terms, conditions and price provided for in the
Subsequent Financing.

     

    (j)           The
reference to “70%” in Section 5.5 of the Existing Purchase Agreement, Sections 7
and 9(l) of the Existing Debentures, Section 6(f) of the Registration Rights
Agreement and Section 5(l) of the Existing Warrants is hereby amended and
replaced with “60%”.

     

    3.           The
foregoing waivers and amendments shall not be effective unless and until (i)
Holders of 70% or more of the principal amount of the Existing Debentures
outstanding shall have agreed to the terms and conditions hereunder and (ii) the
Company, its Subsidiaries and the Holders shall have executed and delivered the
intercreditor agreement in the form attached to the New Purchase Agreement. In
addition, the waivers set forth herein shall be null and void in the event the
New Financing is not consummated on or before January 31, 2009. Except as
expressly set forth above, all of the terms and conditions of the Transaction
Documents (as defined in the Existing Purchase Agreement) shall continue in full
force and effect after the execution of this Agreement and shall not be in any
way changed, modified or superseded by the terms set forth herein. The Company
and the undersigned Holder agree that execution and delivery of this Agreement
shall serve as the sole form of notice and irrevocable election by the Company
and such Holder of the waivers, consents and amendments contemplated hereby and
that no further action on the part of the Company or any other person is
required to effect such waiver and amendment except as set forth
herein.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4.           The
Company hereby represents that following the execution and delivery of this
Agreement by the parties hereto, no Event of Default (as defined in the Existing
Debentures) has occurred and is continuing as of the date hereof.  The
undersigned Holder hereby acknowledges that, without independent investigation,
it is not aware of any defaults in the Company’s obligations contained in any of
the Transaction Documents other than those which such Holder has previously
waived in consent agreements previously obtained by the Company or are
contemplated to be waived in connection with this Agreement (it being understood
that except as expressly set forth in this Agreement and in any prior written
waivers, nothing herein shall be construed as a waiver of any presently
existing, or past or future Events of Default).

    

    5.           This
Agreement may be executed in two or more counterparts and by facsimile signature
or otherwise, and each of such counterparts shall be deemed an original and all
of such counterparts together shall constitute one and the same
agreement.

    

    6.           The
Company has elected to provide all Holders with the same terms and form of
agreement for the convenience of the Company and not because it was required or
requested to do so by the Holders.  The obligations of each Holder
under this Agreement, and any Transaction Document are several and not joint
with the obligations of any other Holder, and no Holder shall be responsible in
any way for the performance or non-performance of the obligations of any other
Holder under this Agreement or any Transaction Document.  Nothing
contained herein or in any Transaction Document, and no action taken by any
Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as
a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Holders are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by this
Agreement or the Transaction Documents.  Each Holder shall be entitled
to independently protect and enforce its rights, including without limitation,
the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Holder to be joined as an
additional party in any proceeding for such purpose.  Each Holder has
had the opportunity to be represented by its own separate legal counsel in their
review and negotiation of this Agreement and the Transaction
Documents.  Feldman Weinstein & Smith LLP does not represent all
of the Holders but only Midsummer.

     

    [Signature
pages follow]

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, this Consent, Waiver and Amendment is executed as of the date
first set forth above.

    

    
      
        
          	
                  CELSIA
      TECHNOLOGIES, INC.

                   

                
	
                  By:

                	/s/
      Jorge Fernandez
	
                  Name:         
      Jorge Fernandez

                
	
                  Title:           
      CFO

                

        

      

    

    

    [signature
page(s) of Holders to follow]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    COUNTERPART
SIGNATURE PAGE

    OF HOLDER
TO

    CSAT
CONSENT, WAIVER AND AMENDMENT

    

    
      
        
          
            	
                    Name of Holder:

                  	 

          

        

      

    

    

    
      
        
          
            
              
                
                  	
                          By:

                        	
                            

                        
	 
      	
                            

                        
	
                          Name:

                        	
                            

                        
	 
      	
                            

                        
	
                          Title:Unassociated Document

    EXHIBIT
10.7

    

    INTER-CREDITOR
AGREEMENT

    

    This
INTER-CREDITOR AGREEMENT
(the “Agreement”) is made
and effective as of January  28, 2009, by and between the holders of
the Celsia Technologies, Inc. 8% Secured Convertible Debentures due December 31,
2010 (the “Existing
Creditors”) and the New Creditors (as defined below), (the Existing
Creditors and the New Creditors are collectively referred to as the “Creditors”).

    

    RECITALS

    

    WHEREAS,
the Existing Creditors are the parties to that certain Securities Purchase
Agreement dated May 25, 2007 (such securities purchase agreement the “Existing Purchase
Agreement”) by and between each Existing Creditors signatory thereto and
Celsia Technologies, Inc. (the “Company”) and are the
holders of those certain 8% Secured Convertible Debentures due December 31,
2010, for an aggregate principal amount of $8,897,783 (the “Existing
Indebtedness”), and the Existing Creditors are the beneficiaries of that
certain Security Agreement dated May 25, 2007 (the “Existing Security
Agreement”) entered into in connection with the Existing Purchase
Agreement;

    

    WHEREAS,
pursuant to that certain Securities Purchase Agreement dated on or about the
date hereof (the “New
Purchase Agreement”, together with the “Existing Purchase
Agreement,” the “Purchase Agreements”
), the investors signatory thereto (the “New Creditors”,
together with the Existing Creditors, the “Creditors”) have
agreed to loan the Company $2,000,000 evidenced by Original Issue Discount
Senior Secured Convertible Debentures due December 31, 2010 with an aggregate
principal amount of up to $2,631,578 (the “New Debentures,” the
amounts owed pursuant to such New Debentures, the “New Indebtedness,”
and together with the Existing Indebtedness, the “Indebtedness”);

    

    WHEREAS,
the New Creditors and the Company have entered into that certain Security
Agreement dated on or about the date hereof (the “New Security
Agreement”, together with the Existing Security Agreement, the “Security
Agreements”);

    

    WHEREAS,
the Existing Indebtedness is secured by all assets of the Company and certain
Subsidiaries (as defined in the New Debentures);

    

    WHEREAS,
New Indebtedness will also be secured by all assets of the Company and certain
Subsidiaries;

    

    WHEREAS, the Creditors wish to
memorialize their agreements concerning their respective rights, duties and
obligations to one another with respect to the security interests granted under
the Indebtedness.

    

    NOW, THEREFORE, in consideration of
the mutual covenants herein, their respective performances and benefits
pertaining to the Indebtedness, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

    

    1.           Ranking.

    

    
      	
               
      

            	
              1.1

            	
              The
      Indebtedness shall rank in the following order of
  priority:

            

    

    

    (1)           The
full principal amount of the New Indebtedness (the “New Indebtedness Principal
Payment”) shall be paid in full to the New Creditors before (i) the
Existing Creditors shall be entitled to receive and to retain any payment or
distribution in respect of any Existing Indebtedness and (ii) any New Creditors
shall be entitled to receive and to retain any payment or distribution in
respect of any other amounts owed to such New Creditors;

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (2)           thereafter
and before (i) any New Creditor shall be entitled to receive and to retain any
payment or distribution under the New Indebtedness other than in respect of the
New Indebtedness Principal Payment and (ii) any Existing Creditor shall be
entitled to receive and to retain any payment in respect of any Existing
Indebtedness other than as described in this Section 1.1(2), the Existing
Creditors that are also New Creditors (the “Participating Existing
Creditors”) shall be entitled to receive the full principal amount of the
Existing Indebtedness then held by such Participating Existing
Creditors;

     

    (3)           thereafter
and before any Existing Creditor that is not a Participating Existing Creditor
(the “Non-Participating Existing
Creditors”) shall be entitled to receive any payments, the Participating
Existing Creditors and the New Creditors shall be entitled to receive any and
all other amounts owed to such Creditors under the Existing Indebtedness and the
New Indebtedness (including, without limitation, any and all accrued but unpaid
interest, if applicable, repayment premiums and default amounts), pari passu and pro-rata in proportion to
each such Creditor’s outstanding Indebtedness at any given time that a
determination needs to be made of pro-rata holdings;

     

    (4)           lastly,
the Non-Participating Existing Creditors shall be entitled to receive payments
and distributions in respect of the Existing Indebtedness owed to such
Creditors.

     

    The Creditors authorize the Agent (as
defined in the Security Agreements) to perform its obligations under the
respective Security Agreements pursuant to this provision.  The
Company and each Subsidiary acknowledge and agrees with the relative priorities
and proportions set forth herein, and that all payments under the New
Indebtedness and Existing Indebtedness shall be made in accordance
herewith.   In addition, the Company hereby agrees to cause all
direct and indirect subsidiaries hereafter formed or acquired to agree to be
bound by the terms of this Agreement, other than as described in Section 4.18 of
the New Purchase Agreement.

    

    
      	
               
      

            	
              1.2

            	
              If
      an Event of Default (as defined under any Indebtedness) occurs and any
      party hereto receives payment from the Company not in compliance with this
      Agreement, the other parties hereto shall be immediately notified and such
      payment shall be shared with all of the other Creditors in accordance
      with, and in proportion to their respective priorities and pro-rata
      holdings as set forth above.

            

    

    

    
      	
               
      

            	
              1.3

            	
              If
      an Event of Default occurs and any party hereto collects proceeds pursuant
      to its rights under any Indebtedness, the other parties shall be
      immediately notified and such payment shall be shared with all of the
      other Creditors as set forth above.

            

    

    

    
      	
               
      

            	
              1.4

            	
              Notwithstanding
      any other provision in this Agreement, adjustments shall be made between
      the Creditors from time to time to reflect the fact that any contingent
      obligation taken into account as an obligation under the Indebtedness
      becomes satisfied or incapable of maturing into an actual
      obligation.

            

    

    

    
      	
               
      

            	
              1.5

            	
              Each
      Existing Creditor and New Creditor is hereby authorized to file a UCC-1
      financing statement in the jurisdictions set forth in, and pursuant to the
      terms of, their respective Security Agreement. To the extent that the
      Company (or any Subsidiary thereof) delivers Pledged Securities (as
      defined in the Security Agreements) pursuant to the Security Agreements,
      the New Creditors and the Existing Creditors acknowledge and agree that
      the Agent shall take and maintain possession of such Pledged Collateral
      for the ratable benefit of all
Creditors.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              1.6

            	
              Notwithstanding
      anything to the contrary contained in the Existing Purchase Agreement
      or  any document executed in connection with the New
      Indebtedness or the Existing Indebtedness and irrespective of: (i) the
      time, order or method of attachment or perfection of the security
      interests created in favor of Existing Creditors and the New Creditors,
      (ii) the time or order of filing or recording of financing statements or
      other documents filed or recorded to perfect security interests in any
      Collateral (as defined in the Security Agreements); (iii) anything
      contained in any filing or agreement to which any Creditor now or
      hereafter may be a party; and (iv) the rules for determining perfection or
      priority under the Uniform Commercial Code or any other law governing the
      relative priorities of secured creditors, each Creditor and the Company
      acknowledge that (x) all other Creditors have a valid security interest in
      the Collateral and (y) the security interests of the New Creditors and the
      Existing Creditors in such Collateral securing the Indebtedness shall rank
      pari-passu with each other.

            

    

    

    
      
        	
              	
                1.7

              	
                (a)
      So
      long as any Indebtedness remains outstanding, each of the undersigned
      Creditors agrees, severally and not  jointly, not to commence or
      threaten to commence any action or proceeding, sue upon any claim or
      claims now or hereafter existing which such Creditor may hold against the
      Company or any of its Subsidiaries, and not to sell, assign, transfer,
      pledge, hypothecate, or encumber such claim or claims, and not to enforce
      or apply any security now or hereafter existing therefor, nor to file or
      join in any petition to commence any proceeding under any bankruptcy,
      reorganization or insolvency proceedings with respect to the  Company
      or any of its Subsidiaries or exercise or seek to exercise any rights or
      remedies (including, without limitation, setoff) with respect to any
      Collateral or institute or commence, or join with any Person (other than
      the other Creditors) in commencing any action or proceeding with respect
      to such rights or remedies (including any action of foreclosure),
      enforcement, collection or execution; provided, however, (x) that a
      Creditor may exercise any or all of such rights (I) with the written
      consent of the Creditors holding 50% or more of the principal amount of
      Indebtedness then outstanding or (II) after the passage of a period of 365
      days from the date such Creditor provides the Company notice of the
      default, breach or violation giving rise to any such claim and (y) the
      provisions of this Section shall not prohibit a Creditor that is a
      Qualified Purchaser (as defined in the debentures evidencing the Existing
      Indebtedness) from exercising any or all of such
  rights.

              

      

    

    

    (b)
Notwithstanding anything to the contrary set forth in Section 1.7(a) above, each
Creditor:

    

    (1)           with
the consent of the Agent, may take any action in order to preserve or protect
its Lien (as defined in the New Purchase Agreement) on the
Collateral;

    

    (2)           shall
be entitled to file any necessary responsive or defensive pleadings in
opposition to any motion, claim, adversary proceeding or other pleading made by
any Person objecting to or otherwise seeking the disallowance of the claims of
the Creditors, in each case in accordance with the terms of this
Agreement;

    

    (3)           shall
be entitled to vote on any plan of reorganization and file any proof of claim in
any insolvency, bankruptcy or liquidation proceeding or otherwise and other
filings and make any arguments and motions that are, in each case, in accordance
with the terms of this Agreement, with respect to the
Collateral.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (c)       
Notwithstanding anything herein to the contrary, including, without limitation
anything set forth in Sections 1.7(a) and 1.7(b) above, nothing in this
Agreement shall: (i) restrict the Company from making, and a Creditor from
receiving, regularly scheduled principal and interest payments (if applicable)
made to the Creditors pursuant to the terms of the transaction documents
relating to the New Indebtedness and Existing Indebtedness, as applicable (in
each case, the “Transaction Documents”); (ii) restrict the Creditors’ right to
receive shares of Common Stock (as defined in the New Purchase Agreement) upon
conversion or exercise of securities of the Company, (iii) restrict the
Creditors’ right to seek specific performance therefor to cause the Company to
satisfy its non-cash obligations under the Transaction Documents; or (iv)
restrict a Creditor’s right to receive payment of liquidated damages and other
fees pursuant to the terms of the Transaction Documents.

    

    
      	
              2.

            	
              Indemnification by
      Existing Creditors.  Existing Creditors shall, severally,
      and not jointly, indemnify, defend, and hold harmless New Creditors
      against and in respect of any and all claims, demands, losses, costs,
      expenses, obligations, liabilities, damages, recoveries, and deficiencies,
      including interest, penalties, and reasonable professional and attorneys’
      fees, including those arising from settlement negotiations, that New
      Creditors shall incur or suffer, which arise, result from, or relate to a
      breach of, or failure by Existing Creditors to perform under this
      Agreement.

            

    

    

    
      	
              3.

            	
              Indemnification by New
      Creditors.  New Creditors shall, severally, and not
      jointly, indemnify, defend, and hold harmless Existing Creditors against
      and in respect of any and all claims, demands, losses, costs, expenses,
      obligations, liabilities, damages, recoveries, and deficiencies, including
      interest, penalties, and reasonable professional and attorneys’ fees,
      including those arising from settlement negotiations,
      that  Existing Creditors shall incur or suffer, which arise,
      result from, or relate to a breach of, or failure by New Creditors to
      perform under this Agreement.

            

    

    

    
      	
              4.

            	
              Amendment of Existing
      Security Agreement.  Each Existing Creditor hereby agrees
      that Section 21(c) of the Existing Credit Agreement shall be deleted and
      replaced in its entirety with the following
  text:

            

    

    

    
      	
               
      

            	
              “This
      Agreement, together with the exhibits and schedules hereto, contain the
      entire understanding of the parties with respect to the subject matter
      hereof and supersede all prior agreements and understandings, oral or
      written, with respect to such matters, which the parties acknowledge have
      been merged into this Agreement and the exhibits and schedules hereto. No
      provision of this Agreement may be waived, modified, supplemented or
      amended except in a written instrument signed, in the case of an
      amendment, by the Debtors and the Secured Parties holding 60% or more of
      the principal amount of Debentures then outstanding (provided that such an
      amendment shall be effective against Secured Parties holding 100% of the
      principal amount of Debentures then outstanding), or, in the case of a
      waiver, by the party against whom enforcement of any such waived provision
      is sought.”

            

    

    

    5.           Miscellaneous.

    

    5.1           Assignment.  The
rights and obligations of the Creditors under this Agreement may only be
assigned to or assumed by a transferee of the debentures evidencing Indebtedness
..  In connection with the transfer of debentures evidencing any
Indebtedness (in addition to other requirements as provided for in each Purchase
Agreement), the transferring Creditor shall cause such transferee to execute a
joinder to this Agreement.

    

    5.2           Binding
Effect.  This Agreement shall be binding on, and shall inure to
the benefit of, the parties to it and their respective heirs, legal
representatives, and successors.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    5.3           Parties in
Interest.  Except as expressly provided in this Agreement,
nothing in this Agreement, whether express or implied, is intended to confer any
rights or remedies under or by reason of this Agreement on any persons other
than the parties to it and their respective successors and assigns, nor is
anything in this Agreement intended to relieve or discharge the obligation or
liability of any third persons to any party to this Agreement, nor shall any
provision give any third persons any right to subrogation or action over against
any party to this Agreement.

    

    5.4           Entire
Agreement.  This Agreement constitutes the entire agreement
between the parties pertaining to the subject matter contained in it and
supersedes all prior and contemporaneous agreements, representations and
understandings of the parties.

    

    5.5           Amendment.  No
supplement, modification, or amendment of this Agreement shall be binding unless
executed in writing by the holders of 60% or more of the then outstanding
principal amount of the Indebtedness.

    

    5.6           Waiver.  No waiver
of any of the provisions of this Agreement shall be deemed, or shall constitute,
a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver.  No waiver shall be binding unless
executed in writing by the party making the waiver.

    

    5.7           Notices.  Notices
given under this Agreement shall be delivered as set forth in the New Purchase
Agreement.

    

    5.8           Governing Law and
Venue.  This Agreement shall be construed in accordance with,
and governed by, the laws of the State of New York, and any action or
proceeding, including arbitration, brought by any party in which this Agreement
is a subject, shall be brought in New York County, New York.

    

    5.9           Effect of
Headings.  The headings of the Sections of this Agreement are
included for purposes of convenience only, and shall not affect the construction
or interpretation of any of its provisions.

    

    5.10           Invalidity.  Any
provision of this Agreement which is invalid, void, or illegal, shall not
affect, impair, or invalidate any other provision of this Agreement, and such
other provisions of this Agreement shall remain in full force and
effect.

    

    5.11           Counterparts.  This
Agreement may be executed in multiple counterparts, each of which may be
executed by less than all of the parties and shall be deemed to be an original
instrument which shall be enforceable against the parties actually executing
such counterparts and all of which together shall constitute one and the same
instrument.  In lieu of the original documents, a facsimile
transmission or copy of the original documents shall be as effective and
enforceable as the original.

    

    5.12           Number and
Gender.  When required by the context of this Agreement, each
number (singular and plural) shall include all numbers, and each gender shall
include all genders.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    5.13           Further
Assurances.  Each party to this Agreement agrees to execute
further instruments as may be necessary or desirable to carry out this
Agreement, provided the party requesting such further action shall bear all
related costs and expenses.

    

    5.14           Professional Fees and
Costs.  If any legal or equitable action, arbitration, or other
proceeding, whether on the merits or on motion, are brought or undertaken, or an
attorney retained, to enforce this Agreement, or because of an alleged dispute,
breach, default, or misrepresentation in connection with any of the provisions
of this Agreement, then the successful or prevailing party or parties in such
undertaking (or the party that would prevail if an action were brought) shall be
entitled to recover reasonable attorney's fees and other professional fees and
other costs incurred in such action, proceeding, or discussions, in addition to
any other relief to which such party may be entitled.  The parties
intend this provision to be given the most liberal construction possible and to
apply to any circumstances in which such party reasonably incurs
expenses.

    

    *************************

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    [SIGNATURE
PAGE TO CSAT INTERCREDITOR AGREEMENT]

    

    IN
WITNESS WHEREOF, this Agreement has been duly executed by the Creditors as of
the day and year first written above.

    

    CREDITORS:

    

    
      
        
          
            	
                    Print Name:

                  	 
      

          

        

      

    

    

    
      
        
          
            	
                    By:

                  	 
      
	
                    Name:

                  
	
                    Title:

                  

          

        

      

    

    

    Address for
Notice:

     

     

    
      

    

     

     

    
      

    

    

    ACKNOWLEDGED
AND AGREED TO:

    

    CELSIA
TECHNOLOGIES, INC.

    
      
        	 
      	 
	
                By:

              	
                /s/
      Jorge Fernandez

              	 
	Name:
      	
                Jorge
      Fernandez

              	 
	Title:
      	
                CFO

              	 

      

    

    

    CELSIA
TECHNOLOGIES TAIWAN, INC.

    
      
        	 
      	 
	
                By:

              	
                
                  /s/
      George A. Meyer IV

                

              	 
	Name:
      	
                George
      A. Meyer IV

              	 
	Title:
      	
                Chairman

              	 

      

    

     

    
      Address for Notice:

       

      
        	
                1395
      Brickell Avenue, Suite 800

              	 
	Miami,
      Florida 33131	 

      

      
        
           

        

        
          7

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