Document:

Exhibit

GUARANTY
		
	TO:
	BANK OF HAWAII 
Box 2900 
Honolulu, Hawaii 96846

THIS GUARANTY (this “Guaranty”) is made this 29th day of March, 2019, by PAR PACIFIC HOLDINGS, INC., a Delaware corporation (“Guarantor”), for the benefit of BANK OF HAWAII, a Hawaii corporation (“Bank”) whose address is P.O. Box 2900, Honolulu, Hawaii 96846-6000.
1.Payment Guaranty.  As an inducement to Bank to make a Loan (as defined below) to PAR PACIFIC HAWAII PROPERTY COMPANY, LLC, a Delaware limited liability company (“Borrower”), and as specifically required by Bank, Guarantor absolutely and unconditionally guaranties (both jointly and severally with other guarantors, if any) pursuant to this Guaranty to Bank the punctual and complete payment when due (whether at the stated maturity, by acceleration or otherwise) of the following; provided, that, notwithstanding anything to the contrary contained in the Loan Documents or this Guaranty, the obligations of Guarantor under this Guaranty shall exclude any Excluded Swap Obligations (as hereinafter defined) with respect to Guarantor: (a) all present and future indebtedness evidenced by the promissory note dated March 29, 2019 (the “Note”) in the principal amount of $45,000,000.00 (which evidences a term loan “Loan”), executed by Borrower in favor of Bank including principal, interest and all other amounts payable under the terms of the Note (the “Loan Indebtedness”); (b) any and all payment obligations under all other documents now or hereafter evidencing or securing the Loan Indebtedness, including, without limitation, a Loan Agreement made by and between Bank and Borrower and governing the Loan (the “Loan Agreement”); and (c) any and all payment obligations under that certain swap transaction (the “Swap”) with Bank (collectively the “Swap Obligations”), if any, evidenced and governed by an ISDA Master Agreement and schedule thereto and confirmations thereunder between Bank and  Borrower (the “ISDA Master Agreement”) and all other instruments and documents made by Borrower or others related to the Swap, including, without limitation, a confirmation between Bank and Borrower with respect to a notional amount of $45,000,000.00, that shall form a part of and be subject to the ISDA Master Agreement; and (d) any and all obligations under all other documents now or hereafter securing the Loan Indebtedness and/or the Swap Obligations, including, without limitation, the First Mortgage, Security Agreement and Fixture Filing dated as of the date hereof, executed by Borrower in favor of Bank.  For convenience, any and all documents evidencing or securing the Loan evidenced by the Note, as such documents shall be amended from time to time, are herein collectively called the “Loan Documents”.  Any and all documents evidencing, securing or pertaining to the Swap (including, without limitation, the ISDA Master Agreement), as such documents shall be amended from time to time are herein collectively called the “Swap Documents”.  The term “Obligations” shall collectively mean all obligations with respect to the Loan Indebtedness pursuant to the Loan Documents and all obligations with respect to the Swap Obligations pursuant to the Swap Documents; provided, however, that notwithstanding anything to the contrary contained in the Loan Documents or this Guaranty, “Obligations” of Guarantor under this Guaranty shall exclude any Excluded Swap Obligations with respect to Guarantor.  Capitalized terms not specifically defined in this Guaranty shall have the same meanings as provided in the Loan Agreement.  In each case such Obligations may from time to time be supplemented, modified, amended, renewed and extended, whether evidenced by new or additional documents or resulting in a change in the interest rate on any Loan Indebtedness or otherwise.
“Excluded Swap Obligation” means, with respect to Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Swap Obligation by Guarantor of, or the grant by Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act (as defined below) or any rule, regulation or order of the 

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Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodities Exchange Act and the regulations thereunder (after giving effect to any and all guarantees of Guarantor’s Swap Obligations by other Persons) at the time the Guarantee of Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under an ISDA Master Agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to the Swap for which such Guarantee or security interest becomes illegal.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
2.    Waivers.  Guarantor waives diligence, presentment, protest, notice of dishonor, demand for payment, notice of acceptance of this Guaranty, notice of extensions of credit to Borrower, nonpayment at maturity and indulgences and notices of every kind (except for notices required under the provisions of the Loan Documents or Hawaii law), as well as all defenses based on suretyship or impairment of collateral.
3.    Consents.  Guarantor consents to and agrees that the obligations of Guarantor shall not be released, impaired or otherwise affected by:
(a)    Any and all forbearances and extensions of the time of payment (including multiple extensions for longer than the original period) or for Borrower’s performance of any other obligation to be performed by Borrower under any of the Loan Documents or Swap Documents;
(b)    Any and all changes in the terms, covenants and conditions in any of the Loan Documents or Swap Documents, hereafter made or granted;
(c)    The application by Bank of all payments on account of the Obligations, from any source, in any manner deemed to be in the best interest of Bank, including the application of payments on a “last-in-first-out basis” and the application of payments to any Obligations incurred after termination of this Guaranty prior to application of payments to Obligations guaranteed by this Guaranty;
(d)    Bank’s failure to obtain or perfect or foreclose its lien on or security interest in any collateral that Guarantor anticipated that Bank would obtain;
(e)    Any and all substitutions, exchanges or releases of all or any part of the security for the payment of the Obligations;
(f)    Any failure of Bank to make collection from Borrower or any other person or entity;
(g)    Waivers of any of the terms, covenants or conditions set forth in any of the Loan Documents or Swap Documents, including this Guaranty;
(h)    Any election or elections by Bank to pursue or enforce or to forbear from pursuing or enforcing any particular right or remedy against Borrower or other guarantors or any collateral;
(i)    Any defense (except for the defense of payment), counterclaim, setoff or crossclaim, or any defense (legal or equitable) including but not limited to failure of consideration, breach of warranty, 

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fraud, payment, statute of frauds, bankruptcy, lack of legal capacity, statute of limitations, lender liability, accord and satisfaction, and usury, which Borrower has or could assert with respect to the Obligations; and
(j)    Any other cause, whether similar or dissimilar to the foregoing; it is the intention hereof that Guarantor shall remain liable as principal for the payment of the Obligations until the Obligations shall have been fully paid, notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of Guarantor, subject to the limitations set forth in Paragraph 1 hereof.
4.    Other Security.  Nothing herein contained shall in any manner affect the liens or priority of the Loan Documents and the Swap Documents.  This Guaranty may be enforced by Bank without first resorting to or exhausting any other security or collateral and without first having recourse to any of the Loan Documents and/or the Swap Documents or any of the property covered by any mortgage or other security instrument, through foreclosure proceedings or otherwise, and without first or concurrently proceeding against Borrower or any other person or entity.  However, nothing shall prevent Bank from suing on the Loan Documents and/or the Swap Documents, with or without making Guarantor a party to the suit or foreclosing on any security and if such suit, foreclosure or other remedy is availed of only the net proceeds therefrom, after deduction of all charges and expenses of every kind and nature whatsoever, shall be applied in reduction of the Obligations and Bank shall not be required to institute or prosecute proceedings to recover any deficiency as a condition of payment hereunder or enforcement hereof.  At any sale of the security or collateral for the Obligations or any part thereof whether by foreclosure or otherwise, Bank may at its discretion purchase all or any part of such collateral so sold or offered for sale for its own account and may apply against the amount bid therefor an equal amount out of the balance due to it pursuant to the terms of the Loan Documents and/or the Swap Documents.
5.    Bankruptcy.  Guarantor’s obligations to make payment in accordance with the terms of this Guaranty shall not be impaired, modified, changed, released or limited in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower or its estate in bankruptcy resulting from the operation of any present or future provision of the United States Bankruptcy Code or other similar statute.  Upon the commencement of any proceeding or the taking of any action by or against Borrower for any relief under any bankruptcy, insolvency or similar laws for the protection of debtors (a “Bankruptcy Action”), the Obligations shall immediately and without any notice from or other action by Bank become immediately due and payable by Guarantor, subject to the terms of this Guaranty, regardless of the effect of the Bankruptcy Action on the ability of Bank to require Borrower to immediately pay the Obligations in full.
6.    Subordination of Indemnification and Subrogation Rights.  Notwithstanding any payment or payments made by Guarantor hereunder, so long as any of the Obligations remain outstanding, Guarantor will not assert or exercise any right of Bank or of Guarantor against Borrower to recover the amount of any payment made by Guarantor to Bank by way of subrogation, reimbursement, contribution, indemnity, or otherwise arising by contract or operation of law.  So long as any of the Obligations remain outstanding, Guarantor shall not have any right of recourse to or any claim against assets or property of Borrower, and Guarantor’s rights against Borrower shall be fully subordinate to the Obligations and Bank’s rights under the Loan Documents and the Swap Documents.  So long as any of the Obligations remain outstanding, Guarantor agrees not to seek contribution or indemnity or other recourse from any other guarantor under any other guaranty of the Obligations.
7.    Information About Borrower.  Guarantor assumes full responsibility for keeping fully informed of the financial condition of Borrower, Borrower’s incurring of the Obligations to Bank, and all other circumstances affecting Borrower’s obligations to Bank or Borrower’s ability to perform its obligations to Bank, on a continuing basis.  Guarantor agrees that Bank has no duty to report to Guarantor any information 

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which Bank receives about Borrower’s financial condition, Borrower’s incurring of the Obligations to Bank, or any circumstances bearing on Borrower’s ability to perform Borrower’s obligations to Bank, now or in the future.
8.    Financial Covenants. Guarantor and its consolidated subsidiaries shall maintain Liquidity of not less than Twenty-Five Million Dollars ($25,000,000.00) calculated on the last day of each calendar quarter.  “Liquidity” means the amount that is equal to the Guarantor’s and its consolidated subsidiaries’ unencumbered cash and cash equivalents.  Verification of the Liquidity of Guarantor and its consolidated subsidiaries as set forth above is publicly available online from the U.S. Securities and Exchange Commission on the Guarantor’s Form 10-Q.
9.    Financial Information.  Guarantor’s quarterly interim financial statements, as set forth in Form 10-Q of Guarantor, is publicly available online from the U.S. Securities and Exchange Commission; provided, however, if Guarantor fails to be publicly traded, Guarantor shall furnish to Bank (a) Guarantor’s quarterly unaudited interim financial statements, prepared in accordance with generally accepted accounting principles, consistently applied but subject to normal year-end adjustments (“GAAP”), not later than sixty (60) days after the end of each calendar quarter, and (b) Guarantor’s annual unaudited financial statements, prepared in accordance with GAAP, not later than one hundred twenty (120) days after the end of each fiscal year.  Guarantor further agrees that, as long as any of the Obligations remains outstanding,  Bank shall have the continuing right to obtain credit and bank reports on Guarantor without further authorization from Guarantor, which such credit report information may be disclosed by Bank to third-parties in connection with any contemplated sale of or participation in the Obligations.  Bank agrees to require any such third party to execute and deliver to Bank a confidentiality agreement on Bank’s standard form pursuant to which all such information shall be treated as strictly confidential (except as may be required to be disclosed by law, court, or governmental authority).
10.    Intentionally Omitted.
11.    Merger; No Oral Modification.  This Guaranty constitutes the complete agreement between Guarantor and Bank with respect to the subject matter of this Guaranty, and all prior oral and written agreements with respect thereto are deemed to be merged into this Guaranty and such prior oral and written agreements shall have no further force or effect except to the extent expressly incorporated in this Guaranty.  This Guaranty may not be modified or amended except by a written agreement executed by Guarantor and Bank.
12.    Continuing Obligations.  The obligations of Guarantor under this Guaranty shall be continuing obligations, a separate cause of action shall be deemed to arise in respect of each event of default under any or all of the Loan Documents and/or the Swap Documents, and Guarantor will from time to time deliver, upon request of Bank, satisfactory acknowledgments of Guarantor’s continued liability hereunder.
13.    Notices.  Any notice or demand to be given or served to Guarantor under this Guaranty shall be issued in writing and shall be deemed to have been sufficiently given or served for all purposes if delivered in person or if sent by certified mail, postage prepaid, return receipt requested, or by facsimile, addressed to Guarantor at the address and/or facsimile number set forth opposite Guarantor’s signature below or at such other address and/or facsimile number for Guarantor of which Bank has actually received written notice at Bank’s address shown on the first page of this Guaranty.  Guarantor agrees to give Bank prompt written notice of any change in Guarantor’s address or facsimile number.
14.    Law.  This Guaranty shall be construed in accordance with the laws of the State of Hawaii.

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15.    Costs and Expenses.  Guarantor shall pay to Bank on demand all costs, and expenses and charges of Bank in connection with the enforcement of, or the exercise of any remedy or any other action taken by Bank with respect to Guarantor under or in connection with this Guaranty, including the reasonable and documented fees and disbursements of Bank’s legal counsel and other out-of-pocket expenses.
16.    Successors.  Bank may assign this Guaranty, in whole or in part, at any time without notice to Guarantor, in connection with the assignment of the Loan as set forth in the Loan Agreement.  This Guaranty shall inure to the benefit of and may be enforced by Bank and any subsequent holder of any of the Loan Documents and/or the Swap Documents.  This Guaranty shall be binding upon and enforceable against Guarantor, and its, his or her personal representatives, successors in trust, successors and assigns.
17.    Setoff.  Provided that an Event of Default has occurred and is continuing, Bank may, at any time, apply or set off against Guarantor’s Obligations under this Guaranty any deposits or other monies owed by Bank to Guarantor; provided that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to, Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.  
18.    Time is of the Essence.  Time is of the essence under and in respect of this Guaranty.
19.    Recaptures.  This Guaranty shall remain in full force and effect until all obligations of Borrower under the Loan Documents and/or the Swap Documents have been satisfied in full and are no longer subject to disgorgement under any applicable state or federal creditor rights or bankruptcy laws.  If claim is ever made upon Bank for repayment or recovery of any amount received by Bank from Borrower and Bank repays all or any part of said amount by reason of: (a) the order of a bankruptcy court or other court or any administrative body having jurisdiction; or (b) any settlement or compromise of any such claim effected by Bank with any such claimant (including Borrower), such order, settlement or compromise shall be binding upon Guarantor notwithstanding the prior termination or cancellation of any of the Loan Documents and/or Swap Documents, and Guarantor shall be and remain liable to Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by Bank.
20.    Other Obligations Continue in Effect.  This Guaranty is made in addition to, and shall not be deemed to supersede, modify or alter in any respect, any and all other obligations of Guarantor to Bank under any other agreements, including guaranties, now in effect or hereafter executed.
21.    Jury Waiver.  Guarantor and, by acceptance of delivery of this Guaranty, Bank, hereby waive trial by jury in any action, proceeding, claim, or counterclaim, whether in contract or tort, at law or in equity, arising out of or in any way related to this Guaranty.
22.    Fair Credit Reporting Act.  This disclosure only applies to a Guarantor who is an individual.  In the regular course of its business, Bank shares information concerning its experiences with all guarantors with Bank’s affiliated companies, credit bureaus and other creditors.  In addition, Bank shares information with Bank’s affiliated companies concerning all guarantors which Bank receives from guarantors or third-parties.  If a Guarantor, who is an individual, does not wish Bank to share information it receives from Guarantor or from third-parties concerning Guarantor with Bank’s affiliated companies, or if Guarantor believes that Bank has reported inaccurate information about the to a credit reporting agency, Guarantor must notify Bank in writing.  Guarantor’s notification should include Guarantor’s name, address, social security number, and if Guarantor believes Bank has reported inaccurate information to a credit reporting 

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agency, Guarantor’s Bank of Hawaii account numbers.  Guarantor’s notification should be sent to: Bank of Hawaii, FCRA Processing Center, P.O. Box 2900, Honolulu, Hawaii 96846-6000.
23.    Joint and Several Liability.  Subject to the limitations set forth in Paragraph 1 hereof Guarantor hereby expressly agrees that Guarantor’s obligations hereunder are joint and several with any other person now or hereafter obligated as a guarantor of the Loan; provided that no Guarantor shall by virtue of the joint and several nature of its obligations hereunder be liable under this Guaranty for any Excluded Swap Obligations with respect to such Guarantor.  A separate action or actions may be brought and prosecuted against each Guarantor, whether or not action is brought against any other person or whether or not any other person is joined in such action or actions.  Notwithstanding the joint and several liability of the Guarantor, as provided in this paragraph, each Guarantor hereto hereby waives, releases and discharges any claim, right or remedy which it may now have or hereafter acquire against any Borrower or other Guarantor (each, a “Borrower Party”) that arises hereunder and/or from the performance by any Borrower Party hereunder, including, without limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Bank against any Borrower Party or any security Bank now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise.  This waiver, release and discharge (with regard to indemnification and contribution) shall continue for one (1) year after the indebtedness under the Loan has been paid in full.
24.    Counterpart.  This Guaranty may be executed in counterparts (each of which shall be an original instrument and all of which shall together constitute one and the same agreement).
25.    Severability.  If any provision of any of this Guaranty shall be held invalid under any applicable law, such invalidity shall not affect any other provision of this Guaranty that can be given effect without the invalid provision, and, to this end, the provisions of this Guaranty are severable.
26.    Representations and Warranties.  Guarantor represents and warrants that (a) as of the date of this Guaranty, Guarantor is an “eligible contract participant” as such term is defined in the Commodity Exchange Act, and (b) on each date on which Borrower enters into a Swap, Guarantor will be deemed to represent to Lender that such Guarantor is an “eligible contract participant” as such term is defined in the Commodity Exchange Act.
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IN WITNESS WHEREOF, each Guarantor has executed this instrument as of the day and year first above written.
	
		
	Guarantor:
	Address:

	PAR PACIFIC HOLDINGS, INC., a Delaware corporation

By: /s/ Suneel Mandava
Name:  Suneel Mandava
Its:  Senior Vice President - Finance

	825 Town & Country Lane, Suite 1500 
Houston, Texas  77024

	 
	 

[Signature Page to Guaranty]fcel-ex101_8.htm

 

EXHIBIT 10.1

SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of March 29, 2019 (the “Seventh Amendment Effective Date”), is entered into by and among FuelCell Energy, Inc., a Delaware corporation (“Parent”), Versa Power Systems, Inc., a Delaware corporation (“Versa Delaware”), Versa Power Systems Ltd. a corporation organized under the laws of Alberta, Canada (“Versa Canada”), and each of Parent’s Subsidiaries that delivers a Joinder Agreement pursuant to Section 7.13 of the Loan and Security Agreement (hereinafter collectively referred to as the “Borrowers” and each, a “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto as Lender, constituting the Required Lenders, and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and the Lender (in such capacity, together with its successors and assigns in such capacity, “Agent”).

Borrowers, the Lender and Agent are parties to a Loan and Security Agreement dated as of April 14, 2016 (as amended as of September 5, 2017, October 27, 2017, March 28, 2018, August 29, 2018, December 19, 2018, and February 28, 2019, and as may be further amended, restated or modified from time to time, the “Loan and Security Agreement”).  The Borrowers have requested that Agent and Lender agree to certain amendments to the Loan and Security Agreement.  Agent and Lender have agreed to such request, subject to the terms and conditions hereof.

Accordingly, the parties hereto agree as follows:

SECTION 1Definitions; Interpretation.

(a)Terms Defined in Loan and Security Agreement.  All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

(b)Interpretation.  The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment and are incorporated herein by this reference.

SECTION 2Amendments to the Loan and Security Agreement.

(a)The Loan and Security Agreement shall be amended as follows effective as of the Seventh Amendment Effective Date:

(i)New Definitions.  The following definitions are added to Section 1.1 in their proper alphabetical order:

“Seventh Amendment” means that certain Seventh Amendment to Loan and Security Agreement dated as of the Seventh Amendment Effective Date, among Borrowers, Agent and Lender.

“Seventh Amendment Effective Date” means March 29, 2019.

“Seventh Amendment Fee” means a non-refundable fee of $250,000.

(ii)Section 2.10.  Section 2.10 is hereby amended and restated in its entirety as follows:

2.10.Additional Fees.  Borrower shall pay Lender (i) the Sixth Amendment Fee on or prior to the Sixth Amendment Closing Date, and (ii) the Seventh Amendment Fee on the Seventh Amendment Effective Date.    

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(iii)Section 8.2.  Section 8.2 is hereby amended and restated in its entirety as follows:

8.2Minimum Unrestricted Cash Balance.  At all times following the Sixth Amendment Effective Date through April 30, 2019, Borrower shall maintain an unrestricted Cash balance of at least (a) 50% of the outstanding Loan balance plus (b) the amount of accounts payable (as defined under GAAP) not paid within 90 days of the invoice date, in accounts subject to an Account Control Agreement in favor of Agent.  At all times after April 30, 2019, Borrower shall maintain an unrestricted Cash balance of at least (a) 75% of the outstanding Loan balance plus (b) the amount of accounts payable (as defined under GAAP) not paid within 90 days of the invoice date, in accounts subject to an Account Control Agreement in favor of Agent.  

(b)References within Loan and Security Agreement.  Each reference in the Loan and Security Agreement to “this Agreement” and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment. 

SECTION 3Conditions of Effectiveness.  The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of the following conditions precedent: 

(a)Fees and Expenses.  The Parent shall have paid all fees, costs and expenses due and payable as of the Seventh Amendment Effective Date under the Loan and Security Agreement, including the Seventh Amendment Fee.

(b)This Amendment.  Agent shall have received this Amendment, executed by Agent, the Lender and the Borrowers.

(c)Representations and Warranties; No Default.  On the Seventh Amendment Effective Date, after giving effect to the amendment of the Loan and Security Agreement contemplated hereby:

(i)The representations and warranties contained in Section 4 shall be true and correct on and as of the Seventh Amendment Effective Date as though made on and as of such date; and

(ii)There exist no Events of Default or events that with the passage of time would result in an Event of Default.

SECTION 4Representations and Warranties.  To induce Agent and Lender to enter into this Amendment, each Borrower hereby confirms, as of the Seventh Amendment Effective Date, (a) that the representations and warranties made by it in Section 5 of the Loan and Security Agreement and in the other Loan Documents are true and correct in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; (b) that there has not been and there does not exist a Material Adverse Effect; and (c) that the information included in the Perfection Certificate delivered to Agent on the Fifth Amendment Effective Date remains true and correct.  For the purposes of this Section 4, (i) each reference in Section 5 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,” or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not be deemed confirmed and restated as of the date hereof (provided that such representations and warranties shall be true, correct and complete as of such earlier date).

SECTION 5Miscellaneous.

(a)Loan Documents Otherwise Not Affected; Reaffirmation.  Except as expressly amended pursuant hereto or referenced herein, the Loan and Security Agreement, as amended, and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects.  The Lender’s and Agent’s execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future.  Each Borrower hereby reaffirms the grant of security under Section 3.1 of the Loan 

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and Security Agreement and hereby reaffirms that such grant of security in the Collateral secures all Secured Obligations under the Loan and Security Agreement and the other Loan Documents.

(b)Conditions.  For purposes of determining compliance with the conditions specified in Section 3, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent shall have received notice from such Lender prior to the Seventh Amendment Effective Date specifying its objection thereto.

(c)Release.  In consideration of the agreements of Agent and each Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the Seventh Amendment Effective Date, including, without limitation, for or on account of, or in relation to, or in any way in connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.  Each Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  Each Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.  Borrower waives the provisions of California Civil Code section 1542, which states:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

(d)No Reliance.  Each Borrower hereby acknowledges and confirms to Agent and the Lender that such Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.

(e)Costs and Expenses.  Each Borrower agrees to pay to Agent on the Seventh Amendment Effective Date the out-of-pocket costs and expenses of Agent and the Lenders party hereto, and the fees and disbursements of counsel to Agent and the Lenders party hereto (including allocated costs of internal counsel), in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Seventh Amendment Effective Date or after such date.

(f)Binding Effect.  This Amendment binds and is for the benefit of the successors and permitted assigns of each party.  

(g)Governing Law.  This Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.

(h)Complete Agreement; Amendments.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject 

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matter.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.  

(i)Severability of Provisions.  Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.

(j)Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery of a manually executed counterpart hereof.

(k)Loan Documents. This Amendment shall constitute a Loan Document.

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the date first above written.

				
	
 
	
 
	
BORROWERS:

	
 
	
 
	
FUELCELL ENERGY, INC.

	
 
	
 
	
Signature:
	
/s/ Michael S. Bishop        

	
 
	
 
	
Print Name:
	
Michael S. Bishop

	
 
	
 
	
Title:
	
Sr. Vice President, Chief Financial Officer

	
 
	
 
	
VERSA POWER SYSTEMS, INC.

	
 
	
 
	
Signature:
	
/s/ Michael S. Bishop        

	
 
	
 
	
Print Name:
	
Michael S. Bishop

	
 
	
 
	
Title:
	
Sr. Vice President, Chief Financial Officer

	
 
	
 
	
VERSA POWER SYSTEMS LTD.

	
 
	
 
	
Signature:
	
/s/ Michael S. Bishop        

	
 
	
 
	
Print Name:
	
Michael S. Bishop

	
 
	
 
	
Title:
	
Sr. Vice President, Chief Financial Officer

 

[Signature Page to Seventh Amendment to Loan and Security Agreement]

 

				
				
	
 
	
 
	
AGENT:

	
 
	
 
	
HERCULES CAPITAL INC.

	
 
	
 
	
Signature:
	
/s/ Jennifer Choe        

	
 
	
 
	
Print Name:
	
Jennifer Choe

	
 
	
 
	
Title:
	
Assistant General Counsel

	
 
	
 
	
LENDER:

	
 
	
 
	
HERCULES FUNDING II, LLC

	
 
	
 
	
Signature:
	
/s/ Jennifer Choe        

	
 
	
 
	
Print Name:
	
Jennifer Choe

	
 
	
 
	
Title:
	
Assistant General Counsel

 

[Signature Page to Seventh Amendment to Loan and Security Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]