Document:

Exhibit 10.10

Exhibit 10.10

SECURITY AGREEMENT

This SECURITY AGREEMENT (this “Agreement”) is entered into at Pittsburgh, Pennsylvania, as of
December 13, 2010, between Orbit/FR, Inc., a Delaware corporation, with an address of 506
Prudential Road, Horsham Pennsylvania 19044, Advanced ElectroMagnetics, Inc., a California
corporation, with an address of 9311 Stevens Road San Tee CA 92071, Orbit Advanced Technologies,
Inc., a Delaware corporation, with an address of 506 Prudential Road, Horsham Pennsylvania 19044
and Flam & Russell, Inc., a Delaware corporation, with an address of 506 Prudential Road, Horsham
Pennsylvania 19044 (collectively, the “Borrower” and each a “Borrower”) and Citizens Bank of
Pennsylvania, a Pennsylvania, state-chartered bank, with an address of 525 William Penn Place,
Pittsburgh, Pennsylvania 15219-1724 (the “Bank”).

FOR VALUE RECEIVED, and in consideration of the granting by the Bank of financial
accommodations to or for the benefit of the Borrowers, including without limitation respecting the
Obligations (as hereinafter defined), each Borrower represents to and agrees with the Bank, as of
the date hereof and as of the date of each loan, credit and/or other financial accommodation, as
follows:

1. GRANT OF SECURITY INTEREST

1.1
Grant of Security Interest. In consideration of the Bank’s extending credit and other
financial accommodations to or for the benefit of the Borrowers, each Borrower hereby grants to the
Bank a security interest in, a lien on and pledge and assignment of the Collateral (as hereinafter
defined). The security interest granted by this Agreement is given to and shall be held by the
Bank as security for the payment and performance of all Obligations (as hereinafter defined),
including without limitation, all amounts due and owing to the Bank and all obligations respecting
that certain Revolving Demand Note, dated 12/13, 2010, by Orbit/FR, Inc., Advanced ElectroMagnetics, Inc.,
Orbit Advanced Technologies, Inc. and Flam & Russell, Inc. in favor of the Bank in the original
principal amount of $2,250,000.00 (the “Note”; and collectively, along with all other agreements,
documents, certificates and instruments delivered in connection therewith, the “Loan
Documents”), and any substitutions, modifications, extensions or amendments to any of the
Loan Documents.

1.2 Definitions. The following definitions shall apply:

	 	(a)	 	“Bank Affiliate” shall mean any “Affiliate” of the Bank or any lender acting as a
participant under any loan arrangement between the Bank and the Borrower(s). The term
“Affiliate” shall mean with respect to any person, (a) any person which, directly or
indirectly through one or more intermediaries controls, or is controlled by, or is under
common control with, such person, or (b) any person who is a director or officer (i) of
such person, (ii) of any subsidiary of such person, or (iii) any person described in
clause (a) above. For purposes of this definition, control of a person shall mean the
power, direct or indirect, (x) to vote 5% or more of the Capital Stock having ordinary
voting power for the election of directors (or comparable equivalent) of such person, or
(y) to direct or cause the direction of the management and policies of such person whether
by contract or otherwise. Control may be by ownership, contract, or otherwise.

 

 

 

	 	(b)	 	“Code” shall mean the Pennsylvania Uniform Commercial Code, Title 13 PaCSA as amended
from time to time.

	 	(c)	 	“Collateral” shall mean all of each Borrower’s present and future right, title and interest
in and to any and all of the personal property of any Borrower whether such property is now
existing or hereafter created, acquired or arising and wherever located from time to time,
including without limitation:

	 	(i)	 	accounts;

	 
	 	(ii)	 	chattel paper;

	 
	 	(iii)	 	goods;

	 
	 	(iv)	 	inventory;

	 
	 	(v)	 	equipment;

	 
	 	(vi)	 	fixtures

	 
	 	(vii)	 	farm products;

	 
	 	(viii)	 	instruments;

	 
	 	(ix)	 	investment property;

	 
	 	(x)	 	documents;

	 
	 	(xi)	 	commercial tort claims;

	 
	 	(xii)	 	deposit accounts;

	 
	 	(xiii)	 	letter-of-credit rights;

	 
	 	(xiv)	 	general intangibles;

	 
	 	(xv)	 	supporting obligations; and

	 
	 	(xvi)	 	records of, accession to and proceeds and products of the foregoing.

	 	(d)	 	“Debtors” shall mean each Borrower’s customers who are indebted to such Borrower.

	 
	 	(e)	 	“Obligation(s)” shall mean, without limitation, all loans, advances, indebtedness,
notes, liabilities, rate swap transactions, basis swaps, forward rate transactions, commodity
swaps, commodity options, equity or equity index swaps, equity or equity index options, bond
options, interest rate options, foreign exchange transactions, cap transactions, floor
transactions, collar transactions, forward transactions, currency swap transactions,
cross-currency rate swap transactions, currency options and amounts (including under Letters
of Credit), liquidated or unliquidated, owing by any Borrower to the Bank or any Bank
Affiliate at any time, of each and every kind, nature and description, whether arising under
this Agreement or otherwise, and whether secured or unsecured, direct or indirect (that is,
whether the same are due directly by any Borrower to the Bank or any Bank Affiliate; or are
due indirectly by any Borrower to the Bank or any Bank Affiliate as endorser, guarantor or
other surety, or as borrower of obligations due third persons which have been endorsed or
assigned to the Bank or any Bank Affiliate, or otherwise), absolute or contingent, due or to
become due, now existing or hereafter arising or
contracted, including, without limitation, payment when due of all amounts outstanding
respecting any of the Loan Documents. Said term shall also include all interest and
other charges chargeable to any Borrower or due from any Borrower to the Bank or any
Bank Affiliate from time to time and all costs and expenses referred to in this
Agreement.

 

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	 	(f)	 	“Person” or “party” shall mean individuals, partnerships,
corporations, limited liability companies and all other entities.

All words and terms used in this Agreement other than those specifically defined herein shall
have the meanings accorded to them in the Code.

1.3 Ordinary Course of Business. The Bank hereby authorizes and permits each Borrower to
hold, process, sell, use or consume in the manufacture or processing of finished goods, or
otherwise dispose of inventory for fair consideration, all in the ordinary course of such
Borrower’s business, excluding, without limitation, sales to creditors or in bulk or sales or other
dispositions occurring under circumstances which would or could create any lien or interest adverse
to the Bank’s security interest or other right hereunder in the proceeds resulting therefrom. The
Bank also hereby authorizes and permits each Borrower to receive from the Debtors all amounts due
as proceeds of the Collateral at such Borrower’s own cost and expense, and also liability, if any,
subject to the direction and control of the Bank at all times; and the Bank may at any time,
without cause or notice, and whether or not an Event of Default has occurred or demand has been
made, terminate all or any part of the authority and permission herein or elsewhere in this
Agreement granted to any Borrower with reference to the Collateral, and notify Debtors to make all
payments due as proceeds of the Collateral to the Bank. Until Bank shall otherwise notify any
Borrower, all proceeds of and collections of Collateral shall be retained by each Borrower and used
solely for the ordinary and usual operation of such Borrower’s business. From and after notice by
Bank to any Borrower, all proceeds of and collections of the Collateral shall be held in trust by
each Borrower for Bank and shall not be commingled with any Borrower’s other funds or deposited in
any Bank account of any Borrower; and each Borrower agrees to deliver to Bank on the dates of
receipt thereof by such Borrower, duly endorsed to Bank or to bearer, or assigned to Bank, as may
be appropriate, all proceeds of the Collateral in the identical form received by such Borrower.

1.4 Allowances. Absent an Event of Default each Borrower may grant such allowances or other
adjustments to Debtors (exclusive of extending the time for payment of any item which shall not be
done without first obtaining the Bank’s written consent in each instance) as such Borrower may
reasonably deem to accord with sound business practice, including, without limiting the generality
of the foregoing, accepting the return of all or any part of the inventory (subject to the
provisions set forth in this Agreement with reference to returned inventory).

1.5 Records. Each Borrower shall hold its books and records relating to the
Collateral segregated from all such Borrower’s other books and records in a manner satisfactory to
the Bank; and shall deliver to the Bank from time to time promptly at its request all invoices,
original documents of title, contracts, chattel paper, instruments and any other writings relating
thereto, and other evidence of performance of contracts, or evidence of shipment or delivery of the
merchandise or of the rendering of services; and each Borrower will deliver to the Bank promptly at
the Bank’s request from time to time additional copies of any or all of such papers or writings,
and such other information with respect to any of the Collateral and such schedules of inventory,
schedules of accounts and such other writings as the Bank may in its sole discretion deem to be
necessary or effectual to evidence any loan hereunder or the Bank’s security interest in the
Collateral.

1.6 Legends. Each Borrower shall promptly make, stamp or record such entries or legends
on such Borrower’s books and records or on any of the Collateral (including, without limitation,
chattel paper) as Bank shall request from time to time, to indicate and disclose that Bank has a
security interest in such Collateral.

 

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1.7 Inspection. The Bank, or its representatives, at any time and from time to time, shall
have the right at the sole cost and expense of Borrowers, and each Borrower will permit the Bank
and/or its
representatives: (a) to examine, check, make copies of or extracts from any of any Borrower’s
books, records and files (including, without limitation, orders and original correspondence); (b)
to perform field exams or otherwise inspect and examine the Collateral and to check, test or
appraise the same as to quality, quantity, value and condition; and (c) to verify the Collateral or
any portion or portions thereof or any Borrower’s compliance with the provisions of this Agreement.

1.8
Purchase Money Security Interests. To the extent any Borrower uses proceeds of any loans
to purchase Collateral, the repayment of such loans shall be on a “first-in-first-out” basis so
that the portion of the loan used to purchase a particular item of Collateral shall be repaid in
the order in which such Borrower purchased such item of Collateral.

1.9 Search Reports. Bank shall receive prior to the date of this Agreement UCC search
results under all names used by each Borrower during the prior five (5) years, from each
jurisdiction where any Collateral is located, from the State, if any, where each Borrower is
organized and registered (as such terms are used in the Code), and the State where each Borrower’s
chief executive office is located. The search results shall confirm that the security interest in
the Collateral granted Bank hereunder is prior to all other security interests in favor of any
other person.

2. REPRESENTATIONS AND WARRANTIES

2.1 Accounts and Contract Rights. All accounts arise out of legally enforceable and
existing contracts, and represent unconditional and undisputed bona fide indebtedness by a Debtor,
and are not and will not be subject to any discount (except such cash or trade discount as may be
shown on any invoice, contract or other writing delivered to the Bank). No contract right,
account, general intangible or chattel paper is or will be represented by any note or other
instrument, and no contract right, account or general intangible is, or will be represented by any
conditional or installment sales obligation or other chattel paper, except such instruments or
chattel paper as have been or immediately upon receipt by any Borrower will be delivered to the
Bank (duly endorsed or assigned), such delivery, in the case of chattel paper, to include all
executed copies except those in the possession of the installment buyer and any security for or
guaranty of any of the Collateral shall be delivered to the Bank immediately upon receipt thereof
by such Borrower, with such assignments and endorsements thereof as the Bank may request.

2.2 Title to Collateral. At the date hereof each Borrower is (and as to Collateral that
such Borrower may acquire after the date hereof, will be) the lawful owner of the Collateral, and
the Collateral and each item thereof is, will be and shall continue to be free of all restrictions,
liens, encumbrances or other rights, title or interests (other than the security interest therein
granted to the Bank), credits, defenses, recoupments, set-offs or counterclaims whatsoever. Each
Borrower has and will have full power and authority to grant to the Bank a security interest in the
Collateral and each Borrower has not transferred, assigned, sold, pledged, encumbered, subjected to
lien or granted any security interest in, and will not transfer, assign, sell (except sales or
other dispositions in the ordinary course of business in respect to inventory as expressly
permitted in this Agreement), pledge, encumber, subject to lien or grant any security interest in
any of the Collateral (or any of such Borrower’s right, title or interest therein), to any person
other than the Bank. The Collateral is and will be valid and genuine in all respects. Each
Borrower will warrant and defend the Bank’s right to and interest in the Collateral against all
claims and demands of all persons whatsoever.

2.3 Location of Collateral. Except for sale, processing, use, consumption or other
disposition in the ordinary course of business, each Borrower will keep all inventory and equipment
only at locations specified in this Agreement or specified to the Bank in writing. Each Borrower
shall, during the term of this Agreement, keep the Bank currently and accurately informed in
writing of each location where such Borrower’s records relating to its accounts and contract
rights, respectively, are kept, and shall not remove such records or any of them to another
location without giving the Bank at least thirty (30) days prior written notice thereof.

 

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2.4 Third Parties. The Bank shall not be deemed to have assumed any liability or
responsibility to any Borrower or any third person for the correctness, validity or genuineness of
any instruments or documents that may be released or endorsed to any Borrower by the Bank (which
shall automatically be deemed to be without recourse to the Bank in any event) or for the
existence, character, quantity, quality, condition, value or delivery of any goods purporting to be
represented by any such documents; and the Bank, by accepting such security interest in the
Collateral, or by releasing any Collateral to any Borrower, shall not be deemed to have assumed any
obligation or liability to any supplier or Debtor or to any other third party, and each Borrower
agrees to indemnify and defend the Bank and hold it harmless in respect to any claim or proceeding
arising out of any matter referred to in this paragraph.

2.5 Payment of Accounts. Each account or other item of Collateral, other than inventory
and equipment, will be paid in full on or before the date shown as its due date in the schedule of
Collateral, in the copy of the invoice(s) relating to the account or other Collateral or in
contracts relating thereto. Upon any suspension of business, assignment or trust mortgage for the
benefit of creditors, dissolution, petition in receivership or under any chapter of the Bankruptcy
Code as amended from time to time by or against any Debtor, any Debtor becoming insolvent or unable
to pay its debts as they mature or any other act of the same or different nature amounting to a
business failure, each Borrower will immediately notify the Bank thereof.

3. AFFIRMATIVE COVENANTS

3.1 Inspection. Each Borrower will at all reasonable times make its books and records
available in its offices for inspection, examination and duplication by the Bank and the Bank’s
representatives and will permit inspection of the Collateral and all of its properties by the Bank
and the Bank’s representatives. Each Borrower will from time to time furnish the Bank with such
information and statements as the Bank may request in its sole discretion with respect to the
Obligations or the Bank’s security interest in the Collateral. Each Borrower shall, during the
term of this Agreement, keep the Bank currently and accurately informed in writing of each location
where such Borrower’s records relating to its accounts and contract rights are kept, and shall not
remove such records to another location without giving the Bank at least thirty (30) days prior
written notice thereof.

3.2 Notice to Account Debtors. Each Borrower agrees, at the request of the Bank, to notify
all or any of the Debtors in writing of the Bank’s security interest in the Collateral in whatever
manner the Bank requests and, hereby authorizes the Bank to notify all or any of the Debtors of the
Bank’s security interest in any Borrower’s accounts at the Borrowers’ expense.

3.3
Taxes. Each Borrower will promptly pay all real and personal property taxes,
assessments and charges and all franchise, income, unemployment, retirement benefits, withholding,
sales and other taxes assessed against it or payable by it before delinquent; provided that this
covenant shall not apply to any tax assessment or charge which is being contested in good faith and
with respect to which reserves have been established and are being maintained. The Bank may, at
its option, from time to time, discharge any taxes, liens or encumbrances of any of the Collateral,
and the Borrowers will pay to the Bank on demand or the Bank in its sole discretion may charge to
the Borrowers all amounts so paid or incurred by it.

3.4 Maintenance. Each Borrower will keep and maintain the Collateral and its other
properties, if any, in good repair, working order and condition. Each Borrower will immediately
notify the Bank of any loss or damage to or any occurrence which would adversely affect the value
of any Collateral. The Bank may, at its option, from time to time, take any other action that the
Bank may deem proper to repair, maintain or preserve any of the Collateral, and the Borrowers will
pay to the Bank on demand or the Bank in its sole discretion may charge to any Borrower all amounts
so paid or incurred by it.

 

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3.5 Insurance. Each Borrower will maintain in force property and casualty insurance on
all Collateral and any other property of such Borrower, if any, against risks customarily insured
against by companies engaged in businesses similar to that of such Borrower containing such terms
and written by
such companies as may be satisfactory to the Bank, such insurance to be payable to the Bank as its
interest may appear in the event of loss and to name the Bank as insured pursuant to a standard
loss payee clause; no loss shall be adjusted thereunder without the
Bank’s approval; and all such
policies shall provide that they may not be canceled without first giving at least Ten (10) days
written notice of cancellation to the Bank. In the event that any Borrower fails to provide
evidence of such insurance, the Bank may, at its option, secure such insurance and charge the cost
thereof to the Borrowers. At the option of the Bank, all insurance proceeds received from any loss
or damage to any of the Collateral shall be applied either to the replacement or repair thereof or
as a payment on account of the Obligations. From and after the occurrence of an Event of Default,
the Bank is authorized to cancel any insurance maintained hereunder and apply any returned or
unearned premiums, all of which are hereby assigned to the Bank, as a payment on account of the
Obligations.

4. DEFAULT

4.1 Default. “Event of Default” shall mean the occurrence of one or more of any of the
following events:

	 	(a)	 	default of any liability, obligation, covenant or undertaking of any Borrower or any
guarantor of the Obligations to the Bank, hereunder or otherwise, including, without
limitation, failure to pay in full and when due any installment of principal or interest or
default of any Borrower or any guarantor of the Obligations under any other Loan Document or
any other agreement with the Bank;

	 	(b)	 	failure of any Borrower or any guarantor of the Obligations to maintain aggregate
collateral security value satisfactory to the Bank;

	 	(c)	 	default of any material liability, obligation or undertaking of any Borrower or any
guarantor of the Obligations to any other party;

	 	(d)	 	if any statement, representation or warranty heretofore, now or hereafter made by any
Borrower or any guarantor of the Obligations in connection with this Agreement or in any
supporting financial statement of any Borrower or any guarantor of the Obligations shall be
determined by the Bank to have been false or misleading in any material respect when made;

	 	(e)	 	if any Borrower or any guarantor of the Obligations is a corporation, trust, partnership
or limited liability company, the liquidation, termination or dissolution of any such
organization, or the merger or consolidation of such organization into another entity, or
its ceasing to carry on actively its present business or the appointment of a receiver for
its property;

	 	(f)	 	the death of any Borrower or any guarantor of the Obligations and, if any Borrower or any
guarantor of the Obligations is a partnership or limited liability company, the death of any
partner or member;

	 	(g)	 	the institution by or against any Borrower or any guarantor of the Obligations of any
proceedings under the Bankruptcy Code 11 USC §101 et seq. or any other law in which any
Borrower or any guarantor of the Obligations is alleged to be insolvent or unable to pay its
debts as they mature, or the making by any Borrower or any guarantor of the Obligations of
an assignment for the benefit of creditors or the granting by any Borrower or any guarantor
of the Obligations of a trust mortgage for the benefit of creditors;

	 	(h)	 	the service upon the Bank of a writ in which the Bank is named as trustee of any
Borrower or any guarantor of the Obligations;

 

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	 	(i)	 	a judgment or judgments for the payment of money shall be rendered against any Borrower or
any guarantor of the Obligations, and any such judgment shall remain unsatisfied and in effect
for any period of thirty (30) consecutive days without a stay of execution;

	 
	 	(j)	 	any levy, lien (including mechanics lien), seizure, attachment, execution or similar
process shall be issued or levied on any of the property of any Borrower or any guarantor
of the Obligations;

	 
	 	(k)	 	the termination or revocation of any guaranty of the Obligations; or

	 
	 	(l)	 	the occurrence of such a change in the condition or affairs (financial or otherwise)
of any Borrower or any guarantor of the Obligations, or the occurrence of any other event
or circumstance, such that the Bank, in its sole discretion, deems that it is insecure or
that the prospects for timely or full payment or performance of any obligation of any
Borrower or any guarantor of the Obligations to the Bank has been or may be impaired.

4.2 Acceleration. If an Event of Default shall occur, at the election of the Bank, all
Obligations shall become immediately due and payable without notice or demand, except with respect
to Obligations payable on DEMAND, which shall be due and payable on DEMAND, whether or not an Event
of Default has occurred. In addition, the Bank may require that the Borrowers remit to the Bank
cash collateral in an amount equal to 110% of the aggregate undrawn amount of all outstanding
Letters of Credit at such time, such cash collateral to be held by the Bank in a cash collateral
account on terms and conditions satisfactory to the Bank.

The Bank is hereby authorized, at its election, after an Event of Default or after Demand,
without any further demand or notice except to such extent as notice may be required by applicable
law, to take possession and/or sell or otherwise dispose of all or any of the Collateral at public
or private sale; and the Bank may also exercise any and all other rights and remedies of a secured
party under the Code or which are otherwise accorded to it in equity or at law, all as Bank may
determine, and such exercise of rights in compliance with the requirements of law will not be
considered adversely to affect the commercial reasonableness of any sale or other disposition of
the Collateral. If notice of a sale or other action by the Bank is required by applicable law,
unless the Collateral is perishable or threatens to decline speedily in value or is of a type
customarily sold on a recognized market, each Borrower agrees that
ten (10) days written notice to
such Borrower, or the shortest period of written notice permitted by such law, whichever is
smaller, shall be sufficient notice; and that to the extent permitted by law, the Bank, its
officers, attorneys and agents may bid and become purchasers at any such sale, if public, and may
purchase at any private sale any of the Collateral that is of a type customarily sold on a
recognized market or which is the subject of widely distributed standard price quotations. Any
sale (public or private) shall be without warranty and free from any right of redemption, which
each Borrower shall waive and release after default upon the Bank’s request therefor, and may be
free of any warranties as to the Collateral if Bank shall so decide. No purchaser at any sale
(public or private) shall be responsible for the application of the purchase money. Any balance of
the net proceeds of sale remaining after paying all Obligations of any Borrower to the Bank shall
be returned to such other party as may be legally entitled thereto; and if there is a deficiency,
each Borrower shall be responsible for repayment of the same, with interest. Upon demand by the
Bank, each Borrower shall assemble the Collateral and make it available to the Bank at a place
designated by the Bank which is reasonably convenient to the Bank and such Borrower. Each Borrower
hereby acknowledges that the Bank has extended credit and other financial accommodations to the
Borrowers upon reliance of each Borrower’s granting the Bank the rights and remedies contained in
this Agreement including without limitation the right to take immediate possession of the
Collateral upon the occurrence of an Event of Default or after DEMAND with respect to Obligations
payable on DEMAND and each Borrower hereby acknowledges that the Bank is entitled to equitable and
injunctive relief to enforce any of its rights and remedies hereunder or under the Code and each
Borrower hereby waives any defense to such equitable or injunctive relief based upon any
allegation of the absence of irreparable harm to the Bank.

 

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The Bank shall not be required to marshal any present or future security for (including but
not limited to this Agreement and the Collateral subject to the security interest created hereby), or
guarantees of, the Obligations or any of them, or to resort to such security or guarantees in any
particular order; and all of its rights hereunder and in respect of such securities and guaranties
shall be cumulative and in addition to all other rights, however existing or arising. To the
extent that it lawfully may do so, each Borrower hereby agrees that it will not invoke and
irrevocably waives the benefits of any law relating to the marshaling of collateral which might
cause delay in or impede the enforcement of the Bank’s rights under this Agreement or under any
other instrument evidencing any of the Obligations or under which any of the Obligations is
outstanding or by which any of the Obligations is secured or guaranteed. Except as required by
applicable law, the Bank shall have no duty as to the collection or protection of the Collateral
or any income thereon, nor as to the preservation of rights against prior parties, nor as to the
preservation of any rights pertaining thereto beyond the safe custody thereof.

4.3 Power of Attorney. Each Borrower hereby irrevocably constitutes and appoints the Bank
as such Borrower’s true and lawful attorney, with full power of substitution, at the sole cost and
expense of the Borrowers but for the sole benefit of the Bank, upon the occurrence of an Event of
Default or after DEMAND with respect to Obligations payable on DEMAND, to convert the Collateral
into cash, including, without limitation, completing the manufacture or processing of work in
process, and the sale (either public or private) of all or any portion or portions of the inventory
and other Collateral; to enforce collection of the Collateral, either in its own name or in the
name of any Borrower, including, without limitation, executing releases or waivers, compromising or
settling with any Debtors and prosecuting, defending, compromising or releasing any action relating
to the Collateral; to receive, open and dispose of all mail addressed to any Borrower and to take
therefrom any remittances or proceeds of Collateral in which the Bank has a security interest; to
notify Post Office authorities to change the address for delivery of mail addressed to any Borrower
to such address as the Bank shall designate; to endorse the name of any Borrower in favor of the
Bank upon any and all checks, drafts, money orders, notes, acceptances or other instruments of the
same or different nature; to sign and endorse the name of any Borrower on and to receive as secured
party any of the Collateral, any invoices, freight or express receipts, or bills of lading, storage
receipts, warehouse receipts, or other documents of title of the same or different nature relating
to the Collateral; to sign the name of any Borrower on any notice of the Debtors or on verification
of the Collateral; and to sign, if necessary, and file or record on behalf of any Borrower any
financing or other statement in order to perfect or protect the Bank’s security interest. The Bank
shall not be obliged to do any of the acts or exercise any of the powers hereinabove authorized,
but if the Bank elects to do any such act or exercise any such power, it shall not be accountable
for more than it actually receives as a result of such exercise of power, and it shall not be
responsible to any Borrower except for its own gross negligence or willful misconduct. All powers
conferred upon the Bank by this Agreement, being coupled with an interest, shall be irrevocable so
long as any Obligation of any Borrower or any guarantor or surety to the Bank shall remain unpaid
or the Bank is obligated under this Agreement to extend any credit to any Borrower.

4.4 Nonexclusive Remedies. All of the Bank’s rights and remedies not only under the
provisions of this Agreement but also under any other agreement or transaction shall be cumulative
and not alternative or exclusive, and may be exercised by the Bank at such time or times and in
such order of preference as the Bank in its sole discretion may determine.

5. MISCELLANEOUS

5.1 Costs and Expenses. each Borrower shall pay to the Bank on demand any and all costs and
expenses (including, without limitation, reasonable attorneys’ fees and disbursements, court
costs, litigation and other expenses) incurred or paid by the Bank in establishing, maintaining,
protecting or enforcing any of the Bank’s rights or the Obligations, including, without limitation,
any and all such costs and expenses incurred or paid by the Bank in defending the Bank’s security
interest in, title or right to the Collateral or in collecting or attempting to collect or
enforcing or attempting to enforce payment of the Obligations.

5.2 Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be an original, but all of which shall constitute but one agreement.

 

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5.3 Severability. If any provision of this Agreement or portion of such provision or the
application thereof to any person or circumstance shall to any extent be held invalid or
unenforceable, the remainder of this Agreement (or the remainder of such provision) and the
application thereof to other persons or circumstances shall not be affected thereby.

5.4 Complete Agreement. This Agreement and the other Loan Documents constitute the entire
agreement and understanding between and among the parties hereto relating to the subject matter
hereof, and supersedes all prior proposals, negotiations, agreements and understandings among the
parties hereto with respect to such subject matter.

5.5 Binding Effect of Agreement. This Agreement shall be binding upon and inure to the
benefit of the respective heirs, executors, administrators, legal representatives, successors and
assigns of the parties hereto, and shall remain in full force and effect (and the Bank shall be
entitled to rely thereon) until released in writing by the Bank. Notwithstanding any such
termination, the Bank shall have a security interest in all Collateral to secure the payment and
performance of Obligations arising after such termination as a result of commitments or
undertakings made or entered into by the Bank prior to such termination. The Bank may transfer and
assign this Agreement and deliver the Collateral to the assignee, who shall thereupon have all of
the rights of the Bank; and the Bank shall then be relieved and discharged of any responsibility or
liability with respect to this Agreement and the Collateral. Each Borrower may not assign or
transfer any of its rights or obligations under this Agreement. Except as expressly provided
herein or in the other Loan Documents, nothing, expressed or implied, is intended to confer upon
any party, other than the parties hereto, any rights, remedies, obligations or liabilities under or
by reason of this Agreement or the other Loan Documents.

5.6 Further Assurances. Each Borrower will from time to time execute and deliver to Bank
such documents, and take or cause to be taken, all such other or further action, as Bank may
request in order to effect and confirm or vest more securely in Bank all rights contemplated by
this Agreement and the other Loan Documents (including, without limitation, to correct clerical
errors) or to vest more fully in or assure to the Bank the security interest in the Collateral
granted to the Bank by this Agreement or to comply with applicable statute or law and to facilitate
the collection of the Collateral (including, without limitation, the execution of stock transfer
orders and stock powers, endorsement of promissory notes and instruments and notifications to
obligors on the Collateral). To the extent permitted by applicable law, each Borrower authorizes
the Bank to file financing statements, continuation statements or amendments, and any such
financing statements, continuation statements or amendments may be filed at any time in any
jurisdiction. Bank may at any time and from time to time file financing statements, continuation
statements and amendments thereto which contain any information required by the Code for the
sufficiency or filing office acceptance of any financing statement, continuation statement or
amendment, including whether such Borrower is an organization, the type of organization and any
organization identification number issued to such Borrower. Each Borrower agrees to furnish any
such information to Bank promptly upon request. In addition, each Borrower shall at any time and
from time to time take such steps as Bank may reasonably request for Bank (i) to obtain an
acknowledgment, in form and substance satisfactory to Bank, of any bailee having possession of any
of the Collateral that the bailee holds such Collateral for Bank, (ii) to obtain “control” (as
defined in the Code) of any Collateral comprised of deposit accounts, electronic chattel paper,
letter of credit rights or investment property, with any agreements establishing control to be in
form and substance satisfactory to Bank, and (iii) otherwise to insure the continued perfection and
priority of Bank’s security interest in any of the Collateral and the preservation of its rights
therein. Each Borrower hereby constitutes Bank its attorney-in-fact to execute, if necessary, and
file all filings required or so requested for the foregoing purposes, all acts of such attorney
being hereby ratified and confirmed; and such power, being coupled with an interest, shall be
irrevocable until this Agreement terminates in accordance with its terms, all Obligations are
irrevocably paid in full and the Collateral is released.

5.7 Amendments and Waivers. This Agreement may be amended and any Borrower may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, if such
Borrower shall obtain the Bank’s prior written consent to each such amendment, action or omission
to act. No course of dealing and no delay or omission on the part of Bank in exercising any right
hereunder shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall
not be construed as a bar to or waiver of any right or remedy of Bank on any future occasion.

 

9

 

5.8 Terms of Agreement. This Agreement shall continue in full force and effect so long as
any Obligations or obligation of any Borrower to Bank shall be outstanding, or the Bank shall have
any obligation to extend any financial accommodation hereunder, and is supplementary to each and
every other agreement between any Borrower and Bank and shall not be so construed as to limit or
otherwise derogate from any of the rights or remedies of Bank or any of the liabilities,
obligations or undertakings of any Borrower under any such agreement, nor shall any contemporaneous
or subsequent agreement between any Borrower and the Bank be construed to limit or otherwise
derogate from any of the rights or remedies of Bank or any of the liabilities, obligations or
undertakings of any Borrower hereunder, unless such other agreement specifically refers to this
Agreement and expressly so provides.

5.9
Notices. Any notice under or pursuant to this Agreement shall be a signed writing or other
authenticated record (within the meaning of Article 9 of the Code). Any notices under or pursuant
to this Agreement shall be deemed duly received and effective if delivered in hand to any officer
or agent of any Borrower or Bank, or if mailed by registered or certified mail, return receipt
requested, addressed to any Borrower or Bank at the address set forth in this Agreement or as any
party may from time to time designate by written notice to the other party.

5.10 Governing Law. This Agreement shall be governed by federal law applicable to the
Bank and, to the extent not preempted by federal law, the laws of the Commonwealth of Pennsylvania.

5.11 Reproductions. This Agreement and all documents which have been or may be hereinafter
furnished by any Borrower to the Bank may be reproduced by the Bank by any photographic,
photostatic, microfilm, xerographic or similar process, and any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative proceeding (whether
or not the original is in existence and whether or not such reproduction was made in the regular
course of business).

5.12 Jurisdiction and Venue. Each Borrower irrevocably submits to the nonexclusive
jurisdiction of any Federal or state court sitting in Pennsylvania, over any suit, action or
proceeding arising out of or relating to this Agreement. Each Borrower irrevocably waives, to the
fullest extent it may effectively do so under applicable law, any objection it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding brought in any such court
and any claim that the same has been brought in an inconvenient forum. Each Borrower hereby
consents to any and all process which may be served in any such suit, action or proceeding, (i) by
mailing a copy thereof by registered and certified mail, postage prepaid, return receipt requested,
to such Borrower’s address shown in this Agreement or as notified to the Bank and (ii) by serving
the same upon such Borrower in any other manner otherwise permitted by law, and agrees that such
service shall in every respect be deemed effective service upon Borrower.

 

10

 

5.13
JURY WAIVER. EACH BORROWER AND BANK EACH HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY, AND AFTER AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, (A) WAIVE ANY AND ALL
RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT, THE
OBLIGATIONS, ALL MATTERS CONTEMPLATED HEREBY AND DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND (B)
AGREE NOT TO SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT
BE, OR HAS NOT BEEN, WAIVED. EACH BORROWER CERTIFIES THAT NEITHER THE BANK NOR ANY OF ITS
REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT
IN THE EVENT OF ANY SUCH PROCEEDING SEEK TO ENFORCE THIS WAIVER OF
RIGHT TO TRIAL BY JURY.

Executed as an instrument under seal as of Dec 13, 2010.

	 	 	 	 	 
	 	Borrower: 

Orbit/FR, Inc.

 	 
	 	By:  	/s/ Relland Winand
 	 
	 	 	Relland Winand, CFO 	 
	 	 	 
	 	By:  	/s/ Per Iversen
 	 
	 	 	Per Iversen, President & CEO 	 

 

11

 

	 	 	 	 	 
	 	Borrower:

Advanced ElectroMagnetics, Inc.

 	 
	 	By:  	/s/ Relland Winand
 	 
	 	 	Relland Winand, CFO 	 
	 	 	 
	 	By:  	                                        /s/ Per Iversen
 	 
	 	 	Per Iversen, President & CEO 	 
	 
	 	Borrower:

Orbit Advanced Technologies, Inc.

 	 
	 	By:  	/s/ Relland Winand
 	 
	 	 	Relland Winand, CFO 	 
	 	 	 
	 	By:  	                                        /s/ Per Iversen
 	 
	 	 	Per Iversen, President & CEO 	 
	 
	 	Borrower:

Flam & Russell, Inc.

 	 
	 	By:  	/s/ Relland Winand
 	 
	 	 	Relland Winand, CFO 	 
	 	 	 
	 	By:  	                                        /s/ Per Iversen
 	 
	 	 	Per Iversen, President & CEO 	 

	 	 	 	 	 
	Accepted: Citizens Bank of Pennsylvania	 	 
	 
	 	 	 	 
	By:
	 	/s/ Christina Scott	 	 
	 

	 	 

Name: Christina Scott
	 	 
	 

	 	Title: Vice President	 	 

© 2010 Medici, a division of Wolters Kluwer Financial Services

 

12exv10w96

Exhibit 10.96

CONSENT AND LIEN RELEASE

     This CONSENT AND LIEN RELEASE (this “Consent”), is dated as of February 17, 2011, by
and between WELLS FARGO BANK, NATIONAL ASSOCIATION, acting through its Wells Fargo Business Credit
operating division, as successor-in-interest to Wachovia Bank, National Association, which in turn
was the successor-in-interest to Congress Financial Corporation (“Lender”), and ECOST.COM,
INC., a Delaware corporation (“Borrower”).

BACKGROUND STATEMENT:

     WHEREAS, Borrower has entered into that certain Loan and Security Agreement, dated as of
August 3, 2004 (as amended by (i) that certain First Amendment to Loan and Security Agreement, by
and between Borrower and Lender; (ii) that certain Second Amendment to Loan and Security Agreement,
by and between Borrower and Lender; (iii) that certain Third Amendment to Loan and Security
Agreement, by and between Borrower and Lender; (iv) that certain Fourth Amendment to Loan and
Security Agreement, dated as of March 28, 2007, by and between Borrower and Lender; (v) that
certain Fifth Amendment to Loan and Security Agreement, dated as of January 6, 2009; and (vi) that
certain Sixth Amendment to Loan and Security Agreement, dated as of March __, 2010, and as modified
by that certain letter agreement dated as of November 29, 2005, and as further amended, restated,
supplemented or otherwise modified through the date hereof, the “Loan Agreement”),
whereunder Lender agreed to make extensions of credit from time to time to, or for the account of,
Borrower;

     WHEREAS, pursuant to the terms of the Loan Agreement, Borrower desires to obtain the consent
to and approval of Lender of the sale and license of certain of Borrower’s assets, more
particularly described on Exhibit A attached hereto and incorporated herein (the “Asset
Purchase”), to PC Mall, Inc., and Mall Acquisition 3, Inc., each, a Delaware corporation
(collectively, “Purchaser”), on the terms and in accordance with the provisions of that
certain Asset Purchase and License Agreement, dated as of February 17, 2011, by and between
Borrower and Purchaser (the “Asset Purchase Agreement”), subject to the terms and
conditions hereof; and

     WHEREAS, Lender desires to provide its consent to and approval of the Asset Purchase, on the
terms and in accordance with the provisions of the Asset Purchase Agreement, subject to the terms
and conditions hereof.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     SECTION 1. Defined Terms. Unless otherwise defined herein, all capitalized terms
used herein have the meanings assigned to such terms in the Loan Agreement.

     SECTION 2. Consent and Lien Release. Subject to the satisfaction of the conditions
precedent set forth in Section 3 of this Consent, Lender hereby (i) consents to and
approves (hereinafter, the “Consent”) the Borrower’s sale and license of the assets more
particularly described on Exhibit A attached hereto and incorporated herein (the
“Related Assets”) to the Purchaser on the terms and in accordance with the provisions of
the Asset Purchase Agreement, and (ii) releases any and all liens previously granted by Borrower to
Lender upon the Related Assets (which, for the avoidance of doubt, does not include the Cash
Collateral (hereinafter defined)), and agrees to execute and deliver the modification of financing
statement substantially in the form attached hereto as Exhibit D and incorporated herein,
and any and all other lien release documents as Borrower may reasonably request in

 

 

order to evidence or otherwise give public notice to the release by Lender of its liens in
such assets; provided, however, that any and all such documents shall be prepared and recorded at
Borrower’s expense.

     SECTION 3. Conditions Precedent. This Consent shall become effective (the “Consent
Effective Date”) upon satisfaction of each of the following conditions:

     (a) Each of Borrower and Lender shall have executed and delivered to Lender this Consent, and
such other documents as Lender may reasonably request;

     (b) Borrower shall have furnished to Lender, in accordance with the wiring instructions set
forth on Exhibit C attached hereto and incorporated herein, payment of cash collateral in
the amount of $1,000,000.00 (the “Cash Collateral”), to secure the outstanding Letter of
Credit Accommodations.

     (c) PFSweb, Inc. shall have executed and delivered a Reaffirmation of Guaranty in the form
attached to this Consent;

     (d) Lender shall have received from the Borrower and the Purchaser, a duly executed and
effective Asset Purchase Agreement in substantially the form attached hereto as Exhibit B;

     (e) No Default or Event of Default shall have occurred and be continuing;

     (f) All legal matters incident to the transactions contemplated hereby shall be reasonably
satisfactory to counsel for Lender.

     SECTION 4. Covenants. No later than two (2) days after the effective date of the
Asset Purchase Agreement, Borrower shall deliver to Lender, a borrowing base certificate, and any
other evidence satisfactory to Lender, in its sole discretion, detailing the assets and properties
owned by Borrower subsequent to the effectiveness of the transactions contemplated by the Asset
Purchase Agreement.

     SECTION 5. Modification of Loan Agreement. From and after the Consent Effective Date,
the definition of “Borrowing Base” in Section 1 of the Loan Agreement is hereby deleted in
its entirety and replaced with the following:

“‘Borrowing Base’ shall mean, at any time, the amount equal to the sum of:

(a) eighty-five percent (85%) of Eligible Accounts; plus

(b) upon satisfaction of the Inventory Subline Conditions, the least of:

     (i) fifty-five percent (55%) of the Value of Eligible P&G Inventory;

     (ii) eighty-five percent (85%) of the Appraised Inventory Value of Eligible P&G
Inventory; or

     (iii) Two Hundred Fifty Thousand Dollars ($250,000); less

(c) any Reserves.

 

 

     For purposes only of applying the sublimit on Revolving Loans based on Eligible
Inventory set forth in clause (b)(iii) above, Lender may treat the then undrawn amounts of
outstanding Letter of Credit Accommodations for the purpose of purchasing Eligible Inventory
as Revolving Loans to the extent Lender is in effect basing the issuance of the Letter of
Credit Accommodations on the Value or Appraised Inventory Value of the Eligible Inventory
being purchased with such Letter of Credit Accommodations. In determining the actual
amounts of such Letter of Credit Accommodations to be so treated for purposes of the
sublimit, the outstanding Revolving Loans and Reserves shall be attributed first to any
components of the lending formulas set forth above that are not subject to such sublimit,
before being attributed to the components of the lending formulas subject to such sublimit.”

     SECTION 6. Execution in Counterparts. This Consent may be executed in counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument.

     SECTION 7. Costs and Expenses. Borrower hereby affirms its obligation under the Loan
Agreement to reimburse Lender for (i) all outstanding fees, costs, and expenses (including
reasonable attorneys’ fees) paid or incurred by Lender in connection with the administration of the
Loan Agreement, and (ii) all reasonable costs, internal charges and out-of-pocket expenses paid or
incurred by Lender in connection with the preparation, negotiation, execution and delivery of this
Consent, including but not limited to the attorneys’ fees and time charges of attorneys for Lender
with respect thereto.

     SECTION 8. GOVERNING LAW. THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE INTERNAL
CONFLICTS OF LAWS PROVISIONS THEREOF.

     SECTION 9. Reaffirmation of Financing Agreements. The parties hereto agree and
acknowledge that (i) nothing contained in this Consent in any manner or respect limits or
terminates any of the provisions of the Loan Agreement or the other outstanding Financing
Agreements (as defined in the Loan Agreement) other than as expressly set forth herein and (ii) the
Loan Agreement and each of the other outstanding Financing Agreements remain and continue in full
force and effect and are hereby ratified and reaffirmed in all respects.

     SECTION 10. Headings. Section headings in this Consent are included herein for
convenience of any reference only and shall not constitute a part of this Consent for any other
purposes.

     SECTION 11. Release. BORROWER HEREBY ACKNOWLEDGES THAT AS OF THE DATE HEREOF IT HAS
NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER
THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE
OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER OR ITS
AFFILIATES, PARTICIPANTS OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR
ATTORNEYS. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER AND
ITS AFFILIATES AND PARTICIPANTS, AND THEIR RESPECTIVE PREDECESSORS, AGENTS, OFFICERS, DIRECTORS,
EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR

 

 

UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR
IN PART ON OR BEFORE THE DATE THIS CONSENT IS EXECUTED, WHICH BORROWER MAY NOW OR HEREAFTER HAVE
AGAINST LENDER, ITS PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS,
IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW
OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE LIABILITIES, THE EXERCISE OF ANY RIGHTS AND
REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF
THIS CONSENT. BORROWER HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR
IN EQUITY, NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF ANY
CLAIM, ACTION OR CAUSE OF ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST LENDER,
ITS AFFILIATES AND PARTICIPANTS, AND THEIR RESPECTIVE SUCCESSORS, AGENTS, ATTORNEYS, OFFICERS,
DIRECTORS, EMPLOYEES AND PERSONAL AND LEGAL REPRESENTATIVES ARISING ON OR BEFORE THE DATE HEREOF
OUT OF OR RELATED TO LENDER’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS IN ADMINISTERING,
ENFORCING, MONITORING, COLLECTING OR ATTEMPTING TO COLLECT THE OBLIGATIONS OF BORROWER TO LENDER,
WHICH OBLIGATIONS WERE EVIDENCED BY THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS.

[Remainder of page intentionally left blank with separate signature page following.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Consent to be executed and delivered
as of the date first above written.

	 	 	 	 	 
	 	ECOST.COM, INC.,

a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, acting through its
Wells Fargo Business Credit operating division, as successor-in-interest to Wachovia Bank, National Association,
which in turn was the successor-in-interest to Congress Financial Corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Reaffirmation of Guaranty

The undersigned hereby (i) consents and agrees to the terms and provisions of the foregoing Consent
and each of the transactions contemplated thereby, and confirms and agrees that all references in
the Financing Agreements to the “Loan Agreement” shall mean the Loan Agreement, as modified by the
foregoing Consent, and (ii) agrees that that certain Guaranty, dated as of March 31, 2006 (the
“Guaranty”), executed by the undersigned, in favor of Lender, remains in full force and
effect and continues to be the legal, valid and binding obligation of the undersigned enforceable
against the undersigned in accordance with its terms.

Furthermore, the undersigned hereby agrees and acknowledges that (a) the Guaranty executed by the
undersigned is not subject to any claims, defenses or offsets, (b) nothing contained in the
foregoing Consent shall adversely affect any right or remedy of Lender under the Guaranty executed
by the undersigned or any other agreement executed by the undersigned in connection therewith, (c)
the execution and delivery of the foregoing Consent or any agreement entered into by Lender in
connection therewith shall in no way reduce, impair or discharge any obligations of the undersigned
pursuant to the Guaranty executed by the undersigned, and shall not constitute a waiver by Lender
of Lender’s rights against the undersigned under the Guaranty executed by the undersigned, (d) the
consent of the undersigned is not required to the effectiveness of the foregoing Consent and (e) no
consent by the undersigned is required for the effectiveness of any future consent, amendment,
modification, forbearance or other action with respect to the Loan Agreement or any present or
future Financing Agreement (other than the Guaranty executed by the undersigned).

	 	 	 	 	 
	 	PFSWEB, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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