Document:

EX-4.2

 Exhibit 4.2 
 I.D. Control # 12000602 
 License # 04/04-0183 

DEBENTURE 

***************** 
 $
2,000,000.00 (the “Original Principal Amount”) 
 09/01/2022 (the “Maturity Date”) 

Western Financial Capital Corporation (the “Company”) 
 17950 Preston Road Suite 600 Dallas, TX. 75252 

  (Street)            (City)         
       (State)        (Zip) 
 PART I – PERIOD SPECIFIC TERMS

  

	 	A.	Applicable for the Scheduled Interim Period (and New Interim Periods, as applicable) 

 Interest rate per annum for the Scheduled Interest Period: 0.527%. 
 Annual Charge
applicable to the Scheduled Interim Period: .515% per annum 
 Date of Issuance: 8-24-12 

Scheduled Pooling Date: 9-19-12 
  

			
	Scheduled Interim Period:	 	from and including the Date of Issuance
		 	to but excluding the Scheduled Pooling Date

 The following italicized terms will apply if the Interim Period is extended by SBA: 

 

																											
	 New interest rate(s) per annum
	  	 	(a)	  	  	 	            	% 	 	 	(b)	  	  	 	            	% 	 	 	(c)	  	  	 	            	% 
	 New Annual Charge per annum
	  	 	(a)	  	  	 	            	% 	 	 	(b)	  	  	 	            	% 	 	 	(c)	  	  	 	            	% 
	 New Pooling Date(s):
	  	 	(a)	  	  	 	            	  	 	 	(b)	  	  	 	            	  	 	 	(c)	  	  	 	            	  
	 New Interim Period(s):
	  	from and including:	  	 	(a)	  	  	 	            	  	 	 	(b)	  	  	 	            	  	 	 	(c)	  	  	 	            	  
		  	to but excluding:	  	 	(a)	  	  	 	            	  	 	 	(b)	  	  	 	            	  	 	 	(c)	  	  	 	            	  

 The Company, for value received, promises to pay to JPMorgan Chase Bank N.A., as Custodian (the “Custodian”)
for the U.S. Small Business Administration (“SBA”) and SBIC Funding Corporation (the “Funding Corporation”), pursuant to the Custody and Administration Agreement (the “Custody Agreement”) dated as of April 27, 1998
among SBA, the Funding Corporation, the Federal Home Loan Bank of Chicago, as Interim Funding Provider (the “Interim Funding Provider”), and the Custodian, as amended,: (i) interest on the Original Principal Amount listed above at the
applicable rate per annum listed above, and (ii) an Annual Charge on the Original Principal Amount listed above at the applicable rate per annum listed above, each at such location as SBA, as guarantor of this Debenture, may direct and each at
the related rate per annum identified for the Scheduled Interim Period (and each New Interim Period, if any). 

  
 1 of 4

 This Debenture will bear interest for, and the Annual Charge will apply to, the Scheduled Interim Period
(and for each New Interim period, if any) at the rate(s) and for the applicable period(s) indicated above, to be paid in arrears by 1:00 p.m. (New York City time) on the Business Day prior to the Scheduled Pooling Date (and each New Pooling Date, if
any) listed above. As used throughout this Debenture, “Business Day” means any day other than: (i) a Saturday or Sunday; (ii) a legal holiday in Washington, D.C.; and (iii) a day on which banking institutions in New York
City are authorized or obligated by law or executive order to be closed. Interest on this Debenture and the Annual Charge for the Scheduled Interim Period (and each New Interim Period, if any) will each be computed on the basis of the actual number
of days in the applicable Interest Period divided by 360. The Company may not prepay this Debenture, in whole or in part, during the Scheduled Interim Period or any New Interim Period. 

 

	 	B.	This Section B. is effective only after (i) the Scheduled Interim Period and any New Interim Period(s) expire and (ii) the Custodian receives this
Debenture for pooling. 

 The Company, for value received, promises to pay to the order of JPMorgan Chase
Bank N.A., acting as Trustee (the “Trustee”) under that certain Amended and Restated Trust Agreement dated as of February 1, 1997, as the same may be amended from time to time, by and among the Trustee, the SBA and SBIC Funding
Corporation, as the Holder hereof, interest semiannually on March 1st and September 1st (the “Payment Dates”) of each year, at such location as SBA, as guarantor of this Debenture, may direct a the rate of 2.245% per annum (the “Stated Interest Rate”), and to
pay a .515% per annum fee (the “Annual Charge”) to SBA on each Payment Date, each calculated on the basis of a year of 365 day, for the actual number of days elapsed (including the first day but excluding the last day), on the
Original Principal Amount from the last day of the Interim Period until payment of such Original Principal Amount has been made or duly provided for. The Company shall deposit all payments with respect to this Debenture not later than 12:00 noon
(New York City time) on the applicable Payment Date or the next Business Day if the Payment Date if not a Business Day, all as directed by SBA. 

The Company may elect to prepay this Debenture, in whole and not in part, on any Payment Date, in the manner and at the price as next described. The
prepayment price (the “Prepayment Price”) must be an amount equal to the Original Principal Amount, plus interest accrued and unpaid thereon to the Payment Date selected for prepayment together with the accrued and unpaid Annual Charge
thereon to the Payment Date selected for prepayment. 
 The amount of the Prepayment Price must be sent to SBA or such agent as SBA may direct,
by wire payment in immediately available funds, not less than three Business Days prior to the regular Payment Date. Until the Company is notified otherwise in writing by SBA, any Prepayment Price must be paid to the account maintained by the
Trustee, entitled by the SBA Prepayment Subaccount and must include an identification of the Company by name and SBA-assigned license number, the loan number appearing on the face of this Debenture, and such other information as SBA or its agent may
specify. 

  
 2 of 4

 II. — GENERAL TERMS 
 For value received, the Company promises to pay to the order of the Trustee the Original Principal Amount on the Maturity Date at such location as SBA, as guarantor of this Debenture, may direct.

 This Debenture is issued by the Company and guaranteed by SBA, pursuant and subject to Section 303 of the Small Business Investment Act
of 1958, as amended (the “Act”) (15 U.S.C. Section 683). This Debenture is subject to all of the regulations promulgated under the Act, as amended from time to time, provided, however, that 13 C.F.R. Sections 107.1810 and 107.1830
through 107.1850 as in effect on the date of this Debenture are incorporated in this Debenture as if fully set forth. If this Debenture is accelerated, then the Company promises to pay an amount equal to the Original Principal Amount of this
Debenture, plus interest and Annual Charge accrued and unpaid thereon to but excluding the next Payment Date following such acceleration. 

This Debenture is deemed issued in the District of Columbia as of the day, month, and year first stated above. The terms and conditions of this Debenture
must be construed in accordance with, and its validity and enforcement governed by, federal law. 
 The warranties, representations, or
certification made to SBA on any SBA Form 1022 or any application letter of the Company for an SBA commitment related to this Debenture, and any documents submitted in connection with the issuance of this Debenture, are incorporated in this
Debenture as if fully set forth. 
 Should any provision of this Debenture or any of the documents incorporated by reference in this Debenture
be declared illegal or unenforceable by a court of competent jurisdiction, the remaining provisions will remain in full force and effect and this Debenture must be construed as if such provisions were not contained in this Debenture. 

All notices to the Company which are required or may be given under this Debenture shall be sufficient in all respects if sent to the above-noted address
of the Company. For the purposes of this Debenture, the Company may change this address only upon approval of SBA. 

  
 3 of 4

 COMPANY ORGANIZED AS CORPORATION 
 IN WITNESS WHEREOF, the Company has caused this debenture to be signed by its duly authorized officer and its corporate seal to be hereunto affixed and attested by its Secretary or Assistant Secretary as
of the date of issuance stated above. 
 CORPORATE SEAL 

 

			
	Western Financial Capital Corporation
		 	    (Name of Licensee)
		
	By:	 	 /s/ Lance B. Rosemore

		
		 	Lance B. Rosemore, President
		 	    (Typed Name and Title)

  

	
	ATTEST:
	
	 /s/ Jan F. Salit

	XXXXXX Assistant
	Secretary (Strike One)
	    Jan F. Salit

  
 4 of 4EX-10.2

 EXHIBIT 10.2 
 FIFTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT

 THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 5th day
of November 2012 (“Closing Date”), but effective as of September 30, 2012, by and between SILICON VALLEY BANK (“Bank”) and WIRELESS RONIN TECHNOLOGIES, INC., a Minnesota corporation
(“Borrower”). 
 RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of March 18, 2010 (as the same has
and may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 B.
Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested
that Bank amend the Tangible Net Worth covenant and make certain other revisions to the Loan Agreement as more fully set forth herein. 
 D. Although Bank is under no obligation to do so, Bank is willing to amend the Tangible Net Worth covenant and make certain other revisions to the Loan Agreement, all on the terms and conditions
set forth in this Amendment, so long as Borrower complies with the terms, covenants and conditions set forth in this Amendment in a timely manner. 
 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 1. Definitions. Capitalized terms used but not defined in this Amendment, including its preamble and recitals, shall
have the meanings given to them in the Loan Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 2.4 (Fees). Section 2.4(d) of the Loan Agreement is hereby amended by deleting it in its entirety and
replacing it with the following: 
 (d) Unused Revolving Line Facility Fee. A fee (the “Unused Revolving Line
Facility Fee”), payable monthly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line; provided, however, that for any calendar month in
which the outstanding balance of the Revolving Line is greater than Five Hundred Thousand Dollars ($500,000) on each day in such calendar month, as determined by Bank, in it 

 
reasonable discretion, the Unused Revolving Line Facility Fee shall be Zero Dollars ($0) for such calendar month. The unused portion of the Revolving Line, for purposes of this calculation, shall
equal the difference between (x) the Revolving Line amount (as it may be reduced from time to time) and (y) the average for the period of the daily closing balance of the Revolving Line outstanding, plus the sum of the aggregate amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter if Credit of Reserve. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by
Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder, including during any Streamline Period; 

2.2 Section 6.9 (Financial Covenants). Section 6.9(a) of the Loan Agreement is hereby amended by deleting
it in its entirety and replacing it with the following: 
 (a) Tangible Net Worth. A Tangible Net Worth of
not less than the following amounts at the following times, which amounts shall be increased by the sum of (i) commencing with the quarter ending September 30, 2012 and each quarter thereafter, seventy-five percent (75%) of
Borrower’s quarterly Net Income (without reduction for any losses) for such quarter, plus (ii) seventy-five percent (75%) of all proceeds received from the issuance of equity during such quarter and/or the principal amount of all
Subordinated Debt incurred during such quarter; provided, however, the foregoing adjustment shall exclude gross proceeds of One Million Four Hundred Eight Thousand One Hundred Forty-Six Dollars ($1,408,146) received by Borrower from the issuance of
equity raised on September 18, 2012. 
  

					
	 Month Ending
	  	Tangible Net Worth	 
	 September 30, 2012
	  	$	3,000,000	  
	 October 31, 2012
	  	$	2,500,000	  
	 November 30, 2012
	  	$	2,500,000	  
	 December 31, 2012
	  	$	2,500,000	  
	 January 31, 2013
	  	$	1,400,000	  
	 February 28, 2013
	  	$	1,400,000	  

 Provided there are no outstanding Credit Extensions under the Revolving Line, the failure
of Borrower to maintain the minimum Tangible Net Worth set forth above shall not constitute an Event of Default hereunder; provided that no Credit Extensions (other than the Lease Letter of Credit) shall be made until Borrower maintains the minimum
Tangible Net Worth set forth above, as determined by Bank, in its sole discretion. 

 3. Compliance Certificate. From and after the Closing Date, Exhibit B of the
Loan Agreement is replaced in its entirety with Exhibit B attached hereto and all references in the Loan Agreement to the Compliance Certificate shall be deemed to refer to Exhibit B attached hereto. 

4. Limitation of Amendments. 
 4.1 The amendments set forth in Sections 2 and 3 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to
any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

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

4.3 In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply
with the terms of any covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan Documents as a result of
the occurrence of the same. 
 5. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower
hereby represents and warrants to Bank as follows: 
 5.1 Immediately after giving effect to this
Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date,
in which case they are true and correct in all material respects as of such date), and (b) no Event of Default, has occurred and is continuing; 
 5.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Borrower delivered to Bank on the Effective Date and the First Loan
Modification Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect except to the extent that the Borrower amended its bylaws effective
October 27, 2011, such bylaws having been filed with the SEC at http://www.sec.gov/Archives/edgar/data/1356093/000095012311094400/c24019exv3.htm; 

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

5.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or
subdivision thereof, binding on Borrower, except as already has been obtained or made; and 
 5.7 This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 6. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment
shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be
controlling, but such document shall not otherwise be affected or the rights therein impaired. 
 7. Counterparts. This
Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 8. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto and (b) payment of all Bank’s legal
fees and expenses in connection with the preparation and negotiation of this Amendment and the other Loan Documents. 

[Signature Page Follows.] 

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

			
	BANK
	
	SILICON VALLEY BANK
		
	 By:
 Name:

Title:
	 	 /s/ Kimberly A. Stover
 Kimberly A. Stover
 Regional Manager

	
	BORROWER
	
	WIRELESS RONIN TECHNOLOGIES, INC.
		
	By:	 	 /s/ Darin P. McAreavey
 Darin P. McAreavey

Senior Vice President and Chief Financial Officer

 EXHIBIT B 
 COMPLIANCE CERTIFICATE 
  

			
	TO: SILICON VALLEY BANK	  	Date:
                                

 FROM: WIRELESS RONIN TECHNOLOGIES, INC. 
 The undersigned authorized officer of Wireless Ronin Technologies, Inc. (“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and
Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and warranties in the
Agreement are true and correct in all material respects on this date except as noted below; 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; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, (4) Borrower, and each of its
Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the
terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or benefits of which Borrower has not previously provided
written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not
just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

							
	 Reporting Covenant
	  	 Required
	  	Complies	 
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	 	Yes    No	  
			
	Annual financial statement (CPA Audited)	  	FYE within 120 days	  	 	Yes    No	  
			
	10-Q, 10-K, and 8-K	  	Within 5 days after filing with SEC	  			
			
	A/R & A/P Agings, Inventory reports, Deferred revenue reports and general ledger	  	Weekly (Monthly within 15 days during a Streamline Period)	  	 	Yes    No	  
			
	Transaction Reports	  	Weekly (Monthly within 15 days during a Streamline Period) and with each request for a Credit Extension	  	 	Yes    No	  
			
	Board Projections	  	30 days prior to FYE and as amended	  	 	Yes    No	  

 The following Intellectual Property was registered after the Effective Date (if no registrations, state
“None”) 
  
  

 

													
	 Financial Covenants
	  	Required	 	  	Actual	 	  	Complies	 
	 Maintain at all times (certified monthly):
	  				  				  			
				
	 A Tangible Net Worth of not less than the following amounts at the following times, which amounts shall be increased by the sum
of (i) commencing with the quarter ending September 30, 2012 and each quarter thereafter, seventy-five percent (75%) of Borrower’s quarterly Net Income (without reduction for any losses) for such quarter, plus
(ii) seventy-five percent (75%) of all proceeds received from the issuance of equity during such quarter and/or the principal amount of all Subordinated Debt incurred during such quarter; provided, however, the foregoing adjustment shall
exclude gross proceeds of One Million Four Hundred Eight Thousand One Hundred Forty-Six Dollars ($1,408,146) received by Borrower from the issuance of equity raised on September 18, 2012.
	  				  				  			
				
	 September 30, 2012
	  	$	3,000,000	  	  	$	______	  	  	 	Yes    No	  
				
	 October 31, 2012
	  	$	2,500,000	  	  	$	______	  	  	 	Yes    No	  
				
	 November 30, 2012
	  	$	2,500,000	  	  	$	______	  	  	 	Yes    No	  
				
	 December 31, 2012
	  	$	2,500,000	  	  	$	______	  	  	 	Yes    No	  
				
	 January 31, 2013
	  	$	1,400,000	  	  	$	______	  	  	 	Yes    No	  
				
	 February 28, 2013
	  	$	1,400,000	  	  	$	______	  	  	 	Yes    No	  

 The following financial covenant analysis and information set forth in Schedule 1 attached hereto are
true and accurate as of the date of this Certificate. 

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  
  

 
  

									
	WIRELESS RONIN TECHNOLOGIES, INC	 		 	BANK USE ONLY
					
	By 	 	  	 		 	Received by:	 	  
		 	Darin P. McAreavey, Chief Financial Officer	 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	 
					
		 		 		 	Verified:	 	 
		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	 
				
		 		 		 	Compliance Status:    Yes    No

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 Dated:
                                         
    
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 I. Tangible Net Worth (Section 6.9(a)) 
  

			
	Required:	  	A Tangible Net Worth of not less than the following amounts at the following times, which amounts shall be increased by the sum of (i) commencing with the quarter ending
September 30, 2012 and each quarter thereafter, seventy-five percent (75%) of Borrower’s quarterly Net Income (without reduction for any losses) for such quarter, plus (ii) seventy-five percent (75%) of all proceeds received
from the issuance of equity during such quarter and/or the principal amount of all Subordinated Debt incurred during such quarter; provided, however, the foregoing adjustment shall exclude gross proceeds of One Million Four Hundred Eight Thousand
One Hundred Forty-Six Dollars ($1,408,146) received by Borrower from the issuance of equity raised on September 18, 2012.

  

					
	 Month Ending
	  	Tangible Net Worth	 
	 September 30, 2012
	  	$	3,000,000	  
	 October 31, 2012
	  	$	2,500,000	  
	 November 30, 2012
	  	$	2,500,000	  
	 December 31, 2012
	  	$	2,500,000	  
	 January 31, 2013
	  	$	1,400,000	  
	 February 28, 2013
	  	$	1,400,000	  

 Actual: 
  

							
	 A.
	  	 Aggregate value of total assets of Borrower and its Subsidiaries
	  	$	______	  
			
	 B.
	  	 Aggregate value of goodwill of Borrower and its Subsidiaries
	  	$	______	  
			
	 C.
	  	 Aggregate value of intangible assets of Borrower and its Subsidiaries
	  	$	______	  
			
	 D.
	  	 Aggregate value of notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates of
Borrower and its Subsidiaries
	  	$	______	  
			
	 E.
	  	 Aggregate value of any reserves not already deducted from assets
	  	$	______	  

							
	 F.
	 	 Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance
sheet, including all Indebtedness but excluding all other Subordinated Debt
	  	$	______	  
			
	 G.
	 	 Value of line A, minus line B, minus line C, minus line D, minus line E, minus line
F)
	  	$	______	  

 Is line G equal to or greater than the required amount set forth above? 

 

			
	                 No, not in compliance	  	                 Yes, in compliance

 Provided there are no outstanding Credit Extensions under the Revolving Line, the failure of Borrower to
maintain the minimum Tangible Net Worth set forth above shall not constitute an Event of Default hereunder; provided that no Credit Extensions (other than the Lease Letter of Credit) shall be made until Borrower maintains the minimum Tangible Net
Worth set forth above, as determined by Bank, in its sole discretion.

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