Document:

Exhibit

FIFTH AGREEMENT OF AMENDMENT
TO
LOAN AND SECURITY AGREEMENT 
(Acquisition)

This  Fifth  Agreement of Amendment to Loan and Security Agreement (“Amendment”) is effective April 1, 2019 by and among GERBER FINANCE INC., having an office at 488 Madison Avenue, New York, NY 10022 (“Lender”), EDGEBUILDER, INC., GLENBROOK BUILDING SUPPLY, INC., ATRM HOLDINGS, INC., and KBS BUILDERS, INC., having an address at 5215 Gershwin Avenue N., Oakdale, Minnesota 55128  (collectively “Credit Parties”).

RECITALS

A.    EdgeBuilder, Inc. and Glenbrook Building Supply, Inc. (“Borrowers”) have executed and delivered to Lender a certain Promissory Note dated October 4, 2016, the original maximum principal sum of $3,000,000.00, (the “Note”) payable to the order of Lender.  

B.    In connection with the execution and delivery of the Note and to secure payment and performance of the Note and other obligations of Borrowers to Lender, Lender and Borrowers have executed, among other things, a Loan and Security Agreement dated as of October 4, 2016, as amended by Agreement of Amendment to Loan and Security Agreement dated as of  November 30, 2016,  by a Second Agreement of Amendment to Loan and Security Agreement dated as of June 30, 2017, by a Third Agreement of Amendment to Loan and Security Agreement dated as of September 29, 2017 and by a Fourth Agreement of Amendment to Loan and Security Agreement dated as of December 22, 2017  (the “Loan Agreement”).

C.    By having executed the Loan Agreement as a Corporate Credit Party, ATRM Holdings, Inc. and KBS Builders, Inc. have unconditionally guaranteed all obligations of Borrowers to Lender.

D.    For purposes of convenience, the Note, Loan Agreement and related collateral agreements, certificates and instruments are collectively referred to as the “Credit Documents” in addition to the definition in the Loan Agreement.

E.    On December 14, 2018, Lone Star Value Management, LLC and ATRM Holdings, Inc. executed a Securities Purchase Agreement and a Subordination Agreement in which, among other things, Lone Star Value Management, LLC agreed to subordinate receipt of and payment of subordinated loans, including but not limited to a $300,000.00 Promissory Note dated December 17, 2018, in favor of Superior Indebtedness (as defined therein) due Lender.

F.    ATRM Holdings, Inc., Lone Star Value Management, LLC, a Connecticut limited liability company and Jeffrey E. Eberwein have contemporaneously with this Agreement executed and delivered a Membership Interest Purchase Agreement dated as of the date hereof whereby 

ATRM Holdings, Inc. has agreed to purchase all of the issued and outstanding membership interests of Lone Star Value Management, LLC from Jeffrey E. Eberwein (the “Purchase Agreement”).

G.    The Credit Parties have requested that Lender consent to the entry by ATRM Holdings, Inc. into the Purchase Agreement and the transaction contemplated thereby.

H.    Prior to the effective date of this Amendment, ATRM Holdings, Inc. has  delivered to Lender (i) complete copies of the Purchase Agreement and all schedules and exhibits thereto (including but not limited to Working Capital Statement, the Company Disclosure Schedule), (ii) such other disclosures and financial information as Lender has requested including the Company Balance Sheet (as defined in the Purchase Agreement) and (iii) documents evidencing the transfer of the Membership Interests as defined in and contemplated by the Purchase Agreement (the “Disclosures”).  

I.    Lender has reviewed and accepted the Disclosures.

J.    Lender and Credit Parties wish to clarify their rights and duties to one another as set forth in the Credit Documents.

NOW, THEREFORE, in consideration of the promises, covenants and understandings set forth in this Amendment and the benefits to be received from the performance of such promises, covenants and understandings, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

AGREEMENTS

1.    Lender and Credit Parties reaffirm, consent and agree to all of the terms and conditions of the Credit Documents as binding, effective and enforceable according to their stated terms, except to the extent that such Credit Documents are hereby expressly modified by this Amendment.

2.    In the case of any ambiguity or inconsistency between the Credit Documents and this Amendment, the language and interpretation of this Amendment is to be deemed binding and paramount.

3.    In consideration of the agreements set forth herein and the execution and delivery of this Amendment, the Purchase Agreement and the Disclosures, all in form and substance satisfactory to Lender, Lender hereby consents to the transaction contemplated by the Purchase Agreement and waives any violation of Section IX (including Subsections (a) and (d)) of the Loan Agreement on account thereof.

4.    Except as otherwise waived in Section 3 of this Agreement, the Credit Parties acknowledge and agree that Section IX (including Subsections (a) and (d)) of the Loan Agreement remains in full force and effect and applies, among other things, to prohibit the merger of Lone Star Value Management, LLC with or into ATRM Holdings, Inc. or any other Credit Parties.

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5.    ATRM Holdings, Inc. agrees to provide to Lender (i) a true copy of each written notice by ATRM Holdings, Inc. to Jeffrey E. Eberwein alleging claims of indemnification in an amount exceeding $100,000 in the aggregate and (ii) written notice of any Resolution (as defined in the Purchase Agreement) with respect thereto.  

6.    The Loan Agreement (and any exhibits thereto) are hereby amended as follows:

As to the Loan Agreement:

		
	A.
	Section 12.1(e) is hereby amended to read as follows:

“(e)    any judgment shall be rendered against any Credit Party or Ancillary Credit Party, or any judgment exceeding $250,000 shall be rendered against Lone Star Value Management, LLC, or there shall be any attachment or execution against any of the assets or properties of any Credit Party or Ancillary Credit Party or Lone Star Value Management, LLC, and such judgment, attachment or execution remains unpaid, unstayed or undismissed for a period of fourteen (14) days from the date of such judgment; or”

		
	B.
	Section 12.1(f) is hereby amended to read as follows:

“(f)    any Credit Party,  Ancillary Credit Party or Lone Star Value Management, LLC shall be dissolved or shall generally not pay, or shall be generally unable to pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or if any Credit Party, Ancillary Credit Party or Lone Star Value Management, LLC shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted or a petition shall be filed by or against any Credit Party, Ancillary Credit Party or Lone Star Value Management, LLC seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property; or any Credit Party, Ancillary Credit Party or Lone Star Value Management, LLC shall take any action to authorize any of the actions set forth above in this clause (f); or”

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	C.
	Section 12.1(k) is hereby amended to read as follows:

“(k)    an ERISA Event shall have occurred that, in the opinion of the Lender, when taken together with all other ERISA Events that have occurred and are then continuing, could reasonably be expected to result in liability of any Credit Party in an aggregate amount exceeding the Minimum Actionable Amount; the indictment or threatened indictment of any Credit Party, any officer of any Credit Party or any Guarantor, under any criminal statute, or commencement or threatened commencement of any criminal or civil proceeding against any Credit Party, any officer of any Credit Party or any Guarantor; the commencement of criminal proceedings against any Ancillary Credit Party; or if following the commencement of civil proceedings asserting intentional tortious acts or intentional fraud against any Ancillary Credit Party an order or directive is rendered for the forfeiture of an amount greater than $250,000 which would, in Lender’s reasonable discretion, impair or impede Lender’s rights hereunder or in any Credit Documents executed by a Credit Party, Guarantor or Ancillary Credit Party; or”

D.    Section 12.1(l) is hereby amended to read as follows:

“(l)    any Credit Party or Ancillary Credit Party or other Person shall take or participate in any action which would be prohibited under the provisions of any Credit Document signed by such party, or there shall occur an Event of Default or breach under the provisions of any Credit Document or with respect to any of the Obligations, or any Credit Party shall make any payment on the Subordinated Debt that any Person was not entitled to receive under the provisions of the applicable Subordination Agreement or Intercreditor Agreement; or”

E.    A new Section 12.1(o) is hereby added to read as follows:

“(o)    claims of indemnification made by ATRM Holdings, Inc. against Jeffrey E. Eberwein in an amount exceeding $100,000 in the aggregate under the terms of that certain Membership Interest Purchase Agreement, dated as of February [__], 2019, by and among ATRM Holdings, Inc., Lone Star Value Management, LLC and Jeffrey E. Eberwein, do not result in a Resolution within six months after the Indemnifying Party’s receipt of written notice of the latest of such indemnification claims, as such terms are defined in and following such procedures as provided under such Membership Interest Purchase Agreement.”

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F.    Schedule 7.7 is hereby amended to add Lone Star Value Management, LLC as a Subsidiary 100% owned by ATRM Holdings, Inc.

7.    Capitalized terms used in this Amendment which are not otherwise defined herein have the meaning ascribed thereto in the Credit Documents.

8.    The parties agree to sign, deliver and file any additional documents and take any other actions that may reasonably be required by Lender including, but not limited to, affidavits, resolutions, or certificates for a full and complete consummation of the matters covered by this Amendment.

9.    This Amendment is binding upon, inures to the benefit of, and is enforceable by the heirs, personal representatives, successors and assigns of the parties. This Amendment is not assignable by Credit Parties without the prior written consent of Lender.

10.    To the extent that any provision of this Amendment is determined by any court or legislature to be invalid or unenforceable in whole or part either in a particular case or in all cases, such provision or part thereof is to be deemed surplusage.  If that occurs, it does not have the effect of rendering any other provision of this Amendment invalid or unenforceable.  This Amendment is to be construed and enforced as if such invalid or unenforceable provision or part thereof were omitted.

11.    This Amendment may only be changed or amended by a written agreement signed by all of the parties hereto. By the execution of this Amendment, Lender is not to be deemed to consent to any future renewal or extension of the Loans.  This Amendment is deemed to be part of and integrated into the Credit Documents.

12.    THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

13.    The parties to this Amendment acknowledge that each has had the opportunity to consult independent counsel of their own choice, and that each has relied upon such counsel's advice concerning this Amendment, the enforceability and interpretation of the terms contained in this Amendment and the consummation of the transactions and matters covered by this Amendment.

14.    Borrowers agree to pay all attorneys' fees and other costs incurred by Lender or otherwise payable in connection with this Amendment (in addition to those otherwise payable pursuant to the Credit Documents), which fees and costs are to be paid as of the date hereof.

15.    This Amendment may be executed in any number of counterparts, each of which when so executed is deemed to be an original and all of which taken together constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by facsimile or other electronic 

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method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by facsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

16.    THE BORROWERS, FOR THEMSELVES, THEIR SUBSIDIARIES (IF ANY) AND THE GUARANTOR AND LENDER HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION RELATING TO THIS AMENDMENT OR THE DEBT AS AN INDUCEMENT TO THE EXECUTION OF THIS AMENDMENT.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have signed this Amendment.

Witness:                    EDGEBUILDER, INC.

/s/                        By:/s/ Daniel M. Koch__________________
Print Name:                        Daniel M. Koch
President

Witness:                    GLENBROOK BUILDING SUPPLY, INC. 

/s/                        By:/s/ Daniel M. Koch__________________
Print Name:                        Daniel M. Koch
President

Witness:                    KBS BUILDERS, INC. 

/s/                        By:/s/ Daniel M. Koch__________________
Print Name:                        Daniel M. Koch
President

Witness:                    ATRM HOLDINGS, INC. 

/s/                        By:/s/ Daniel M. Koch__________________
Print Name:                        Daniel M. Koch
President

 

[Signature Page to Fifth Agreement of Amendment to Loan and Security Agreement 
(Acquisition) – continued on following page]

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(signatures continued from previous page)
GERBER FINANCE INC.
By:/s/ Jennifer Palmer______________________ 
    Jennifer Palmer  
    President 

 [Signature Page to Fifth Agreement of Amendment to Loan and Security Agreement 
(Acquisition)]

8Exhibit

ELEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

This ELEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated the 15 day of April, 2019 by and among Gerber Finance Inc. (the “LENDER”), KBS Builders, Inc. (the “BORROWER”), and ATRM Holdings, Inc. as guarantor (the “GUARANTOR”).

RECITALS:

WHEREAS, LENDER, BORROWER and Guarantor entered into a Loan and Security Agreement dated as of February 23, 2016, as amended by (i) the First Amendment to Loan and Security Agreement dated November 30, 2016, (ii) the Second Amendment to Loan and Security Agreement dated November 30, 2016, (iii) the Third Amendment to Loan and Security Agreement dated June 30, 2017, (iv) the Fourth Amendment to Loan and Security Agreement dated July 19, 2017, (v) the Fifth Amendment to Loan and Security Agreement dated September 29, 2017, (vi) the Sixth Amendment to Loan and Security Agreement dated December 22, 2017, (vii) a series of emails between representatives of the parties sent January 12 – 14, 2018 characterized as a Seventh Agreement of Amendment to Loan and Security Agreement), (viii) the Eight Amendment to Loan and Security Agreement dated October 01, 2018, (ix) the Ninth Amendment to Loan and Security Agreement dated February 22, 2019, and (x) the Tenth Amendment to Loan and Security Agreement dated April 01, 2019 (such Loan and Security Agreement, as so amended and as it may be further amended, restated, supplemented or otherwise modified from time to time, being the “Loan Agreement”). Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Loan Agreement;

WHEREAS, BORROWER hereby acknowledges that it is in default on the delivery of financial statements required by Section 8.01 (c) of the Loan Agreement for the 2017 Fiscal Year End and 2018 Fiscal Year End (such requirement being the “Financial Statement Duty”), and BORROWER has requested that LENDER extend the deadline for performance of the Financial Statement Duty to April 30, 2019 for the 2017 Financial Statement Duty, and May 31, 2019 for the 2018 Financial Statement Duty; and

WHEREAS, BORROWER has requested that LENDER waive the Leverage Ratio and Net Income covenants set forth in Schedule III (Financial Covenants) of the Loan Agreement for the 2017 and 2018 Fiscal Years (such requirement being the “2017-2018 Financial Covenants”) and remove the Leverage Ratio covenant from the Loan Agreement.

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, LENDER and BORROWER agree as follows:

1.    Amendments to the Loan Agreement.  Subject to the terms and conditions set forth herein and, in the case of LENDER, in reliance upon the representations and warranties made by BORROWER herein, the Loan Agreement is amended as follows:

(a)    Section 1.1 of the Loan Agreement is amended to read as follows with respect to the following definition: 

“Inventory Availability” means the aggregate principal amount of Revolving Credit Advances against Eligible Inventory that Lender may from time to time make available to Borrower, which aggregate principal amount will not exceed the lesser of 
		
	(a)
	the sum of 

		
	a.
	the lesser of 

		
	i.
	fifty percent (50%) of the value of Borrower’s Eligible Finished Goods Inventory (calculated on the basis of lower of cost or market on a first-in first-out basis) less deposits or 

		
	ii.
	$250,000, 

plus
		
	b.
	the lesser of 

		
	i.
	fifty percent (50%) of the value of Borrower’s Eligible Raw Material Inventory (calculated on the basis of the lower of cost or market, on a first-in first-out basis) or 

		
	ii.
	$250,000; 

or
		
	(b)
	the lesser of 

		
	a.
	1.25 times the amount of Accounts Availability, or

		
	b.
	$500,000.”  

(b)    Schedule III (Financial Covenants) to the Loan Agreement is amended and restated in its entirety to read as follows:

SCHEDULE III
FINANCIAL COVENANTS

		
	1.
	Distributions. Borrower shall make no distribution, transfer, payment, advance, or contribution of cash or property which would constitute a Restricted Payment.

		
	2.
	Net Income. Borrower shall not report a net loss for the Fiscal Year ending December 31, 2019. For the Fiscal Year ending December 31, 2020 and for each Fiscal Year thereafter (each such Fiscal Year being a “Projected Fiscal Year”), Borrower shall report annual post-tax net income in an amount at least equal to the greater of (i) $500,000 or (ii) 80% of the annual post-tax net income indicated on the Projection for such Projected Fiscal Year required by Section 8.1(d) of the Loan Agreement. The Borrower’s compliance with the covenant set out in the immediately preceding sentence will be tested on a trailing 6-month and 12-month basis, it being understood that post-tax net income for any trailing 6-month 

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fiscal period commencing June 30th, 2020 and thereafter shall not be less than $0.
 
2.    Extension of Term for Financial Statement Reports.  LENDER hereby waives the reporting requirements set out in Section 8.1(c) of the Loan Agreement in respect of the fiscal years ended December 31, 2017 and December 31, 2018, provided that the reports in respect of such fiscal years required to be delivered under Section 8.01(c) shall be delivered on or before April 30, 2019 for the FYE December 31, 2017, and May 31, 2019 for the FYE December 31, 2018.

3.    Waiver of 2017-2018 Financial Covenants. LENDER waives compliance with the 2017-2018 Financial Covenants.

4.    Administrative Fee. BORROWER shall pay LENDER, at the time of execution of this Amendment, an administrative fee of US$35,000.00.  

5.    Reaffirmation.  BORROWER hereby consents to the terms of this Amendment, reaffirms its obligations under the Loan Agreement and any other related document to which it is a party and admits the validity and enforceability of the Loan Agreement (as amended hereby) and any other related document to which it is a party.

6.    Effectiveness.  The effectiveness of this Amendment is subject to the following conditions precedent:

(a)    receipt by LENDER of a counterpart of this Amendment executed by BORROWER;

(b)    the representations and warranties contained in the Loan Agreement shall be correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to "materiality" or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the date of this Amendment, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date; and

(c)    as of the date of this Amendment (giving effect to the provisions of this Amendment), no Default or Event of Default shall have occurred and be continuing.

7.    Representations and Warranties. To induce LENDER to enter into this Amendment, BORROWER hereby represents and warrants to LENDER that as of the date hereof:

(a)    the principal amount outstanding under the Loan Agreement is $817,333.65, and accrued and unpaid interest thereon is $905.59; and (giving effect to the provisions of this Amendment) no Default or Event of Default has occurred and is continuing under the Loan Agreement or any of the other Credit Documents;

(b)    the execution, delivery and performance by BORROWER of this Amendment, and the consummation of the transactions contemplated hereby, are within the BORROWER’s corporate powers, have been duly authorized by all necessary corporate actions, and do not contravene (i) any 

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of BORROWER’s constituent documents or (ii) any law or any contractual restriction binding on or affecting BORROWER or any material part of its assets, except (solely for the purposes of this subclause (ii)) to the extent it would not reasonably be expected to have a Material Adverse Effect; 
    
(c)    no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by the BORROWER of this Amendment; and
    
(d)    the Obligations are unconditionally owing to LENDER without setoff, recoupment, defense, or counterclaim, in law or in equity.
    
8.     General. This Amendment:

(a)    embodies the entire understanding and agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings and inducements, whether express or implied, oral or written with respect to such subject matter; and

(b)    may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed (which execution may be effected physically or electronically) shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart by facsimile or other electronic transmission shall be equally effective as delivery of a manually executed counterpart to this Amendment.

9.    Effect on Loan Agreement.  Except as expressly set forth herein, LENDER agrees to no amendment with respect to the Loan Agreement or any other Credit Document, and the Loan Agreement and the other Credit Documents remain in full force in accordance with their respective terms. The amendments agreed to herein do not and shall not create (nor shall BORROWER rely upon the existence of or claim or assert that there exists) any obligation of LENDER to consider or to agree to any further amendment to the Loan Agreement or any other Credit Document. LENDER expressly reserves the right to require strict compliance with the terms of the Loan Agreement and the other Credit Documents in all respects. The amendments agreed to herein shall not constitute a course of dealing at variance with the Loan Agreement so as to require further notice by LENDER to require strict compliance with the terms of the Loan Agreement and the other Credit Documents in the future. On and after the date hereof, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Loan Agreement and each reference in the related documents to the “Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement, as hereby amended.  The execution, delivery, and effectiveness of this Amendment do not waive any of LENDER’s rights, powers, or remedies or any provision of the Loan Agreement or any other Credit Document.

10.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.

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11.     Governing Law.  This Amendment shall be governed, construed and interpreted in accordance with the laws of the State of New York, without regard to any conflicts of laws principles that would call for applying the laws of another jurisdiction

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized representatives as of the date first above written.
	
		
	 
	 
BORROWER:

KBS Builders, Inc.

By:/s/ Daniel M. Koch__________________
Name:  Daniel M. Koch
Title:  President
I have authority to bind the Borrower.

	 
	

LENDER:

	 
	

GERBER FINANCE INC. 

By:/s/ Jennifer Palmer__________________
Name: Jennifer Palmer
Title: President
I have authority to bind the Lender.

GUARANTOR:

ATRM Holdings, Inc.

By: /s/ Daniel M. Koch__________________
Name:  Daniel M. Koch
Title:  President and Chief Executive Officer
I have authority to bind the Guarantor.

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REAFFIRMATION OF AGREEMENTS
We are parties to one or more guaranties, subordination agreements, security agreements, pledge agreements, mortgages, assignments, instruments, agreements, or other documents related to BORROWER (each, a “Credit Document” and collectively, the “Credit Documents”).  To induce LENDER to enter into the Amendment, and for other good and valuable consideration, the adequacy and receipt of which is acknowledged, we each agree that:
		
	1.  
	Our Credit Documents remain in full force and effect, are ratified and confirmed, and extend to and cover all Obligations.

		
	2.
	We consent to the Amendment and any other amendments previously delivered in connection with the Loan Agreement, and represent that we have each read all of the Amendment (and each other previously delivered in connection with the Loan Agreement) and its Exhibits, if any.

		
	3.
	If we have granted liens or security interests to LENDER, those liens and security interests, if any, secure all Obligations and all our present and future obligations to LENDER, as provided in the Credit Documents.

		
	4.
	If we have executed a subordination agreement, BORROWER’s present and future obligations to each of us, and the liens securing those obligations, are subordinate to the Obligations and LENDER’s liens on the collateral, if any, as provided in such subordination agreement.

		
	5.
	If we have executed a guaranty in LENDER’s favor, each guaranty guaranties all Obligations, including those described in the Amendment, as provided in such guaranty.

		
	6.
	All of our obligations to LENDER are owed without setoff, defense, counterclaim, or recoupment.

		
	7.
	LENDER does not have to obtain our consent or reaffirmation to any other agreements or modifications to LENDER’s relationship with BORROWER or any other person.

 
GUARANTOR:

 
/s/ Jeffrey E. Eberwein__________________

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Jeffrey E. Eberwein

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