Document:

Exhibit 4.16

 

THIS AMENDED AND RESTATED PROMISSORY NOTE
(“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

AMENDED AND RESTATED PROMISSORY NOTE

 

		Principal	Amount: Up to	$1,400,000.00 February 14, 2020

 

Glory Star New Media
Group Holdings Limited, a Cayman Islands exempted company (“Maker”), promises to pay to the order of TKK Symphony
Sponsor 1, a Cayman Islands exempted company, or its registered assigns or successors in interest or order (“Payee”),
the principal sum of up to One Million Four Hundred Thousand Dollars ($1,400,000.00) in lawful money of the United States of America,
on the terms and conditions described below.

 

All payments on this
Note (unless the full principal is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately
available funds to such account as Payee may from time to time designate by written notice in accordance with the provisions of
this Note. This Note hereby amends and restates the promissory note, dated September 6, 2019, issued by the Maker to the Payee
(the “Original Note”). The amendment and restatement of the Original Note by this Note shall not constitute
a novation or termination of the obligations and covenants of the Maker under the Original Note, but shall constitute an amendment
and restatement of the obligations and covenants of the Maker under the Original Note.

 

		1.	Repayment. The principal balance of this Note shall be payable on the first anniversary
of the closing of Maker’s business combination with Glory Star New Media Group Limited (such date, the “Maturity
Date”). The principal balance may be prepaid at any time, at the election of Maker, in whole or in part, without any
prepayment penalty or premium.

 

		2.	Interest. This Note shall not bear interest.

 

		3.	Intentionally Omitted.

 

		4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied
first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

		5.	Events of Default. The following shall constitute an event of default (“Event of
Default”):

 

(a) 
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5)
business days of the Maturity Date.

 

(b) 
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c) 
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days.

 

 

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6.        Remedies.

 

(a)    
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)    
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid principal balance of this
Note and all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

		7.	Waivers. Maker and all endorsers and guarantors of, and sureties
for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note,
all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that
might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds
arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution,
exemption from civil process, or extension of time for payment; and Maker agrees that any real or personal property that may be
levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability
shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence,
extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of
time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this
Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or
affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents which are required
or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail,
overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the
number most recently provided to such party or such other address or fax number as may be designated in writing by such party and
(iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address
as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given
on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile
or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing
if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	Severability. Any provision contained in this Note which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

 

		12.	Intentionally Omitted.

 

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		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision
hereof may be made with, and only with, the written consent of Maker and Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights
or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of
the other party hereto and any attempted assignment without the required consent shall be void; provided, however, that
the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

(a) 
At Payee’s option, at any time prior to payment in full of the principal balance of this Note, Payee may elect to
convert all or any portion of the unpaid principal balance of this Note into that number of ordinary shares of Maker (“Ordinary
Shares”) equal to: (x) the portion of the principal amount of this Note being converted pursuant to this Section 15,
divided by (y) the Conversion Price, rounded up to the nearest whole number of shares (the “Conversion Shares”).
The Conversion Price shall be equal to the volume-weighted average price of the Ordinary Shares on the Nasdaq Capital Market or
such other securities exchange or securities market on which the Ordinary Shares are then listed or quoted, for the ten trading
days prior to such conversion date; provided, that, subject to Section 15,
the Conversion Price shall not be less than $5.00 (the “Floor Price”). The Conversion Shares, and any other
equity security of Maker issued or issuable with respect to the foregoing by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration
rights set forth in Section 16 hereof, if any.

 

(b) 
At the Maturity Date, the unpaid principal balance of this
Note shall automatically convert into Ordinary Shares at the Conversion Price.

 

(c) 
Upon any complete or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted
and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note,
duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Shares, (iii) Maker
shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such
conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver
to Payee (or its members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion
Shares, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker
and Payee and applicable state and federal securities laws.

 

(d) 
The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the
Conversion Shares upon conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay
any transfer taxes resulting from any transfer requested by the Holders in connection with any such conversion.

 

		16.	Registration Rights.

 

The Holders
shall be entitled to such registration rights, with respect to its Conversion Shares, as may be further negotiated between the
Maker and the Payee.

 

[Signature Page Follows]

 

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IN WITNESS
WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

	TKK Symphony Acquisition Corporation
	 	 
	By:	/s/ Sing Wang
	 	Name: Sing Wang
	 	Title: Chairman and Chief Executive Officer

  

 

 

 

 

 

    4Document

Exhibit 10.1

Execution Version

Fifth Amendment to 
Credit Agreement

This Fifth Amendment to Credit Agreement (the “Amendment”), dated as of March 23, 2021, is by and among Performant Business Services, Inc., a Nevada corporation (“PBS”) and Premiere Credit of North America, LLC, an Indiana limited liability company (“Premiere”, and collectively with PBS, the “Borrower”), Performant Financial Corporation, Performant Recovery, Inc., Performant Technologies, LLC and Healthcare Billing Administrators, LLC (collectively with the Borrower, the “GCA Parties”) and ECMC Group, Inc., a Delaware non-profit corporation (the “Lender”). 
RECITALS:
A.The Borrower and Lender are parties to that certain Credit Agreement dated as of August 7, 2017, as amended by the First Amended to Credit Agreement dated September 29, 2017, the Second Amendment to the Credit Agreement dated as of August 31, 2018, the Third Amendment to Credit Agreement dated as of March 21, 2019 and the Fourth Amendment to Credit Agreement and First Amendment to Guarantee and Collateral Agreement dated as of September 19, 2019 (collectively referred to as the “Credit Agreement”).

B.The GCA Parties are parties to that certain Guarantee and Collateral Agreement Dated August 11, 2017, as amended by the Fourth Amendment to Credit Agreement and First Amendment to Guarantee and Collateral Agreement dated as of September 19, 2019 (collectively referred to as the “GCA”).

C.One or more of the GCA Parties are negotiating with a potential buyer (the “Buyer”) with respect to the sale of certain of the assets used in connection with such GCA  Parties’ businesses, all as more specifically described in the definitive agreement relating to such sale contemplated to be executed by one or more of the GCA Parties and the Buyer (such agreement, the “Purchase Agreement”, and the transactions contemplated by the Purchase Agreement, the “Sale”).

D.The GCA Parties and the Buyer desire for the security interests and liens granted to the Lender pursuant to the GCA and other Loan Documents in the assets being sold pursuant to the Sale to be released upon consummation of the Sale, and the Lender is willing to agree to (i) such release upon application of certain of the proceeds therefrom to amounts owing to Lender under the Credit Agreement, (ii) certain amendments to the Credit Agreement and (iii) performance of the other terms and conditions provided for herein, all on the terms and subject to the conditions set forth herein.

E.The parties desire to amend the Credit Agreement on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt of which is hereby acknowledged, the GCA Parties and Lender hereby agree as follows:
1.Defined terms.     All capitalized terms used in this Amendment shall have the meanings set forth in the Credit Agreement, as amended hereby, except where the context otherwise requires or as otherwise provided herein. 

2.GCA Parties Obligations  The GCA Parties hereby agree as follows:
 (a)    Restructuring and Amendment Fee.  On or before the Effective Date, to pay, or caused to be paid to, Lender a restructuring and amendment fee in the amount of $150,000.00 by electronic wire transfer to the account of Lender to which payments by Borrower are to be made pursuant to the Credit Agreement.
(b)     Payment and Application of Proceeds of the Sale.  To pay or cause to be paid to Lender the Release Amount (as defined in Section 3 below) when and for application as provided in Section 3 below.
(c)    Amendment to Warrant Exercise Price/Expiration Date.   That on or before the Effective Date, the exercise price for certain outstanding warrants to purchase 1,931,663 shares of common stock of Performant Financial Corporation (“PFC”) held by the Lender or any affiliate thereof (the “Lender Holder”) (as such warrants are identified by the Lender before the Effective Date out of all of the currently outstanding warrants to purchase 5,794,990 shares of common stock of PFC), be amended to $0.96 per share.  In addition, on or before the Effective Date the expiration date for all outstanding warrants to purchase 5,794,990 shares of common stock of PFC held by the Lender Holder shall be extended to August 11, 2023 unless the currently applicable expiration date is a later date, and to take such other action as may be reasonably requested by the Lender Holder thereof to evidence such changes on or before the Effective Date.
(d)    Assets to be Sold. On or prior to the Effective Date, GCA Parties and Lender shall agree in writing to the list of assets to be sold pursuant to the Sale (such list, the “Assets to be Sold”).   
3.Application of Proceeds of Sale; Release of Security Interest.  Notwithstanding anything to the contrary provided in the Credit Agreement, the GCA or any other Loan Document:

(a)    on or prior to the Effective Date, the GCA Parties shall prepay, or shall cause Buyer to disburse as a prepayment on behalf of the GCA Parties, Lender for application in accordance with Section 3(c) the amount that is the lesser of (i) the purchase price (or a portion thereof) payable in cash by Buyer at the closing of the Purchase Agreement and (ii) U.S. Six Million Dollars (U.S. $6,000,000); provided that, if the payment to be made by Buyer to  Lender under the foregoing clauses (i) and (ii) of this Section 3(a) is less than U.S. Six Million Dollars (U.S. $6,000,000), the Borrower shall make a prepayment to the Lender in an amount equal to U.S. Six Million Dollars (U.S. $6,000,000) minus the amount paid by the Buyer pursuant to clause (i) of this Section 3(a); provided further that, in no event shall the aggregate amount to be paid to Lender by Buyer and Borrower under this Section 3(a) exceed U.S. Six Million Dollars (U.S. $6,000,000).  Payments to be made pursuant to this Section 3(a) shall be made by electronic wire to the account of Lender to which payments by Borrower are to be made pursuant to the Credit Agreement.

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(b)    the Lender agrees that upon receipt of U.S. Six  Million Dollars (U.S. $6,000,000) pursuant to Section 3(a) above (such amount, the “Release Amount”), plus all accrued and unpaid interest through the date of such payment with respect to the Release Amount under the Credit Agreement and the occurrence of the Effective Date (as defined below) (i) Lender shall be deemed to have consented to the sale of the Assets to be Sold for all purposes under the Loan Documents, (ii) all of Lender’s security interests and liens in the Assets to be Sold shall be automatically released, discharged and terminated in accordance with Section 8.17(b) of the GCA and (iii) Lender shall, if requested by the GCA Parties, consent to the filing of UCC-3 release statements or other liens releases reasonably requested to evidence or effectuate the release of such security interest and liens. 

(c)    the Release Amount, upon payment thereof, shall be (i) applied pro-rata to the principal amounts outstanding on each of the Loans, and the aggregate amount of principal payments due on the last day of each Fiscal Quarter shall be reduced to $787,500 and such aggregate payment amounts, when made, shall be applied pro-rata to each of the Loans and (ii) deemed to be a mandatory prepayment made in accordance with Section 2.6.2(a) of the Credit Agreement. 

4.Amendments and Waivers to Credit Agreement.  

(a)Effective as of the Effective Date: 

(i)Maturity Date. The definition of the term “Maturity Date” as it appears in Section 1.1 of the Credit Agreement is hereby amended in its entirety to provide as follows:

        “Maturity Date” means August 11, 2022.

(ii)Financial Covenants. Sections 7.14.1 and 7.14.2 of the Credit Agreement are hereby amended in their entirety to provide as follows:

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7.14.1    Fixed Charge Coverage Ratio.
Not permit the Fixed Charge Coverage Ratio as calculated on the last day of any Computation Period for the period of such Computation Period, commencing with the Computation Period ending September 30, 2017, to be less than the applicable ratio set forth below for such Computation Period:
						
	Computation Period Ending	Fixed Charge Coverage Ratio
	September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019	0.5:1.0
	March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020	1.0:1.0
	March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021	0.75:1.0
	March 31, 2022 and June 30, 2022	1.00:1.0
	Through the last day of each Computation Period after June 30, 2022 until all of the Obligations are Paid in Full	1.25:1.0

 
7.14.2    Total Debt to EBITDA Ratio.
Not permit the Total Debt to EBITDA Ratio, as of the last day of any Computation Period, commencing:

(a)     with the Computation Period ending September 30, 2017 through the Computation Period ending December 31, 2020 to exceed 6.00:1.00;

(b)    with the Computation Period ending March 31, 2021 through the Computation Period ending June 30, 2021 to exceed 8.00:1.00;

(c)    with the Computation Period ending September 30, 2021 to exceed 7.00:1.00; and

(d)    with the Computation Period ending December 31, 2021 through the last day of each Computation Period thereafter until all of the Obligations are Paid in Full to exceed 6.00:1.00.
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(b)Additional Understandings: 

(i)Additional Warrants; Future Warrant Exercise Price.  Notwithstanding anything to the contrary provided in the Credit Agreement, the GCA or any other Loan Document, the parties acknowledge and agree that if the Maturity Date is extended as set forth in Section 4(a)(i) of this Amendment, such extension shall constitute exercise of one option of the Borrower under Section 2.3 of the Credit Agreement to extend the Maturity Date and that Warrants issuable with respect to the exercise of such option to extend the Maturity Date are therefore required to be issued and delivered to the Lender, and the parties hereby agree that issuance and delivery to Lender of a Warrant to acquire 515,110 shares of common stock of PFC with an exercise price of $0.96 per share (the “Maturity Extension Warrant”) on or before the Effective Date shall satisfy such requirement.  The parties further agree that any Warrant to be issued pursuant to the Credit Agreement after the issuance of the foregoing described Warrant shall have an exercise price of $0.96 per share.

(ii)Waiver of 2020 Excess Cash Flow Prepayment.  Any mandatory prepayment due under Section 2.6.2(c) of the Credit Agreement in Fiscal Year 2021, with respect to any Excess Cash Flow determined with respect to Fiscal Year 2020 shall be due and payable on June 30, 2021; provided however, if the Effective Date occurs, then (1) such mandatory prepayment is hereby waived by the Lender, however (2) the Excess Cash Flow Certificate with respect to Fiscal Year 2020 shall continue to be furnished to the Lender as required under Section 6.1.3(b) of the Credit Agreement.

(iii)2021 Excess Cash Flow Prepayment.  The Parties hereby agree that notwithstanding any calculations or provisions to the contrary based on or contained in the Credit Agreement, the mandatory prepayments with respect to Excess Cash Flow determined with respect to Fiscal Year 2021 shall be at least U.S. Six Million Dollars ($6,000,000) (the “Minimum 2021 Excess Cash Flow Payment”), provided that if in connection with a sale of any GCA Parties’ assets, other than the Sale, in 2021 Borrower makes any mandatory prepayments to the Lender in Fiscal Year 2021, such mandatory prepayments shall reduce dollar for dollar the Minimum 2021 Excess Cash Flow Payment.  Mandatory prepayments with respect to any Excess Cash Flow determined with respect to Fiscal Year 2022 and each subsequent Fiscal Year, if applicable, shall be required to be paid in accordance with the terms of the Credit Agreement. 

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(iv)Future Sales; Additional Lender Consents.  

(A) The effect of clause (i) of the definition of Disposition shall be excluded from the determination of what constitutes a Disposition with respect to any transaction constituting a sale, disposition or other transfer of assets similar to the Assets to be Sold and used in the same line of business by the applicable GCA Party as the Assets to be Sold or of the equity of any entity which owns any such business, and Section 7.4(b)(ii) shall not apply to any such transaction.  

(B) To the extent Lender consent is required with respect to any additional sales or transfers of assets of GCA Parties or winding down of a particular business line after the Sale, Lender consent to such sale, transfer or winding down shall not be unreasonably withheld, conditioned or delayed, but Lender may condition any such consent on (A) the payment of a consent fee with respect any such  proposed transaction of not more than $25,000 per transaction requiring consent and (B) excluding the effect of clause (vi)(A) of the definition of Net Cash Proceeds from the determination of the amount of Net Cash Proceeds of any such transaction required to be paid to Lender. 
5.Representations and Warranties.  Each GCA Party hereby jointly and severally represents, warrants and covenants to the Lender that on the date hereof and on the Effective Date:
    (a)    No representation or warranty of any GCA Party contained in the Credit Agreement or any of the other Loan Documents, including this Amendment, shall be untrue or incorrect in any material respect (without duplication of any materiality qualifier contained therein), except to the extent that such representation or warranty expressly relates to an earlier date, in which case such representation and warranty shall be true and correct in any material respect (without duplication of any materiality qualifier contained therein) as of such earlier date, and no Default or Event of Default has occurred and is continuing, or would result after giving effect hereto.
    (b)    Each GCA Party has the power and authority to execute, deliver and perform this Amendment and has taken all necessary corporate or limited liability company action to authorize its execution, delivery and performance of this Amendment. 
    (c)    The execution, delivery and performance by each GCA Party of this Amendment does not and will not (i) require any consent or approval of any government agency or authority (other than approval which has been duly obtained), (ii) conflict with (x) any provision of applicable law, (y) the charter, by-laws or other organizational documents of such GCA Party or (z) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon such GCA Party or any of its respective properties, or (iii) require, or result in, the creation or imposition of any Lien on any asset of GCA Parties (other than Liens in favor of Lender created pursuant to the Collateral Documents), in each case of the foregoing clauses (i) through (iii), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  
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    (d)    This Amendment has been duly executed and delivered by each GCA Party and constitutes the legal, valid and binding obligation of each GCA Party, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability. 

6.Conditions to Effectiveness. Sections 4(a) and 12 of this Amendment shall become effective as of the date (the “Effective Date”) when, and only when, each of the following has occurred or is waived in writing by the Lender:

(a)     this Amendment has been executed on behalf of each of the parties hereto and delivered by each such party to each of the other such parties;

(b)    the Purchase Agreement shall have been executed and delivered by each of the parities thereto and a copy thereof  certified as true and correct by the GCA Parties delivered to the Lender;

(c)    Closing of the Purchase Agreement shall have occurred within ninety (90) days of the date hereof;

(d)    The Assets to be Sold list shall have been agreed to in writing by the GCA Parties and the Lender, and the GCA Parties’ obligations and covenants set forth in Section 2 and Section 3 hereof, and delivery of the Maturity Extension Warrant pursuant to Section 4(b)(i) hereof shall have been performed; 

(e)     the representations and warranties made by the GCA Parties herein are true and correct, as of such date; and

(f)    PFC has executed and delivered to ECMC Holdings Corporation (“Holdings”) an amendment to the Agreement for Purchase of LLC Membership Interests between Holdings and PFC, dated as of August 9, 2018, as previously amended (the “Premiere Purchase Agreement”) on terms reasonably satisfactory to Holdings (i) providing for the issuance of 300,000 shares of the common stock of PFC, in full and final satisfaction of the contingent earn-out obligations under the Premiere Purchase Agreement and (ii) confirming that such shares are subject to the Registration Rights Agreement, dated as of August 31, 2018 between PFC and Holdings.
For the avoidance of doubt, if the Effective Date does not occur within ninety (90) days of the date hereof because any of the foregoing conditions is not satisfied or waived in writing by the Lender, this Amendment shall be void and of no effect.  

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7.Reference to and Effect on the Loan Documents.

(a)    From and after the date of this Amendment, each reference in the Credit Agreement or the GCA to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement or the GCA, and each reference to the “Credit Agreement”, “Guarantee and Collateral Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement or the GCA in any other Loan Document shall mean and be a reference to the Credit Agreement and the GCA, as amended hereby.

(b)    Except as specifically set forth above, the Credit Agreement, the GCA and other Loan Documents remain in full force and effect and are hereby ratified and confirmed.   Except as specifically provided in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver or forbearance of any right, power or remedy of Lender under the Credit Agreement or any other Loan Documents, or constitute a consent, waiver or modification with respect to any provision of the Credit Agreement or any other Loan Documents.

8.Entire Agreement. The Credit Agreement, as amended by this Amendment, collectively sets forth the entire understanding and agreements of the parties hereto in relation to the subject matter hereof and supersede any prior negotiations and agreements between the parties relative to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Credit Agreement or any other Loan Document, as amended by this Amendment, shall bind any party hereto, and none of the Lender or Borrower have relied on any such promise, condition, representation or warranty.

9.Counterparts. This Amendment may be executed in one or more counterparts, each of which and together shall be considered an original, and together they shall constitute one and the same instrument. 

10.Enforceability. Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

11.Governing Law; Jurisdiction; Venue; Jury Trial. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THIS AMENDMENT SHALL BE SUBJECT TO THE JURISDICTION, VENUE, AND JURY TRIAL PROVISIONS OF THE CREDIT AGREEMENT.

8 

12.Releases.  (a)    Effective as of the Effective Date, each of the GCA Parties hereby absolutely and unconditionally releases and forever discharges the Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, that any the GCA  Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the Effective Date, whether such claims, demands and causes of action are matured or unmatured, or known or unknown; provided that, the foregoing release and waiver does not include any obligations of Lender arising after the Effective Date provided for under this Amendment and under the Credit Agreement, the GCA, and each of the other Loan Documents, as each may be amended hereby, which as amended hereby, continue in full force and effect notwithstanding the foregoing release.
(b)    Effective as of the Effective Date, the Lender hereby absolutely and unconditionally releases and forever discharges the GCA Parties, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, that the Lender has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the Effective Date, whether such claims, demands and causes of action are matured or unmatured, or known or unknown; provided that the foregoing release and waiver does not include any obligations of each of the GCA Parties provided for under this Amendment and under the Credit Agreement, the GCA, each Warrant outstanding on the date hereof or issued pursuant hereto, and each of the other Loan Documents, as each may be amended hereby, which as amended hereby, continue in full force and effect notwithstanding the foregoing release.
13.Fees and Expenses.  The parties acknowledge and agree that this Amendment is a “Loan Document” as defined in the Credit Agreement, and is subject to the provisions of Section 9.4 of the Credit Agreement with respect to the payment of reasonable and documented out-of-pocket fees and expenses of Lender.

14.Headings; Recitals.   Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. The Recitals hereto are incorporated herein by reference.

15.Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the GCA Parties and the Lender, and their respective permitted successors and assigns.

[signature pages follow]
9 

In Witness whereof, the parties have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the date first set forth above. 
GCA PARTIES:
									
		PERFORMANT BUSINESS SERVICES, INC.
		A Nevada corporation
			
		By:	/s/ Harold Leach            

		Its:	President                

			
			PERFORMANT FINANCIAL CORPORATION
			A Delaware corporation
			
		By:	/s/ Lisa Im                

		Its:	CEO                    

			
			PERFORMANT TECHNOLOGIES, LLC
			A California limited liability company
			
		By:	/s/ Harold Leach            

		Its:	Manager                

			
			PREMIERE CREDIT OF NORTH AMERICA, LLC
			An Indiana limited liability company
			
		By:	/s/ Steve Sturgeon            

		Its:	Manager                

			
			PERFORMANT RECOVERY, INC.
			A California corporation
			
		By:	/s/ Harold Leach            

		Its:	President                

			
			HEALTHCARE BILLING ADMINISTRATORS, LLC
			An Indiana limited liability company
			
		By:	/s/ Sarah DeMoss            

		Its:	Manager                

Signature Page to Fifth Amendment to Credit Agreement

LENDER: 
									
			ECMC GROUP, INC.
			A Delaware non-profit corporation
			
		By:	/s/ Martin Scanlon            

		Its:	CFO                    

Signature Page to Fifth Amendment to Credit Agreement

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