Document:

Exhibit
4.6

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL
IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

Company:
MTBC, Inc., a Delaware corporation

Number
of Shares: 1,000,000, subject to adjustment

Type/Series
of Stock: Common Stock, $0.001 par value per share

Warrant
Price: $10.00 per share

Issue
Date: January 8, 2020

Expiration
Date: January 8, 2023

 

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, Runway Growth Credit Fund Inc., a Maryland corporation (together
with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
is entitled to purchase the above-stated number of fully paid and non-assessable shares (the “Shares”)
of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”)
at a purchase price per Share equal to the Warrant Price (as defined below) all as set forth above and as adjusted pursuant to
Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

This
Warrant is issued pursuant to an Agreement and Plan of Merger, dated as of January 8, 2020 (the “Merger Agreement”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Merger Agreement.

 

A.
Warrant Price. The purchase price per Share hereunder (the “Warrant Price”) shall be $10.00 per
share.

 

SECTION
1. EXERCISE.

 

1.1
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of
payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set
forth in Section 1.1 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such
exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares
not so acquired.

 

1.3
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory
in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

    	 	 	 

    	 

    

 

1.4
Treatment of Warrant Upon Acquisition of Company.

 

(a)
Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the
assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger
or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which
the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own
less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately
after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding
voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving
or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing
at least a majority of the Company’s then-total outstanding combined voting power.

 

(b)
Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share would be greater than the Warrant Price in effect on such
date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above
as to all Shares, then Holder shall have the option to exercise this Warrant immediately prior to and contingent upon the consummation
of a Cash/Public Acquisition, and upon such exercise, Holder shall be deemed to have restated each of the representations and
warranties in Section 4 of the Warrant as of the date thereof. In the event of a Cash/Public Acquisition where the fair market
value of one Share would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this
Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.

 

(c)
Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume
the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

(d)
As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports
and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six
(6) months from the closing of such Acquisition.

 

    	 	2	 

    	 

    

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this
Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities
and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number
of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2
Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class
are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class
and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of
such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions,
replacements or other similar events.

 

2.3
No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be
issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value of a full Share, less (ii) the then-effective Warrant Price.

 

2.4
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company,
at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant
Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from
Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant
Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1
Representations and Covenants. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)
All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully
paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws.

 

    	 	3	 

    	 

    

 

(b)
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital
stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

3.2
Notice of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class
or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares
of the Class; or

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up;

 

then,
in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner as given
to holders of the outstanding shares of the Class.

 

SECTION
4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The
Holder represents and warrants to the Company as follows:

 

4.1
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being
acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Securities Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares.

 

4.2
Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received
or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with
respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can
bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in
this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

    	 	4	 

    	 

    

 

4.4
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Securities Act and has sufficient knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of this Warrant and the Shares issuable hereunder.

 

4.5
Warrant Not Registered. Holder understands that this Warrant has not been registered under the Securities Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein.

 

4.6
No Voting Rights. This Warrant does not contain or give any voting rights to any Holder hereof.

 

SECTION
5. MISCELLANEOUS.

 

5.1
Term. Subject to the provisions of Section 1.4 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

5.2
Legends. Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED
BY THE ISSUER TO RUNWAY GROWTH CREDIT FUND INC. DATED JANUARY 8, 2020, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be
transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor
and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably
satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion
of counsel if the transfer is to a parent company or any other affiliate of Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act.

 

5.4
Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder
and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee,
provided, however, in connection with any such transfer, any subsequent Holder will give the Company notice of the portion of
the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee and Holder
will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further,
that any subsequent transferee shall agree in writing with the Company to be bound by all of the terms and conditions of this
Warrant.

 

    	 	5	 

    	 

    

 

5.5
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class
registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt
is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may
be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices
to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer
or otherwise:

 

Runway
Growth Credit Fund Inc.

205
N Michigan Ave., Suite 4200

Chicago,
IL 60601

Attention:
Legal Reporting

Email:
legalreporting@runwaygrowth.com

runwayagency@cortlandglobal.com

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

MTBC,
Inc.

Attn:
General Counsel

7
Clyde Road

Somerset,
NJ 08873

Telephone:
(732) 873-5133

Email:
spatel@mtbc.com

 

5.6
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.

 

5.7
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same
extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.8
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey,
without giving effect to its principles regarding conflicts of law. The parties irrevocably agree that any action to enforce the
provisions of this Agreement or arising under or by reason of this Agreement shall be brought solely in the Superior Court of
New Jersey, Somerset County venue.

 

5.9
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

5.10
Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which banks
in New York City are closed.

 

[Remainder
of page left blank intentionally]

[Signature
page follows]

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 	 
	MTBC,
    INC.	 
	 	 	 
	By:
    	/s/
    Shruti Patel	 
	Name:
    	Shruti
    Patel	 
	Title:	General
    Counsel	 
	 	 	 
	“HOLDER”	 
	 	 	 
	RUNWAY
    GROWTH CREDIT FUND INC.	 
	 	 	 
	By:	/s/
    David Spreng	 
	Name:	David
    Spreng	 
	 	(Print)	 
	Title:	CEO	 

 

    	 	7	 

    	 

    

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common Stock of __________________ (the
“Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate
Warrant Price for such shares as follows:

 

	 	[  ]	check in the amount of $________ payable to order of
the Company enclosed herewith
	 	 	 
	 	[  ]	Wire transfer of immediately available funds to the
Company’s account
	 	 	 
	 	[  ]	Other [Describe] __________________________________________

 

2.
Please issue a certificate or certificates representing the Shares in the name specified below:

 

	 
	Holder’s
    Name
	 
	 
	(Address)

 

3.
By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 
	 	By:	     
	 	Name:	 
	 	Title:	 
	 	(Date):Exhibit
10.16

 

JOINDER
AND THird LOAN MODIFICATION AGREEMENT

 

This
Joinder and Third Loan Modification Agreement (this “Agreement”) is entered into as of February 28, 2020, by and among
(a) SILICON VALLEY BANK, a California corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara,
California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”),
(b) (i) MTBC, INC. (formerly known as MEDICAL TRANSCRIPTION BILLING, CORP.), a Delaware corporation with its principal
place of business at 7 Clyde Road, Somerset, New Jersey 08873 (“Parent”), (ii) MTBC ACQUISITION, CORP.,
a Delaware corporation with its principal place of business at 7 Clyde Road, Somerset, New Jersey 08873 (“Acquisition”),
(iii) MTBC HEALTH, INC., a Delaware corporation with its principal place of business at 7 Clyde Road, Somerset, New Jersey
08873 (“Health”), and (iv) MTBC PRACTICE MANAGEMENT, CORP., a Delaware corporation with its principal
place of business at 7 Clyde Road, Somerset, New Jersey 08873 (“Management” and, together with Parent, Acquisition,
and Health, jointly and severally, individually and collectively, “Existing Borrower”), and (c) (i) MTBC-MED,
INC., a Delaware corporation with its principal place of business at 7 Clyde Road, Somerset, New Jersey 08873 (“MTBC-Med”)
and (ii) CARECLOUD CORPORATION, a Delaware corporation with its principal place of business at 7 Clyde Road, Somerset,
New Jersey 08873 (“CareCloud”, and, together with MTBC-Med jointly, severally, individually and collectively,
“New Borrower”, and New Borrower, together with Existing Borrower, jointly, severally, individually and collectively,
“Borrower”).

 

1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Existing
Borrower to Bank, Existing Borrower is indebted to Bank pursuant to a loan arrangement dated as of October 13, 2017, evidenced
by, among other documents, a certain Loan and Security Agreement dated as of October 13, 2017, between Existing Borrower and Bank,
as amended and affected by a certain Joinder and First Loan Modification Agreement dated as of September 20, 2018, and as further
amended by a certain Second Loan Modification Agreement dated as of November 15, 2019 (as has been and as may be further amended,
modified, restated, replaced or supplemented from time to time, the “Loan Agreement”). Capitalized terms used but
not otherwise defined herein shall have the same meaning as in the Loan Agreement.

 

2.
JOINDER TO LOAN AGREEMENT. New Borrower hereby joins the Loan Agreement and each of the Loan Documents, and agrees to comply
with and be bound by all of the terms, conditions and covenants of the Loan Agreement and Loan Documents, as if it were originally
named a “Borrower” therein. Without limiting the generality of the preceding sentence, New Borrower agrees that it
will be jointly and severally liable, together with Existing Borrower, for the payment and performance of all obligations and
liabilities of Borrower under the Loan Agreement, including, without limitation, the Obligations. Each Borrower hereby appoints
each other Borrower as its agent for all purposes hereunder. Each Borrower hereunder shall be obligated to repay all Credit Extensions
made pursuant to the Loan Agreement, regardless of which Borrower actually receives said Credit Extension, as if each Borrower
hereunder directly received all Credit Extensions.

 

3.
SUBROGATION AND SIMILAR RIGHTS. Each Borrower waives any suretyship defenses available to it under the Code or any other
applicable law until all Obligations are indefeasibly paid in full (except for inchoate indemnification obligations). Each Borrower
waives any right to require Bank to: (i) proceed against any other Borrower or any other person; (ii) proceed against or exhaust
any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or remedy it has against any Borrower
or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s
liability. Notwithstanding any other provision of this Agreement, the Loan Agreement or other Loan Documents, each Borrower irrevocably
fully subordinates and defers, until all Obligations are indefeasibly paid in full (except for inchoate indemnification obligations)
all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of
Bank under the Loan Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower,
or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower
with respect to the Obligations in connection with the Loan Agreement or otherwise and all rights that it might have to benefit
from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations
in connection with the Loan Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement
prohibited under this Section 3 shall be null and void. If any payment is made to a Borrower in contravention of this Section
3, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application
to the Obligations, whether matured or unmatured.

 

    	 	1	 

    	 

    

 

4.
GRANT OF SECURITY INTEREST. To secure the prompt payment and performance of all of the Obligations, New Borrower hereby
grants to Bank a continuing lien upon and security interest in all of New Borrower’s now existing or hereafter arising rights
and interest in the Collateral, whether now owned or existing or hereafter created, acquired, or arising, and wherever located,
including, without limitation, all of New Borrower’s assets, and all of New Borrower’s books relating to the foregoing
and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories,
accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. New
Borrower further covenants and agrees that by its execution hereof it shall provide all such information, complete all such forms,
and take all such actions, and enter into all such agreements, in form and substance reasonably satisfactory to Bank that are
reasonably deemed necessary by Bank in order to grant a valid, perfected first priority security interest to Bank in the Collateral
(subject only to Permitted Liens that are permitted pursuant to the terms of the Loan Agreement to have superior priority to Bank’s
lien under the Loan Agreement). New Borrower hereby authorizes Bank to file financing statements, without notice to Borrower,
with all appropriate jurisdictions in order to perfect or protect Bank’s interest or rights hereunder, including a notice
that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank
under the Code. Any such financing statement may indicate the Collateral as “all assets of Debtor” or words of similar
effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion.

 

5.
REPRESENTATIONS AND WARRANTIES. New Borrower hereby represents and warrants to Bank that all representations and warranties
in the Loan Documents made on the part of Existing Borrower are true and correct on the date hereof with respect to New Borrower,
with the same force and effect as if New Borrower was named as “Borrower” in the Loan Documents in addition to Existing
Borrower.

 

6.
DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by, among other property, the Collateral as defined
in the Loan Agreement (together with any other collateral security granted to Bank, as amended the “Security Documents”).
Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred
to as the “Existing Loan Documents”.

 

7.
DELIVERY OF DOCUMENTS. Each Borrower hereby agrees that the following documents shall be delivered to Bank prior to or
contemporaneously with delivery of this Agreement, each in form and substance satisfactory to Bank:

 

	 	a.	a
    secretary’s corporate borrowing certificate for each New Borrower with respect to such Borrower’s certificate
    of incorporation, by-laws, incumbency and resolutions authorizing the execution and delivery of this Agreement and the other
    documents required by Bank in connection with this Agreement;
	 	 	 
	 	b.	consent
    of the shareholders of each New Borrower authorizing the execution and delivery of this Agreement and the other documents
    required by Bank in connection with this Agreement (if required by such New Borrower’s corporate documents);
	 	 	 
	 	c.	a
    long-form Certificate of Good Standing for each New Borrower from the State of Delaware;
	 	 	 
	 	d.	the
    results of a UCC search for each New Borrower indicating that there are no Liens other than Permitted Liens, and otherwise
    in form and substance satisfactory to Bank; 

 

    	 	2	 

    	 

    

 

	 	e.	a
    Perfection Certificate for each Borrower;
	 	 	 
	 	f.	evidence
    of insurance (on Acord 28 and Acord 25 certificates, together with endorsements to the liability and property policies, as
    acceptable to Bank) for each New Borrower; and
	 	 	 
	 	g.	such
    other documents as Bank may reasonably request.

 

8.
DESCRIPTION OF CHANGE IN TERMS.

 

	 	A.	Modifications
    to Loan Agreement.

 

	 	1	Borrower
    hereby acknowledges and agrees that, on or before the date that is thirty (30) days from the date of this Agreement, Borrower
    will deliver to Bank, in form and substance satisfactory to Bank, (a) an Acord 25 liability insurance certificate, (b) an
    Acord 28 property insurance certificate, (c) an endorsement to Borrower’s liability insurance policy naming Bank as
    an additional insured, (d) an endorsement to Borrower’s property insurance policy naming Bank as lender’s loss
    payable, and (e) endorsements to Borrower’s liability and property insurance policies stating that the insurer will
    provide Bank with thirty (30) days’ prior written notice before any such policy or policies shall be materially altered
    or canceled. Borrower acknowledges and agrees that the failure of Borrower to satisfy the requirements set forth in the immediately
    preceding sentence on or before the date that is thirty (30) days from the date of this Agreement shall result in an immediate
    Event of Default under the Loan Agreement for which there shall be no grace or cure period.
	 	 	 
	 	2	The
    Loan Agreement shall be amended by deleting the following text, appearing in Section 6.9 thereof:

 

“(a)
Liquidity Ratio. Maintain at all times, to be tested as of the last day of each month, a Liquidity Ratio of at least 1.0
to 1.0.”

 

and
inserting in lieu thereof the following:

 

“(a)
Liquidity Ratio. Maintain: (i) at all times during the period commencing on the Effective Date through February 27, 2020,
to be tested as of the last day of each month, a Liquidity Ratio of at least 1.0 to 1.0; (ii) at all times during the period commencing
on February 28, 2020 through and including September 30, 2020, to be tested as of the last day of each month, a Liquidity Ratio
of at least 1.25 to 1.0; and (iii) at all times on and after October 1, 2020, to be tested as of the last day of each month, a
Liquidity Ratio of at least 1.0 to 1.0.”

 

    	 	3	 

    	 

    

 

	 	3	The
    Loan Agreement shall be amended by deleting the following text, appearing in Section 6.9(b) thereof:

 

“(ii)
to be tested as of the last day of each month commencing with the month ending November 30, 2019, Adjusted EBITDA, measured for
the six (6) month period ending on the last day of such month, of at least (A) One Million Four Hundred Fifty Thousand Dollars
($1,450,000.00) for the six (6) month period ending November 30, 2019, (B) One Million Five Hundred Thousand Dollars ($1,500,000.00)
for the six (6) month period ending December 31, 2019, (C) One Million Six Hundred Thousand Dollars ($1,600,000.00) for the six
(6) month periods ending January 31, 2020, February 29, 2020, and March 31, 2020, (D) One Million Eight Hundred Fifty Thousand
Dollars ($1,850,000.00) for the six (6) month periods ending April 30, 2020, May 31, 2020, and June 30, 2020, (E) Two Million
Fifty Thousand Dollars ($2,050,000.00) for the six (6) month periods ending July 31, 2020, August 31, 2020, and September 30,
2020, and (F) Two Million Two Hundred Fifty Thousand Dollars ($2,250,000.00) for the six (6) month period ending October 31, 2020
and for the six (6) month period ending on the last day of each month thereafter.”

 

and
inserting in lieu thereof the following:

 

“(ii)
to be tested as of the last day of each month set forth below commencing with the month ending November 30, 2019, Adjusted EBITDA,
measured for the six (6) month period ending on the last day of such month, of at least (A) One Million Four Hundred Fifty Thousand
Dollars ($1,450,000.00) for the six (6) month period ending November 30, 2019 and (B) Two Million Two Hundred Fifty Thousand Dollars
($2,250,000.00) for the six (6) month period ending October 31, 2020 and for the six (6) month period ending on the last day of
each month thereafter.”

 

	 	4	The
    Loan Agreement shall be amended by deleting the following text, appearing in the definition of “Permitted Indebtedness”
    in Section 13.1 thereof:

 

“(f)
Indebtedness consisting of the financing of insurance premiums not exceeding Four Hundred Fifty Thousand Dollars ($450,000.00)
in the aggregate outstanding at any time; and”

 

and
inserting in lieu thereof the following:

 

“(f)
Indebtedness consisting of the financing of insurance premiums not exceeding Six Hundred Thousand Dollars ($600,000.00) in the
aggregate outstanding at any time; and”

 

	 	5	The
    Loan Agreement shall be amended by inserting the following new definitions, appearing alphabetically in Section 13.1 thereof:

 

“CareCloud”
is CareCloud Corporation, a Delaware corporation.”

 

“MTBC-Med”
is MTBC-Med, Inc., a Delaware corporation.”

 

	 	6	The
    Loan Agreement shall be amended by deleting the following definition, appearing in Section 13.1 thereof:

 

“Borrower”
means, individually and collectively, jointly and severally, Parent Borrower, Acquisition, Health and Management.”

 

and
inserting in lieu thereof the following:

 

“Borrower”
means, individually and collectively, jointly and severally, Parent Borrower, Acquisition, Health, Management, MTBC-Med and CareCloud.”

 

    	 	4	 

    	 

    

 

	 	7	The
    Loan Agreement shall be amended in the definition of Permitted Investments in Section 13.1 thereof by (i) deleting “and”
    appearing at the end of subsection (g) and (ii) deleting subsection (h) in its entirety and inserting in lieu thereof:

 

“(h)
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who
are not Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower
in any Subsidiary; and

 

(i)
Investments by Borrower in an independent telehealth entity in an aggregate amount not to exceed One Million Dollars ($1,000,000.00).”

 

	 	8	The
    Compliance Certificate appearing as Exhibit B to the Loan Agreement is hereby replaced with the Compliance Certificate
    attached as Schedule 1 hereto.

 

9.
FEES AND EXPENSES. Borrower shall pay to Bank a modification fee equal to Two Thousand Five Hundred Dollars ($2,500.00),
which fee shall be fully earned, due and payable as of the date hereof. Borrower shall also reimburse Bank for all legal fees
and expenses incurred in connection with this amendment to the Existing Loan Documents.

 

10.
PERFECTION CERTIFICATES.

 

(a)
Parent hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of February 28, 2020 (the “Parent Perfection Certificate”) delivered by Parent to Bank,
and acknowledges, confirms and agrees that the disclosures and information Parent provided to Bank in the Parent Perfection Certificate
have not changed, as of the date hereof.

 

(b)
Acquisition hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of February 28, 2020 (the “Acquisition Perfection Certificate”) delivered by Acquisition
to Bank, and acknowledges, confirms and agrees that the disclosures and information Acquisition provided to Bank in the Acquisition
Perfection Certificate have not changed, as of the date hereof.

 

(c)
Health hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of February 28, 2020 (the “Health Perfection Certificate”) delivered by Health to Bank,
and acknowledges, confirms and agrees that the disclosures and information Health provided to Bank in the Health Perfection Certificate
have not changed, as of the date hereof.

 

(d)
Management hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of February 28, 2020 (the “Management Perfection Certificate”) delivered by Management
to Bank, and acknowledges, confirms and agrees that the disclosures and information Management provided to Bank in the Management
Perfection Certificate have not changed, as of the date hereof.

 

(e)
In connection with this Agreement, MTBC-Med delivered to Bank a Perfection Certificate signed by MTBC-Med dated as of the date
of this Agreement (the “MTBC-Med Perfection Certificate”). MTBC-Med represents and warrants to Bank that: (i)
MTBC-Med’s exact legal name is that indicated on the MTBC-Med Perfection Certificate and on the signature page hereof; and
(ii) MTBC-Med is an organization of the type, and is organized in the jurisdiction, set forth in the MTBC-Med Perfection Certificate;
and (iii) the MTBC-Med Perfection Certificate accurately sets forth MTBC-Med’s organizational identification number or accurately
states that MTBC-Med has none; (iv) the MTBC-Med Perfection Certificate accurately sets forth MTBC-Med’s place of business,
or, if more than one, its chief executive office as well as MTBC-Med’s mailing address if different, and (v) all other information
set forth on the MTBC-Med Perfection Certificate pertaining to MTBC-Med is accurate and complete.

 

    	 	5	 

    	 

    

 

(f)
In connection with this Agreement, CareCloud delivered to Bank a Perfection Certificate signed by CareCloud dated as of the date
of this Agreement (the “CareCloud Perfection Certificate”). CareCloud represents and warrants to Bank that:
(i) CareCloud’s exact legal name is that indicated on the CareCloud Perfection Certificate and on the signature page hereof;
and (ii) CareCloud is an organization of the type, and is organized in the jurisdiction, set forth in the CareCloud Perfection
Certificate; and (iii) the CareCloud Perfection Certificate accurately sets forth CareCloud’s organizational identification
number or accurately states that CareCloud has none; (iv) the CareCloud Perfection Certificate accurately sets forth CareCloud’s
place of business, or, if more than one, its chief executive office as well as CareCloud’s mailing address if different,
and (v) all other information set forth on the CareCloud Perfection Certificate pertaining to CareCloud is accurate and complete.

 

Borrower
hereby acknowledges and agrees that all references in the Loan Agreement to the “Perfection Certificate” shall mean
and include, collectively, the Parent Perfection Certificate, the Acquisition Perfection Certificate, the Health Perfection Certificate,
the Management Perfection Certificate, the MTBC-Med Perfection Certificate, and the CareCloud Perfection Certificate.

 

11.
CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described
above.

 

12.
RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security
or other collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

 

13.
RELEASE BY BORROWER.

 

	 	A.	FOR
    GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Bank and its present or former
    employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities,
    demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature,
    description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out
    of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing
    or arising from the beginning of time through and including the date of execution of this Agreement (collectively “Released
    Claims”). Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising
    out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments,
    agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration,
    servicing and/or enforcement of any of the foregoing.
	 	 	 
	 	B.	In
    furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California
    Civil Code, which provides as follows:

 

“A
general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or
her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement
with the debtor or released party.” (Emphasis added.)

 

    	 	6	 

    	 

    

 

	 	C.	By
    entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter
    discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the
    intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known
    or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon
    in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled
    to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances
    whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made
    by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
	 	 	 
	 	D.	This
    release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit,
    or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that
    the release contained herein constitutes a material inducement to Bank to enter into this Agreement, and that Bank would not
    have done so but for Bank’s expectation that such release is valid and enforceable in all events.

 

	 	E.	Borrower
    hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

 

	 	1	Except
    as expressly stated in this Agreement, neither Bank nor any agent, employee or representative of Bank has made any statement
    or representation to Borrower regarding any fact relied upon by Borrower in entering into this Agreement.
	 	 	 
	 	2	Borrower
    has made such investigation of the facts pertaining to this Agreement and all of the matters appertaining thereto, as it deems
    necessary.
	 	 	 
	 	3	The
    terms of this Agreement are contractual and not a mere recital.
	 	 	 
	 	4	This
    Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Agreement
    is signed freely, and without duress, by Borrower.
	 	 	 
	 	5	Borrower
    represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every
    other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer,
    to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold
    it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments
    or transfers of any claims or matters released herein.

 

14.
CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s
representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant
to this Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement
to modifications to the existing Obligations pursuant to this Agreement in no way shall obligate Bank to make any future modifications
to the Obligations. Nothing in this Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank
in writing. No maker will be released by virtue of this Agreement.

 

15.
COUNTERSIGNATURE. This Agreement shall become effective only when it shall have been executed by Borrower and Bank.

 

[The
remainder of this page is intentionally left blank]

 

    	 	7	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a sealed instrument under the laws of the Commonwealth
of Massachusetts as of the date first written above.

 

	EXISTING
    BORROWER:	 	BANK:
	 	 	 
	MTBC,
    INC.	 	SILICON
    VALLEY BANK
	 	 	 
	By
    	/s/
    Bill Korn	 	By	/s/
    Michael McMahon
	Name:
    	Bill
    Korn                       	 	Name:	Michael
    McMahon
	Title:
    	CFO	 	Title:
    	Director
	 	 	 	 	 
	MTBC
    ACQUISITION, CORP.	 	 	 
	 	 	 	 
	By
    	/s/
    Bill Korn	 	 	 
	Name:
    	Bill
    Korn 	 	 	 
	Title:
    	CFO	 	 	 
	 	 	 	 	 
	MTBC
    HEALTH, INC.	 	 	 
	 	 	 	 
	By
    	/s/
    Bill Korn	 	 	 
	Name:
    	Bill
    Korn 	 	 	 
	Title:
    	CFO	 	 	 
	 	 	 	 	 
	MTBC
    PRACTICE MANAGEMENT, CORP.	 	 	 
	 	 	 	 
	By
    	/s/
    Bill Korn	 	 	 
	Name:
    	Bill
    Korn 	 	 	 
	Title:
    	CFO	 	 	 

 

[Signatures
continue on the next page]

 

    	 	 	 

    	 

    

 

	NEW
    BORROWER	 	 	 
	 	 	 	 
	MTBC-MED,
    INC.	 	 	 
	 	 	 	 
	By
    	/s/
    Bill Korn                      	 	 	 
	Name:
    	Bill
    Korn 	 	 	 
	Title:
    	CFO	 	 	 
	 	 	 	 	 
	CARECLOUD
    CORPORATION	 	 	 
	 	 	 	 
	By
    	/s/
    Bill Korn	 	 	 
	Name:
    	Bill
    Korn 	 	 	 
	Title:
    	CFO	 	 	 

 

    	 	 	 

    	 

    

 

SCHEDULE
1

 

EXHIBIT
B

COMPLIANCE
CERTIFICATE

 

	TO:	SILICON
    VALLEY BANK	 	Date:_________________
    
	FROM:
    	MTBC,
    INC., MTBC ACQUISITION, CORP.,	 	 
	 	MTBC
    HEALTH, INC., MTBC PRACTICE	 	 
	 	MANAGEMENT,
    CORP., MTBC-MED, INC. and	 	 
	 	CARECLOUD
    CORPORATION	 	 

 

The
undersigned authorized officer of MTBC, INC., MTBC ACQUISITION, CORP., MTBC HEALTH, INC., MTBC PRACTICE MANAGEMENT, CORP., MTBC-MED,
INC. and CARECLOUD CORPORATION (jointly and severally, individually and collectively, “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
    Covenants	 	Required	 	Complies
	 	 	 	 	 
	Monthly
    financial statements with  Compliance Certificate 	 	Monthly
    within 30 days	 	Yes  No
	Annual
    financial statements (CPA Audited) on Form 10-K	 	Within
        5 days after filing with

        SEC
	 	 
	10-Q
    and 8-K	 	Within
        5 days after filing with

        SEC
	 	Yes  No
	A/R
    & A/P Agings	 	Monthly
    within 30 days	 	Yes  No
	Repeatable
    Revenue Reports	 	Monthly
    within 30 days	 	Yes  No
	Board-approved
    projections	 	FYE
        within 30 days, and as updated/

        amended
	 	Yes  No

 

	Financial
    Covenants	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Maintain
    as indicated:	 	 	 	 	 	 
	Liquidity
    Ratio (at all times; tested monthly)	 	>
    ____* : 1.0	 	______
    : 1.0	 	Yes  No
	Adjusted
        EBITDA (trailing six-month; tested

        monthly)
	 	 

        >
        _______**
	 	 

        ______
        : 1.0
	 	 

        Yes  No  N/A

 

*
As set forth in Section 6.9(a) of the Agreement

**
As set forth in Section 6.9(b) of the Agreement

 

    	 	 	 

    	 

    

 

The
following financial covenant analyses 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.”)

 

 

 

	 

                                                                                                                 

                                                                                                                MTBC,
        INC.

        MTBC
        ACQUISITION, CORP.

        MTBC
        HEALTH, INC.

        MTBC
        PRACTICE MANAGEMENT, CORP.

        MTBC-MED,
        INC.

        CARECLOUD
        CORPORATION

         

        By:
                                                             

        Name:
                                                        

        Title:
                                                          
	BANK
        USE ONLY

         

        Received
        by: _____________________

        authorized
        signer

        Date:
      _________________________

         

        Verified:
        ________________________

        authorized
        signer

        Date:
              _________________________

         

        Compliance
Status:  Yes  No

 

    	 	 	 

    	 

    

 

Schedule
1 to Compliance Certificate

 

Financial
Covenants of Borrower

 

In
the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 

Dated: ____________________

 

I.
Liquidity Ratio (at all times) (tested monthly) (Section 6.9(a))

 

Required:
> ____*: 1.0

 

*As
set forth in Section 6.9(a) of the Agreement

 

Actual:
    ___ : 1:0

 

	A.	Aggregate
    value of Borrower’s unrestricted and unencumbered cash and Cash Equivalents maintained with Bank and Bank’s Affiliates	$              
	 	 	 
	B.	Aggregate
    value of Borrower’s net billed accounts receivable	$              
	 	 	 
	C.	The
    sum of lines A and B	$              
	 	 	 
	D.	All
    obligations and liabilities of Borrower to Bank (other than any obligations related to Bank Services that are secured by specifically
    pledged and segregated cash on terms and in amounts satisfactory to Bank in its sole discretion)	$              
	 	 	 
	E.	Liquidity
    Ratio (line C divided by line D)	              

 

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

 

                      ___________No,
not in compliance                       __________Yes, in compliance

 

    	 	 	 

    	 

    

 

II.
Adjusted EBITDA (trailing six-month) (tested monthly) (Section 6.9(b))

 

Required:
$_________________**

 

**As
set forth in Section 6.9(b) of the Agreement.

 

Actual:
   $_________________

 

	A.	Net Income	$__________
	 	 	 
	B.	To the extent included in the determination of Net Income	 
	 	 	 
	 	1.	 Interest     Expense	$__________
	 	 	 	 
	 	2.	 Income     tax expense	$__________
	 	 	 	 
	 	3.	Depreciation	$__________
	 	 	 	 
	 	4.	Amortization expense	$__________
	 	 	 	 
	 	5.	 Non-cash stock-based compensation expense	$__________
	 	 	 	 
	 	6.	Stock-based compensation payable in
                                                         cash (not to exceed $250,000 per fiscal year)
	$__________
	 	 	 	 
	 	7.	Foreign currency gains and losses	$__________
	 	 	 	 
	 	8.	Gain or loss resulting from the
                                                         change in the value of contingent consideration and
                                                         non-recurring transaction and integration costs related to acquisitions that occurred prior to the Effective Date
	$__________
	 	 	 	 
	 	9.	Gain
or loss resulting from the change in the value of contingent consideration
and non-recurring transaction and integration costs related to acquisitions occurring on or after the Effective Date to the extent
approved by Bank on a case-by-case basis in its sole discretion
	$__________
	 	 	 	 
	 	10.	The sum of lines 1 through 9	$__________
	 	 	 	 
	C.	Unfinanced capital expenditures	$__________
	 	 	 
	D.	Capitalized software expenses	$__________
	 	 	 
	E.	The sum of lines C and D	 
	 	 	 
	F.	Adjusted EBITDA (line A plus line B.10 minus line E)	$__________

 

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

 

                              ____________
No, not in compliance                      __________Yes, in compliance

 

ny-1861516

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