Document:

exv10w2

Exhibit 10.2

          THIRTY SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January
28, 2011, is entered into by and among Navios Maritime Holdings Inc., a corporation organized under
the laws of the Republic of the Marshall Islands (the “Company”), the Guarantors (as defined in the
Indenture referred to herein) and Wells Fargo Bank, N.A. (or its permitted successor) as trustee
under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

          WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as
amended and supplemented, the “Indenture”), dated as of December 18, 2006, providing for the
issuance of 91/2% Senior Notes due 2014 (the “Notes”);

          WHEREAS, the Company has offered to purchase for cash any and all of the outstanding Notes
(the “Tender Offer”) and requested that Holders of the Notes deliver their consents (the
“Consents”) to eliminate substantially all of the restrictive covenants and modify or eliminate
certain events of default contained in the Indenture pursuant to the Offer to Purchase and Consent
Solicitation Statement, dated January 13, 2011 (the “Statement”), and the related Letter of
Transmittal and Consent;

          WHEREAS, Section 9.02(a) of the Indenture provides that the Company and the Trustee may amend
or supplement the Indenture, the Notes and the Note Guarantees with the consent of the Holders of
at least a majority in aggregate principal amount of the then-outstanding Notes voting as a single
class (including, consents obtained in connection with a purchase of, or tender offer for, Notes);

          WHEREAS, (i) Holders of at least a majority in aggregate principal amount of the Notes
outstanding (determined as provided for by the Indenture) have duly consented in writing to the
proposed amendments set forth in the Statement and this Supplemental Indenture in accordance with
Section 9.02 of the Indenture and (ii) all other conditions precedent provided under the Indenture
to permit the Company, the Guarantors and the Trustee to enter into this Supplemental Indenture
have been satisfied, in each case, as certified by an Officers’ Certificate delivered to the
Trustee on the date hereof;

          WHEREAS, this Supplemental Indenture shall be effective upon its execution by the Company, the
Guarantors and the Trustee, and the amendments effected by this Supplemental Indenture shall become
operative with respect to the Notes on the Initial Payment Date (as defined herein) in accordance
with Section 3 hereof;

          WHEREAS, the Company has requested the Trustee to join with it in entering into this
Supplemental Indenture for the purpose of amending the Indenture in accordance with the Proposed
Amendments (as defined in the Statement) to eliminate substantially all of the restrictive
covenants and modify or eliminate certain events of default contained in the Indenture, as
permitted by Section 9.02(a) of the Indenture; and

          WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

 

 

          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     2. AMENDMENTS.

          (a) Amendment of Article 4. Subject to Section 3 hereof, the Indenture is hereby amended by
deleting the following Sections of Article 4 of the Indenture and all references thereto: 4.04,
4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and 4.19, in each case
in its entirety, and replacing each such Section with the following: “INTENTIONALLY OMITTED.”

          (b) Amendment of Article 5. Subject to Section 3 hereof, the Indenture is hereby amended by
(A) deleting the colon and the “(1)” which precede the words “either: (a) the Company” in Section
5.01(a) of the Indenture, (B) deleting the semicolon and replacing it with a period at the end of
current clause (1) of Section 5.01(a), (C) deleting clause (2) and clause (3) of Section 5.01(a) of
the Indenture, in each case in its entirety, (D) deleting the colon and the “(1)” which precede the
words “subject to the Note Guarantee” in Section 5.01(b) of the Indenture, (E) deleting the
semicolon and the word “and” and replacing them with a period at the end of current clause (1) of
Section 5.01(b) and (F) deleting clause (2) of Section 5.01(b) of the Indenture in its entirety.

          (c) Amendment of Article 6. Subject to Section 3 hereof, the Indenture is hereby amended by
(A) deleting the following Sections of Article 6 of the Indenture and all references thereto:
6.01(3), 6.01(4), 6.01(5), 6.01(6) and 6.01(7), in each case in its entirety, and replacing each
such Section with the following: “INTENTIONALLY OMITTED.” and (B) deleting Section 6.01(8) and
Section 6.01(9) in their entirety and replacing Section 6.01(8) and Section 6.01(9) with the
following:

“(8) the Company as debtor in an involuntary case pursuant to or within the
meaning of any Bankruptcy law:

     (a) commences a voluntary case or proceeding,

     (b) consents to the entry of an order for relief or decree against it
in an involuntary case or proceeding,

     (c) consents to the appointment of a Custodian of it or for all or
substantially all of its assets;

     (d) makes a general assignment for the benefit of its creditors,

     (e) admits in writing its inability to pay its debts generally as they
become due, or

     (f) files a petition or answer or consent seeking reorganization or
relief; and

2

 

(9) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:

     (a) is for relief against the Company as debtor in an involuntary case
or proceeding;

     (b) appoints a Custodian of the Company or a Custodian for all or
substantially all of the assets of the Company or adjudges the Company
bankrupt or insolvent or approves as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of
the Company; or

     (c) orders the winding up or liquidation of the Company;

and the order or decree remains unstayed and in effect for 60 consecutive
days.”

          (d) Amendment of Article 8. Subject to Section 3 hereof, the Indenture is hereby amended by
adding the following to Section 8.06 as the last paragraph:

     “Notwithstanding anything in this Article Eight to the contrary, upon the
Company’s written request, the Trustee may use amounts held in trust in connection
with a satisfaction and discharge of the Indenture to pay all principal and interest
due to Holders who tender their Notes to the Company for purchase before such Notes
are paid in full at redemption or maturity, as the case may be, as long as the
Company delivers to the Trustee an Officers’ Certificate stating that sufficient
funds will remain in deposit to pay at redemption or maturity, as the case may be,
all principal and interest due on Notes not tendered for purchase.”

          (e) Amendment of Notes. Subject to Section 3 hereof, any of the terms or provisions present
in the Notes that relate to any of the provisions of the Indenture as amended by this Supplemental
Indenture shall also be amended, mutatis mutandis, so as to be consistent with the amendments made
by this Supplemental Indenture.

          (f) Amendment of Definitions. Subject to Section 3 hereof, any defined terms present in the
Indenture, the Notes or the Note Guarantees but no longer used as a result of the amendments made
by this Supplemental Indenture are hereby eliminated in the Indenture. The definition of any
defined term used in the Indenture, the Notes or the Note Guarantees where such definition is set
forth in any of the sections or subsections of the Indenture that are eliminated by this
Supplemental Indenture and the term it defines is still used elsewhere in the Indenture, the Notes
or the Note Guarantees after the amendments hereby become operative shall be deemed to become part
of, and defined in, Section 1.01 of the Indenture. Such defined terms are to be in alphanumeric
order within Section 1.01 of the Indenture.

          (g) Amendment of References. The Indenture and the Notes are hereby amended by deleting all
references in the Indenture and the Notes to those sections and subsections that are deleted as a
result of the amendments made by this Supplemental Indenture.

     3. EFFECT AND OPERATION OF SUPPLEMENTAL INDENTURE. This Supplemental Indenture shall be
effective and binding immediately upon its execution by the

3

 

Company, the Guarantors and the Trustee, and thereupon this Supplemental Indenture shall form
a part of the Indenture for all purposes, and every Note and Note Guarantee heretofore or hereafter
authenticated and delivered under the Indenture shall be bound hereby; provided however,
notwithstanding anything in the Indenture or this Supplemental Indenture to the contrary, the
amendments set forth in Section 2 of this Supplemental Indenture shall become operative only upon
and simultaneously with, and shall have no force and effect prior to, the Company’s acceptance and
initial payment for Notes validly tendered (and not validly withdrawn) pursuant to the Tender Offer
and representing at least a majority in aggregate principal amount of the then-outstanding Notes
(such date of payment, the “Initial Payment Date”). Prior to the time the Company purchases any
Notes pursuant to the Tender Offer, the Company may terminate this Supplemental Indenture upon
written notice to the Trustee, including in connection with any termination or withdrawal of the
Tender Offer or the solicitation of Consents with respect to the Proposed Amendments (as defined in
the Statement) or if for any other reason the Notes are not accepted for payment pursuant to the
Tender Offer. If the Tender Offer is terminated or withdrawn, or the Company does not accept for
purchase, and pay for, the Notes for any reason, this Supplemental Indenture shall not become
operative. Except as modified and amended by this Supplemental Indenture, all provisions of the
Indenture and the Notes shall remain in full force and effect.

     4. INDENTURE AND SUPPLEMENTAL INDENTURE CONSTRUED TOGETHER. This Supplemental Indenture is an
indenture supplemental to, and in implementation of, the Indenture, and the Indenture and this
Supplemental Indenture shall henceforth be read and construed together.

     5. TRUST INDENTURE ACT CONTROLS. If any provision of the Indenture, as amended by this
Supplemental Indenture, limits, qualifies or conflicts with another provision which is required or
deemed to be included in the Indenture, as amended by this Supplemental Indenture, by the Trust
Indenture Act, such required or deemed provision of the Trust Indenture Act shall control.

     6. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS. No past, present
or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, shall have any liability for any obligations of the Company or such Guarantor under the
Notes, the Note Guarantees, the Indenture, as amended by this Supplemental Indenture, or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

     7. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW
PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

4

 

     8. SEVERABILITY. In case any provision in this Supplemental Indenture or in the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     9. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.

     10. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.

     11. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Company.

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written.

	 	 	 	 	 
	 	Very truly yours,

NAVIOS MARITIME HOLDINGS INC.

 	 
	 	By:  	                    /s/ George Achniotis
 	 
	 	 	Name:  	George Achniotis 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	AQUIS MARINE CORP.

 	 
	 	By:  	                  /s/ Vasiliki Papaefthymiou
 	 
	 	 	Name:  	Vasiliki Papaefthymiou 	 
	 	 	Title:  	President/Director 	 
	 
	 	NAVIOS TANKERS MANAGEMENT INC.

 	 
	 	By:  	                   /s/ Alexandros Laios
 	 
	 	 	Name:  	Alexandros Laios 	 
	 	 	Title:  	Secretary/Director 	 
	 
	 	 FAITH MARINE LTD.

VECTOR SHIPPING CORPORATION

ARAMIS NAVIGATION INC.

DUCALE MARINE INC.

KOHYLIA SHIPMANAGEMENT S.A.

HIGHBIRD MANAGEMENT INC.

FLORAL MARINE LTD.

RED ROSE SHIPPING CORP.

GINGER SERVICES CO.

QUENA SHIPMANAGEMENT INC.

ASTRA MARITIME CORPORATION

PRIMAVERA SHIPPING CORPORATION

PUEBLO HOLDINGS LTD.

BEAUFIKS SHIPPING CORPORATION

ROWBOAT MARINE INC.

CORSAIR SHIPPING LTD.

ORBITER SHIPPING CORP.

PHAROS NAVIGATION S.A.

SIZZLING VENTURES INC.

SHIKHAR VENTURES S.A.

TAHARQA SPIRIT CORP.

RHEIA ASSOCIATES CO.

RUMER HOLDING LTD.

KLEIMAR N.V.

NAV HOLDINGS LIMITED

NAVIOS CORPORATION

ANEMOS MARITIME HOLDINGS INC.

NAVIOS SHIPMANAGEMENT INC.

AEGEAN SHIPPING CORPORATION

ARC SHIPPING CORPORATION

MAGELLAN SHIPPING CORPORATION

IONIAN SHIPPING CORPORATION

 	 
	 	 	 
	 	 	 
	 	 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	APOLLON SHIPPING CORPORATION

HERAKLES SHIPPING CORPORATION

ACHILLES SHIPPING CORPORATION

KYPROS SHIPPING CORPORATION

HIOS SHIPPING CORPORATION

MERIDIAN SHIPPING ENTERPRISES INC.

MERCATOR SHIPPING CORPORATION

HORIZON SHIPPING ENTERPRISES CORPORATION

STAR MARITIME ENTERPRISES CORPORATION

NAVIOS HANDYBULK INC.

NAVIOS INTERNATIONAL INC.

NOSTOS SHIPMANAGEMENT CORP.

PORTOROSA MARINE CORP.

WHITE NARCISSUS MARINE S.A.

HESTIA SHIPPING LTD.

     as Guarantors

 	 
	 	By:  	/s/ Vasiliki Papaefthymiou
 	 
	 	 	Name:  	Vasiliki Papaefthymiou 	 
	 	 	Title:  	Director and Authorized Officer 	 
	 
	 	KLEIMAR LTD., as a Guarantor

 	 
	 	By:  	/s/ George Achniotis
 	 
	 	 	Name:  	George Achniotis 	 
	 	 	Title:  	Secretary and Director 	 
	 
	 	NAVIMAX CORPORATION, as a Guarantor

 	 
	 	By:  	/s/ Shunji Sasada
 	 
	 	 	Name:  	Shunji Sasada 	 
	 	 	Title:  	President 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as Trustee

 	 
	 	By:  	/s/ Martin Reed
 	 
	 	 	Name:  	Martin Reed 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Supplemental Indenture]Exhibit 10.6

Exhibit 10.6

Bank of Montreal

Loan Authorization Agreement

Dated: January 21, 2011

The Company referred to below has applied for, and Bank of Montreal, Chicago, Illinois (“Lender”)
has approved, the establishment of, a loan authorization account (“Loan Account”) from which the
Company may from time to time request loans up to the maximum amount of credit shown below (the
“Maximum Credit”). Interest on such loans is computed at a variable rate which may change daily
based upon changes in the Lender’s Prime Rate or LIBOR Quoted Rate (each as hereinafter defined).
The Company may make principal payments at any time and in any amount without premium or penalty.
The request by the Company for, and the making by the Lender of, any loan against the Loan Account
shall constitute an agreement between the Company and the Lender as follows:

Name of Company: Pegasus Partners IV, L.P., a Delaware limited partnership

	 	 	 
	Address:

	 	Pegasus Partners IV, L.P.
	 

	 	99 River Road
	 

	 	Cos Cob, Connecticut 06807
	 

	 	Fax: (203) 869-6940
	 

	 	Attn.: Daniel Stencel

	 	 	 	 	 
	Type of Loan Account:

	 	þ
	 	Revolving, which means as principal is repaid, the Company may reborrow
subject to this Agreement.
	 
	 	 	 	 
	 

	 	o
	 	Multiple Advances, which means that the Company may not reborrow any
amounts that have been repaid but may still borrow the difference between the
Maximum Credit and the principal amounts of prior borrowings.

Amount of Maximum Credit: $10,000,000

Each
Loan Requested Shall Be At Least: $100,000

	 	 	 
	Variable Interest Rate:

	 	The interest rate applicable prior to the Maturity Date equals the greater of (i)
the rate per annum announced by the Lender from time to time as its prime commercial
rate or equivalent, for U.S. Dollar loans to borrowers located in the United States
(the “Prime Rate”) plus 2.50% or (ii) the LIBOR Quoted Rate for such day plus 5.25%.
As used herein, the term “LIBOR Quoted Rate” means, for any day, the rate per annum
equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to
the next higher one hundred-thousandth of a percentage point) for deposits in U.S.
Dollars for a three-month interest period which appears on the LIBOR01 Page as of
11:00 a.m. (London, England time) on such day (or, if such day is not a Business
Day, on the immediately preceding Business Day) divided by (ii) one (1) minus the
Reserve Percentage; the term “LIBOR01 Page” means the display designated as “LIBOR01
Page” on the Reuters Service (or such other page as may replace the LIBOR Page on
that service or such other service as may be nominated by the British Bankers’
Association as the information vendor for the purpose of displaying British Bankers’
Association Interest Settlement Rates for U.S. Dollar deposits); and “Reserve
Percentage” means, for any day, the maximum reserve percentage, expressed as a
decimal, at which reserves (including, without limitation, any emergency, marginal,
special, and supplemental reserves) are imposed by the Board of Governors of the
Federal Reserve System (or
any successor) on “eurocurrency liabilities”, as defined in such
Board’s
Regulation D (or any successor thereto), subject to any amendments of such
reserve requirement by such Board or its successor, taking into account any
transitional adjustments thereto, without benefit or credit for any prorations,
exemptions or offsets under Regulation D (and adjusted automatically on and as
of the effective date of any change in any such reserve
percentage).

 

 

 

	 	 	 
	Maturity Date:

	 	The Loan Account terminates, and Loans are payable,
On Written Demand, provided that the Company
shall have fourteen (14) business days to honor any
demand for payment hereunder if the General Partner
has, within two days of such demand, made a capital
call as permitted under the Company’s Second Amended
and Restated Agreement of Limited Partnership dated
as of September 28, 2007, as amended or modified from
time to time, to satisfy payment of such demand (each
such capital call, a “Demand Capital Call”).

Periodic Statement reflecting accrued interest will be sent and interest will be payable Monthly as
provided below in this Agreement.

	 	 	 	 	 
	Payments shall be due at the Lender’s principal office in
	 	 	 	 
	Chicago, Illinois, paid to the order of the Lender, and made by:

	 	o 
	 	Debit to Harris N.A. Account #
 _____ 
;
	 

	 	o 
	 	By Check
	 

	 	þ 
	 	By Fed Wire:
	 

	 	 	 	Pay to the order of Harris N.A., Chicago, IL

ABA 071000288
	 

	 	 	 	To the account of: Bank of Montreal,
Chicago Branch
	 

	 	 	 	Account#: 183-320-1
	 

	 	 	 	Reference: Pegasus Partners IV, L.P.

If Letters of Credit may be requested, check here: o and attach Letter of Credit Rider following
signature page hereof.

	1.	 	Using the Account. All loans and advances from the Loan Account are referred to in this
Agreement as “Loans”. Loan requests must be by telephone and confirmed in writing (including
by facsimile) and shall be sent to the Company’s Bank of Montreal Account Officer or Client
Services Officer no later than 1:00 p.m. on the date of the proposed borrowing in order to be
honored the same day. Loan proceeds shall be credited to the Company’s deposit account at the
Lender unless the Lender is directed otherwise by special written directions from the Company.
The amount of each Loan requested shall be at least the minimum amount shown above, and the
Lender shall have the right to refuse to honor any Loan requested by the Company which is less
than the minimum amount, even if the Lender has previously honored a Loan request for less
than the minimum amount. The Company shall not request any Loan which, when taken together
with the Loans then outstanding, would exceed the Maximum Credit. If Loans are secured
directly or indirectly by securities traded on a national exchange or by other “margin stock”
(as defined by the Federal Reserve Board in Regulation U), then the Company promises to
furnish the Lender a duly executed and completed Form U-1 statement and agrees that the
proceeds of Loans or other extensions of credit from the Loan Account will not be used to
purchase or carry stock, convertible bonds or warrants unless the Company has obtained the
prior written consent of the Lender; provided that, the Lender hereby consents to the
Company’s use of Loan proceeds to acquire stock issued by Lighting Science Group Corporation.
In no event shall the proceeds of any Loans be utilized to finance participation in a hostile
tender offer or similar transaction or to finance an acquisition of securities in anticipation
of such a hostile transaction.

	 
	 	 	Loans will be made available from the Loan Account subject to the Lender’s approval on a
case-by-case basis as and when Loans and are requested by the Company.

 

-2-

 

	 	 	All Loans shall be made against and evidenced by the Company’s promissory note payable to
the order of the Lender in the principal amount of $10,000,000, such note to be in the form
of Exhibit A attached hereto (the “Note”). The Lender agrees that notwithstanding the fact
that the Note is in the principal amount of $10,000,000, it shall evidence only the actual
unpaid principal balance of Loans made under the Loan Account. All Loans and other
extensions of credit made against the Note and the status of all amounts evidenced by the
Note shall be recorded by the Lender on its books and records or, at its option in any
instance, endorsed on a schedule to the Note and the unpaid principal balance and status and
rates so recorded or endorsed by the Lender shall be prima facie evidence in any court or
other proceeding brought to enforce the Note of the principal amount remaining unpaid
thereon, the status of the Loans and other extensions of credit evidenced thereby and the
interest rates applicable thereto, absent manifest error; provided that the failure of the
Lender to record any of the foregoing shall not limit or otherwise affect the obligation of
the Company to repay the principal amount of the Note together with accrued interest
thereon. The Lender agrees that if it transfers or assigns the Note, the Lender will stamp
thereon a statement of the actual principal amount evidenced thereby at the time of
transfer. The Company agrees that in any action or proceeding instituted to collect or
enforce collection of the Note, the amount shown as owing the Lender on its records shall be
prima facie evidence of the unpaid balance of principal and interest on the Note, absent
manifest error.

	2.	 	Interest. The Company shall pay the Lender interest on the unpaid principal balance of Loans
in accordance with the terms of this Agreement. Except as set forth herein, accrued interest
will be billed monthly, and is due by the later of the last day of each month and the 15th day
after the Company’s receipt of such bill (each, an “Interest Payment Date”). Interest for
each billing period is computed by applying a daily periodic rate based on the greater of (a)
the Lender’s Prime Rate plus 2.50% or (b) LIBOR Quoted Rate plus 5.25%, as applicable, to each
day’s ending Loan balance. Interest shall be computed on the basis of a year of 365 days for
the actual number of days elapsed. The Lender’s Prime Rate reflects market rates of interest
as well as other factors, and it is not necessarily the Lender’s best or lowest rate. The
daily Loan balance shall be computed by taking the principal balance of Loans at the beginning
of each day, adding any Loans posted to the Loan Account that day, and subtracting any
principal payments posted to the Loan Account as of that day. Interest begins to accrue on
the date a Loan is posted to the Loan Account. The principal balance of Loans which remains
unpaid after fourteen (14) business days after written demand for repayment shall bear
interest until paid in full at a post-maturity rate of 2% per annum above the interest rate
otherwise applicable to the Loans (determined as aforesaid). The interest rate payable under
this Agreement shall be subject, however, to the limitation that such interest rate shall
never exceed the highest rate which the Company may contract to pay under applicable law.
Interest on the Loans shall, at the option of the Company and subject to the following terms
and conditions, be payable either (i) in immediately available funds on each Interest Payment
Date in accordance with this paragraph 2, or (ii) by adding such interest to the unpaid
principal balance of the Loans on each Interest Payment Date, in which event such interest
shall become a like amount of the principal of the Note (a borrowing of a Loan of like amount)
which the Company hereby promises to pay as hereinafter set forth, or (iii) by any combination
of the methods described in the immediately preceding clauses (i) and (ii) selected by the
Company which results in such methods being applied in the satisfaction in full of all
interest due on the Loans on such Interest Payment Date:

 

-3-

 

(i) Unless the Company notifies the Lender that the Company intends to pay the interest
due on the Loans on each Interest Payment Date with funds not borrowed under this Agreement,
the Company shall be deemed to have irrevocably requested a Loan on each Interest Payment
Date in the amount of the interest then due on the Loans, in each case subject to the
provisions of this Agreement (other than the
requirement that a Loan be in a certain minimum amount), which new Loan shall be applied to
pay the interest then due on the Loans. In the event the Company has elected to pay the
interest due on the Loans with funds not borrowed under this Agreement and the Company fails
to make any such payment within twenty (20) days after the applicable Interest Payment Date
the Lender may in its sole discretion deem the Company to have irrevocably requested a Loan
in the amount of the interest then due on the Loans, in each case subject to the provisions
of this Agreement (other than the requirement that a Loan be in a certain minimum amount)
which new Loans shall be applied to pay the interest then due on the Loans.

(ii) Each payment of interest by a borrowing of a Loan shall be evidenced by the Note,
shall bear interest from the date made at a rate per annum equal at all times to the rate
then applicable to the Loans, payable on written demand, provided that, if the Company had
made a Demand Capital Call, the Company shall have fourteen (14) business days to honor any
such demand for payment, but if no demand is made then such interest shall be payable on the
later of the last day of each calendar month and fifteen (15) days after the Company’s
receipt of the monthly interest statement (commencing on the first of such dates following
such issuance) and, subject to the provisions of paragraph 9 herein, on written demand.

(iii) In no event shall the unpaid principal balance of all Loans, including, without
limitation, each borrowing of a Loan to pay interest then due on the Loans, exceed the
Maximum Credit.

	3.	 	Fees. The Company agrees to pay to the Lender a non-refundable Closing Fee in the amount of
$20,000.

	4.	 	Restrictions on Debt. So long as this Agreement is in effect, the Company shall not incur
any additional debt or guarantees other than the loans and the guarantees in favor of the
Lender, except guarantees or other credit support supporting the obligations of its Portfolio
Companies so long as the aggregate amount of all outstanding indebtedness and all outstanding
guarantees (or other credit support) of the Company does not exceed 80% of the Company’s
uncalled Capital Commitments (as defined in the Company’s Second Amended and Restated
Agreement of Limited Partnership, dated as of September 28, 2007, as amended, modified or
restated from time to time).

	5.	 	Maturity Date; Payments. The Company shall pay to the Lender the principal balance of
outstanding Loans together with any accrued interest On Written Demand, provided
that, if the Company had made a Demand Capital Call, the Company shall have fourteen (14)
business days to honor any demand for payment hereunder.  Payments received
by the Lender on the Loans shall be applied first to accrued interest and then
to the principal balance of outstanding Loans unless otherwise directed by the Company. If
any payment from the Company under this Agreement becomes due on a Saturday, Sunday, or a day
which is a legal holiday for banks or other financial institutions in the State of Illinois,
such payment shall be made on the next bank business day and any such extension shall be
included in computing interest under this Agreement.

	6.	 	Periodic Statements. The Lender will furnish the Company with a monthly statement for each
billing period which has any transaction or balance.

	7.	 	Financial Statements. So long as this Agreement is in effect, the Company agrees to furnish
financial information of the Company to the Lender upon reasonable request of the Lender from
time to time. Such information shall be furnished as soon as reasonably possible, but in any
event within 30 days after request by the Lender (to the extent that such financial
information is readily available or can be prepared within such 30-day period, otherwise as
soon as practicable thereafter). Without limiting the foregoing, the Company shall deliver:

 

-4-

 

(i) as soon as available, and in any event within 60 days after the close of each
fiscal quarter of the Company (other than the last fiscal quarter of each fiscal year), a
copy of the Company’s balance sheet as of the last day of such fiscal quarter and its
statements of income and partners’ capital for the fiscal quarter and for the fiscal
year-to-date period then ended, prepared by the of the Company in accordance with GAAP
(subject to the absence of footnotes and normal year-end adjustments) and certified to by
its chief financial officer or such other officer reasonably acceptable to the Lender; and

(ii) as soon as available, and in any event within 120 days after the close of each
fiscal year of the Company (or, if later, such date by which such financial statements are
reasonably expected to be available, as specified by the of the Company to the Lender prior
to the 120th day after the close of the relevant fiscal year), a copy of the Company’s
balance sheet as of the last day of the fiscal year then ended and its statements of income
and partners’ capital and cash flows for the fiscal year then ended, and accompanying notes
thereto, accompanied by an unqualified (as to going concern) opinion of Deloitte & Touche or
another firm of independent public accountants of recognized standing, selected by the of
the Company and reasonably satisfactory to the Lender to the effect that the financial
statements have been prepared in accordance with GAAP and present fairly in all material
respects in accordance with GAAP the consolidated financial condition of the of the Company
as of the close of such fiscal year and the results of its operations and cash flows for the
fiscal year then ended.

	8.	 	Representations and Warranties. In consideration of establishing and maintaining the Loan
Account, the Company hereby represents and warrants to the Lender that: (a) the Company is a
limited partnership duly organized, validly existing, and in good standing under the laws of
its state of organization; (b) the execution, delivery, and performance by the Company of this
Agreement, the Note and all documents executed in connection therewith (collectively, the
“Loan Documents”) are within its powers, have been duly authorized by all necessary action,
and do not contravene the Company’s certificate of limited partnership or limited partnership
agreement or any law or material contractual restriction binding on or affecting the Company;
(c) no authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the Company’s due execution,
delivery, and performance of this Agreement or the other Loan Documents; (d) this Agreement is
and the other Loan Documents when executed and delivered by the Company will be, the Company’s
legal, valid, and binding obligation enforceable against the Company in accordance with its
terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar state or federal debtor relief laws from time to time in effect which
affect the enforcement of creditors’ rights in general and the availability of equitable
remedies; (e) the Company is not engaged in the business of extending credit for the purpose
of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board
of Governors of the Federal Reserve System), and no proceeds of the Loans will be used to
purchase or carry any margin stock or to extend credit to others for the purpose of purchasing
or carrying any margin stock unless the Lender has provided its prior written consent,
including the Lender’s consent expressed in Section 1 hereof; (f) there is no pending or
threatened action or proceeding affecting the Company before any court, governmental agency or
arbitrator, which could reasonably be expected to materially and adversely affect the
Company’s financial condition or operations or which purports to affect the legality,
validity, or enforceability of this Agreement or any other Loan Documents; and (g) no credit
extended hereunder shall be utilized to finance participation in a hostile tender offer or
similar transaction or to finance an acquisition of securities in anticipation of such a
hostile transaction.

 

-5-

 

	9.	 	Demand Obligation; Enforcement. The Loans are payable “On Written Demand”, provided
that, if the Company had made a Demand Capital Call, the Company shall have fourteen (14)
business days to honor any demand for payment hereunder. Accordingly, the Lender can demand
payment in full of the Loans at any time in its sole discretion even if the Company has
complied with all of the terms of this Agreement.

No delay by the Lender in the exercise of any right or remedy shall operate as a waiver
thereof, and no single or partial exercise by the Lender of any right or remedy shall
preclude any other or further exercise thereof or the exercise of any other right or remedy.
The Company agrees to pay to the Lender all reasonable and documented expenses incurred or
paid by the Lender in connection with the establishment and maintenance of the Loan Account
and the collection of the Loans and any court costs and other reasonable amounts due under
this Agreement, including, without limitation, reasonable attorneys’ fees. The Lender shall
have the right at any time to set-off the balance of any deposit account that the Company
may at any time maintain with the Lender against any amounts at any time due and owing under
this Agreement.

	10.	 	Termination; Renewal. The availability of additional Loans under this Agreement will
automatically terminate On Written Demand. The Lender reserves the right at any time
without notice to terminate the Loan Account, suspend the Company’s borrowing privileges or
refuse any Loan request even though the Company has complied with all of the terms under this
Agreement. The Company may terminate this Agreement at any time effective upon receipt by the
Lender of at least 15 days prior written notice. No termination under this Section shall
affect the Lender’s rights or the Company’s obligations regarding payment or default under
this Agreement. Such termination shall not affect the Company’s obligation to pay all Loans
and other obligations and the interest accrued through the date of final payment. The Lender
may also elect to honor Loan after termination of this Agreement, and the Company agrees that
any of such shall constitute a Loan to the Company under this Agreement.

	11.	 	Notices. The Lender may rely on instructions from the Company with respect to any matters
relating to this Agreement or the Loan Account, including telephone loan requests (including
by facsimile) which are made by persons whom the Lender reasonably believes to be the persons
authorized by the Company to make such loan requests. All notices and statements to be
furnished by the Lender shall be sufficient if delivered to any such person at the billing
address for the Loan Account shown on the records of the Lender. All notices from the Company
shall be sent to the Lender at 115 South LaSalle Street, Chicago, Illinois 60603, Attention:
Client Services, Department 17 West. The Company waives presentment and notice of dishonor.
This Agreement constitutes the entire understanding of the parties with respect to the subject
matter hereof and any prior agreements, whether written or oral, with respect thereto are
superseded hereby. No amendment or waiver of any provision of this Agreement or the Note or
any other Loan Document, nor consent to any departure by the Company therefrom, shall in any
event be effective unless the same shall be in writing and signed by the Lender and, with
respect to any such amendment, the Company. If any part of this Agreement is unenforceable,
that will not make any other part unenforceable. This Agreement shall be governed by the laws
of the State of New York.

	12.	 	Consent to Jurisdiction. The Company submits to the non-exclusive jurisdiction of the
United States District Court for the Southern District of New York and of any New York State
Court sitting in New York County, New York, for purposes of all legal proceedings arising out
of or relating to this Agreement or the transactions contemplated hereby.

 

-6-

 

	13.	 	Jury Trial Waiver. The Company and the Lender waive any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.

	14.	 	Counterparts. This Agreement may be executed in any number of counterparts, and by
the different parties on different counterpart signature pages, all of which taken together
shall constitute one and the same agreement. Any of the parties hereto may execute this
Agreement by signing any such counterpart and each of such counterparts shall for all purposes
be deemed to be an original. Delivery of execution counterparts of this Agreement and the
Loan Documents by telecopy or by e-mail transmission of an Adobe portable document format file
(also known as “PDF” file) shall be effective as originals.

	15.	 	Costs and Expenses. The Company agrees to pay all actual and documented expenses, legal
and/or otherwise (including court costs and reasonable attorneys’ fees) paid or incurred by
the Lender in endeavoring to collect obligations of the Company in connection with the
transactions contemplated in this Agreement and the Loan Documents, or any part thereof, and
in protecting, defending or enforcing this Agreement or any of the Loan Documents in any
litigation, bankruptcy or insolvency proceedings or otherwise.

	16.	 	Confidentiality. So long as this Agreement is in existence and for twelve (12) months
thereafter, the Lender agrees to take reasonable precautions to maintain the confidentiality
of any confidential, proprietary and/or non-public materials, documents and information that
the Company delivers to the Lender (provided that any and all information relating to the
Company’s capital commitments and any financial information delivered to the Lender pursuant
to Section 7 herein will automatically be deemed to be confidential), except that the Lender
may disclose such information (a) to its officers, directors, employees, affiliates and
agents, including legal counsel, accountants, auditors and other professional advisors on a
confidential basis and who have reason to have access to such information (it being understood
that the Lender shall be responsible for any breach of this confidentiality undertaking by any
such persons or entities); (b) to any party to the Loan Documents from time to time; (c)
pursuant to the order of any court or administrative agency; (d) upon the request of any
governmental authority exercising regulatory authority over the Lender; (e) which ceases to be
confidential, other than by an act or omission of the Lender, or which becomes available to
the Lender on a non-confidential basis; (f) to the extent reasonably required in connection
with any litigation relating to any Loan Documents or transactions contemplated thereby, or
otherwise as required by applicable law; (g) to the extent reasonably required for the
exercise of any rights or remedies under the Loan Documents; or (h) with the consent of the
Company.

	17.	 	Assignments. The Lender shall have the right at any time to assign or grant or sell
participations to one or more other commercial banks or other financial institutions any Loan
and/or Loan Document, provided that the Lender shall not assign or grant or sell
participations in any Loan and/or Loan Document (other than assignments to its affiliates)
unless the Lender first gives the Company written notice of such assignment or participation
at least fifteen (15) business days prior to such assignment or participation. The Company
may not assign its rights under this Agreement or the other Loan Documents without the
Lender’s prior written consent.

	18.	 	Patriot Act. The Lender hereby notifies the Company that pursuant to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify, and record information that identifies the Company, which
information includes the name and
address of the Company and other information that will allow the Lender to identify the
Company in accordance with the Act.

* * * * *

 

-7-

 

The Company agrees to the terms set forth above.

This Agreement is dated as of the date first written above.

	 	 	 	 	 
	 	Pegasus Partners IV, L.P.

 	 
	 	By:  	 Pegasus Investors IV, L.P., its
general partner
 	 
	 	 	 
	 	By:  	 Pegasus Investors IV GP, L.L.C., its

general partner
 	 
	 	 	 
	 	By:  	/s/ Daniel Stencel
 	 
	 	Printed
Name:  	Daniel Stencel	 
	 	Its:	  Chief Financial Officer	 

 

-8-

 

	 	 	 	 	 

Accepted and agreed as of the date first written above.

	 	 	 	 	 
	 	Bank of Montreal

 	 
	 	 	 
	 	By:  	/s/
Denise Sidlo
 	 
	 	Printed Name:  	
 Denise Sidlo	 
	 	Its: 	 Director	 

 

-9-

 

Exhibit A

Demand Note

			
	$10,000,000
	 	January 21, 2011

On Written Demand, provided that, if the Company has made Demand Capital
Call (as defined in the Loan Authorization Agreement referred to below) the undersigned shall have
fourteen (14) business days to honor any written demand for payment hereunder, for value received,
the undersigned, Pegasus Partners IV, L.P., a Delaware limited partnership, promises to
pay to the order of Bank of Montreal (the “Lender”) at its offices at 115 South LaSalle
Street, Chicago, Illinois, the principal sum of Ten Million and 00/100 Dollars ($10,000,000) or, if
less, the principal amount of Loans outstanding under the Bank of Montreal Loan Authorization
Agreement referred to below together with interest payable at the times and at the rates and in the
manner set forth in the Bank of Montreal Loan Authorization Agreement referred to below.

This Note evidences borrowings by and other extensions of credit for the account of the
undersigned under that certain Bank of Montreal Loan Authorization Agreement dated as of January
21, 2011, between the undersigned and the Lender, as may be amended from time to time; and this
Note and the holder hereof are entitled to all the benefits provided for under the Bank of Montreal
Loan Authorization Agreement, to which reference is hereby made for a statement thereof. The
undersigned hereby waives presentment and notice of dishonor. The undersigned agrees to pay to the
holder hereof all court costs and other reasonable expenses, legal or otherwise, incurred or paid
by such holder in connection with the collection of this Note. It is agreed that this Note and the
rights and remedies of the holder hereof shall be construed in accordance with and governed by the
laws of the State of New York.

[Signature Page to Follow]

 

 

 

Pegasus Partners IV, L.P.

By: Pegasus Investors IV, L.P., its general partner

By: Pegasus Investors IV GP, L.L.C., its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Printed Name:  	 	 
	 	Its: 	 	 

 

-2-

 

Exhibit B

Certificate of Status

of

Pegasus Partners IV, L.P.

Date: January 21, 2011

Pegasus Partners IV, L.P., a Delaware limited partnership (the “Fund”), does hereby
certify that:

1. Daniel Stencel is the Chief Financial Officer (the “CFO”) of Pegasus Investors IV
GP, L.L.C., a Delaware limited liability company (the “Ultimate GP”), which is the general
partner of Pegasus Investors IV, L.P. (the “General Partner”), which is the general
partner of the Fund.

2. This Certificate is being delivered to Bank of Montreal (the “Lender”) in connection with,
and may be relied upon by the Lender in connection with, their extension of credit from time to
time to the Fund, or any Portfolio Company of the Fund and the guaranty of that credit by the Fund
to the Lender (the “Guaranty”). This Certificate of Status supersedes any Certificate of Status
previously delivered by the Fund to the Lender or any of their affiliates in connection with any
loans or other extensions of credit from time to time to the Fund or any Portfolio Company of the
Fund by the Lender or any affiliate thereof or any guaranty of that credit by the Fund to the
Lender (each, a “Guaranty”).

3. Daniel Stencel, as the CFO and authorized signatory of the Ultimate GP (the “Authorized
Signatory”), only in his capacity as the CFO of the Ultimate GP and not in his individual capacity,
and the Ultimate GP, in its capacity as general partner of the General Partner, and the General
Partner, in its capacity as general partner of the Fund, have each secured proper authorization to
enter into the Loan Authorization Agreement dated as of January 21, 2011 (as amended, the “Loan
Authorization Agreement”), and that certain Demand Note dated as of January 21, 2011, on behalf of
the Fund and to execute all instruments and documents in connection therewith, in compliance with
the Fund’s Second Amended and Restated Agreement of Limited Partnership, dated as of September 28,
2007 (as amended, waived or otherwise modified from time to time, the “Fund’s Agreement of Limited
Partnership”). The Fund has incurred indebtedness and become liable on guarantees, and will
continue to incur indebtedness and become liable on guarantees, in each case only to the extent the
same can be done in compliance with the Fund’s Agreement of Limited Partnership. The Authorized
Signatory’s actions on behalf of the Ultimate GP (as the general partner of the general partner of
the Fund) and the General Partner’s actions on behalf of the Fund, have been taken in compliance
with the following agreements true and correct copies of which have been previously delivered to
the Lender: (a) the Fund’s Agreement of Limited Partnership, (b) the General Partner’s Amended and
Restated Limited Partnership Agreement, dated as of January 29, 2007 (as amended from time to time,
the “General Partner’s Limited Partnership Agreement”) and (c) the Ultimate GP’s Amended and
Restated Limited Liability Company Agreement dated as of January 29, 2007 (as amended from time to
time, the “Ultimate GP’s Operating Agreement”).

4. The aggregate amount of outstanding indebtedness of the Fund as of the date hereof is
$_________.

5. The aggregate amount of Capital Commitments to the Fund as of the date hereof is
$_________.

 

 

 

6. The aggregate amount of outstanding guarantees (after giving effect to any extension of
credit by the Lender) on which the Fund is liable as of the date hereof is $_________.

7. The aggregate amount of uncalled Capital Commitments to the Fund as of the date
hereof is $_________ (including $_________ of distributions to the Fund’s Limited
Partners subject to recall pursuant to the Fund’s Agreement of Limited Partnership).

8. The aggregate amount of Capital Contributions made to the Fund as of the date hereof is
$_________.

9. (a) The aggregate amount of outstanding investments that the Fund has in any one Portfolio
Company does not as of the date hereof and will not at any time hereafter exceed the investment
limitation on the Fund’s aggregate Capital Commitments as set forth in Section 2.1(c) of the
Fund’s Agreement of Limited Partnership (as in effect from time to time).

(b) The aggregate amount (without duplication) of outstanding indebtedness of the Fund (and
together with the aggregate amount of outstanding guarantees of Fund) does not as of the date
hereof and will not at any time hereafter exceed 80% of the Fund’s available uncalled Capital
Commitments.

10. The aggregate amount of Call Notices made on the Fund’s Limited Partners since the most
recently completed fiscal quarter of the Fund is $_________.

11. Intentionally deleted.

12. We will promptly notify you upon our becoming aware (i) of the occurrence of any event
which would give any one or more of our Limited Partners the right to terminate or suspend its
Capital Commitment, whether in whole or in part and whether or not contingent upon the passage of
time or the giving of notice or both, (ii) of any event which would permit a Limited Partner to
withdraw from the Fund, (iii) of the occurrence of a Defaulting Partner as defined in Section
3.1(e) of the Fund’s Agreement of Limited Partnership, (iv) of any event or agreement which would
excuse or exclude a Limited Partner from participating in any capital call relating to the Fund,
(v) of the formation of any Parallel Vehicle or Alternative Investment Vehicle or Co-Investment
Vehicle or Special Purpose Investment Vehicle or Feeder Fund, (vi) of the occurrence of any event
of dissolution as described in Section 9.1 of the Fund’s Agreement of Limited Partnership and (vii)
of the termination or suspension of the Commitment Period whether in accordance with Fund’s
Agreement of Limited Partnership or otherwise.

13. The Lender may rely conclusively upon the General Partner’s certification that it is
acting on behalf of the Fund and that its acts are authorized. The Ultimate GP’s signature on
behalf of the General Partner’s signature is sufficient to bind the Fund for all purposes.

14. The undersigned is an officer of the Ultimate GP.

15. We will promptly notify you upon the death, incapacitation or cessation of involvement in
the management of Fund of Craig M. Cogut, Eric Gribetz, Richard Weinberg or David Cunningham.

16. The Commitment Period shall end on October 24, 2012, unless earlier terminated or extended
in accordance with the terms of the Fund’s Agreement of Limited Partnership. We will promptly
notify you upon such early termination or extension of the Commitment Period.

 

-2-

 

17. The Fund’s Agreement of Limited Partnership, the General Partner’s Limited Partnership
Agreement and the Ultimate GP’s Operating Agreement have not been amended or otherwise modified
since _________, except by instruments, true and correct copies of which have been
previously delivered to the Lender. There are no side letters or other agreements (as referred to
in Section 11.6 of the Fund’s Agreement of Limited Partnership) which would prohibit the Fund from
entering into or performing its obligations under any Guaranty in favor of the Lender or borrowing
under the Loan Authorization Agreement or affect the applicable Limited Partners’ obligations to
honor capital calls as set forth in such Agreement of Limited Partnership or create obligations on
the Fund to repurchase partnership interests or redeem the interest of a Limited Partner in the
Fund, in each case except as provided in such Agreement of Limited Partnership.

18. So long as the Loan Authorization Agreement or any Guaranty is in effect, the Fund shall
not incur any additional debt or guarantees other than loans from and guarantees in favor of the
Lender, except for guarantees or other credit support supporting the obligations of its Portfolio
Companies so long as the aggregate amount of all outstanding indebtedness and outstanding
guarantees (or other credit support) of the Fund does not exceed 80% of the Fund’s aggregate
uncalled Capital Commitments. So long as the Loan Authorization Agreement or any Guaranty is in
effect, neither the Fund nor the General Partner shall grant or permit to exist any lien, security
interest, encumbrance on, or an assignment of, the Capital Commitments, the Fund’s or the General
Partner’s right to call capital or to issue Call Notices, or proceeds of any Capital Contributions
to secure any loans or for any other purpose without the prior written approval of the Lender, such
approval to be granted at the sole discretion of the Lender; provided, however, that the Fund or
the General Partner may grant such a security interest so long as the Fund’s obligations to the
Lender are equally and ratably secured with such security interest and an intercreditor agreement
is in place with the other lender that is reasonably satisfactory to the Lender. The requirements
set forth in this paragraph #18 are subject to amendment upon the written consent of both the
Lender and the Fund.

19. The General Partner represents and warrants that it will not consent to or act in its
discretion to effect an early dissolution of the Fund at any time that the Fund has any outstanding
indebtedness or guarantees to the Lender. If the Fund does not have any outstanding indebtedness
or guarantees to the Lender, the General Partner will not consent to or act in its discretion to
effect an early dissolution or termination of the Fund without first providing the Lender written
notice of its intention to do so.

20. The General Partner represents and warrants that it will not act in its discretion to
reduce the aggregate Capital Commitments if after giving effect thereto the aggregate uncalled
Capital Commitments of the Fund would not be in compliance with the provisions of this Certificate.
If the Fund does not have any outstanding indebtedness or guarantees to the Lender, the General
Partner will not act in its discretion to reduce the Capital Commitments without first providing
the Lender written notice of its intention to do so.

21. The General Partner shall promptly notify the Lender of any assignments of limited
partnership interests in the Fund.

22. No Investment or action has been made by the Fund in contravention of the Fund’s Agreement
of Limited Partnership.

23. Promptly after receipt, we will provide you with copies of all agreements for capital
subscriptions, and upon the Lender’ reasonable request any other documentation, received in
connection with the admission of an additional Limited Partner to the Fund (to the extent that such
information can be shared without violations of confidentiality provisions binding on us).

 

-3-

 

24. The General Partner has not excused or excluded any Limited Partner from participating in
an Investment whether pursuant to Article 4 of the Fund’s Agreement of Limited Partnership or
otherwise other than those disclosed to the Lender prior to the date hereof.

25. No Limited Partner has been required or permitted to withdraw from the Fund whether
pursuant to Section 3.1(c)(vi) of the Fund’s Agreement of Limited Partnership or otherwise other
than those disclosed to the Lender prior to the date hereof.

26. Within two (2) business days after written demand for payment by the Lender in connection
with the obligations of the Fund or the General Partner under the Loan Documents, to the extent
that funds are not otherwise available to the Fund to satisfy such obligations, the General Partner
shall immediately make a capital call on the Limited Partners of the Fund in order to satisfy
payment of such demand, provided that the Fund shall have fourteen (14) business days to honor any
such demand.

27. The Fund hereby agrees to notify the Lender in the event of any change of which it becomes
aware which would reasonably be expected to cause any of the above representations and warranties
to cease to be true and correct in any material respect.

[Signature Page to Follow] 

 

-4-

 

All capitalized terms used above without definition shall have the same meanings herein as
such terms have in the Fund’s Agreement of Limited Partnership. This agreement is dated as of the
date first written above.

Pegasus Partners IV, L.P.

By: Pegasus Investors IV, L.P., its general partner

By: Pegasus Investors IV GP, L.L.C., its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Printed Name: Daniel Stencel  	 
	 	Its:     Chief Financial Officer 	 
	 

Solely as to Sections 18, 19, 20, 21, 24 and 26:

Pegasus Investors IV, L.P.

By: Pegasus Investors IV GP, L.L.C., its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Printed Name: Daniel Stencel 	 	 
	 	Its: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]