Document:

Escrow Agreement

 EXHIBIT 10.3 
 ESCROW AGREEMENT 
 This ESCROW AGREEMENT, dated as of April 30, 2008 (this
“Agreement”), by and among by and among Thermo Credit, LLC, a Colorado limited liability company (“Lender”), Teletouch Communications, Inc., a Delaware corporation (“TCI”), Teletouch Licenses, Inc.,
a Delaware corporation (“TLI”), and Progressive Concepts, Inc., a Texas corporation (“PCI”, collectively with TCI, TLI, and any other Person identified or named from time to time as a “Debtor” under
the Loan Documents, jointly, severally and in solido, “Debtor”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement (as defined below). 
 WHEREAS, Lender and Debtor desire to enter into (a) that certain Loan and Security Agreement dated as of April 30, 2008 (as amended,
modified or restated from time to time, the “Loan Agreement”), which sets forth the terms of the Revolving Credit Facility (as defined in the Loan Agreement) between Debtor and Lender and (b) the other Loan Documents (defined
below); and 
 WHEREAS, Lender and Debtor desire to execute the Loan Documents and deliver executed counterparts of the Loan Documents
to the Lender to be held in escrow by the Lender and to not release such executed counterparts (and to not close the Revolving Credit Facility) until a date on which certain conditions are satisfied as provided herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the agreements and understandings contemplated in the Loan Documents and for other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each of the parties hereto, the parties hereto hereby agree as follows: 
 1. Execution of Loan Documents. Lender and Debtor each hereby agree to execute each of the following agreements, instruments and documents (collectively, the “Loan Documents”) on or before
April 30, 2008 (the “Execution Date”) (other than the TLI Stock Power referenced in clause (g) below, which shall be executed on or before May 5, 2008): 
 (a) the Loan Agreement, in the form of Exhibit A hereto; 
 (b) the Promissory Note, made by Debtor and payable to the order of Lender in the original principal amount of $5,000,000, in the form of Exhibit B hereto; 
 (c) the Deed of Trust, Security Agreement, Assignment of Leases, Assignment of Rents and Financing Statement, among Debtor, Lender and the Trustee
specified therein, covering real property located in Tarrant County, Texas, in the form of Exhibit C hereto; 
 (d) the Deed of Trust,
Security Agreement, Assignment of Leases, Assignment of Rents and Financing Statement, among Debtor, Lender and the Trustee specified therein, covering real property located in Smith County, Texas, in the form of Exhibit D hereto; 

 (e) the Notice and Consent Agreement, by and among United Commercial Bank, PCI and Lender, in the form of
Exhibit E hereto; 
 (f) the Notice and Consent Agreement, by and among Jardine Capital Corp., PCI and Lender, in the form of
Exhibit F hereto (the Notice and Consent Agreement, referred to in clauses (e) and (f) above being collectively referred to herein the “Notice and Consent Agreements”); and 
 (g) the stock power relating to the pledge of TLI common stock (the “TLI Stock”) under the Loan Agreement (the “TLI Stock
Power”). 
 2. Escrow of Transaction Documents. Each of Lender and Debtor hereby agree to provide their respective original
executed counterparts to the Loan Documents (other than the TLI Stock Power) to Lender on the Execution Date and Debtor hereby agrees to provide (or to cause to be provided) UCB’s and Jardine’s executed counterparts to the Notice and
Consent Agreements to Lender on the Execution Date (together with the executed TLI Stock Power, collectively, the “Executed Counterparts”). Debtor hereby further agrees to provide to Lender, on or before May 5, 2008, the
executed TLI Stock Power and an original stock certificate evidencing 100% of the TLI Stock (the “TLI Stock Certificate”). Lender agrees to hold all of the Executed Counterparts, the Loan Documents and the TLI Stock Certificate
(collectively, the “Transaction Documents”) in escrow and in safe keeping on the premises of Lender, and Lender and Debtor further agree that the Transaction Documents shall not be (and shall not be deemed to be) delivered or
effective, until the Executed Counterparts are released to the parties in accordance with Section 3. 
 3. Release from Escrow.
Lender shall release the Executed Counterparts and the other Transaction Documents from escrow to Lender and Debtor (as applicable) only upon the date of receipt of notice by Lender from Debtor that the Closing Conditions (defined below) have in its
determination been satisfied (such date, the “Escrow Release Date”). Upon delivery of the Executed Counterparts by Lender to Debtor and Lender as provided herein, the Loan Documents shall be (and shall from and after such delivery
be deemed to be) valid, binding, and enforceable against the parties and otherwise in full force and effect. 
 4. Effectiveness of Loan
Documents. The Loan Documents shall be (and shall be deemed to be) valid, delivered, effective, enforceable and otherwise in full force and effect against the parties thereto only upon satisfaction of the following conditions (the
“Closing Conditions”): 
 (a) the satisfaction (or waiver in writing) of the conditions precedent contained in Section 5
of the Loan Agreement in accordance with their terms; 
 (b) the receipt by Lender and Debtor of an executed copy of that certain Amendment
No. 8 to Loan Agreement, by and between Fortress Credit Corp., Delaware corporation (“Fortress”) and TLL Partners, LLC, a Delaware limited liability company (“TLL”); and 
 (c) the receipt by Lender and Debtor of an executed copy of that certain Waiver, Release and Termination Agreement by and among TCI, PCI and Fortress.

  

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 5. Further Assurances. 
 (a) Lender shall cooperate in good faith with Debtor with respect to, and shall not unreasonably withhold, condition or delay its consent to, any
amendment or modification to the Loan Documents if and to the extent requested by Fortress to the Debtor prior to the Escrow Release Date. 
 (b) Lender and Debtor shall take all other actions reasonably necessary to (i) carry out the purposes and intent of this Agreement and (ii) facilitate the satisfaction of the Closing Conditions. 
 6. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Louisiana. 
 7. Counterparts. This Agreement may be executed in any number of counterparts and by any combination of the parties hereto in separate
counterparts, each of which counterparts shall be an original and all of which taken together shall constitute one and the same Agreement. 
 8. Assignment. This Agreement shall not be assigned in whole or in part by either party without the prior written consent of the other party and shall be binding upon, and inure to the benefit of, each party hereto and its respective
successors and permitted assigns. 
 9. Amendment, Waiver, Etc. This Agreement shall not be amended, modified, or waived by either
party without the prior written consent of the other party. 
 10. Headings. Section headings used herein are for convenience of
reference only and shall not be deemed to constitute a part of this Agreement for any other purpose, or to limit, characterize or in any way affect any provision of this Agreement, and all provisions of this Agreement will be enforced as if such
headings had not been included herein. 
 11. No Strict Construction. The parties hereto hereby expressly acknowledge and agree that
the language of this Agreement constitutes the mutual intention and understanding of the parties, and that each party hereto has been represented by competent counsel in connection herewith. Accordingly, each party hereto hereby waives any doctrine
of strict construction with respect to the interpretation hereof or the resolution of any ambiguities herein, and none of the foregoing shall be resolved against any party as a result of any such doctrine. 
 12. Third-Party Beneficiaries. Each party hereto intends that this Agreement shall not benefit or create any right or cause of action in any
person other than the parties hereto. 
 13. Judicial Proceedings; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the actions of the parties in the negotiation, administration, performance and
enforcement thereof. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of this Agreement may be brought against any of the parties hereto in the courts of the State of Louisiana, or if it has or can
acquire jurisdiction, in any United States District Court State of Louisiana, and each of the parties hereto consents to the jurisdiction of such courts (and the appropriate appellate courts) in any such action or proceeding and waives any objection
to venue laid therein. 
 [Remainder of Page Intentionally Left Blank] 
  

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	AGREED as of the date first written above.
	
	LENDER:
	
	THERMO CREDIT, LLC
		
	By:	 	 \s\ Jack V. Eumont

	Name:	 	Jack V. Eumont
	Title:	 	Executive Vice President
	
	DEBTOR:
	
	TELETOUCH COMMUNICATIONS, INC.
		
	By:	 	 \s\ Thomas A. Hyde, Jr.

	Name:	 	Thomas A. Hyde, Jr.
	Title:	 	President, Chief Operating Officer
	
	TELETOUCH LICENSES, INC.
		
	By:	 	 \s\ Thomas A. Hyde, Jr.

	Name:	 	Thomas A. Hyde, Jr.
	Title:	 	President, Director
	
	PROGRESSIVE CONCEPTS, INC.
		
	By:	 	 \s\ Thomas A. Hyde, Jr.

	Name:	 	Thomas A. Hyde, Jr.
	Title:	 	Chief Executive Officer, President

  

 4Factoring and Security Agreement

 EXHIBIT 10.4 
 FACTORING AND SECURITY AGREEMENT 
 FACTORING AND SECURITY AGREEMENT (this
“Agreement”), dated as of August , 11 2006, by and between Progressive Concepts, Inc., a Texas Corporation, as Seller and Subservicer, and THERMO CREDIT, LLC, a Colorado limited liability company, as Purchaser and Master Servicer.

 WITNESSETH: 
 WHEREAS, the Seller desires to factor certain of its telecommunication receivables and the Purchaser is in the business of factoring certain telecommunication receivables from time to time; 
 WHEREAS, the Purchaser may, but shall not be required to act in the capacity of Master Servicer to perform certain servicing, administrative and
collection functions in respect of the receivables purchased by the Purchaser under this Agreement (the “Purchased Receivables”); 
 WHEREAS, the Purchaser and the Master Servicer desire that the Subservicer be appointed to perform certain servicing, administrative and collection functions in respect of the Purchased Receivables; and 
 WHEREAS, the Seller has been requested, and is willing, to act as the Subservicer. 
 NOW, THEREFORE, the parties agree as follows: 
 ARTICLE I - DEFINITIONS 
 Section 1.1 Certain Defined Terms. Capitalized terms used in this Agreement
have the respective meanings set forth on Exhibit A, or as elsewhere provided in this Agreement. In the event of a conflict, the meaning given in Exhibit A shall prevail. 
 Section 1.2 Other Terms. All accounting terms not specifically defined in this Agreement shall be construed in accordance with
generally accepted accounting principles. All terms used in Article 9 of the UCC, and not specifically defined in this Agreement, are used in this Agreement as defined in such Article 9. 
 ARTICLE II - PURCHASE AND SALE; ESTABLISHMENT OF ACCOUNTS 
 Section 2.1
Offer to Sell. Seller shall offer to sell, transfer, assign and set over to Purchaser those Eligible Receivables set forth on a list of such Eligible Receivables which such list shall be delivered by the Seller to the Purchaser no later
than three (3) Business Days prior to each Purchase Date. 
 Section 2.2 Purchase of Receivables. Upon receipt of the
list of Eligible Receivables pursuant to Section 2.1, the Master Servicer, in good faith and at its own discretion will confirm 

 
which of the Eligible Receivables offered by Seller that the Purchaser will Purchase. The Purchase of such Receivables shall occur upon payment of the
Advance Amount. Upon Purchase of the Receivables, Seller shall be deemed to have sold, transferred, assigned, set over and conveyed to Purchaser, without recourse except as expressly provided herein, all of Seller’s right, title and interest in
and to the Purchased Receivables. The Seller shall not take any action inconsistent with such ownership and shall not claim any ownership in any Purchased Receivable. The Seller shall indicate in its Records that ownership interest in any Purchased
Receivable is held by the Purchaser. In addition, the Seller shall respond to any inquiries with respect to ownership of a Purchased Receivable by stating that it is no longer the owner of such Purchased Receivable and that ownership of such
Purchased Receivable is held by the Purchaser. Documents relating to the Purchased Receivables shall be held in trust by the Seller and the Subservicer, for the benefit of the Purchaser as the owner of the Purchased Receivables, and possession of
any Required Information relating to the Purchased Receivables so retained is for the sole purpose of facilitating the servicing of the Purchased Receivables and carrying out the terms of this Agreement. Such retention and possession is at the will
of the Purchaser and in a custodial capacity for the benefit of the Purchaser only. 
 Section 2.3 Purchase Price and
Payment. The Purchase Price for Receivables purchased on any Purchase Date shall be an amount equal to the aggregate Net Values of such Purchased Receivables. The Advance Amount shall be the Net Value of the Purchased Receivables after
deducting applicable adjustments and reserves (or an estimate thereof) and application of the Gross Liquidation Rate, reduced by (a) the Discount Fees as of such Purchase Date, (b) the amount, if any, by which the Thermo Contingency
Account is less than the Specified Thermo Contingency Account Balance as of such Purchase Date, (c) any Rejected Receivable Amount not otherwise paid pursuant to Section 4.4, and (d) other amounts due the Purchaser in accordance with
this Agreement. The Advance Amount shall be paid to the Seller by immediately available funds on the Purchase Date. At any time the Net Value of outstanding Purchased Receivables shall not exceed the Purchase Commitment. 
 Section 2.4 Establishment of Accounts; Conveyance of Interests Therein; Investments. (a) Except as may otherwise be established
by Purchaser, in writing, a Lockbox Account will be established or assigned, as the case may be, for the benefit of the Purchaser into which all Collections from Payors with respect to Receivables shall be deposited. The Lockbox Account will be
maintained at the expense of the Seller. The Seller agrees to deposit all Collections it receives with respect to Purchased Receivables in said Lockbox Account and will instruct all Payors, to make all payments on Purchased Receivables to said
Lockbox Account. All funds in said Lockbox Account will be remitted as instructed by the Master Servicer in accordance with the terms of this Agreement. 
 (b) The Purchaser has established and shall maintain the Thermo Contingency Account. 
 (c) The Seller does
hereby sell, transfer, assign, set over and convey to the Purchaser all right, title and interest of the Seller in and to all amounts deposited, from time to time, in the Lockbox Account, and Thermo Contingency Account. Any Collections relating to
Receivables held by the Seller or the Subservicer pending deposit to the Lockbox Account as provided in this Agreement, shall be held in trust for the benefit of the Purchaser until such 

  

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amounts are deposited into the Lockbox Account. All Collections in respect of Purchased Receivables received by the Seller and not deposited directly by the
Payor in the Lockbox Account shall be remitted to the Lockbox Account no later than the following Business Day (or as soon as reasonably practical), and if such Collections are not remitted on a timely basis, in addition to its other remedies
hereunder, the Purchaser shall be entitled to receive the Misdirected Payment Fee. 
 Section 2.5 Grant of Security
Interest. It is the intention of the parties to this Agreement that payment of the Advance Amount by the Purchaser to the Seller for Purchased Receivables to be made under this Agreement shall constitute an absolute sale of such Purchased
Receivables and not a loan. In the event, however, that a court of competent jurisdiction were to hold that the transaction evidenced by this Agreement constitutes a loan and not a purchase and sale, it is the intention of the parties that this
Agreement shall constitute a security agreement under the UCC and any other applicable law, and that the Seller shall be deemed to have granted to the Purchaser a first priority perfected security interest in all of the Seller’s right, title
and interest in, to and under: the Purchased Receivables; the Records; all payments of principal of or interest on such Purchased Receivables; all amounts on deposit from time to time in the Lockbox Account and the Thermo Contingency Account; and
all proceeds of any of the foregoing. Notwithstanding the foregoing, nothing in this Agreement shall be construed as an assignment or sale of any of Seller’s agreements with Cingular or any other vendor or supplier. 
 Section 2.6 Further Action Evidencing Purchases. The Seller agrees that, from time to time, at its expense, it will promptly execute
and deliver all further instruments and documents, and take all further action, that may be reasonably necessary or appropriate, or that the Purchaser may reasonably request, in order to perfect, protect or more fully evidence the transfer of
ownership of and its security interest in the Purchased Receivables and other assets in which Seller grants to Purchaser a security interest in accordance with Section 8.2 below, and to enable the Purchaser to exercise or enforce any of its
rights under this Agreement. 
 ARTICLE III - CONDITIONS OF PURCHASES 
 Section 3.1 Conditions Precedent to All Purchases. Each Purchase from the Seller by the Purchaser shall be subject to the conditions
precedent as of each Purchase Date: 
 (a) No Event of Seller Default has occurred and the Seller is in compliance, in all material respects,
with each of its covenants and representations set forth in Sections 4.1 and 4.2 of this Agreement; 
 (b) The Seller shall have delivered to
the Purchaser evidence satisfactory to the Purchaser of consent to service (including both paper and electronic) for the Payors; 
 (c) The
Termination Date shall not have occurred; and 
 (d) The Seller shall have taken such other action, including but not limited to delivery of
an opinion of counsel substantially in the form of Exhibit D hereto, and delivered such other approvals, opinions or documents to the Purchaser, as the Purchaser may reasonably request; 
  

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 (e) To the extent the Seller markets through telemarketing, Seller shall subscribe to both state and
federal, as the case may be, do not call lists and will comply with all changes and revisions to such rules. In addition, Seller shall utilize an independent third-party verification company to verify all telemarketing orders for service; and

 (f) Seller shall provide Purchaser with proofs of previous, current and ongoing compliance with both Federal and State USF contributions
which includes copying Purchaser on all Form 409 A’s and Q’s that are filed by Seller. 
 ARTICLE IV - REPRESENTATIONS,
WARRANTIES 
 AND COVENANTS OF THE SELLER 
 Section 4.1 Representations, Warranties and Covenants as to the Seller. The Seller represents and warrants to the Purchaser and Master Servicer, as of the date of the initial Purchase Date and as of
each Purchase Date thereafter, as follows: 
 (a) The Seller is duly organized, validly existing and in good standing under the laws of its
state of incorporation or other formation and is duly qualified to do business and is in good standing in each jurisdiction in which it is doing business and has the power and authority to own and convey all of its properties and assets and to
execute and deliver this Agreement and the Related Documents and to perform the transactions contemplated thereby; and each is the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms;

 (b) The execution, delivery and performance by the Seller of this Agreement and the Related Documents and the transactions contemplated
thereby (i) have been duly authorized by all necessary corporate or other action on the part of the Seller, (ii) do not contravene or cause the Seller to be in default under (A) any contractual restriction contained in any loan or
other agreement or instrument binding on or affecting the Seller or its property; or (B) any law, rule, regulation, order, writ, judgment, award, injunction, or decree applicable to, binding on or affecting the Seller or its property and
(iii) do not result in or require the creation of any Adverse Claim upon or with respect to any of the property of the Seller (other than in favor of the Purchaser as contemplated hereunder), all as more fully certified by the Seller in the
form of Exhibit C attached hereto; 
 (c) There is no court order, judgment, writ, pending or threatened action, suit or
proceeding, of a material nature against or affecting the Seller, its officers, managers or directors, or the property of the Seller, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority
(i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the sale and assignment of any Receivable or the consummation of any of the transactions contemplated thereby, (iii) seeking any
determination or ruling that might materially and adversely affect the Seller, this Agreement, the Related Documents, the Receivables, the Contracts or any LOA, or (iv) asserting a claim for payment of money in excess of $100,000 individually
or $250,000 in total; 
  

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 (d) The primary business of the Seller is the provision of telecommunication services and/or equipment.
All license numbers issued to the Seller by any Governmental Authority are set forth on Schedule 2 and the Seller has complied in all material respects with all applicable laws, rules, regulations, orders and related Contracts, and has
and maintains all permits, licenses, certifications, authorizations, registrations, approvals and consents of Governmental Authorities or any other party necessary for the business of the Seller and each of its subsidiaries; 
 (e) The Seller (i) has filed and paid on a timely basis all taxes and corresponding tax returns (federal, state and local ) required to be filed and
has paid or made adequate provisions for the payment of all taxes, assessments, and other governmental charges due from the Seller except for those being contested in good faith; (ii) the financial statements of the Seller, copies of which have
been furnished to the Purchaser, fairly present, in all material respects, the financial condition of the Seller, all in accordance with generally accepted accounting principles consistently applied; (iii) since April 30, 2006, there has
been no material adverse change in any such condition, business or operations; and (iv) the Seller has delivered to the Purchaser within 45 days after the end of each subsequent three month period, and, 90 days after the fiscal year end of the
Seller, the financial statements, including balance sheet, income statement and statement of cash flows prepared in accordance with generally accepted accounting principles, of the Seller as of the end of such three-month period or fiscal year, as
the case may be, certified by the chief financial officer and chief executive officer of the Seller; 
 (f) All information furnished by or
on behalf of the Seller to the Master Servicer or the Purchaser in connection with this Agreement is true and complete in all material respects and does not omit to state a material fact and the sales of Purchased Receivables under this Agreement
are made by the Seller in good faith and without intent to hinder, delay or defraud present or future creditors of the Seller; 
 (g) The
Lockbox Account is the only lockbox account to which Payors have been instructed to direct Receivable proceeds and each Payor of an Eligible Receivable has been directed upon its receipt of the notice attached hereto as Exhibit B,
which such notice was mailed not less than two (2) Business Days prior to the Purchase Date, to remit all payments with respect to such Receivable for deposit in the Lockbox Account; 
 (h) The principal place of business and chief executive office of the Seller are located at the address of the Seller set forth under its signature below
and there are not now, and during the past four months there have not been, any other locations where the Seller is located (as that term is used in the UCC) or keeps Records except as set forth in the designated space beneath its signature line in
this Agreement; 
 (i) The exact name of the Seller as it appears in its Articles of Incorporation, Formation or Organization is as set forth
at the beginning of this Agreement and, except as set forth on Schedule 3, the Seller has not changed its legal name in the last six (6) years, and during such period, the Seller did not use, nor does the Seller now use any trade
names, fictitious names, assumed names or “doing business as” names; 
  

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 (j) The federal taxpayer identification number of the Seller is as set forth under its signature below;

 (k) To Seller’s knowledge, the Seller has not done anything to impede or interfere with the collection by the Purchaser of the
Purchased Receivables and shall not, outside of the ordinary course of business, without Purchaser’s prior written consent, amend, waive or otherwise permit or agree to any deviation from the terms or conditions of any Purchased Receivable or
Contract which (i) may create an Adverse Claim with respect to any Receivable or (ii) would materially affect the ability of the Subservicer or the Master Servicer to act in each’s capacity as such; and 
 (l) For federal income tax reporting and accounting purposes, the Seller will treat the sale of each Purchased Receivable pursuant to this Agreement as a
sale of, or absolute assignment of its full right, title and ownership interest in such Purchased Receivable to the Purchaser, as provided herein. 
 Section 4.2 Representations and Warranties of the Seller as to Purchased Receivables. With respect to each Purchased Receivable sold pursuant to this Agreement the Seller represents and warrants, to the best of
Seller’s knowledge, as of the date hereof and as of the date of each subsequent Purchase Date, as follows: 
 (a) Such Purchased
Receivable (i) includes all the Required Information; (ii) is the liability of Eligible Payor and (iii) was created by the provision or sale of telecommunication services, equipment or other merchandise sold or services provided by
Seller in the ordinary course of its business; (iv) except for the initial Purchase Date has a Purchase Date no later than 45 days after its Billing Date; (v) is not a Purchased Receivable as to which, as of any Determination Date, payment
by the Payor of such Receivable has been received and is not duplicative of any other Receivable; and (vi) is owned by the Seller free and clear of any Adverse Claim, and the Seller has the right to sell and transfer the same and interests
therein as contemplated under this Agreement without consent other than those secured and delivered to the Purchaser on or prior to the Closing Date from any Governmental Authority, the Payor, or any other Person. 
 (b) The Eligible Receivable Amount set forth in the applicable Required Information of such Receivable is payable in United States Dollars and shall not
exceed with respect to any one individual Payor of any Payor Class the amounts or percentages (%) reflected in Schedule 1, unless approved in writing by the Purchaser in advance, and neither the Receivable or Contract has or will
be compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Seller, or the Payor, and is not nor will be subject to compromise, adjustment, termination or modification, whether arising out of transactions
concerning the Contract, or otherwise, except for the credits issued by Seller to Payors in the ordinary course of business; and 
  

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 (c) There are no procedures or investigations pending or threatened before any Governmental Authority
(i) asserting the invalidity of such Receivable, or such Contract; (ii) seeking the payment of such Receivable or such other Contract; or (iii) seeking any determination or ruling that might materially and adversely affect the
validity or enforceability of such Receivable or such other Contract. 
 Section 4.3 Negative Covenants of the Seller. The
Seller shall not, without the written consent of the Purchaser and the Master Servicer which shall not be unreasonably withheld or delayed: 
 (a) Create, purport to create or suffer to exist any Adverse Claim or lien upon any Receivable and related Contracts, the Lockbox Account, or any other account in which any Collections of any Purchased Receivable are deposited, or assign
any right to receive income in respect of any Purchased Receivable; 
 (b) Submit or permit to be submitted to Payors any invoice for
telecommunication services or equipment rendered by or on behalf of Seller which contains a “pay to” address other than the Lockbox Account; 
 (c) Make any change to (i) the location of its chief executive office or the location of the office where Records are kept or (ii) its corporate name or use any tradenames, fictitious names, assumed names or
“doing business as” names; 
 (d) Make any change to or file for a new federal taxpayer identification number; or; 
 Section 4.4 Repurchase Obligations. Upon discovery by any party to this Agreement of a breach of any representation or warranty in
Sections 4.1 or 4.2 of this Article IV which materially and adversely affects the value of a Purchased Receivable or the interests of the Purchaser therein (herein a “Rejected Receivable”), the party discovering such breach shall give
prompt written notice to the other parties to this Agreement. Thereafter, on the next Purchase Date, the Net Value of the Rejected Receivables shall be deducted from the Purchase Price of the Eligible Receivables pursuant to Section 2. To the
extent the amount of that Advance Amount is insufficient, Purchaser shall make demand upon the Seller to pay any such deficiency to the Purchaser within five (5) Business Days of receipt of notice from Purchaser. Upon payment of the amount due
by the Seller to the Purchaser under this Section 4.4, the subject Purchased Receivable will be reconveyed to the Seller without recourse. 
 Section 4.5 Commitment Fee. The Seller will pay to the Purchaser the Commitment Fee. The initial Commitment Fee will be the amount or percentage (%) reflected in Schedule 1, and will be payable in two
(2) equal installments: the first at the time of the first Purchase and the second on the first anniversary of the date of this Agreement. Any increases in the Purchase Commitment will require payment of additional Commitment Fees of the amount
or percentage (%) reflected in Schedule 1 payable at the time of the increase. The Commitment Fee shall be deemed earned and payable upon execution of this Agreement and shall be deducted from the Advance Amount when due.

  

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 Section 4.6 Discount Fees. Seller shall pay to Purchaser an initial Discount Fee of
the amount or percentage (%) reflected in Schedule 1, as adjusted from time to time; additional Discount Fees will be charged for Purchased Receivables that remain uncollected after 30 days, at a rate specified in Schedule
1. If uncollected after 120 days from the Billing Date, the Billed Amount will be deemed uncollectible and a Rejected Receivable. The Discount Fees shall be deducted from the Advance Amount. 
 ARTICLE V - ACCOUNTS ADMINISTRATION 
 Section 5.1 Appointment of Master Servicer. Purchaser may appoint and delegate to a third party the duties of Master Servicer under this Agreement. If a third party Master Servicer is appointed, Purchaser shall so notify
Seller, and such notice shall be deemed to confirm to Seller that Purchaser has appointed the Master Servicer (including any successors thereto), its agent and attorney-in-fact, with full power of substitution, to take any and all reasonable steps
in the Seller’s name and on the Seller’s behalf necessary or desirable in the determination of the Master Servicer to collect all amounts due under any and all Purchased Receivables, process all Collections, commence proceedings with
respect to enforcing payment of such Purchased Receivables and the related Contracts, and adjusting, settling or compromising the account or payment thereof. Upon receipt of Purchaser’s notice of appointment, the Seller shall furnish the Master
Servicer (and any successors thereto) with any specific powers of attorney and other documents necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties under this Agreement, and shall cooperate with
the Master Servicer to the fullest extent in order to ensure the collectability of the Purchased Receivables. To the extent the Purchaser shall have delegated its duties with respect to any Purchased Receivable or related Contracts, it shall not be
obligated to perform any of the obligations of the Master Servicer hereunder. 
 Section 5.2 Lockbox Account. The
Purchaser and the Master Service acknowledge that certain amounts deposited in the Lockbox Account may relate to Receivables other than Purchased Receivables and that such amounts continue to be owned by the Seller. All such amounts shall be
administered in accordance with Section 5.4. 
 Section 5.3 Determinations of the Master Servicer. On each
Determination Date, the Master Servicer will determine: 
 (a) the Net Value of all Purchased Receivables which have become Rejected
Receivables since the prior Purchase Date (the “Rejected Receivable Amount”); 
 (b) the amount of Collections up to the Purchase
Price of all Purchased Receivables received since the prior Determination Date (the “Paid Receivables Amount”); 
 (c) the Net
Value of all Purchased Receivables which have become Defaulted Receivables since the prior Purchase Date (the “Defaulted Receivable Amount”); 
  

 8 

 (d) the aggregate amount deposited in the Lockbox Account in excess of the Purchase Price of each
Purchased Receivable, including Collections pertaining to Receivables not purchased under this Agreement, since the prior Determination Date (the “Excess Collection Amount”); and 
 (e) the Net Value of all Purchased Receivables less the Rejected Receivable Amount and the Defaulted Receivable Amount as of the current Determination
Date (the “Current Net Value Amount”). 
 The Master Servicer’s determinations of the foregoing amounts shall be conclusive if
determined reasonably and in good faith. The Master Servicer shall provide to Seller and Purchaser on a monthly basis a settlement statement setting forth the determinations made by it under this Section 5.3. The Master Servicer shall timely
notify the Purchaser and Seller of such determinations. 
 Section 5.4 Distributions from Accounts. (a) On each
Determination Date, following the determinations set forth in Section 5.3, the Master Servicer will distribute any amount owed to the Seller pursuant to Section 5.3 by wire transfer. 
  

	 	(b)	Until the Termination Date, with reasonable best efforts on each Purchase Date or in any event within two (2) Business Days of each such Purchase Date, the Master Servicer
shall pay to the Purchaser all amounts due and owing the Purchaser in accordance with this Agreement and pay the balance, if any, to the Seller by wire transfer; 

 Section 5.5 Allocation of Moneys following Termination Date. (a) Upon the occurrence of a Termination Date hereunder, the Master
Servicer shall administer and monitor the Lockbox Account and any and all Collections and apply the amount of such Collections to the outstanding Net Value of Purchased Receivables. To the extent any Purchased Receivable becomes a Defaulted
Receivable, the Purchaser may withdraw an amount equal to such Defaulted Receivable Amount from the Thermo Contingency Account and deposit such amount in the Lockbox Account, provided, however, that such recourse is expressly limited
to the monies which comprise the Thermo Contingency Account at the time of the Termination Date which shall not at any time exceed the Specified Thermo Contingency Account Balance. Thereafter, any Excess Collection Amount which relates to
Receivables not purchased by the Purchaser may not be used for deposit to the Thermo Contingency Account and shall be otherwise administered in accordance with this Agreement. 
 (b) In any event, following the Termination Date and the Purchaser’s receipt of the Termination Fee, if any, the Seller may, at its option,
repurchase all previously Purchased Receivables by depositing with the Purchaser the then aggregate uncollected portion of the Advance Amount with respect to such Purchased Receivables. Following such payment and any other amount due and owing the
Purchaser under this Agreement, including without limitation any due but unpaid Commitment Fees or Discount Fees, this Agreement shall be deemed terminated. 
  

 9 

 (c) On the first Determination Date on which the aggregate Net Value of all Purchased Receivables (other
than Defaulted Receivables) is less than the aggregate amount remaining in the Thermo Contingency Account, the Master Servicer shall disburse all remaining amounts held in the Thermo Contingency Account to the Seller and all interests of the
Purchaser in all Purchased Receivables owned by the Purchaser shall be reconveyed and reassigned by the Purchaser to the Seller, without recourse. Following such disbursement and reconveyance, this Agreement shall be deemed terminated. 

ARTICLE VI - APPOINTMENT OF THE SUBSERVICER 
 Section 6.1 Appointment of the Subservicer. As consideration for the Seller’s receipt of Excess Collection Amount, the Master Servicer and the Purchaser hereby appoint the Seller and the Seller
hereby accepts such appointment to act as Subservicer under this Agreement. The Subservicer shall service the Purchased Receivables and enforce the Purchaser’s respective rights and interests in and under each Purchased Receivable and each
related Contract or LOA; and shall take, or cause to be taken, all such actions as may be necessary or advisable to service, administer and collect each Purchased Receivable all in accordance with (i) customary and prudent servicing procedures
for telecommunication receivables of a similar type, and (ii) all applicable laws, rules and regulations; and shall serve in such capacity until the termination of its responsibilities pursuant to Section 6.4 or 7.1. The Subservicer may,
only with the prior consent of the Purchaser which shall not be unreasonably withheld or delayed, subcontract with a third party for billing, collection, servicing or administration of the Receivables. Any termination or resignation of the
Subservicer under this Agreement shall not affect any claims that the Purchaser may have against the Subservicer for events or actions taken or not taken by the Subservicer arising prior to any such termination or resignation. 
 Section 6.2 Duties and Obligations of the Subservicer. (a) The Subservicer shall at any time permit the Purchaser, the Master
Servicer or any of their representatives to visit the offices of the Subservicer and examine and make copies of all Servicing Records; 
 (b)
The Subservicer shall notify the Purchaser or the Master Servicer of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim that is or may be asserted by any Person with respect to any Purchased Receivable;

 Section 6.3 Subservicing Expenses. The Subservicer shall be required to pay for all expenses incurred by the
Subservicer in connection with its activities hereunder (including any payments to accountants, counsel or any other Person) and shall not be entitled to any payment or reimbursement therefor. 
 Section 6.4 Subservicer Not to Resign. The Subservicer shall not resign from the duties and responsibilities hereunder except upon
Purchaser’s or Master Servicer’s determination that (a) the performance of Subservicer’s duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take
to make the performance of its duties hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Purchaser. 
  

 10 

 Section 6.5 Authorization of the Master Servicer. Should the Subservicer ever be
released of its duties for whatever reason, the Seller hereby authorizes and irrevocably appoints the Master Servicer (including any successors thereto), its agent and attorney in fact, with full power of substitution, to take any and all reasonable
steps in the Seller’s name and on the Seller’s behalf necessary or desirable in the determination of the Master Servicer to collect all amounts due under any and all Purchased Receivables, process all Collections, commence proceedings with
respect to enforcing payment of such Purchased Receivables and the related Contracts, and adjusting, settling or compromising the account or payment thereof. The Seller shall furnish the Master Servicer (and any successors thereto) with any specific
powers of attorney and other documents necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties under this Agreement, and shall cooperate with the Master Servicer to the fullest extent in order to
ensure the collectability of the Purchased Receivables. 
 ARTICLE VII - EVENTS OF SELLER DEFAULT 
 Section 7.1 Events of Seller Default. If any of the following events (each, an “Event of Seller Default”) shall occur, and
be continuing: 
 (a) The Seller (either as Seller or Subservicer) shall materially fail to perform or observe any term, covenant or
agreement contained in this Agreement; 
 (b) An Insolvency Event shall have occurred; 
 (c) There is a material breach of any of the representations and warranties of the Seller as stated in Sections 4.1 or 4.2 that has remained uncured for
a period of ten (10) days following receipt of written notice with respect thereto; 
 (d) Any Governmental Authority shall file notice
of a lien with regard to any of the assets of the Seller or with regard to the Seller which remains undischarged for a period of 30 days after receipt; 
 (e) As of the first day of any month, the aggregate Net Value of Purchased Receivables which became Defaulted Receivables or Rejected Receivables during the prior three-month period shall exceed 5.0% of the average
aggregate Net Values of all Purchased Receivables then owned by the Purchaser at the end of each of such three months; 
 (f) This Agreement
shall for any reason cease to evidence the transfer to the Purchaser (or its assignees or transferees) of the legal and equitable title to, and ownership of, the Purchased Receivables; 
  

	 	(g)	The amount deposited hereunder (net of withdrawals required hereunder) in the Thermo Contingency Account has remained at less than the Specified Thermo Contingency Account Balance
for fourteen (14) consecutive days; or 

  

 11 

	 	(h)	The Seller shall be in violation or default of any regulation, requirement, citation, statute, mandate, notice or decree of a Governmental Authority and fail to remedy such
violation within any available grace period, if any; 

 (j) The Seller (either as Seller or Subservicer) shall fail in the
payment of any sums due a Carrier as and when such sums are payable after taking into account any available grace period, if any; 
 (k)
Failure of Seller to notify Purchaser within three (3) business days of Seller’s receipt or service of any material notification from a Governmental Authority. 
 (h) A Termination Event shall have occurred 
 then and in any such event, the Master Servicing may, by written notice to the
Seller and the Purchaser (with a copy to Purchaser’s legal counsel) declare that an Event of Seller Default shall have occurred and, the Termination Date shall forthwith occur, without demand, protest or further notice of any kind, and the
Purchaser shall make no further Purchases from the Seller. The Purchaser and the Master Servicer shall have, in addition to all other rights and remedies under this Agreement, all other rights and remedies provided under the UCC and other applicable
law, which rights shall be cumulative. 
 ARTICLE VIII - INDEMNIFICATION AND SECURITY INTEREST 
 Section 8.1 Indemnities by the Seller. (a) Without limiting any other rights that the Purchaser, the Master Servicer, or any
director, officer, employee or agent of either such party (each an “Indemnified Party”) may have under this Agreement or under applicable law, the Seller hereby agrees to indemnify each Indemnified Party from and against any and all
claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related costs and expenses of any nature whatsoever, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively
referred to as “Indemnified Amounts”) which may be imposed on, incurred by or asserted against an Indemnified Party in any way arising out of or relating to this Agreement or the ownership of the Purchased Receivables or in respect of any
Receivable or any Contract, excluding, however, Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party. 
 (b) Any Indemnified Amounts subject to the indemnification provisions of this Section shall be paid to the Indemnified Party within ten
(10) Business Days following demand therefore together with interest at the highest rate permitted by law from the date of demand for such Indemnified Amount. 
  

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 ARTICLE IX - MISCELLANEOUS 
 Section 9.1 Notice. Any notice or demand which, by provision of this Agreement, is required or permitted to be given by one party to
the other party hereunder shall be given by (i) deposit, postage prepaid, in the mail, registered or certified mail, or (ii) delivery to a recognized express courier service, or (iii) delivery by hand, or (iv) transmittal by
facsimile machine, in each case addressed (until address or addresses is given in writing by such party to the other party). All notices, other than those sent by facsimile, so given shall be deemed effective upon actual receipt by a responsible
officer of the addressee or, if proper delivery is attempted but refused, upon attempted delivery. All notices sent by facsimile transmission shall be deemed received upon the transmitter’s receipt of acknowledgment of receipt from the offices
of such addressee, provided, however, that a hard copy of such notice is properly sent by other permissible means not later than the following business day after the facsimile transmission. For the purposes hereof, notices hereunder shall be sent to
the following addresses, or to such other addresses as each such party may in writing hereafter indicate: 
 SELLER 

 

			
	Address:	  	5718 Airport Freeway
		  	Fort Worth, Texas 76117
		  	 
	Officer:	  	Attn: Robert McMurrey
	Fax Number:	  	(817) 654-6672

  

			
	With a copy to:	  	Thomas D. Manford III
	 	  	Bracewell & Giuliani, L.L.P.
	 	  	711 Louisiana St. Ste 2300
		  	Houston, Texas 77002-2781

 PURCHASER 
  

			
	Address:	  	1250 Poydras Street
		  	Suite 500
		  	New Orleans, LA 70113
	Officer:	  	Seth Block, Executive Vice-President
		  	Jack V. Eumont, Executive Vice-President
		  	Fax Number: 504/620-3103

 Section 9.2 Remedies. No failure or delay on the part of the Purchaser or the
Master Servicer to exercise any right hereunder shall operate as a waiver or partial waiver thereof. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 9.3 Binding Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Seller, the
Subservicer, the Purchaser, the Master Servicer and their respective successors and permitted assigns. Neither the Seller nor the Subservicer may assign any of their rights or delegate any of their obligations hereunder or any interest herein
without the prior written consent of the Purchaser and the Master Servicer. The Purchaser may, at any time, without the consent of the Seller or the Subservicer, assign any of its rights and 

  

 13 

 
obligations hereunder or interest herein to any Person. Without limiting the generality of the foregoing, the Seller acknowledges that the Purchaser may
assign its collateral rights hereunder for the benefit of third parties. The Seller does hereby further agree to execute and deliver to the Purchaser all documents and amendments reasonably presented to the Seller by the Purchaser in order to
effectuate the assignment by the Purchaser in furtherance of this Section 9.3 consistent with the terms and provisions of this Agreement. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until its termination; provided, that the rights and remedies with respect to any breach of any representation and warranty made by the Seller or the Master Servicer pursuant to
Article IV and the indemnification and payment provisions of Article VIII shall be continuing and shall survive any termination of this Agreement. 
 Section 9.4 Costs, Expenses and Taxes. (a) In addition to the rights of indemnification under Article VIII, the Seller agrees to pay upon demand unless otherwise deducted from the Advance Amount, all reasonable costs
and expenses in connection with this Agreement and the other documents to be delivered hereunder, including, without limitation: (i) the periodic auditing of the Seller (which is expected to be quarterly but can be more often is reasonable and
in good faith) and the modification or amendment of this Agreement; (ii) the reasonable fees and out-of-pocket expenses of counsel for the Purchaser or the Master Servicer with respect to (A) advising the Purchaser as to its rights and
remedies under this Agreement or (B) the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement or the other documents to be delivered hereunder; and (iii) any and all stamp, sales, excise and other
taxes and fees payable or determined to be payable in connection with the execution, delivery, filing or recording of this Agreement or the other agreements and documents to be delivered hereunder, and agrees to indemnify and save each Indemnified
Party from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes and fees. Nothing in this section is intended to, nor does it make Seller liable for any income or franchise taxes of
Purchasers or paid by Purchaser. 
 (b) If the Seller or the Subservicer fails to pay any Lockbox Account fees or other charges or debits
related to such accounts, or to pay or perform any agreement or obligation contained under this Agreement, ten (10) days after written notice to Seller the Purchaser may, or may direct the Master Servicer to pay or perform, or cause payment or
performance of, such agreement or obligation, and the expenses of the Purchaser or the Master Servicer incurred in connection therewith shall be payable by the party which has failed to so perform upon demand unless otherwise deducted from the
Advance Amount. 
 Section 9.5 Amendments; Waivers, Consents. No modification, amendment or waiver of, or with respect to,
any provision of this Agreement or the Related Documents, shall be effective unless it shall be in writing and signed by each of the parties hereto. This Agreement, the Related Documents and the documents referred to therein embody the entire
agreement among the Seller, the Subservicer, the Purchaser and the Master Servicer, and supersede all prior agreements and understandings relating to the subject hereof, whether written or oral. 
 Section 9.6 Arbitration. Seller and Purchaser agree that upon the written demand of either party, whether made before or after the
institution of any legal proceedings, but prior to 

  

 14 

 
the rendering of any judgment in that proceeding, all disputes, claims and controversies between them, whether individual, joint, or class in nature, arising
from this Agreement, or otherwise, including without limitation contract disputes and tort claims, shall be resolved by binding arbitration pursuant to the Commercial Rules of the American Arbitration Association (“AAA”). Any arbitration
proceeding held pursuant to this arbitration provision shall be conducted in the city nearest Purchaser’s address having an AAA regional office, or at any other place selected by mutual agreement of the parties. No act to take, seize, sell or
otherwise dispose of any collateral security, including without limitation the Collateral, shall constitute a waiver of this arbitration agreement or be prohibited by this arbitration agreement. Judgment upon any award rendered by any arbitrator may
be entered in any court having jurisdiction. All statute of limitations, prescriptive periods, estoppel, waiver, laches and similar doctrines which would otherwise be applicable in an action brought by a party shall be applicable in any arbitration
proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of any action for these purposes. The Federal Arbitration Act (Title 9 of the United States Code) shall apply to the construction, interpretation, and
enforcement of this arbitration provision. 
 Section 9.7 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.
(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PROVISIONS) OF THE STATE OF LOUISIANA, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE INTERESTS
OF THE PURCHASER IN THE PURCHASED RECEIVABLES OR REMEDIES HEREUNDER OR THEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF LOUISIANA. 
 (b) THE SELLER AND THE SUBSERVICER HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF LOUISIANA AND THE UNITED STATES DISTRICT
COURT LOCATED IN THE EASTERN DISTRICT OF LOUISIANA, AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH ON THE SIGNATURE PAGE
HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE SELLER AND THE SUBSERVICER EACH HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY
OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF THE PURCHASER TO SERVE LEGAL PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF THE PURCHASER TO BRING ANY ACTION OR PROCEEDING AGAINST THE SELLER OR ITS PROPERTY, OR THE SUBSERVICER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION. THE SELLER AND THE SUBSERVICER EACH
HEREBY AGREE THAT THE EXCLUSIVE AND APPROPRIATE FORUMS FOR ANY DISPUTE HEREUNDER ARE THE COURTS OF THE STATE OF LOUISIANA AND THE UNITED STATES DISTRICT COURT LOCATED IN THE EASTERN DISTRICT OF LOUISIANA AND AGREE NOT TO INSTITUTE ANY ACTION IN ANY
OTHER FORUM. 
  

 15 

 (c) THE SELLER, AND THE SUBSERVICER EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING
ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 Section 9.8 No Lien Termination without Release. In recognition of the Purchaser’s right to have its attorneys’ fees and
other expenses incurred in connection with this Agreement secured by the security interests granted herein, notwithstanding payment in full of all obligations Seller may owe the Purchaser, Purchaser shall not be required to record any terminations
or satisfactions of any of Purchaser’s liens created or granted herein unless and until Seller has executed and delivered to Purchaser a general release in the form of Exhibit E hereto. Seller understands that this provision
constitutes a waiver of its rights under §9-513 of the UCC. 
 Section 9.9 Conflict. Unless otherwise expressly
stated in any other agreement between Purchaser and Seller, if a conflict exists between the provisions of this Agreement and the provisions of such other agreement, the provisions of this Agreement shall control. 
 Section 9.10 Authorization for Release of Information. Only to the extent reasonably necessary to carry out the purposes and goals of this
Agreement, Seller hereby authorizes and directs any Person to release to Purchaser, and any of its employees, representatives, agents, attorneys or accountants (collectively the “Purchaser Party”), any and all documents, information and
writings in such Person’s possession relating to Seller, the Purchased Receivables, the Records, the Servicing Records, the Required Information, the Related Documents, or this Agreement, which said documents, information or writings may
include, but are not limited to, any and all records of any sort, reports, statements, notes, correspondence and memoranda relating to Seller or the negotiation, execution, preparation or delivery of this Agreement whether or not generated by such
Person but in its possession or control. Seller further authorizes and directs such Person to respond to any oral communication from any Purchaser Party to discuss the documents, information or writings produced. All privileges are hereby waived
with respect to the production of documents, information and writings and such Person is hereby released in connection with the disclosure of the aforesaid documents, information and writings. Seller hereby appoints Purchaser as its attorney-in-fact
with full power, in the name and stead of Seller, to take any action and execute any instruments or documents the Seller may be requested or required to execute or provide with respect to the release, discussion or disclosure of the documents,
information and writing being requested, which appointment as attorney-in-fact is irrevocable and coupled with an interest. 
 Section 9.11 Survival. All representations, warranties and agreements herein contained shall be effective so long as any portion of this Agreement remains executory. 
 Section 9.12 Severability. In the event any one or more of the provisions contained in this Agreement is held to be invalid, illegal
or unenforceable in any respect, then such provision shall be ineffective only to the extent of such prohibition or invalidity, and the validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby. 
  

 16 

 Section 9.13 Enforcement. This Agreement and the Related Documents are the product of
negotiation and preparation by and among each party and its respective attorneys. Accordingly, this Agreement shall be construed without regard to the rule that ambiguities in a document are to be construed against the draftsman. No inferences shall
be drawn from the fact that the final, duly executed Agreement differs in any respect from any previous draft hereof. 
 Section 9.14
Relationship of Parties. The relationship of the parties hereto shall be that of seller and purchaser of Accounts, and Purchaser shall not be a fiduciary of the Seller, although Seller may be a fiduciary of the Purchaser, and such
relationship shall not, under any circumstance whatsoever, be construed to be a joint venture, joint adventure or partnership. 
 Section 9.15 Entire Agreement. This Agreement and the Related Documents constitute the entire agreement of the parties with respect to the subject matter and supersedes all other agreements and understandings between the
parties hereto, verbal or written, express or implied, relating to the subject matter hereof. No promises of any kind have been made by Purchaser or any third party to induce Seller to execute this Agreement. No course of dealing, course of
performance or trade usage, and no parole evidence of any nature, shall be used to supplement or modify any terms of this Agreement. 
 Section 9.16 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all signatures were upon the same instrument. Delivery of an executed
counterpart of the signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement, and any party delivering such an executed counterpart of the signature page to this Agreement by
facsimile to any other party shall thereafter also promptly deliver a manually executed counterpart of this Agreement to such other party, provided that the failure to deliver such manually executed counterpart shall not affect the validity,
enforceability, or binding effect of this Agreement. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date first above written. 
  

			
	Progressive Concepts, Inc., as Seller and Subservicer
		
	By:	 	\s\ Keith H. Cole

			
	Name:	 	Keith H. Cole
	Title:	 	Chief Financial Officer, Senior Vice President
	
	Address at which the chief executive office is located:

  

			
	Address:	 	5718 Airport Freeway
		 	Fort Worth, TX 76117
	Attention:    	 	Robert McMurrey

  

 17 

 Telephone No.: 1-817-654-6101 
 Facsimile No.: 1-817-654-6672 
 Tax
I.D. No.: 75-1441776 
 Additional names under which and locations at which the Seller does business and 
 maintains Records: 
  

			
	(SEE Exhibit F)
	
	THERMO CREDIT, LLC
		
	By:	 	\s\ Jack V. Eumont

			
	Name:	 	Jack V. Eumont
	Title:	 	Executive Vice-President
	
	Address at which the chief executive office is located:

  

			
	Address:	 	1250 Poydras Street, Suite 500
		 	New Orleans, LA 70113
	Attention:    	 	Seth Block / Jack V. Eumont

			
	Telephone No.:    	 	(504) 620-3100
	Facsimile No.:	 	(504) 620-3103

  
  
  

 18 

 SCHEDULE 1 
 Fees and Rate Schedule 
  
 Seller: Progressive Concepts, Inc. 
 Commitment Amount (Exhibit A):     $10,000,000.00 (Ten million dollars)

 Commitment Fee (Sec. 4.5):     1.50% of the initial Commitment Amount; 1.50 % of any increases in the Commitment
Amount 
 Eligible Receivable limitation (Sec. 4.2 (b)): 1.0% of the aggregate outstanding balance under the Facility. 
 Initial Gross Liquidation Rate (Sec. 2.3 / Exhibit A): 70%; however, GLR% on first purchase may be higher. 
 Discount Fees (Sec. 4.6): 
  

	 	o	Initial Fee: 1.0% of the Purchased Receivables 

  

	 	o	Additional Fees: For receivables uncollected after 30 days, .50% of the uncollected amount for each 15 day period or portion thereof, up to 90 days; for receivables uncollected
after 90 days, an additional fee of .625% of the uncollected amount for each 15 day period or portion thereof, up to 30 days. 

 Termination Fee (Exhibit A): 3.0% of the Purchase Commitment. If the Termination occurs after the first anniversary of the Closing Date and 60 day notice is provided, the termination fee is 2.0% of the Purchase
Commitment. 
  

 19

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