Document:

Exhibit

EXHIBIT 10.6

FORM OF PROMISSORY NOTE
	
		
	$[l] U.S. Dollars
	New York, New York

[l], 2015
FOR VALUE RECEIVED, CAREY CREDIT INCOME FUND, a Delaware statutory trust (“Borrower”), promises to pay to the order of WPC HOLDCO LLC, a Maryland limited liability company (“Lender”), at its principal place of business located at c/o W. P. Carey Inc. (“W. P. Carey”), 50 Rockefeller Plaza, Second Floor, New York, New York 10020, the principal sum of [l] Million and 00/100 Dollars ($l), together with interest on the unpaid balance of the principal sum hereof at a rate of interest equal to the “Applicable Rate” for a Eurocurrency Rate Loan (for the avoidance of doubt, as of the date of this Note, such rate is LIBOR + 110 basis points, i.e., [l]%) as those terms are defined in that certain Second Amended and Restated Credit Agreement, dated as of January 31, 2014 (as amended or supplemented from time to time, the “Credit Agreement”), by and among W. P. Carey, as borrower, certain subsidiaries of W. P. Carey identified therein, from time to time as Guarantors, the lenders from time to time party thereto, and Bank of America, N.A. as administrative agent.  Interest shall be calculated in the same manner as set forth in the Credit Agreement for each Applicable Rate set forth herein and without regard to whether sums remain outstanding under the Credit Agreement. Lender will notify Borrower of LIBOR and any LIBOR resets and interest due each Interest Period.
The unpaid principal balance of this Note and accrued interest thereon shall be immediately due and payable upon 120 days written notice by the Lender, but in any event no later than December 30, 2015.  
Borrower may at any time prepay in whole or in part without penalty or premium the unpaid principal balance of this Note, EXCEPT THAT, if any payment or prepayment of principal would result in additional costs or charges (break costs or otherwise) if such amounts were paid or prepaid under the Credit Agreement, Borrower shall, upon demand, also pay to Lender such additional costs, charges or make-whole fees. 
Except as otherwise expressly provided herein, Borrower waives presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note, without in any way affecting the liability of Borrower to this Note.
In addition to the repayment of the principal and interest due hereunder, Borrower shall reimburse Lender for all of its costs and expenses, including, without limitation, attorney’s fees, bank fees, points or commissions, incurred by Lender in acquiring and repaying the funds to make this loan through a draw against its Credit Agreement or other line of credit and/or in enforcing its rights hereunder; it being the intent of Borrower and Lender that provision of this Note to Borrower shall be at absolutely no cost to Lender.
If any provision of this Note is invalid or unenforceable, the other provisions of this Note shall remain in full force and effect, and the invalidity of any provision hereof shall not affect the validity or enforceability of any other provision of this Note.
This Note shall be governed by, and construed and enforced in accordance with, the laws of the State of New York.
This Note shall be binding upon and inure to the benefit of Lender and Borrower and their respective successors and assigns.

EXHIBIT 10.6

IN WITNESS WHEREOF, Borrower has caused this Note to be executed as of the date first written herein above.
	
		
	CAREY CREDIT INCOME FUND, a Delaware statutory trust

	 
	 

	 
	 

	By:
	 

	 
	 

	Name:
	Paul S. Saint-Pierre

	 
	 

	Title:
	Chief Financial OfficerAmendment No. 1 to Administrative Services Agreement

EXHIBIT 10.7

AMENDMENT NO. 1 TO ADMINISTRATIVE SERVICES AGREEMENT 
This Amendment No. 1 (the “Amendment”) to that certain Administrative Services Agreement dated February 27, 2015 (the “Agreement”), by and among CAREY CREDIT INCOME FUND, a Delaware statutory trust (hereinafter referred to as the “Master Company”), each of THE COMPANIES LISTED ON APPENDIX A OF THE AGREEMENT, each a Delaware statutory trust (each hereinafter referred to as a “Feeder Company” and collectively with the Master Company the “Companies”), and CAREY CREDIT ADVISORS, LLC, a Delaware limited liability company (hereinafter referred to as the “Administrator”), is made as of August 10, 2015, and shall be deemed effective as of the date of the Agreement.
W I T N E S S E T H:
WHEREAS, the Administrator desires to clarify that, under no circumstances, shall any Company be responsible to reimburse the Administrator for any of the direct expenses incurred by the Administrator or its Affiliates prior to the initial common shares subscription closing date of such Feeder Company, or, in the case of the Master Company, the initial common shares subscription closing date of the first Feeder Company to commence operations, under the Agreement, nor shall the Administrator provide an accounting or other documentation of its direct expenses that are not eligible for reimbursement;
NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Companies and the Administrator hereby agree as follows: 
Section 5 of the Agreement is hereby deleted and replaced with the following:
In full consideration for the provisions of the services provided by the Administrator under this Agreement, the parties acknowledge that there shall be no separate fee paid in connection with the administrative services provided. Each Company shall reimburse the Administrator promptly following the receipt of written invoices from the Administrator for all expenses of the Company incurred by the Administrator and its Affiliates as well as the actual cost of goods and services used for the Company and obtained by the Administrator from entities not Affiliated with the Company;  provided, however, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Notwithstanding the foregoing, in no event shall a Company accrue or otherwise be financially responsible for, and in no event shall the Administrator be obligated to provide written invoices or any accounting or record whatsoever to a Company in connection with, any expenses incurred directly by the Administrator or its Affiliates (which for avoidance of doubt, shall not include any expenses of third-party service providers incurred by the Administrator or its Affiliates on a Company’s behalf prior to the first common shares subscription closing date of such Feeder Company, or, in the case of the Master Company, the first common share subscription closing date of the first Feeder Company to commence operations.
[Signature Page Follows]

Exhibit 10.7

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written. 
CAREY CREDIT INCOME FUND
a Delaware statutory trust 
50 Rockefeller Plaza 
New York, New York 10020

By:  /s/ Paul S. Saint-Pierre                    
Name:  Paul S. Saint-Pierre
Title:    Chief Financial Officer

EACH FEEDER COMPANY LISTED ON APPENDIX A TO THE AGREEMENT
each a Delaware statutory trust 
50 Rockefeller Plaza 
New York, New York 10020

By:  /s/ Paul S. Saint-Pierre                    
Name:    Paul S. Saint-Pierre
Title:    Chief Financial Officer

CAREY CREDIT ADVISORS, LLC
a Delaware limited liability company 
50 Rockefeller Plaza 
New York, New York 10020

By: /s/ Mark Goldberg                    
Name:    Mark Goldberg
Title:    Presidentex101.htm

Exhibit 10.1

 

FOURTH AMENDMENT

 

TO

 

LOAN AND SECURITY AGREEMENT

 

This Fourth Amendment to Loan and Security Agreement is entered into as of June 19, 2015 (the “Amendment”), by and between Avidbank Corporate Finance, a division of Avidbank (“Bank”), Auxilio, Inc., a Nevada corporation (“Auxilio”) and Auxilio Solutions, Inc., a California corporation (“Auxilio Solutions”).  Each of Auxilio and Auxilio Solutions are referred to herein as a “Borrower”, and collectively, as the “Borrowers”.

 

RECITALS

 

Borrowers and Bank are parties to that certain Loan and Security Agreement dated as of April 19, 2012 and as amended from time to time, including pursuant to that certain First Amendment to Loan and Security Agreement dated as of April 26, 2013, that certain Second Amendment to Loan and Security Agreement dated as of April 25, 2014 and that certain Third Amendment to Loan and Security Agreement dated as of April 24, 2015 (collectively, the “Agreement”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE, the parties agree as follows:

 

1.           The following definitions in Section 1.1 of the Agreement are amended and restated in their entirety to read as follows:

 

“Credit Extension” means each Advance, Term Loan Advance, or any other extension of credit by Bank for the benefit of Borrowers hereunder.

 

“Revolving Maturity Date” means the second anniversary of the Fourth Amendment Date.

 

2.           The following definitions are hereby added to Section 1.1 of the Agreement:

 

“Fourth Amendment Date” means June 19, 2015.

 

“Term Loan Advance” means each cash advance made under Section 2.1(b).

 

“Term Loan Facility” means the facility under which Borrowers may request Term Loan Advances, as specified in Section 2.1(b) hereof.

 

“Term Loan Maturity Date” means the earlier of (i) the fourth anniversary of the date such Term Loan Advance is made to Borrowers, or (ii) the fifth anniversary of the Fourth Amendment Date.

 

3.           The following is added as a new Section 2.1(b) to the Agreement following the end of Section 2.1:

 

(b)           Term Loan Advances.

 

(i)           Subject to and upon the terms and conditions of this Agreement, Borrowers may request Term Loan Advances in the aggregate principal amount of Four Million Dollars ($4,000,000).  The initial Term Loan Advance in the amount of Two Million Dollars ($2,000,000) shall be made to Borrowers on or around the Fourth Amendment Date.  A second Term Loan Advance in the amount of Two Million Dollars ($2,000,000) may be requested by Borrowers at any time prior to the first anniversary of the Fourth Amendment Date. Term Loan Advances shall be used for the financing of Borrowers’ acquisition(s) of targeted prospects as approved by Bank.

 

  

  

  

(ii)           Interest shall accrue from the date of each Term Loan Advance at the rate specified in Section 2.3, and shall be payable monthly on the tenth day of each month so long as any Term Loan Advances are outstanding.  Term Loan Advances shall be payable in forty eight (48) equal monthly installments of principal, plus all accrued interest, beginning on the tenth day of the first month following the date each Term Loan Advance is made to Borrowers, and continuing on the same day of each month thereafter through the applicable Term Loan Maturity Date, at which time all amounts owing under this Section 2.1(b) with respect to such Term Loan Advance shall be immediately due and payable.  Term Loan Advances, once repaid, may not be reborrowed.

 

(iii)           Borrowers shall have the option to prepay any or all of the Term Loan Advances made by Bank under this Agreement, provided that Borrowers provide written notice to Bank of its election to prepay such portion or all of the Term Loan Advance(s) at least ten (10) days prior to such prepayment, and pays, on the date of such prepayment, (1) the outstanding principal amount of such portion or all of the Term Loan Advance(s) being repaid, plus (2) all accrued interest thereon, plus (3) all other sums, if any, that shall have become due and payable under the Loan Documents and relate to such Term Loan Advance, plus (4) the Prepayment Fee set forth in Section 2.5(a)(iii).

 

(iv)           When Borrowers desire to obtain a Term Loan Advance, Borrowers shall notify Bank (which notice shall be irrevocable) by electronic mail or facsimile transmission to be received no later than 3:00 p.m. Pacific time five (5) Business Days before the day on which the Term Loan Advance is requested to be made, and Borrowers shall provide to Bank such information as Bank may request with respect to the acquisition being financed by such Term Loan Advance.  Such notice shall be substantially in the form of Exhibit B-1 and signed by a Responsible Officer or its designee.

 

4.           Section 2.3(a) is amended and restated in its entirety to read as follows:

 

 (a)           Interest Rates.

 

(i)   Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to three quarters of one percent (0.75%) above the Prime Rate.

 

(ii)  Except as set forth in Section 2.3(b), the Term Loan Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one quarter percent (1.25%) above the Prime Rate.

 

5.           The following is added to the end of Section 2.3(c).

 

The minimum interest payable with respect to the Revolving Facility in any calendar quarter shall be $5,000; provided however that the foregoing shall not apply for as long as any Term Loan Advance is outstanding.

 

6.            Section 2.5(a) is amended and restated in its entirety to read as follows:

 

(a)           Facility Fees.

 

(i)  Borrowers shall pay to Bank, (A) on the Fourth Amendment Date, a facility fee equal to $10,000 with respect to the Revolving Facility and a fee equal to $10,000 with respect to the Term Loan Facility, and (B) on the date the second Term Loan Advance is made to Borrowers, a nonrefundable fee equal to $10,000; each of which are fully earned and nonrefundable.

 

  

  

  

(ii)  In the event that the Revolving Facility is terminated prior to the first anniversary of the Fourth Amendment Date, Borrowers shall pay to Bank a non- refundable termination fee in an amount equal to one percent of the Revolving Line (the “Early Termination Fee”).  The Early Termination Fee shall be due and payable on the effective date of such termination.

 

(iii)  On the date of any prepayment of a Term Loan Advance, Borrowers shall pay a fee equal to (A) 2% of the principal amount of such Term Loan Advance if such prepayment occurs on or prior to the first anniversary of the Fourth Amendment Date or (B) a fee equal to 1% of the principal amount of such Term Loan Advance if prepayment occurs after the first anniversary of the Fourth Amendment Date but on or prior to the second anniversary of the Fourth Amendment Date.

 

7.           Section 6.9 is amended and restated in its entirety to read as follows:

 

6.9           Minimum Liquidity.  Borrowers shall maintain at all times a ratio of (i) unrestricted cash and cash equivalents (not including any cash held in the Bancontrol Account) plus all accounts receivable (net of Accrued Client Lease Payables and any unbilled receivables) to (ii) all Obligations owning to Bank, of at least 1.75 to 1.00, measured on a monthly basis.

 

8.           Section 6.10 is amended and restated in its entirety to read as follows:

 

6.10           Debt Service Coverage Ratio. Beginning with the fiscal quarter ending June 30, 2015 and continuing for each quarter thereafter, the ratio of (i) Borrowers’ Adjusted EBITDA for the twelve month period ending on such quarter (the “Measurement Date”) to (ii) the sum of the aggregate annual principal payments to come due in respect of the Term Loan Advances for the twelve-month period commencing on the Measurement Date, plus the annualized interest expense of the quarter ending on the Measurement Date,  shall not be less than 1.50 to 1.00.

 

9.           The Exhibit B-1 attached hereto is added to the Agreement as Exhibit B-1 thereto.

 

10.           Exhibit D to the Agreement is replaced in its entirety to the Exhibit D attached hereto.

 

11.           Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.  Each Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

 

12.           Each Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.

 

13.           This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof.  Notwithstanding the foregoing, Borrowers shall deliver all original signed documents no later than ten (10) Business Days following the date of execution.

 

  

  

  

14.           As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)           this Amendment, duly executed by Borrowers;

 

(b)           corporate resolutions and incumbency certificates;

 

(c)           the fees owing under Section 2.5 of the Agreement as amended hereby, plus an amount equal to all Bank Expenses incurred through the date of this Amendment; and

 

(d)           such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

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

 

	  	
AUXILIO, INC.

 

By: ______________________________________ 

 

Title: _____________________________________ 

 

                                                             

AUXILIO SOLUTIONS, INC.

 

By: ______________________________________ 

 

Title: _____________________________________      

                                                        

	  	
AVIDBANK CORPORATE FINANCE,

A DIVISION OF AVIDBANK

 

By: ______________________________________    

                                                          

Title: _____________________________________      

  

  

  

Exhibit B-1

 

TERM LOAN ADVANCE REQUEST FORM

 

Date: _____________

	
Client:

	
Auxilio, Inc., and Auxilio Solutions, Inc.

	
Client ID:

	___________________

 

	
1.  Term Loan Facility Limit:

	
$4,000,000

	  	  
	
2.  Term Loan Advance Request Amount

	
$2,000,000

 

The undersigned hereby requests funding of a Term Loan Advance in the amount of $2,000,000 in accordance with the Term Loan Facility as defined in the Loan and Security Agreement dated April 19, 2012 and as amended from time to time.

The undersigned represents and warrants that the foregoing is true, complete and correct in all material respects, and that the information reflected in this certificate complies with the representations and warranties set forth in the Loan and Security Agreement between the undersigned and Bank.

On behalf of all Borrowers:

Authorized Signor: _______________________________

Print Name/Title: 

                                                                                               

	
Bank Use Only

	  	  
	
Received by:

	  	
  Date:

	  
	  	
AUTHORIZED SIGNER

	  	  
	  	  	  	  
	
Approved by:

	  	
  Date:

	  
	  	
AUTHORIZED SIGNER

	  	  

  

  

  

EXHIBIT D

COMPLIANCE CERTIFICATE

 

	
TO:

	
AVIDBANK CORPORATE FINANCE, A DIVISION OF AVIDBANK

	
FROM:

	
AUXILIO, INC. and AUXILIO SOLUTIONS, INC.

 

The undersigned authorized officer of AUXILIO, INC. and AUXILIO SOLUTIONS, INC. hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrowers and Bank (the “Agreement”), (i) each Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties of Borrowers stated in the Agreement are true and correct as of the date hereof.  Attached herewith are the required documents supporting the above certification.  The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.

 

Please indicate compliance status by circling Yes/No under “Complies” column.

 

	  	
Reporting Covenant

	
Required

	
Complies

	  	  	  	  	  
	  	
Monthly Cash Position

	
Monthly within 25 days

	
Yes

	
No

	  	
A/R & A/P Agings + Compliance Cert

	
Monthly within 25 days

	
Yes

	
No

	  	
Quarterly financial statements

	
Quarterly within 45 days

	
Yes

	
No

	  	
Annual (CPA Audited)

	
FYE within 120 days

	
Yes

	
No

	  	
10K and 10Q

	
(as applicable)

	
Yes

	
No

	  	
A/R Audit

	
Semi-Annual

	
Yes

	
No

	  	
IP Notices

	
As required under Section 6.10

	
Yes

	
No

	  	  	  	  	  
	  	  	  	  	  
	  	
Financial Covenant

	
Required

	
Actual

	
Complies

	  	  	  	  	  	  
	  	
Minimum Liquidity Ratio (monthly)

	
1.75 : 1.00

	
_____: 1.00

	
Yes

	
No

	  	  	  	  	  	  
	  	
Quarterly Debt Service Coverage Ratio

	
1.50 : 1.00

	
_____: 1.00

	
Yes

	
No

 

 

 

	
Comments Regarding Exceptions:  See Attached.

	
BANK USE ONLY

	  	  
	  	
Received by: ___________________________________                                                                

	
Sincerely,

	
                                    AUTHORIZED SIGNER

	  	  
	  	
Date:                                                                                 

	  	  
	___________________________________	
Verified: ___________________________________                                                                                

	
SIGNATURE

	
                                    AUTHORIZED SIGNER

	  	  
	  	  
	___________________________________	
Date:___________________________________

	
TITLE

	  
	  	
Compliance Status

	
Yes

	
No

	___________________________________	  
	
DATE

	  

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