Document:

Exhibit 10.6

 

EXECUTION
VERSION

 

 

 

RESTRICTIVE COVENANT AGREEMENT

 
This
Restrictive Covenant Agreement is made as of September 28, 2022 (this “Agreement”) by and among (i) Bullseye
FinCo, Inc., a Delaware corporation (“Parent”) and (ii) the undersigned Restricted Parties (each, a “Restricted
Party” and collectively, the “Restricted Parties”). Parent and the Restricted Parties are sometimes
referred to herein as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS, this Agreement
is being entered into in connection with that certain Agreement and Plan of Merger, dated as of the date hereof, by and among BTRS Holdings
Inc., a Delaware corporation (the “Company”), Parent and Bullseye Merger Sub Inc., a Delaware corporation and
wholly-owned subsidiary of Parent (“Merger Sub”) (as amended, restated, supplemented or otherwise modified from
time to time, the “Merger Agreement”), pursuant to which Merger Sub shall be merged with and into the Company,
with the Company as the surviving entity (collectively with the other transactions contemplated by the Merger Agreement, the “Transaction”);

 

WHEREAS, the Restricted
Parties are shareholders of the Company and will receive substantial consideration upon, and will enjoy substantial other benefits from,
the consummation of the Transaction;

 

WHEREAS, the Restricted
Parties have a representative on the board of directors of the Company; and

 

WHEREAS, as an inducement
for the Company, Parent and Merger Sub to enter into the Merger Agreement, the Restricted Parties have agreed to enter into this Agreement
pursuant to which the Restricted Parties will agree to certain restrictive covenants, effective as of the Closing.

  

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereby agree as follows:

 

AGREEMENT

 

1.       Restrictive
Covenants.

 

(a)       Non-Disclosure.

 

(i)       The
Restricted Parties shall not, and shall cause their respective Affiliates (as defined below) not to, disclose any Confidential
Information (as defined below), in whole or in part, to any other Person, or use the Confidential Information for their
own account or for the benefit of any other Person, in each case, without the prior written consent of Parent, except (A) to the
extent permitted by Section 1(a)(iii) or (B) as contemplated by, or in connection with enforcing their rights under, the Merger
Agreement.

 

     

     

    

(ii)                
“Confidential Information” means (X) any and all documents and information concerning the Company or
any of its Subsidiaries (collectively, the “Group Companies”) and their respective businesses and (Y) the Merger
Agreement and any other Transaction Documents or any information, including the terms, conditions or any other facts, relating to the
Merger Agreement, any other Transaction Documents or the Transactions, except to the extent that such information (A) is or becomes
available to the public (other than as a result of a breach of this Agreement (or any agreement relating to confidential treatment of
information) by the Restricted Parties, their respective Affiliates or any of their respective representatives), (B) is or becomes available
to the Restricted Parties or any of their respective Affiliates or representatives on, to the knowledge of such Restricted Party or such
Affiliate or representative (following reasonable inquiry), a non-confidential basis following the Closing from a source other than Parent,
any Group Company or any of their respective representatives or Affiliates or (C) is or was independently developed by the Restricted
Parties or any of their respective Affiliates or representatives without use of or reference to Confidential Information.

  
(iii)                
If any of the Restricted Parties or their respective Affiliates or representatives are compelled or required by, or requested in
connection with, Applicable Law or other legal process, or by a bank regulatory authority, to disclose any Confidential Information, the
applicable Restricted Party shall, to the extent legally permitted under Applicable Law, notify Parent, as promptly as practicable, of
such request or requirement so that Parent may seek an appropriate protective order or waive compliance with the provisions of this Agreement,
and/or take any other mutually agreed action. Such Restricted Party, to the extent so reasonably requested by Parent shall reasonably
cooperate with Parent in any actions they may choose to take in seeking to prevent or limit disclosure. If, in the absence of a protective
order or the receipt of a waiver hereunder, any of the Restricted Parties or their respective Affiliates or representatives are compelled
or required by Applicable Law or other legal process, or by a bank regulatory authority, to disclose any Confidential Information, such
Restricted Party and such Affiliates and representatives may disclose only that portion of the Confidential Information which it or they
are advised by outside counsel is legally required to be disclosed, and such Restricted Party (or such Affiliates or representatives,
as applicable) will exercise its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded
such information; provided, that such disclosure shall not change the status of such information as Confidential Information. Notwithstanding
the foregoing, the Restricted Parties and their respective Affiliates and representatives shall not be required to give notice to Parent
or to comply with any other obligations of this Section 1(a)(iii), and shall not be prohibited from disclosing Confidential Information
to a regulatory authority, self-regulatory authority, bank examiner or stock exchange in connection with a routine inquiry by such regulatory
authority, self-regulatory authority, bank examiner or stock exchange not targeting any of the Group Companies (or targeting any of the
Group Companies to the extent providing such notice is not legally permitted).

 
(b)              
Employee Non-Solicit/Hire. During the period commencing at the Closing and ending on the three-year anniversary thereof,
the Restricted Parties shall not, and shall cause their respective controlled Affiliates not to, directly or indirectly, in whole or in
part, either on behalf of any Restricted Party or on behalf of any other Person, solicit for employment or engagement or employ or engage
(as an independent contractor) any senior-level employees (to be defined as those employees with the title of Vice-President or any other,
senior title) of any of the Group Companies; provided, that the 

  

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Restricted Parties shall not be restricted from (x) soliciting
for employment or engagement any such employees pursuant to general solicitations (whether through advertisements on any medium or through
the efforts of a search firm or otherwise) of employment or engagement not specifically directed at such Persons (so long as no such employee
is hired or engaged as a result thereof), or (y) soliciting for employment or engagement or employing or engaging any such employees whose
employment or engagement was terminated by Parent or any of its Affiliates (including following the Closing, any Group Company) at least
twelve (12) months prior to solicitation or hiring. Flint Lane hereby represents and warrants that there are no independent contractors
of any of the Group Companies (i) performing services of an employee that would be performed by an employee of any of the Group Companies
with the title of Vice-President or any other, senior title or (b) who have contributed, or who are contributing, in any material respect
to the intellectual property of any of the Group Companies.

 
(c)              
Business Non-Solicit. During the period commencing at the Closing and ending on the three-year anniversary thereof, no
Restricted Party shall, directly or indirectly, (A) for any Restricted Party or on behalf of any other Person, solicit or otherwise attempt
to take away any supplier, vendor, customer or other material business relation of any of the Group Companies who any Restricted Party
solicited, did business with or received confidential, proprietary or trade secret information with respect to, on behalf of any of the
Group Companies or with whom any Restricted Party otherwise became acquainted as a result of any Restricted Party’s or his or its
Affiliates’ management of or service to any of the Group Companies; or (B) assist or encourage any other Person in carrying out,
directly or indirectly, any activity that would be prohibited by this Section 1(c) if such activity was carried out by any Restricted
Party, either directly or indirectly, and in particular the Restricted Parties shall not, directly or indirectly, induce any employee
of any of the Group Companies to carry out, directly or indirectly, any such activity. Parent may at any time provide notice of the existence
of this Agreement to any Person that hires, or contracts with for services, any Restricted Party. 

 

(d)       Non-Competition.

 

(i)                
Until the fifth anniversary of the Closing Date,
the Restricted Parties shall not, and shall cause their respective Affiliates not to, directly or indirectly, (a) engage in the Restricted
Business in the Restricted Area or (b) acquire or maintain an interest in (proprietary, financial or otherwise), manage, operate, join,
control, lend money, render financial or other assistance to, or participate in or be connected with, as an officer, director, manager,
agent, employee, partner, shareholder, consultant, trustee or otherwise, any Person that is engaged in the Restricted Business in the
Restricted Area. Notwithstanding the foregoing, this Section 1(d) shall not (i) be deemed to diminish, amend, affect, or otherwise
modify any other non-competition agreement or covenant binding on any of the Restricted Parties in any other restrictive covenant agreement,
employment agreement, incentive equity award agreement (or plan) or otherwise and (ii) prohibit the Restricted Parties, in the aggregate,
from being a passive owner of less than two percent (2%) of the outstanding equity of any publicly traded company. 

 

(ii)       “Restricted
Business” means any Person that is engaged in the Business or has knowledge of Confidential Information relating
to the Business. “Business” means (a) the business of the Group Companies conducted as of the

 

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date hereof and as
of the Closing Date and (b) any proposed or planned business of the Group Companies set forth in any written business plan or document
created or updated within three (3) years prior to the Closing Date, including, for the avoidance of doubt, the business of the potential
M&A targets set forth on the “Platform for sector consolidation” slide of the Management Presentation, dated July 2022,
made available to Parent in connection with the Transactions, a copy of which is attached hereto as Annex A.

 

(iii)       “Restricted
Area” means (a) anywhere in the United States and (b) any foreign country where the Group Companies engage in the Business
or that the Group Companies have plans or intend to engage in, in each case as of the date hereof or as of the Closing Date.

 

(e)              
Non-Disparagement. During the period commencing at the Closing and ending on the two-year anniversary thereof, (i) the Restricted
Parties shall not disparage, defame or discredit (x) any of the Group Companies or (y) Parent or any of its Affiliates, in the case of
clause (y), solely to the extent related to their ownership of the Group Companies, or engage in any activity which would have the effect
of disparaging, defaming or discrediting (x) any Group Company or (y) Parent or any of its Affiliates, in the case of clause (y), solely
to the extent related to their ownership of the Group Companies, nor shall the Restricted Parties interfere with or disrupt the business
activities of any Group Company, or engage in any activity which would have the effect of interfering with or disrupting the business
activities of any Group Company and (ii) no Group Company or Parent shall disparage, defame or discredit the Restricted Parties or any
of their respective Affiliates, or engage in any activity which would have the effect of disparaging, defaming or discrediting the Restricted
Parties or any of their respective Affiliates; provided, however, that nothing in this Section 1(e) or elsewhere in this Agreement
shall prevent the Restricted Parties, Parent or any member of any Group Company from engaging in “whistleblowing” or other
activities expressly protected by applicable law, to the extent so protected.

 

(f)              
Tolling. If it shall be judicially determined by final, non-appealable order of a court of competent jurisdiction that any
Restricted Party has violated any of his obligations under this Section 1 then the applicable restricted period shall automatically
be extended by a period of time equal in length to the period during which such violation(s) occurred, effective as of the date of such
Restricted Party’s first breach of any provision.

 

(g)              
Remedies. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with its specific terms or were otherwise breached. The Restricted Parties acknowledge and agree that in the event of any breach
(or threatened breach) of the provisions of this Section 1, Parent shall be entitled to injunctive or other equitable
relief from any court of competent jurisdiction set forth in Section 11.08 of the Merger Agreement in order to prevent or restrain breaches
of this Agreement and to enforce specifically the terms and provisions hereof (without any requirement to post any bond or other security
in connection with seeking such relief), this being in addition to any other remedy to which they are entitled hereunder, at law
or in equity. The Parties agree not to raise any objections to the availability of the equitable remedy of specific performance to prevent
or restrain breaches of this Agreement by any Restricted Party and to specifically enforce the terms and provisions of this Agreement
to prevent or restrain breaches of, or to enforce compliance with, the covenants and obligations of the Parties under this Agreement.

 

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(h)              
Acknowledgments. The Restricted Parties acknowledge that the value of the Confidential Information arises from the
fact that such information is not generally known in the marketplace and that the covenants set forth in this Section 1 are
additional consideration for the agreements and covenants of the Company, Parent and Merger Sub pursuant to the Merger Agreement and are
a material inducement to the Company, Parent and Merger Sub to enter into the Merger Agreement and to perform their respective obligations
thereunder. Furthermore, each of the Parties acknowledges and agrees that the protection of Confidential Information and employees of
any of the Group Companies are each necessary to protect and preserve the value of each of the Group Companies’ business and their
respective assets and properties.  The Parties acknowledge that (i) the covenants and agreements of the Restricted Parties set forth
in this Section 1 are reasonable with respect to their duration and scope, (ii) Parent will be irreparably harmed and there will
be no adequate remedy at law for a violation of any of such covenants and agreements, (iii) such covenants and agreements are reasonable
and necessary for the protection and preservation of the value and the goodwill of the business of each of the Group Companies, Parent
and their respective Affiliates, and (iv) Parent would not have agreed to consummate the Transactions unless the Restricted Parties agreed
to be bound by the terms of this Section 1.

  

(i)       Severability;
Enforcement. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction. If, at the time of enforcement of any of the provisions of this Section ‎1, a court of competent jurisdiction
set forth in Section 11.08 of the Merger Agreement determines that the restrictions stated herein are unreasonable under the circumstances
then existing, then such court shall have the power to reduce the scope, duration or geographic area of any such term or provision, to
delete specific words or phrases or to replace any invalid or unenforceable term or provision in Section ‎1 with a term
or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or
provision, and this Agreement shall be enforceable against the Restricted Parties as so modified to the greatest extent permissible.

 
(j)              
Representations and Warranties. As a material inducement for Parent to enter into this Agreement, each Restricted Party
hereby represents and warrants that (i) to the extent that the Restricted Party is an organization, such Restricted Party is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization, and the execution, delivery and performance
by such Restricted Party of this Agreement are within such Restricted Party’s entity or other powers, as applicable, (ii) to the
extent that the Restricted Party is an individual, the execution, delivery and performance by such Restricted Party of this Agreement
are within such Restricted Party’s power, authority and legal capacity, (iii) this Agreement has been duly and validly executed
and delivered by such Restricted Party, and assuming the due authorization, execution and delivery by Parent, constitutes or will constitute
the valid and binding agreement of such Restricted Party enforceable against such Restricted Party in accordance with its terms and conditions,
and (iv) the execution and delivery of this Agreement by such Restricted Party does not, and the consummation of the transactions contemplated
hereby, and performance of the obligations hereunder, will not conflict with or result in a violation or breach of or default under any
provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict
or default under any Contract or Applicable Law binding upon or applicable to such Restricted Party or any of his or its assets or properties
or, if applicable, any organization document of such Restricted Party and (iv) the restrictions contained herein do not preclude such
Restricted Party from earning a livelihood, nor do they unreasonably impose limitations on such Restricted Party’s ability to earn
a livelihood.

 

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2.                             
Disclosure of this Restrictive Covenant Agreement. Each Restricted Party hereby expressly agrees to provide a copy of this
Agreement to any individual or entity with whom or which such Restricted Party is seeking to work (as an employee, independent contractor,
consultant, or in any other capacity) at any time during the period commencing at the Closing and ending on the five-year anniversary
thereof before the commencement of any such work or the rendering of any services. In addition, each Restricted Party hereby specifically
authorizes the Company to contact such Restricted Party’s future employers to determine such Restricted Party’s compliance
with the Agreement or to communicate the contents of this Agreement to such employers. Each Restricted Party further specifically authorizes
the Company to, in its sole discretion and without further permission from such Restricted Party, furnish copies of the Agreement to any
client or prospective client of the Company and indicate that such Restricted Party has entered into this Agreement with the intention
that the Company and each of its clients or prospective clients may rely upon such Restricted Party’s compliance with this Agreement.

  

3.                           Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and shall be deemed to have been given when personally delivered, upon transmission by e-mail (if
no customary undelivered message is received), one (1) day after deposit with Federal Express or similar overnight courier service,
or three (3) days after being mailed by first class mail, return receipt requested. Notices, demands, and communications to the
Parties shall, unless another address is specified in writing, be sent to the addresses indicated below:

 

(a)       if
to Parent to:

 

Bullseye FinCo, Inc.

c/o EQT Partners Inc.

1114 Avenue of the Americas, 45th Floor

New York, NY 10036

Attention: Arvindh Kumar; Tyler Parker

Email: [***]; [***]

 

with a copy to (which notice shall not
constitute notice):

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Robert Rizzo; Raymond Gietz

Email: [***]; [***]

 

(b)       if
to the Restricted Parties, to:

 

[***]

Email: [***]

 

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with a copy to (which notice shall not
constitute notice):

 

Morgan, Lewis & Bockius LLP

502 Carnegie Center

Princeton, NJ 08540-6289

Attention: Steven M. Cohen

Email: [***]

 

Any Party may change the address
to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other Party notice in
the manner herein set forth.

 

4.       General
Provisions.

 

(a)       Sections
11.03 (Amendments and Waivers), 11.06 (Binding Effect; Benefit; Assignment), 11.07 (Governing Law), 11.08 (Jurisdiction),
11.09 (Waiver of Jury Trial), 11.10 (Counterparts; Effectiveness), 11.11 (Entire Agreement), and 11.12 (Severability)
of the Merger Agreement are incorporated by reference herein, mutatis mutandis.

 

(b)       This
Agreement shall terminate and be of no further force or effect on the fifth anniversary of the Closing.

 

* * * * *

 

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The Parties have caused this
Agreement to be executed and delivered as of the date first written above.

 

	 	RESTRICTED PARTIES:
	 	 	 
	 	Flint A. Lane

	 	 	 
	 	 	 
	 	/s/ Flint A. Lane

 

 

	 	FL 2009 GRAT FBO TKL

	 	 	 
	 	 	 
	 	By:	/s/ Kathryn E. Lane

	 	Name:	Kathryn E. Lane

	 	Title: 	Trustee

 

 

	 	FL 2009 GRAT FBO KML

	 	 	 
	 	 	 
	 	By:	/s/ Kathryn E. Lane

	 	Name:	Kathryn E. Lane

	 	Title: 	Trustee

 

 

	 	FL 2009 GRAT FBO APL

	 	 	 
	 	 	 
	 	By:	/s/ Kathryn E. Lane

	 	Name:	Kathryn E. Lane

	 	Title: 	Trustee

 

 

    Signature Page to Restrictive Covenant Agreement
 

     

    

	 	PARENT:
	 	 	 
	 	 	 
	 	BULLSEYE FINCO, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Adam Larsson

	 	Name:	Adam Larsson

	 	Title: 	President

 

	 	 	 
	 	By:	/s/ Christiaan Snyders

	 	Name:	Christiaan Snyders

	 	Title: 	Vice President & Treasurer

 

 

    Signature Page to Restrictive Covenant Agreementex_427154.htm

Exhibit 10.1

 

REVOLVING PROMISSORY NOTE

 

	$750,000.00 	September 22, 2022

 

FOR VALUE RECEIVED, Enservco Corporation, a Delaware corporation (the “Borrower”) hereby promises to pay to the order of Cross River Partners, LP,  a Delaware limited partnership  (the “Lender”), in lawful money of the United States and immediately available funds, at its principal office in St. Paul, Minnesota (or such other office designated by the Bank from time to time): the principal sum of up to Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), or such other principal amount advanced under this Revolving Promissory Note (as amended, restated or replaced from time to time, the “Note”). The Borrowers may, prior to September 22, 2023 (or such earlier date, if terminated as described below, the “Maturity Date”) borrow, repay and re-borrow such amount from the Lender.

 

1.    Interest. Interest on the unpaid principal balance under the Note shall accrue at a fixed rate equal to eight percent (8.00%) percent per annum (interest on this Note is computed on a 365/360 day basis). Accrued interest shall be due and payable on the first day of each month and upon demand by the Lender.

 

2.    Principal Payments.   Outstanding principal shall be paid by Borrower upon demand with thirty (30) days’ notice by the Lender and on the Maturity Date.

 

3.    Advances.  The Lender will make advances to the Borrower from time to time up to the maximum amount set forth above upon no less than five (5) business days request by the Borrower. Each request by Borrower shall include information with respect the use of the proceeds of such advance. Each advance by the Lender shall be deposited into Borrower’s operating account or as otherwise directed by the Borrower.

 

4.    Prepayment. The outstanding principal balance of this Note may be prepaid at any time at the option of the Borrower, in whole or, in part, without premium or penalty.

 

5.    Application of Payments. All payments and prepayments shall, at the option of the Lender, be applied first to any fees or costs of collection, second to accrued interest on this Note, and last to principal.

 

6.    Collateral. Borrower shall grant to Lender a mortgage in certain real property located in North Dakota to secure Borrower’s obligations under this Note. Borrower shall use best efforts to have such mortgage filed within 30 days of the date of this note.

 

7.    Maximum Rate. Notwithstanding anything to the contrary contained herein, if the rate of interest or any other charges or fees due hereunder are determined by a court of competent jurisdiction to be usurious, then said interest rate, fees and/or charges shall be reduced to the maximum amount permissible under applicable Minnesota law.

 

8.    Events of Default. Upon the occurrence of an Event of Default or at any time thereafter, the outstanding principal balance hereof and accrued interest and all other amounts due hereon shall, at the option of the Lender, become immediately due and payable, without notice or demand. Upon the occurrence of an Event of Default or anytime thereafter, the Lender shall have the right to set off any and all amounts due hereunder by the Borrowers to the Lender against any indebtedness or obligation of the Lender to the Borrowers and shall have all other rights and remedies under applicable law. As used herein, the term “Event of Default” shall mean and include each or all of the following events:

 

(a)    the Borrower shall fail to pay, when due, any amounts required to be paid by it under this Note;

 

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(b)    the Borrower shall fail to comply with any provision of this Note;

 

(c)    Borrower shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any present or future state or federal bankruptcy act or under any similar federal or state law, or shall be adjudicated a bankrupt or insolvent, or shall make a general assignment for the benefit of his creditors, or shall be unable to pay its or his debts generally as they become due; or if a petition or answer proposing the adjudication of Borrower as a bankrupt or its reorganization under any present or future state or federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within sixty (60) days after the filing thereof; or if a receiver, trustee or liquidator of Borrower shall be appointed in any proceeding brought against Borrower and shall not be discharged within sixty (60) days of such appointment; or if Borrower shall consent to or acquiesce in such appointment; or if any property of Borrower shall be levied upon or attached in any proceeding;

 

(d)    final judgment(s) for the payment of money in excess of $50,000, individually or in the aggregate, shall be rendered against Borrower and shall remain undischarged for a period of thirty (30) days during which execution shall not be effectively stayed;

 

(e)    Borrower shall be or become insolvent (whether in the equity or bankruptcy sense);

 

(f)    any representation or warranty made by Borrower shall prove to be untrue or misleading in any material respect, or any statement, certificate or report furnished hereunder or by or on behalf of the Borrower shall prove to be untrue or misleading in any material respect on the date when the facts set forth and recited therein are stated or certified;

 

(g)    Borrower shall fail to pay, withhold, collect or omit any tax or tax deficiency when assessed or due (other than any tax or tax deficiency which is being contested in good faith and by proper proceedings and for which it shall have set aside on its books adequate reserves therefor) or notice of any state or federal tax liens shall be filed or issued;

 

(h)    any property of Borrower shall be garnished, levied upon or attached in any proceeding and such garnishment or attachment shall remain undischarged for a period of thirty (30) days during which execution has not been effectively stayed; or

 

(i)    Borrower or any entity controlled by Borrower shall be in default under any agreement for borrowed money.

 

9.    Governing Law. This Note shall be construed in accordance with and governed by the laws of the State of Colorado, applicable to contracts made and to be performed entirely within such State. Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note is prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.

 

10.    Costs and Expenses. Borrower hereby promises to pay all expenses, including reasonable attorney’s fees and charges (including time charges of attorneys who are employees of the Lender) paid or incurred by the Lender in endeavoring to connection with the execution and delivery of this Note and in administering or enforcing Borrower’s obligations under this Note. The Borrower promises to pay all costs of collection of this Note, including but not limited to attorneys’ fees, paid or incurred by the Lender on account of such collection, whether or not suit is filed with respect thereto and whether such cost or expense is paid or incurred, or to be paid or incurred, prior to or after the entry of judgment.

 

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11.    No Waiver. No delay on the part of 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 other or further exercise thereof or the exercise of any other right or remedy.

 

12.    Successors and Assigns. The rights and privileges of the Lender hereunder shall inure to the benefit of its successors and assigns.

 

13.    Jurisdiction and Venue. The Borrower hereby irrevocably submits to the jurisdiction of any Colorado state court or federal court over any action or proceeding arising out of or relating to this Note and any instrument, agreement or document related thereto, and the Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Colorado state or federal court. The Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Borrower irrevocably consents to the service of copies of the summons and complaint and any other process which may be served in any such action or proceeding by the mailing by United States certified mail, return receipt requested, of copies of such process to the Borrower’s last known address. The Borrower agrees that judgment final by appeal, or expiration of time to appeal without an appeal being taken, in any such action or proceeding shall be conclusive and may be enforced in any other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Paragraph shall affect the right of the Lender to serve legal process in any other manner permitted by law or affect the right of the Lender to bring any action or proceeding against the Borrower or its property in the courts of any other jurisdiction to the extent permitted by law.

 

14.    ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF MINNESOTA OR IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MINNESOTA. BORROWER EXPRESSLY AND IRREVOCABLY SUBMITs TO THE JURISDICTION OF THE COURTS OF THE STATE OF MINNESOTA AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO  FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, TO THE ADDRESS SET FORTH IN THE PREAMBLE ABOVE (OR SUCH OTHER ADDRESS AS IT SHALL HAVE SPECIFIED IN WRITING TO THE LENDER AS ITS ADDRESS FOR NOTICES HEREUNDER) OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF COLORADO. BORROWER EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION BORROWER MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BORROWER WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

15.    Waiver. Demand, presentment, protest and notice of nonpayment and dishonor of this Note are hereby waived.

 

3

 

 

17.    Acknowledgment. In conjunction with the execution and delivery of this Note, Borrower acknowledges and agrees that the obligations evidenced under this Note constitute an “Obligation” secured as provided in Section 6 hereof.

 

18.    Joint and Several Obligations. If this Note is executed by more than one party, the obligations and liabilities of each Borrower under this Note shall be joint and several and shall be binding upon and enforceable against each Borrower and their respective successors and assigns.

 

19.    Counterparts. This Note may be executed in any number of counterparts, and by e-mail or facsimile, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

 

[Signature Page Follows]

 

4

 

 

	 	BORROWER:
	 	 
	 	Enservco Corporation
	 	 
	 	 
	 	
			By:

				/s/ Mark K. Patterson
	 	Name:	Mark K. Patterson
	 	Its:	President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

 

Accepted and agreed as of the date first above written:

 

	 	LENDER:
	 	 
	 	Cross River Partners, LP
	 	 
	 	 
	 	
			By:

				/s/ Richard A. Murphy
	 	Name:	Richard A. Murphy
	 	Its:	Managing Partner

 

[Signature Page to $750,000 Revolving Promissory Note]

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