Document:

Exhibit 10(a)

 

[EVERSHEDS SUTHERLAND (US) LLP]

 

THOMAS E. BISSET

DIRECT LINE: 202.383.0118

E-mail: ThomasBisset@eversheds-sutherland.com

 

April 24, 2017

 

VIA EDGAR

 

Board of Directors

Protective Life Insurance Company

2801 Highway 280 South

Birmingham, AL 35223

 

	
Re:
    	
ProtectiveRewards II
    
	
 
    	
Post-Effective   Amendment No. 28
    

 

Directors:

 

We hereby consent to the reference to our name under the caption “Legal Matters” in the Statement of Additional Information filed as part of the Registration Statement on Form N-4 (File No. 333-115212) by Protective Life Insurance Company and Protective Variable Annuity Separate Account with the Securities and Exchange Commission.  In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
Eversheds   Sutherland (US) LLP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas E. Bisset
    
	
 
    	
 
    	
Thomas   E. BissetExhibit 10(b)

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-115212) of our reports dated March 20, 2017 (“Successor Company”) and March 18, 2016 (“Predecessor Company”), relating to the consolidated financial statements and financial statement schedules of Protective Life Insurance Company and subsidiaries, which appears in such Registration Statement.

 

We also consent to the use in this Registration Statement on Form N-4 (File No. 333-115212) of our report dated April 24, 2017, relating to the financial statements of the subaccounts listed in such report of the Protective Variable Annuity Separate Account, which appears in such Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.

 

/s/ PricewaterhouseCoopers, LLP

 

Birmingham, Alabama

April 24, 2017EXHIBIT 10.1

 

FORBEARANCE
AGREEMENT

 

 This
Forbearance Agreement (this “Forbearance Agreement”) is entered into as of April 21, 2017, by and between (a)
SILICON VALLEY BANK, a California corporation (“Bank”), and (b) (i) XTANT MEDICAL HOLDINGS, INC.,
a Delaware corporation (“Holdings”), (ii) BACTERIN INTERNATIONAL, INC., a Nevada corporation (“Bacterin”),
(iii) X-SPINE SYSTEMS, INC., an Ohio corporation (“X-spine”), and (iv) XTANT MEDICAL, INC., a
Delaware corporation (“Xtant”, and together with Holdings, Bacterin and X-spine, individually and collectively,
jointly and severally, the “Borrower”).

1.          DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank,
Borrower is indebted to Bank pursuant to a loan arrangement dated as of May 25, 2016, evidenced by, among other documents, a certain
Loan and Security Agreement, dated as of May 25, 2016, between Borrower and Bank, as amended by a certain First Loan Modification
Agreement, dated as of August 12, 2016 (as amended, the “Loan Agreement”). Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

2.          DESCRIPTION
OF COLLATERAL. Repayment of the Obligations is secured by (a) the Collateral as described in the Loan Agreement, and (b) the
“Intellectual Property Collateral”, as such term is defined in that certain Intellectual Property Security Agreement,
executed and delivered by Borrower to Bank, dated as of May 25, 2016 (the “IP Agreement”). Hereinafter, the
Loan Agreement and the IP Agreement, together with all other documents executed in connection therewith evidencing, securing or
otherwise relating to the Obligations, shall be referred to as the “Existing Loan Documents”.

3.          ACKNOWLEDGMENT
OF DEFAULTS. Borrower acknowledges that (i) an Event of Default under Section 8.2(a) of the Loan Agreement has occurred by
virtue of Borrower failing to deliver an “unqualified” opinion from an independent certified public accounting firm,
on the annual financial statements of Borrower for the fiscal year ended December 31, 2016 (such opinion includes a “going
concern” qualification), and (ii) an Event of Default or Events of Default under Section 8.3, 8.6 and/or Section 8.9 of
the Loan Agreement have occurred by virtue of Borrower’s events of default under the OrbiMed Loan Documents, that certain
Indenture, dated as of July 31, 2015, by and between Holdings and Wilmington Trust, National Association, as trustee, and certain
Convertible Promissory Notes issued by Holdings to ROS Acquisition Offshore LP on April 14, 2016 (in the aggregate principal amount
of $1,428,552.78) and January 17, 2017 (in the aggregate principal amounts of $995,700 and $42,856.59), and to OrbiMed Royalty
Opportunities II, LP on April 14, 2016 (in the aggregate principal amount of $809,613.67) and January 17, 2017 (in the aggregate
principal amounts of $564,300 and $24,288.41), as a result of such “going concern” qualification (the foregoing Events
of Default described in clause (i) and clause (ii) are collectively referred to as the “Stated Defaults”).

    	 

    	 

    

4.          FORBEARANCE
BY BANK. 

	             	A.	In
                                         consideration of, among other things, Borrower’s compliance with each and every
                                         term of this Forbearance Agreement, Bank hereby agrees to forbear from exercising its
                                         rights and remedies as a result of the Stated Defaults until the earlier of (i) a Default
                                         or an Event of Default occurs under the Loan Agreement (with the sole exception of the
                                         Stated Defaults), (ii) the failure of Borrower to promptly, punctually, or faithfully
                                         perform or comply with any term or condition of this Forbearance Agreement as and when
                                         required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, or
                                         (iii) 3:00 p.m. Pacific time on April 30, 2017 (the period commencing as of the date
                                         of the effectiveness of this Forbearance Agreement and ending on the earlier of (i),
                                         (ii) or (iii) above shall be referred to as the “Forbearance Period”).

	             	B.	Borrower
                                         hereby acknowledges and agrees that nothing contained in this section or in any other
                                         section of this Forbearance Agreement shall be deemed or otherwise construed as a waiver
                                         by Bank of the Stated Defaults or any other Default or Event of Default (whether now
                                         existing or hereafter arising) or of any of its rights and remedies pursuant to the Existing
                                         Loan Documents, applicable law or otherwise. This Forbearance Agreement shall only constitute
                                         an agreement by Bank to forbear from enforcing its rights and remedies based upon the
                                         Stated Defaults, upon the terms and conditions set forth herein. Upon the expiration
                                         of the Forbearance Period, the agreement of Bank to forbear as set forth in this Forbearance
                                         Agreement shall automatically terminate and Bank may immediately commence enforcing its
                                         rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise,
                                         in such order and manner as Bank may determine appropriate.

5.          TERMS
OF FORBEARANCE. 

	             	A.	From
                                         and after the execution of this Forbearance Agreement, Borrower agrees that Bank shall
                                         have no further obligation to make any Advances to Borrower, or to issue any other Credit
                                         Extensions for Borrower’s account, or to provide any other extensions of credit
                                         of any kind (if an obligation exists in a particular instance) to Borrower. Notwithstanding
                                         the foregoing, during the Forbearance Period and at the request of Borrower, Bank may,
                                         in its sole and absolute discretion, continue to make Advances (hereinafter, such financial
                                         accommodations shall be referred to collectively as “Discretionary Financial
                                         Accommodations” and singly as a “Discretionary Financial Accommodation”),
                                         subject, in all events, to the terms and conditions of this Forbearance Agreement, the
                                         Loan Agreement, (including but not limited to, all limitations imposed by the Availability
                                         Amount) and the other Loan Documents, as affected hereby. Borrower covenants and agrees
                                         that if, in the sole and absolute discretion of Bank, Bank shall make any Discretionary
                                         Financial Accommodation during the Forbearance Period, such act shall not constitute
                                         (i) a waiver of the Stated Defaults, or of any other Default or Event of Default which
                                         may now exist or which may occur after the date of this Forbearance Agreement under any
                                         of the Loan Documents, or (ii) an agreement on the part of Bank to make any further extensions
                                         of credit of any kind to Borrower at a later date.

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	             	B.	At
                                         all times during the Forbearance Period, Borrower shall comply with all terms and conditions
                                         of the Loan Agreement and the other Loan Documents including, without limitation, all
                                         representations, warranties, affirmative and negative covenants contained in the Loan
                                         Agreement and the other Loan Documents.

	             	C.	During
                                         the Forbearance Period, Borrower shall continue to remit all regularly scheduled payments
                                         (whether due on account of any Credit Extension or otherwise, including all principal,
                                         interest, fees, costs and other amounts) which may become due under the Loan Agreement,
                                         as and when such payments are due.

6.          FEES.
Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with the Existing Loan Documents and this
Forbearance Agreement.

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

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

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

10.          NO
DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses,
claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

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

12.          JURISDICTION/VENUE/TRIAL
WAIVER. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety.

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

[Signature
page follows.]

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This
Forbearance Agreement is executed as of the date first written above.

	BANK:
	 	 
	SILICON VALLEY BANK
	 	 
	By	/s/ Sam Subilia
	Name:  	Sam Subilia
	Title:	VP

 

  

BORROWER: 

	 	 	 	 	 
	XTANT MEDICAL HOLDINGS, INC.	 	BACTERIN INTERNATIONAL, INC.
	 	 	 
	By	/s/ John P. Gandolfo	 	By	/s/ John P. Gandolfo
	Name:	John P. Gandolfo	 	Name:	John P. Gandolfo
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	X-SPINE SYSTEMS, INC.	 	XTANT MEDICAL, INC.
	 	 	 
	By	/s/ John P. Gandolfo	 	By	/s/ John P. Gandolfo
	Name: 	John P. Gandolfo	 	Name: 	John P. Gandolfo
	Title:	CFO	 	Title:	CFO

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