Document:

Vertex Energy Inc. 8-K

 

Exhibit 10.2

 

 

Execution Version

 

Guarantor Joinder

 

THIS JOINDER AGREEMENT
NO. 2 (this “Agreement”), dated as of September 30, 2022, to that certain Loan and Security Agreement dated April
1, 2022 (as amended by that certain Amendment Number One to Loan and Security Agreement, dated as of May 26, 2022 and that certain
Amendment Number Two to Loan and Security Agreement dated as of the date hereof, and as may be further amended from time to time,
the “Loan Agreement”) by and among Vertex Energy, Inc., a Nevada corporation (“Parent”),
Vertex Refining Alabama LLC, a Delaware limited liability company (the “Borrower”), each of Parent’s direct
and indirect subsidiaries from time to time party thereto, Cantor Fitzgerald Securities, as agent (the “Agent”)
and the several lenders from time to time party thereto (collectively, the “Lenders”). Capitalized terms used
herein but not otherwise defined shall have the meanings provided in the Loan Agreement.

 

The undersigned, Vertex
Refining Texas LLC, a Texas limited liability company (“Vertex Texas”) and Vertex Marine Fuel Services LLC,
a Delaware limited liability company (“Vertex Marine”; Vertex Marine, together with Vertex Texas, each an “Additional
Guarantor” and collectively, the “Additional Guarantors”) each wishes to become a party to the Loan
Agreement and to acquire and undertake the rights and obligations of a “Guarantor” thereunder. Each Additional Guarantor
is entering into this Agreement in accordance with the provisions of the Loan Agreement in order to become a Guarantor thereunder.

 

Accordingly, each Additional
Guarantor and the other Loan Parties hereby agree as follows with the Agent, for the benefit of the Secured Parties:

 

1.            The Additional Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the Additional
Guarantor will be deemed to be a party to and a “Guarantor” under the Loan Agreement and shall have all of the obligations
and rights of a Guarantor thereunder as if it had executed the Loan Agreement and the other Loan Documents as a Guarantor. The
Additional Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all representations and warranties, covenants
and other terms, conditions and provisions of the Loan Agreement and the other applicable Loan Documents. Without limiting the
generality of the foregoing terms of this Paragraph 1, the Additional Guarantor (i) is hereby made a party to the Loan Agreement
and the other Loan Documents as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor
and the Additional Guarantor hereby jointly and severally assumes and agrees to pay and perform all obligations of a Guarantor
under the Loan Agreement and each of the other Loan Documents, (ii) hereby guarantees, jointly and severally together with the
other Guarantors, the prompt payment of the Secured Obligations in accordance with Article XIII of the Loan Agreement and
(iii) hereby expressly assumes all obligations and liabilities of a Guarantor under the Loan Agreement.

 

2.             Each of the Additional Guarantor and the other Loan Parties hereby agree that all of the representations and warranties
contained in Article V of the Loan Agreement and each other Loan Document are true and correct in all material respects as of the
date hereof ‎(without duplication of any materiality qualifier set forth therein) except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (without
duplication of any materiality standard set forth therein) as of such earlier date, and except that for purposes hereof, the representations
and warranties contained in Section 5.9 of the Loan Agreement shall be deemed to refer to the most recent financial statements
furnished pursuant to clauses (i) and (iii), respectively, of Section 6.3(a) of the Loan Agreement.‎

 

3.             The Additional Guarantor acknowledges and confirms that it has received a copy of the Loan Agreement and the schedules and
exhibits thereto and each Loan Document and Collateral Document and the schedules and exhibits thereto. The information on the
schedules to the Loan Agreement and the Collateral Documents are hereby supplemented (to the extent permitted under the Loan Agreement
or Collateral Documents) to reflect the information shown on the attached Schedule A (and each of the Loan Parties
ratifies such supplements and confirms that its obligations under the Collateral Documents, as so supplemented, shall be and continue
to be in full force and effect).

 

4.             The Loan Parties confirm that the Loan Agreement is, and upon the Additional Guarantor becoming a Guarantor, shall continue
to be, in full force and effect. The parties hereto confirm and agree that immediately upon the Additional Guarantor becoming a
Guarantor the term “Obligations,” as used in the Loan Agreement, shall include all obligations of the Additional Guarantor
under the Loan Agreement and under each other Loan Document.

 

     

     

    

 

5.           Each of the Loan Parties and the Additional Guarantor agrees that at any time and from time to time, upon the written request
of the Agent, it will execute and deliver such further documents and do such further acts as the Agent may reasonably request in
accordance with the terms and conditions of, and to the extent that such further assurances are required under, the Loan Agreement
and the other Loan Documents in order to effect the purposes of this Agreement.

 

6.           The following conditions must be met on or before the date hereof:

 

(a)               Loan Documents. Agent shall have received this Agreement executed by each applicable Loan Party.

 

(b)         Organizational Documents; Incumbency. Agent shall have received (i) copies of each Organization Document executed
by Additional Guarantor, and, to the extent applicable, certified as of a recent date by the appropriate governmental official,
each dated as of the date hereof or a recent date prior thereto, (ii) signature and incumbency certificates of the officers
of such Person executing the Loan Documents to which it is a party, (iii) resolutions of the Board or similar governing body
of each Loan Party, in each case, approving and authorizing the execution, delivery, and performance of this Agreement and the
other Loan Documents to which it is a party or by which it or its assets may be bound as of the date hereof, certified as of the
date hereof by its secretary or an assistant secretary or other similar responsible officer as being in full force and effect without
modification or amendment, and (iv) a good standing certificate from the applicable Governmental Authority of Additional Guarantor’s
jurisdiction of incorporation, organization, or formation dated a recent date prior to the date hereof.

 

(c)             Personal Property Collateral. In order to create in favor of Agent, for the benefit of Secured Parties, a valid,
perfected security interest in personal property Collateral, Agent shall have received:

 

(i)             evidence satisfactory to the Required Lenders of the compliance by Additional Guarantor of its obligations under the Loan
Agreement and Collateral Documents to which it is a party (including, without limitation, its obligations to authorize or execute,
as the case may be, and deliver UCC financing statements, originals of securities, instruments and chattel paper, and any agreements
governing deposit and/or securities accounts as provided therein), together with appropriate financing statements on Form
UCC-1 duly filed in such office or offices as may be necessary or, in the reasonable opinion of the Required Lenders, desirable
to perfect the security interests purported to be created by the Loan Agreement and Collateral Documents, and

 

(ii)            original certificates (if any) with respect to all of the capital stock issued by Additional Guarantor, together with undated
powers executed in blank with respect thereto (provided, that any such certificates issued by any Person other than Additional
Guarantor shall only be required to be delivered on the date hereof to the extent timely received after using commercially reasonable
efforts to obtain them).

 

(d)             Fees and Expenses. All accrued reasonable costs, fees, and expenses (including, without limitation, reasonable legal
fees and expenses and the reasonable fees and expenses of any other advisors) and other compensation due and payable to Agent and
the Lenders and required by this Agreement and the other Loan Documents to be paid on the date hereof shall have been paid, in
the case of expenses, to the extent a reasonably detailed invoice has been delivered to Borrower.

 

(e)             Officer’s Certificate. Borrower shall have delivered to the Agent an executed Officer’s Certificate,
certifying the items described in clause (b) of this paragraph 6, with all attachments thereto.

 

Each Lender, by delivering
its signature page to this Agreement shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan
Document and each other document required to be approved by the Agent or Lenders, as applicable, on the date hereof.

 

     

     

    

 

7.             This Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of
an executed counterpart of a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.             Each provision of this Agreement shall be severable from every other provision of this Joinder Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

9.             This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The
terms of Section 14.14 of the Loan Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree
to such terms.

 

10.           Cantor Fitzgerald Securities is entering into this Agreement solely in its capacity as Agent and shall be entitled to all
of the rights, privileges and immunities set forth in the Loan Agreement in acting hereunder.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF,
each of the Loan Parties and the Additional Guarantor has caused this Agreement to be duly executed by its authorized officer,
and the Agent, for the benefit of the Secured Parties, has caused the same to be accepted by its authorized officer, as of the
day and year first above written.

 

	ADDITIONAL GUARANTORS:	VERTEX REFINING TEXAS LLC,
	 	a Texas limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX MARINE FUEL SERVICES LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	PARENT:	VERTEX ENERGY INC.,
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	BORROWER:	VERTEX REFINING ALABAMA LLC,
	 	a Louisiana limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	SUBSIDIARY GUARANTORS:	VERTEX ENERGY OPERATING, LLC,
	 	a Texas limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX REFINING, LA, LLC,
	 	a Louisiana limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer

 

    [Signature Page to Joinder to Loan and Security Agreement]
 

     

    

 

	 	VERTEX REFINING OH, LLC,
	 	an Ohio limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	HPRM LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	TENSILE-HEARTLAND ACQUISITION CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX RECOVERY MANAGEMENT, LLC,
	 	a Texas limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX REFINING NV, LLC,
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX SPLITTER CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	Director
	 	 	 
	 	VERTEX REFINING MYRTLE GROVE LLC,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer

 

    [Signature Page to Joinder to Loan and Security Agreement]
 

     

    

 

	 	CRYSTAL ENERGY, LLC,
	 	an Alabama limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President
	 	 	 
	 	VERTEX ACQUISITION SUB, LLC,
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	BANGO OIL LLC,
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	CEDAR MARINE TERMINALS, LP,
	 	a Texas limited partnership
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	CROSSROAD CARRIERS, L.P.,
	 	a Texas limited partnership
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX RECOVERY, L.P.,
	 	a Texas limited partnership
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer

 

    [Signature Page to Joinder to Loan and Security Agreement]
 

     

    

 

	 	H & H OIL, L. P.,
	 	a Texas limited partnership
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX II GP, LLC,
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	TENSILE-MYRTLE GROVE ACQUISITION CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	VERTEX MERGER SUB, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Benjamin P. Cowart
	 	Name:	Benjamin P. Cowart 
	 	Title:	President and Chief Executive Officer

 

    [Signature Page to Joinder to Loan and Security Agreement]
 

     

    

 

Acknowledged, accepted and agreed:

 

CANTOR FITZGERALD SECURITIES,

as Agent

 

	By:	/s/ James Buccola
	Name:	James Buccola 
	Title:	Head of Fixed Income

 

 

    [Signature Page to Joinder to Loan and Security Agreement]
 

     

    

 

Schedule A 

 

Schedule 1

Subsidiaries

 

		●	VERTEX ENERGY OPERATING, LLC, a Texas limited liability
company (wholly-owned) (“Vertex Operating”)

		●	Vertex Splitter Corporation, a Delaware corporation (wholly-owned)
(“Vertex Splitter”)

		●	Vertex Refining LA, LLC, a Louisiana limited liability
company (wholly-owned by Vertex Operating) (“VRLA”)

		●	Crystal Energy, LLC, an Alabama limited liability company
(wholly-owned by Vertex Operating) (“Crystal”)

		●	Tensile-Myrtle Grove Acquisition Corporation, a Delaware
corporation (wholly-owned by Vertex Splitter) (“TMGA”)

		●	VERTEX MERGER SUB, LLC, a California limited liability
company (wholly-owned by Vertex Operating) (“Merger Sub”)

		●	Vertex Refining Alabama LLC, a Delaware limited liability
company (wholly-owned by Vertex Operating) (“VRAL”)

		●	VERTEX RECOVERY MANAGEMENT, LLC, a Texas limited liability
company (wholly-owned by Vertex Operating) (“VRM”)

		●	Vertex Refining NV, LLC, a Nevada limited liability company
(wholly owned by Vertex Operating) (“VRNV”)

		●	Vertex Refining Myrtle Grove LLC, a Delaware limited
liability company (86% owned by Vertex Operating and 14% owned by TMGA)

		●	Vertex II GP, LLC, a Nevada limited liability company
(100% owned by Vertex Operating) (“Vertex II GP”)

		●	Vertex Acquisition Sub, LLC, a Nevada limited liability
company (wholly-owned by Vertex Operating) (“Vertex Acquisition”)

		●	BANGO OIL LLC, a Nevada limited liability company (wholly-owned
by VRNV) (“Bango Oil”)

		●	VERTEX RECOVERY, L.P., a Texas limited partnership (99%
owned by Vertex Acquisition and 1% owned by Vertex II GP) (“Vertex Recovery”)

		●	CROSSROAD CARRIERS, L.P., a Texas limited partnership
(99% owned by Vertex Acquisition and 1% owned by Vertex II GP) (“Crossroad Carriers”)

		●	CEDAR MARINE TERMINALS, LP, a Texas limited partnership
(99% owned by Vertex Acquisition and 1% owned by Vertex II GP) (“CMT”)

		●	H & H Oil, L. P., a Texas limited partnership (99%
owned by Vertex Acquisition and 1% owned by Vertex II GP) (“H &H Oil”)

		●	HPRM, LLC, a Delaware limited liability company (1% owned
by Vertex Splitter, 65% owned by THAC and 34% owned by Vertex Operating) (“HPRM”)

		●	Vertex Refining OH, LLC, an Ohio limited liability company
(wholly owned by HPRM) (“Vertex Ohio”)

		●	Tensile-Heartland Acquisition Corporation, a Delaware
corporation (100% owned by Vertex Splitter) (“THAC”)

 

     

     

    

 

		●	Vertex Marine Fuel Services LLC, a Delaware limited liability
company (wholly-owned by Vertex Operating) (“Vertex Marine”)

		●	Vertex Refining Texas LLC, a Texas limited liability
company (wholly-owned by Vertex Operating) (“Vertex Texas”)

 

Excluded Subsidiaries as of the Second
Amendment Effective Date

		●	Leverage Lubricants, LLC, a Texas limited liability company (51% owned by Vertex Operating)

		●	Vertex Recovery Management LA, LLC, a Louisiana limited liability company (51% owned by VRM)Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $100,000.00	Dated as of October 3, 2022

 

Mountain Crest Acquisition
Corp. III, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Mountain Crest Holdings
III LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to one hundred
thousand Dollars ($100,000.00) in lawful money of the United States of America, on the terms and conditions described below. All payments
on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account
as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.             Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) the date on which Maker consummates a business
combination with target businesses, or (ii) the date the Maker liquidates if a business combination is not consummated (the “Maturity
Date”). Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder
of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.            
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.          
Conversion. On the Maturity Date, Maker shall pay the Payee in cash in an amount equal to the outstanding principal amount of
Note; provided, however, that upon the written election of the Payee in its sole discretion, the Maker shall convert the outstanding
principal balance under the Note into private placement units (“Private Units”, each a “Private Unit”) at a conversion
price equal to $10 per unit, with each Private Unit consisting of one share of the Maker’s common stock and one right to receive
one-tenth (1/10) of a share of the Maker’s common stock upon the consummation of an initial business combination, as described
in the Maker’s final prospectus as filed with the SEC on May 19, 2021.

 

4.             Drawdown
Requests. The principal of this Note may be drawn down from time to time prior to the Maturity Date (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down. Payee shall fund each Drawdown Request no later than
three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively
under this Note is one hundred thousand Dollars ($100,000.00). Once an amount is drawn down under this Note, it shall not be available
for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result
of, any Drawdown Request by Maker.

 

5.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

6.             Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)                   Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days
of the date specified above.

 

(b)                  Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)                   Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

7.            Remedies.

 

(a)                   Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)                   Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

8.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

9.             Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

10.          Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as
may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to
such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

11.          Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

12.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

 

13.          Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the
Maker’s initial public offering (including the deferred underwriters discounts and commissions) and the proceeds of the sale of
the warrants issued in a private placement occurred prior to the closing of the initial public offering are to be deposited, as described
in greater detail in the registration statement and prospectus filed with the Securities and Exchange Commission in connection with the
aforementioned initial public offering, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

14.          Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

15.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Signature page follows]

 

     

     

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as
of the day and year first above written.

 

	 	MOUNTAIN CREST ACQUISITION CORP. III
	 	 
	 	By:	 /s/ Suying Liu
	 	 	Name: Suying Liu
	 	 	Title: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]