Document:

ex101voltacreditagreemen

EXECUTION VERSION            TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER  AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO          CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020    

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE i  1. AMOUNT AND TERMS OF CREDIT ...........................................................................1  1.1 Term Loan ................................................................................................................1  1.2 Term and Prepayment ..............................................................................................3  1.3 Use of Proceeds........................................................................................................4  1.4 Single Loan ..............................................................................................................5  1.5 Interest......................................................................................................................5  1.6 Fees ..........................................................................................................................6  1.7 Receipt of Payments; Taxes .....................................................................................6  1.8 Application and Allocation of Payments .................................................................7  1.9 Accounting. ..............................................................................................................7  1.10 Indemnity .................................................................................................................7  1.11 Intentionally Omitted ...............................................................................................8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc .................................................8  1.13 Non-Funding Lenders ..............................................................................................8  1.14 Substitution of Lenders ............................................................................................9  2. CONDITIONS PRECEDENT ........................................................................................10  2.1 Conditions to the Loan ...........................................................................................10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS .....13  3.1 Corporate Existence; Compliance with Law .........................................................13  3.2 Executive Offices; Corporate or Other Names ......................................................14  3.3 Corporate Power; Authorization; Enforceable Obligations ...................................14  3.4 Financial Statements; Books and Records .............................................................14  3.5 Material Adverse Change ......................................................................................14  3.6 Collection of Accounts ..........................................................................................15  3.7 Subsidiaries ............................................................................................................15  3.8 Government Regulation; Margin Regulations .......................................................15  3.9 Taxes; Charges .......................................................................................................15  3.10 Payment of Obligations..........................................................................................15  3.11 ERISA ....................................................................................................................16  3.12 Litigation ................................................................................................................16  3.13 Intellectual Property ...............................................................................................17  3.14 Full Disclosure .......................................................................................................18  3.15 Environmental Liabilities.......................................................................................18  3.16 Insurance ................................................................................................................18  3.17 Solvency .................................................................................................................20  3.18 Other Financings ....................................................................................................20  3.19 Conduct of Business ..............................................................................................20  3.20 Further Assurances.................................................................................................20  3.21 Collateral/Maintenance of Property .......................................................................21  3.22 Anti-Terrorism and Anti-Money Laundering Compliance ....................................22  3.23 Maintenance of Corporate Existence .....................................................................23  3.24 Compliance with Laws, Etc ...................................................................................23  3.25 Landlord Agreement ..............................................................................................23  3.26 Deposit Accounts; Cash Collateral Accounts ........................................................23  3.27 Assets of Parent......................................................................................................24  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE ii  3.28 After-acquired Property; Additional Collateral .....................................................24  3.29 Equity Interests and Subsidiaries ...........................................................................25  3.30 Security Documents ...............................................................................................26  3.31 Intentionally Omitted .............................................................................................26  3.32 Government Contracts ...........................................................................................26  3.33 Customer and Trade Relations ...............................................................................26  3.34 Bonding; Licenses ..................................................................................................26  3.35 Affiliate Transactions.............................................................................................26  3.36 Post-Closing Matters ..............................................................................................26  3.37 Investment Company Act ......................................................................................27  3.38 Notice of Change in Investment Company Status .................................................27  3.39 Notice of Change in Ownership .............................................................................27  3.40 Notice of Change in Organization Chart ...............................................................27  4. FINANCIAL MATTERS; REPORTS ...........................................................................27  4.1 Reports, Notices, and Related Rights ....................................................................27  4.2 Financial Covenants ...............................................................................................29  4.3 Other Reports and Information ..............................................................................30  5. NEGATIVE COVENANTS ............................................................................................31  5.1 Indebtedness ...........................................................................................................31  5.2 Liens .......................................................................................................................31  5.3 Investments; Fundamental Changes ......................................................................31  5.4 Asset Sales .............................................................................................................31  5.5 Restricted Payments ...............................................................................................32  5.6 Changes in Nature of Business ..............................................................................32  5.7 Transactions with Affiliates ...................................................................................32  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted  Payments ................................................................................................................32  5.9 Modification of Certain Documents ......................................................................32  5.10 Accounting Changes; Fiscal Year ..........................................................................32  5.11 Changes to Name, Locations, Etc ..........................................................................32  5.12 Bank Accounts .......................................................................................................33  5.13 Margin Regulations ................................................................................................33  5.14 Compliance with ERISA........................................................................................33  5.15 Hazardous Materials ..............................................................................................33  5.16 Parent .....................................................................................................................33  5.17 Use of Proceeds......................................................................................................33  5.18 Compliance with Anti-Terrorism Laws .................................................................33  5.19 Sale-Leasebacks .....................................................................................................34  5.20 Leases .....................................................................................................................34  5.21 Compensation ........................................................................................................34  6. SECURITY INTEREST ..................................................................................................34  6.1 Grant of Security Interest .......................................................................................34  6.2 Intentionally Omitted .............................................................................................37  6.3 Agent’s Appointment as Attorney-in-fact .............................................................37  6.4 Grant of License to Use Intellectual Property Collateral .......................................37  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iii  6.5 Commercial Tort Claims........................................................................................38  6.6 Duties of Agent ......................................................................................................38  7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES ...............................................38  7.1 Events of Default ...................................................................................................38  7.2 Remedies ................................................................................................................41  7.3 Waivers by Credit Parties ......................................................................................42  7.4 Proceeds .................................................................................................................42  8. SUCCESSORS AND ASSIGNS .....................................................................................43  9. AGENT .............................................................................................................................46  9.1 Appointment and Duties ........................................................................................46  9.2 Binding Effect ........................................................................................................47  9.3 Use of Discretion ...................................................................................................47  9.4 Delegation of Rights and Duties ............................................................................47  9.5 Reliance and Liability ............................................................................................47  9.6 Agent Individually .................................................................................................49  9.7 Intentionally Omitted .............................................................................................49  9.8 Expenses; Indemnities ...........................................................................................49  9.9 Resignation of Agent .............................................................................................50  9.10 Release of Collateral ..............................................................................................50  10. MISCELLANEOUS ........................................................................................................51  10.1 Complete Agreement; Modification of Agreement ...............................................51  10.2 Expenses ................................................................................................................52  10.3 No Waiver ..............................................................................................................53  10.4 Severability; Section Titles ....................................................................................53  10.5 Authorized Signature .............................................................................................53  10.6 Notices ...................................................................................................................54  10.7 Counterparts ...........................................................................................................54  10.8 Time of the Essence ...............................................................................................54  10.9 GOVERNING LAW ..............................................................................................54  10.10 Submission to Jurisdiction; Waiver of Jury Trial ..................................................54  10.11 Press Releases ........................................................................................................55  10.12 Reinstatement .........................................................................................................56  10.13 USA PATRIOT Act Notice and Customer Verification........................................56  10.14 Sharing of Payments, Etc .......................................................................................56  10.15 Intentionally Omitted .............................................................................................56  10.16 Confidentiality Agreements ...................................................................................57  11. GUARANTEE ..................................................................................................................57  11.1 The Guarantee ........................................................................................................57  11.2 Obligations Unconditional .....................................................................................57  11.3 Reinstatement .........................................................................................................58  11.4 Subrogation; Subordination ...................................................................................58  11.5 Remedies ................................................................................................................59  11.6 Instrument for the Payment of Money ...................................................................59  11.7 Continuing Guarantee ............................................................................................59  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iv  11.8 General Limitation on Guarantee Obligations .......................................................59  11.9 Release of Guarantors ............................................................................................59  11.10 Right of Contribution .............................................................................................60    

 

  INDEX – PAGE v  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices  Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names  Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation  Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters  Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness  Disclosure Schedule (3.26) - Controlled Accounts  Disclosure Schedule (3.27) - Assets of Parent  Disclosure Schedule (3.32) - Government Contracts  Disclosure Schedule (3.34) - Bonding; Licensing  Disclosure Schedule (3.35) - Affiliate Transactions  Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation  Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate  Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate  Exhibit D - Form of Power of Attorney  Exhibit E - Form of Compliance Certificate  Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate  Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement  Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request    

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein from the  Lenders and the Lenders are willing to provide the Term Loans all in accordance with and subject  to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in Schedule A and,  for purposes of this Agreement and the other Loan Documents, the rules of construction set forth  in Schedule A shall govern.  All schedules, attachments, addenda and exhibits hereto, or expressly  identified to this Agreement, are incorporated herein by reference, and taken together with this  Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in  Section 1.1(b) and this Agreement, upon not less than fifteen (15) Business Days after  delivery by Borrower to Agent of a Delayed Draw Borrowing Request by no later than  3:00 PM New York City time on such day, each Lender, severally, agrees to lend to  Borrower, in one or more advances (each such advance, a “Delayed Draw Term Loan”  

 

  2  and collectively, the “Delayed Draw Term Loans”, and together with any Closing Date  Term Loans, each, a “Term Loan”, and collectively, the “Term Loans” or the “Loan”)  in a principal amount not to exceed the Delayed Draw Term Loan Available Amount and  the Delayed Draw Term Loan Commitment of such Lender; provided, however, that the  aggregate Delayed Draw Term Loan Funded Amount of all Lenders shall in no event  exceed the aggregate Delayed Draw Term Loan Commitments.  The Lenders shall make  no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing with the  Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be made  until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term  Loan shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of  One Hundred Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any  obligation to make a Delayed Draw Term Loan to Borrower if, both before and after giving  effect to the Delayed Draw Term Loan, (A) any Default or Event of Default exists and is  continuing or would result therefrom, (B) the aggregate Delayed Draw Term Loan Funded  Amount of all Lenders would exceed the aggregate Delayed Draw Term Loan  Commitments, (C) the Delayed Draw Term Loan Funded Amount of any Lender would  exceed such Lender’s Delayed Draw Term Loan Commitment, (D) the Cash Balance on  the funding date is less than $6,000,000 or (E) the Borrower is not in compliance with the  covenants set forth in Section 4.2 (including the Performance Metrics, to the extent  measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed  Draw Term Loans requested from the Lenders on the proposed funding date.  Each  Lender’s Delayed Draw Term Loan shall be evidenced by a promissory note (each, a  “Delayed Draw Term Note”) duly executed and delivered by the Borrower prior to the  funding of such Delayed Draw Term Loan in the form attached hereto as Exhibit B-2 and  be repayable in accordance with the terms of such Delayed Draw Term Note and this  Agreement.  The Delayed Draw Term Loan Commitment shall reduce to zero  automatically on the Delayed Draw Term Loan Commitment Expiration Date and no  Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make  principal payments on the Term Loans to the Agent for the pro rata benefit of the  Lenders in monthly installments equal to 2.7777% (such percentage being equal to  100% divided by 36 monthly installments until the Maturity Date) of the aggregate  principal amount of the Term Loans (as in effect immediately prior to the making  of the first such payment on July 1, 2021), payable on each Payment Date from  July 1, 2021 until and including the Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance  fails to be completed on a timely basis in accordance with Section 4.2(b),  commencing with the Payment Date occurring immediately after such failure,  Borrower shall make principal payments on the Term Loans to the Agent for the  pro rata benefit of the Lenders in monthly installments equal to (i) with respect to  

 

  3  any Payment Date that occurs on or prior to the date that is twenty-four (24) months  following the Closing Date, 2.7777% of the aggregate principal amount of the Term  Loans outstanding at such time, and (ii) with respect to any Payment Date that  occurs after the date that is twenty-four (24) months after the Closing Date,  4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term  Loans shall be paid in full no later than the Maturity Date.  Amounts repaid or  prepaid on any of the Term Loans may not be reborrowed.  1.2 Term and Prepayment.    (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty-six (36) months following the Closing Date, or (iv) zero percent (0%) of  the principal Loan amount being prepaid on the date of such Prepayment if such date is  later than the date that is thirty-six (36) months following the Closing Date.  Each Lender  shall have the right in its sole discretion to decline any Mandatory Prepayment in  accordance with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  

 

  4  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6) months  following the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall  set forth the estimates of the proceeds to be so expended); provided, that if all or any portion  of such Net Cash Proceeds is not so reinvested within such six-month period, such unused  portion shall be applied on the last day of such period as a Mandatory Prepayment as  provided in this Section 1.2(c); provided, further, that if the property subject to such Asset  Sale or such Casualty Event constituted Collateral, then all property purchased with the  Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created  pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in  accordance with Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall  permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in  accordance with Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  

 

  5  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.    (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by  three percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and  all outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period).  Such  Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing  Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  

 

  6  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower (the “Fee Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that  Co-Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  

 

  7  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  

 

  8  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.    1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  (a) Unless Agent shall have received notice from any Lender prior  to the date such Lender is required to make any payment hereunder with respect to the Loan that  such Lender will not make such payment (or any portion thereof) available to Agent, Agent may  assume that such Lender has made such payment available to Agent on the date such payment is  required to be made in accordance with this Section 1 and Agent may, in reliance upon such  assumption, make available to Borrower on such date a corresponding amount.  Borrower agrees  to repay to Agent on demand such amount (until repaid by such Lender) with interest thereon for  each day from the date such amount is made available to Borrower until the date such amount is  repaid to Agent, at the interest rate applicable to the Obligation that would have been created when  Agent made available such amount to Borrower had such Lender made a corresponding payment  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  

 

  9  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  

 

  10  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of- pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.    (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.    

 

  11  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  

 

  12  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.    (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  

 

  13  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (v) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  

 

  14  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names.  (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each  Grantor, (c) the organizational identification number issued by each Grantor’s state of  incorporation or organization or a statement that no such number has been issued, (d) each  Grantor’s state of organization or incorporation, and (e) the location of each Grantor’s chief  executive office and locations of Collateral when not in use by a customer of any Grantor are as  set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such  locations have not changed during the preceding twelve (12) months.  As of the Closing Date,  during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has  been known as or conducted business in any other name (including trade names) than the name of  such Grantor set forth on the signature page hereto.  Borrower has only one state of incorporation  or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  approval of any Governmental Authority or any other Person other than any consent or approval  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.    (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  

 

  15  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  

 

  16  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  reason to know that, any ERISA Event has occurred that, alone or together with any other  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  

 

  17  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  

 

  18  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  

 

  19  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  

 

  20  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.    (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  

 

  21  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.    (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any Liens  except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary in the  conduct of its business, and such Collateral shall be maintained in accordance with all  manufacturer’s suggested and recommended maintenance procedures, including  preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits,  licenses, approvals and privileges (including all Permits) necessary, used or useful, whether  because of its ownership, lease, sublease or other operation or occupation of property or  other conduct of its business, and shall make all necessary or appropriate filings with, and  give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in  compliance with all statutes, laws, ordinances, regulations, standards, directives, orders,  judgments and permits (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any country,  state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions  for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be  amended by written notice from time to time by Agent to Borrower on a prospective basis)  (each a “Restricted Location”).  Upon an amendment to Schedule E pursuant to the  forgoing sentence such that Collateral is located in a Restricted Location that was not  located in a Restricted Location prior to such amendment, no Grantor shall extend or renew  any rental agreements or enter into any new rental agreements which would cause the  Collateral to be located in, in transit to or in use in a Restricted Location by a customer of  such Grantor and such Grantor shall remove such Collateral from such Restricted Location  within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the  end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated the  Closing Date contain a true and complete list of each interest in Real Property (i) owned  by any Credit Party as of the date hereof and describes the type of interest therein held by  such Credit Party and whether such owned Real Property is leased and if leased whether  the underlying lease contains any option to purchase all or any portion of such Real  Property or any interest therein or contains any right of first refusal relating to any sale of  such Real Property or any portion thereof or interest therein and (ii) leased, subleased or  otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or  licensee, as of the date hereof and describes the type of interest therein held by such Credit  Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d),  whether any lease requires the consent of the landlord or tenant thereunder, or other party  thereto, to the Transactions.  

 

  22  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti-  

 

  23  Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.    (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  

 

  24  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  3.27 Assets of Parent.  Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  

 

  25  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  Credit Party are duly and validly issued and are fully paid and non- assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  

 

  26  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any Perfection  Certificate Supplement (whichever was most recently delivered to Agent) sets forth an  accurate organizational chart, showing the ownership structure of Borrower and each  Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth on  Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or (b)  the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  

 

  27  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.    The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  

 

  28  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  

 

  29  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  4.2 Financial Covenants.  (a) Minimum Cash Balance.  As of the last day of each Fiscal Month, Credit Parties  shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on September  30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a Cash Balance  of less than $9,000,000, the Credit Parties shall not permit (i) the Total Revenue (measured  as of the trailing twelve (12) month period ending on each date set forth in the table below)  to be less than the amount set forth in the table below and (ii) Average Revenue Per Unit  to be less than the amount set forth in the table below (collectively clauses (i) and (ii), the  “Performance Metrics”).  

 

  30  Period Total Revenue Average Revenue  Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance Certificate  that evidenced non-compliance with the Performance Metrics) issue Qualified Capital  Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable to  Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non- compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  

 

  31  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, and (e) additional Indebtedness  (including Purchase Money Obligations) incurred after the Closing Date in an aggregate  outstanding amount for all such Credit Parties combined not exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock  of, or otherwise combine with or make any investment in or make any loan or advance to, any  Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date  so long as within ten (10) Business Days after such formation, such Subsidiary becomes a  Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and  under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.   For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  

 

  32  5.5 Restricted Payments.  Make or permit any Restricted Payment.  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above, (x)  pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  

 

  33  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  transaction relating to, any property or interests in property blocked pursuant to any Anti-  Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  

 

  34  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  

 

  35  (i) all Accounts;  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  

 

  36  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or (y)  trigger termination of any agreement, document or instrument pursuant to any “change of control”  or similar provision and (B) any contract, license, franchise or other agreement to the extent the  pledge of such agreement is expressly prohibited by the terms thereof (provided that such  contractual restriction shall not have been created in contemplation of this restriction); provided,  however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to apply if  any such prohibition would be rendered ineffective under the UCC (including Sections 9-406, 9- 407 and 9-408 thereof) or other Applicable Law (including the United States bankruptcy code) or  principles of equity, (B) so as to limit, impair or otherwise affect Agent’s unconditional continuing  Liens upon any rights or interests of any Grantor in or to the Proceeds thereof (including proceeds  from the sale, license, lease or other disposition thereof), including monies due or to become due  under any such lease, license, contract, or agreement (including any Accounts or other  Receivables), or (C) to apply at such time as the condition causing such prohibition shall be  remedied and, to the extent severable, “Collateral” shall include any portion of such lease, license,  franchise, contract, or agreement, or assets subject thereto that does not result in such prohibition;  (iv) Excluded Accounts; (v) any property and assets the pledge of which would require  governmental consent, approval, license or authorization (unless such consent, approval, license  or authorization has been obtained); (vi) assets located outside the United States or the pledge of  which would require registration or other action outside the United States; (vii) [reserved]; (viii)  [reserved]; and (ix) assets in circumstances where Borrower and Agent determine in their  reasonable discretion that the cost, burden or consequences (including material adverse tax  consequences) of obtaining or perfecting a security interest in such assets is excessive in relation  to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no Grantor shall  be required to enter into any foreign- law governed security documents in connection with any  share pledge, intellectual property registered in any non-U.S. jurisdiction or any other grant of  security interest.  Notwithstanding anything herein to the contrary or any other Loan Document,  no Grantor shall be required to make any filings, enter into any documents or agreements or take  any other actions to grant, record or perfect a security interest or Lien in the Collateral in, or deliver  any legal opinions covered by, any jurisdiction other than in the United States or any of its states,  including on any Collateral located outside of the United States.  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  

 

  37  of the Obligations, enforceable in accordance with the terms hereof against any and all  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under Section 9- 509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  

 

  38  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  

 

  39  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of Section  5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty (60)  consecutive days; or any Borrower or any other Credit Party shall have concealed, removed  or permitted to be concealed or removed, any part of its property with intent to hinder,  delay or defraud any of its creditors or made or suffered a transfer of any of its property or  the incurring of an obligation that may be fraudulent under any bankruptcy, fraudulent  transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  

 

  40  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section  7.1 or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to,  or shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue-  producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  

 

  41  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.    (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  

 

  42  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  

 

  43  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed, (ii)  be deemed given if Borrower does not respond to a request for consent within five (5)  Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.” The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  

 

  44  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii) and  (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment such  completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S.  federal backup withholding tax;  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  

 

  45  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC, (x)  a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a “10  percent shareholder” of Borrower within the meaning of Section  871(h)(3)(B) of the IRC, or a “controlled foreign corporation”  related to Borrower as described in Section 881(c)(3)(C) of the IRC  (a “U.S. Tax Compliance Certificate”) and (y) executed copies of  IRS Form W-8BEN or IRS Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax  Compliance Certificate, IRS Form W-9, and/or other certification  documents from each beneficial owner, as applicable; provided that  if the Foreign Lender is a partnership and one or more direct or  indirect partners of such Foreign Lender are claiming the portfolio  interest exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  or Agent as may be necessary for Borrower and Agent to comply with their  

 

  46  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) as Agent hereunder and authorizes  Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its  behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights,  powers and remedies and perform the duties as are expressly delegated to Agent under such  Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.  (b) Duties as Collateral and Disbursing Agent.  Without limiting the generality of  clause (a) above, Agent shall have the sole and exclusive right and authority (to the  exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and  collecting agent for the Lenders with respect to all payments and collections arising in  connection with the Loan Documents (including in any proceeding described in Section  7.1(h) or (i) or any other bankruptcy, insolvency or similar proceeding), and each Person  making any payment in connection with any Loan Document to any Lender is hereby  authorized to make such payment to Agent, (ii) file and prove claims and file other  documents necessary or desirable to allow the claims of the Lenders with respect to any  Obligation in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy,  insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of  such Lender), (iii) act as collateral agent for each Lender for purposes of the perfection of  all Liens created by such agreements and all other purposes stated therein, (iv) manage,  supervise and otherwise deal with the Collateral, (v) take such other action as is necessary  or desirable to maintain the perfection and priority of the Liens created or purported to be  created by the Loan Documents, (vi) except as may be otherwise specified in any Loan  Document, exercise all remedies given to Agent and the other Lenders with respect to the  Collateral, whether under the Loan Documents, applicable Requirements of Law or  otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents  on behalf of any Lender that has consented in writing to such amendment, consent or  waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender  to act as collateral sub-agent for Agent and the Lenders for purposes of the perfection of  all Liens with respect to the Collateral, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, and may further  authorize and direct the Lenders to take further actions as collateral sub-agents for purposes  of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and  

 

  47  each Lender hereby agrees to take such further actions to the extent, and only to the extent,  so authorized and directed.  (c) Limited Duties.  Under the Loan Documents, Agent (i) is acting solely on behalf of  the Lenders, with duties that are entirely administrative in nature, notwithstanding the use  of the defined term “Agent”, the terms “agent”, “administrative agent” and “collateral  agent” and similar terms in any Loan Document to refer to Agent, which terms are used  for title purposes only, (ii) is not assuming any obligation under any Loan Document other  than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any  Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or  other liabilities under any Loan Document, and each Lender hereby waives and agrees not  to assert any claim against Agent based on the roles, duties and legal relationships expressly  disclaimed in clauses (i) through (iii) above.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with  the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the  instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the  exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the  powers set forth herein or therein, together with such other powers as are reasonably incidental  thereto, shall be authorized and binding upon all of the Lenders.  9.3 Use of Discretion.    (a) No Action without Instructions.  Agent shall not be required to exercise any  discretion or take, or to omit to take, any action, including with respect to enforcement or  collection, except any action it is required to take or omit to take (i) under any Loan  Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly  required by the terms of this Agreement, a greater proportion of the Lenders).  (b) Right Not to Follow Certain Instructions.  Notwithstanding clause (a) above, Agent  shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent  receives an indemnification satisfactory to it from the Lenders against all costs, expenses,  claims, actions or liabilities that, by reason of such action or omission, may be imposed on,  incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 Delegation of Rights and Duties.  Agent may, upon any term or condition it specifies,  delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of  its duties or any other action with respect to, any Loan Document by or through any trustee, co-  agent, employee, attorney-in-fact and any other Person (including any Lender).  Any such Person  shall benefit from this Section 9 to the extent provided by Agent.  9.5 Reliance and Liability.    (a) Agent may, without incurring any liability hereunder, (i) treat the payee of  any Note as its holder until such Note has been assigned in accordance with Section  

 

  48  8(a), (ii) rely on the Register to the extent set forth in Section 8(a), (iii) consult with  any of its Related Persons and, whether or not selected by it, any other advisors,  accountants and other experts (including advisors to, and accountants and experts  engaged by, any Credit Party) and (iv) rely and act upon any document and  information (including those transmitted by electronic transmission) and any  telephone message or conversation, in each case believed by it to be genuine and  transmitted, signed or otherwise authenticated by the appropriate parties.  (b) None of Agent and its Related Persons shall be liable for any action taken  or omitted to be taken by any of them under or in connection with any Loan  Document (x) with the consent or at the request of the Required Lenders (or such  other number or percentage of the Lenders as shall be necessary, or as Agent shall  believe in good faith shall be necessary, under the circumstances as provided in  Section 10.1(b)) or (y) in the absence of its own gross negligence or willful  misconduct, and each Lender, Borrower and each other Credit Party to this  Agreement hereby waive and shall not assert any right, claim or cause of action  based thereon, except to the extent of liabilities resulting primarily from the gross  negligence or willful misconduct of Agent or, as the case may be, such Related  Person (each as determined in a final, non-appealable judgment by a court of  competent jurisdiction) in connection with the duties expressly set forth herein.   Without limiting the foregoing, Agent:  (i) shall not be responsible or otherwise incur liability for any action or  omission taken in reliance upon the instructions of the Required Lenders or  for the actions or omissions of any of its Related Persons selected with  reasonable care (other than employees, officers and directors of Agent,  when acting on behalf of Agent);  (ii) shall not be responsible to any Lender for the due execution, legality,  validity, enforceability, effectiveness, genuineness, sufficiency or value of,  or the attachment, perfection or priority of any Lien created or purported to  be created under or in connection with, any Loan Document;  (iii) makes no warranty or representation, and shall not be responsible,  to any Lender for any statement, document, information, representation or  warranty made or furnished by or on behalf of any Related Person or any  Credit Party in connection with any Loan Document or any transaction  contemplated therein or any other document or information with respect to  any Credit Party, whether or not transmitted or (except for documents  expressly required under any Loan Document to be transmitted to the  Lenders) omitted to be transmitted by Agent, including as to completeness,  accuracy, scope or adequacy thereof, or for the scope, nature or results of  any due diligence performed by Agent in connection with the Loan  Documents; and  (iv) shall not have any duty to ascertain or to inquire as to the  performance or observance of any provision of any Loan Document,  

 

  49  whether any condition set forth in any Loan Document is satisfied or  waived, as to the financial condition of any Credit Party or as to the  existence or continuation or possible occurrence or continuation of any  Default and shall not be deemed to have notice or knowledge of such  occurrence or continuation unless it has received a notice from Borrower or  any Lender describing such Default clearly labeled “notice of default” (in  which case Agent shall promptly give notice of such receipt to all Lenders);  and, for each of the items set forth in clauses (i) through (iv) above, each Lender and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as  though it were not acting as Agent and may receive separate fees and other payments therefor.  To  the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder,  it shall have and may exercise the same rights and powers hereunder and shall be subject to the  same obligations and liabilities as any other Lender and the terms “Lender”, “Required Lender”  and any similar terms shall, except where otherwise expressly provided in any Loan Document,  include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity  as Lender or as one of the Required Lenders.  9.7 Intentionally Omitted.    9.8 Expenses; Indemnities.    (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) promptly upon demand for such Lender’s pro  rata share with respect to the Loan of any costs and expenses (including fees, charges and  disbursements of financial, legal and other advisors and taxes paid in the name of, or on  behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in  connection with the preparation, syndication, execution, delivery, administration,  modification, consent, waiver or enforcement (whether through negotiations, through any  work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or  legal advice in respect of its rights or responsibilities under, any Loan Document.  (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to  the extent not reimbursed by any Credit Party), from and against such Lender’s aggregate  pro rata share with respect to the Loan of the costs, expenses, claims and liabilities  (including taxes, interests and penalties imposed for not properly withholding or backup  withholding on payments made to on or for the account of any Lender) that may be imposed  on, incurred by or asserted against Agent or any of its Related Persons in any matter relating  to or arising out of, in connection with or as a result of any Loan Document, or any other  act, event or transaction related, contemplated in or attendant to any such document, or, in  

 

  50  each case, any action taken or omitted to be taken by Agent or any of its Related Persons  under or with respect to any of the foregoing; provided, however, that no Lender shall be  liable to Agent or any of its Related Persons to the extent such liability has resulted  primarily from the gross negligence or willful misconduct of Agent or, as the case may be,  such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order.  9.9 Resignation of Agent.  (a) Agent may resign at any time by delivering notice of such resignation to the  Lenders and Borrower, effective on the date set forth in such notice or, if not such date is  set forth therein, upon the date such notice shall be effective.  If Agent delivers any such  notice, the Required Lenders shall have the right to appoint a successor Agent.  If, within  forty-five (45) days after the retiring Agent having given notice of resignation, no successor  Agent has been appointed by the Required Lenders that has accepted such appointment,  then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from  among the Lenders.  Each appointment under this clause (a) shall be subject to the prior  consent of Borrower, which may not be unreasonably withheld but shall not be required  during the continuance of a Default.  (b) Effective immediately upon its resignation, (i) the retiring Agent shall be  discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall  assume and perform all of the duties of Agent until a successor Agent shall have accepted  a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no  longer have the benefit of any provision of any Loan Document other than with respect to  any actions taken or omitted to be taken while such retiring Agent was, or because such  Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its  rights under Section 9.3, the retiring Agent shall take such action as may be reasonably  necessary to assign to the successor Agent its rights as Agent under the Loan Documents.   Effective immediately upon its acceptance of a valid appointment as Agent, a successor  Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties  of the retiring Agent under the Loan Documents.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  Each Lender hereby directs  Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to  execute and deliver or file such documents and to perform other actions reasonably necessary to  release the Liens when and as directed in this Section 9.10.  

 

  51  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom shall be effective unless the same shall be  in writing and signed (1) in the case of an amendment, consent or waiver to cure any  ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the  Lenders or extending an existing Lien over additional property, by Agent and Borrower  and any other Credit Party which is a party to such agreement, (2) in the case of any other  waiver or consent, by the Required Lenders (or by Agent with the consent of the Required  Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent  with the consent of the Required Lenders) and Borrower and any other Credit Party which  is a party to such agreement; provided, however, that no amendment, consent or waiver  described in clause (2) or (3) above shall, unless in writing and signed by each Lender  directly affected thereby (or by Agent with the consent of such Lender), in addition to any  other Person the signature of which is otherwise required pursuant to any Loan Document,  do any of the following:  (i) waive any condition specified in Section 2.1, except any condition referring  to any other provision of any Loan Document;  (ii) increase the Term Loan Commitment of such Lender or subject such Lender  to any additional material obligation;  (iii) reduce (including through release, forgiveness, assignment or otherwise)  (A) the principal amount of, the interest rate on, or any obligation of Borrower to  repay (whether or not on a fixed date), any outstanding Loan owing to such Lender,  or (B) any Fee or accrued interest payable to such Lender; provided, however, that  this clause (iii) does not apply to any change to any provision increasing any interest  rate or Fee during the continuance of a Default or to any payment of any such  increase;  (iv) waive or postpone any scheduled maturity date or other scheduled date fixed  for the payment, in whole or in part, of principal of or interest on any Term Loan  or Fee owing to such Lender or for the reduction of such Lender’s Term Loan  Commitment; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  

 

  52  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation of Borrower;  (vi) reduce or increase the proportion of Lenders required for the Lenders (or  any subset thereof) to take any action hereunder or change the definition of the term  “Required Lenders”; or  (vii) amend Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section  1.8 to, and any modification of the application of any such payment to the Term Loan shall  require the consent of the Required Lenders, and (B) any change to the definition of the  term “Required Lenders” shall require the consent of the Required Lenders, (y) no  amendment, waiver or consent shall affect the rights or duties under any Loan Document  of, or any payment to, Agent (or otherwise modify any provision of Section 9 or the  application thereof) unless in writing and signed by Agent in addition to any signature  otherwise required and (z) the consent of Borrower shall not be required to change any  order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  

 

  53  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be 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 such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  

 

  54  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section  10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all charges  prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be notified and  sent to the address or facsimile number indicated in Schedule C or to such other address (or  facsimile number) as may be substituted by notice given as herein provided.  Failure or delay in  delivering copies of any such communication to any Person (other than Borrower, any other Credit  Party, Agent or any Lender) designated in Schedule C to receive copies shall in no way adversely  affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  

 

  55  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent  (20%) or more of Stock having ordinary voting power for the election of directors of any Credit  

 

  56  Party or (ii) each other Person that controls, is controlled by or is under common control with such  Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the contrary in this  Section 10.11, any Credit Party may make such public disclosures with respect to the transactions  contemplated by the Loan Documents in connection with all regular and periodic reports  (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if  any, filed by any Credit Party with any securities exchange or with the Securities and Exchange  Commission or any governmental or private regulatory authority.  The Borrower hereby authorizes  Agent to disclose Agent’s participation in this Agreement or the other Loan Documents in its  marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the USA  PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.    

 

  57  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  

 

  58  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  

 

  59  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion- action under  New York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  

 

  60  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has  been duly executed as of the date first written above.  VOLTA CHARGING, LLC, as Borrower and  Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA MEDIA LLC, as Borrower and Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President  VOLTA INDUSTRIES, INC., as Guarantor and  Grantor      By:   _____________________________  Name:  Christopher Wendel  Title:  President    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  EICF AGENT LLC, as Agent for the Lenders      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  ENERGY IMPACT CREDIT FUND I LP, as a  Lender      By:   _____________________________  Name:  Title:    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  CION INVESTMENT CORPORATION, as  Co-Lead Arranger and a Lender      By:   _____________________________  Name:  Title:    

 

  SCHEDULE A - 1  SCHEDULE A    DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  “Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent  (10%) or more of the Stock having ordinary voting power for the election of directors of such  Person or (ii) each other Person that controls, is controlled by or is under common control with  such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of a  Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction  of its management or policies, whether through the ownership of voting securities, by contract or  otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  “Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  

 

  SCHEDULE A - 2  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve (12)  Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  

 

  SCHEDULE A - 3  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and (y)  held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of “control”  (as defined in the UCC) of such accounts for its benefit.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or (ii)  issued by any agency of the United States federal government the obligations of which are fully  backed by the full faith and credit of the United States federal government, (b) any readily-  marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  

 

  SCHEDULE A - 4  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean any involuntary loss of title or ownership, any involuntary loss of,  damage to or any destruction of, or any condemnation or other taking (including by any  Governmental Authority) of, any property of a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.  “Change of Control” means any of (a) Parent ceasing to own, directly or indirectly, 100% of the  capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party, (c)  a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or  assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s owned  intellectual property rights, a sale of voting control or any other corporate reorganization in which  the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members  of the board of directors or other equivalent governing body of Parent ceases to be composed of  individuals who were members of that board or equivalent governing body on the Closing Date.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  

 

  SCHEDULE A - 5  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  

 

  SCHEDULE A - 6  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion) deducted  in determining such Consolidated Net Income and without duplication (and with respect to the  portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only if a  corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  

 

  SCHEDULE A - 7  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation; (d)  

 

  SCHEDULE A - 8  with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9- 104 of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  

 

  SCHEDULE A - 9  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to zero  (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment has  been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  

 

  SCHEDULE A - 10  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  

 

  SCHEDULE A - 11  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and any other interest or participation that confers  on a Person the right to receive a share of the profits and losses of, or distributions of property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to Section  4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan; (f) the  incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  

 

  SCHEDULE A - 12  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  “Fee Letter” has the meaning assigned to it in Section 1.6.  “Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  

 

  SCHEDULE A - 13  “Fiscal Month” means any of the monthly accounting periods of Borrower.  “Fiscal Quarter” means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii)  to purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect thereof.  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  

 

  SCHEDULE A - 14  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  such Person is not liable therefor.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  

 

  SCHEDULE A - 15  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all (i)  renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages,  claims and payments now and hereafter due and/or payable thereunder and with respect thereto  including damages and payments for past, present or future infringements or violations thereof,  (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other  rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other  patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  

 

  SCHEDULE A - 16  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and (ii)  the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to Section  3.28.  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section  4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor  or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to  which any Grantor or any ERISA Affiliate has within the preceding five plan years made  contributions; or (c) with respect to which any Grantor could reasonably be expected to incur  liability.  

 

  SCHEDULE A - 17  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests),  the cash proceeds received by any Credit Party (including cash proceeds subsequently  received (as and when received by any Credit Party) in respect of non-cash consideration  initially received) net of (i) selling expenses (including reasonable brokers’ fees or  commissions, legal, accounting and other professional and transactional fees, transfer and  similar taxes and Credit Party’s good faith estimate of income taxes actually paid or  payable in connection with such sale); (ii) amounts provided as a reserve, in accordance  with GAAP, against (x) any liabilities under any indemnification obligations associated  with such Asset Sale or (y) any other liabilities retained by any Credit Party associated with  the properties sold in such Asset Sale (provided that, to the extent and at the time any such  amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds);  (iii) Credit Party’s good faith estimate of payments required to be made with respect to  unassumed liabilities relating to the properties sold within ninety (90) days of such Asset  Sale (provided that, to the extent such cash proceeds are not used to make payments in  respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such cash  proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or  penalty, if any, interest and other amounts on any Indebtedness for borrowed money which  is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was  permitted to encumber such properties under the Loan Documents at the time of such sale)  and which is repaid with such proceeds (other than any such Indebtedness assumed by the  purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary fees,  commissions, costs and other expenses incurred in connection therewith; and  (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation  awards and other compensation received in respect thereof, net of all reasonable costs and  expenses incurred in connection with the collection of such proceeds, awards or other  compensation in respect of such Casualty Event.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  

 

  SCHEDULE A - 18  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  

 

  SCHEDULE A - 19  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.  “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty (30)  days or (in the case of any execution or enforcement pending appeal) such lesser time during which  such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions on the  use of real property or other minor irregularities in title (including leasehold title) thereto, so long  as the same do not materially impair the use, value, or marketability of such real estate; (v)  

 

  SCHEDULE A - 20  Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  

 

  SCHEDULE A - 21  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  

 

  SCHEDULE A - 22  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” means, with respect to any Person, each Affiliate of such Person and each  director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance,  environmental, legal, financial and other advisor and other consultants and agents of or to such  Person or any of its Affiliates.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty percent  (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the  amount outstanding under the Term Loan) then in effect; provided that at any time that there are  two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that  are not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  

 

  SCHEDULE A - 23  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c)  any payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s  or any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in  respect of any thereof, either directly or indirectly; other than (i) that arising under this Agreement  or (ii) interest and principal, when due without acceleration or modification of the amortization as  in effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  

 

  SCHEDULE A - 24  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent (50%)  of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership  or limited liability company in which such Person or one or more Subsidiaries of such Person has  an equity interest (whether in the form of voting or participation in profits or capital contribution)  of more than fifty percent (50%) or of which any such Person is a general partner or manager or  may exercise the powers of a general partner or manager.  If “Subsidiary” or “Subsidiaries” is used  in this Agreement or any other of the Loan Documents without reference to being the Subsidiary  of any specific Credit Party or other Person, then that reference to “Subsidiary” or “Subsidiaries”  shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  

 

  SCHEDULE A - 25  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments and  the Delayed Draw Term Loan Commitments.  ”Term Note” has the meaning given to such term in Section 1.1(a).  “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  

 

  SCHEDULE A - 26  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  

 

  SCHEDULE A - 27  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]  

 

    FIRST AMENDMENT TO LOAN AGREEMENT  This FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made  as of March 26, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto  (the “Required Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent  on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the  “Agent”).  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”);  WHEREAS, Parent has advised the Agent that it wishes to issue and sell convertible  promissory notes in an aggregate amount not to exceed $30,000,000 (collectively and each on an  individual basis, the “Subordinated Note”) pursuant to the terms of that certain Convertible Note  Purchase Agreement, dated as of even date herewith (the “Note Purchase Agreement”);  WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from incurring  Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and  WHEREAS, Parent and the other Credit Parties have requested that the Agent and the  Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the  terms and conditions of, the Note Purchase Agreement, and the Required Lenders have agreed to  permit the Parent to incur such Indebtedness solely on the terms and subject to the conditions set  forth herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions  precedent set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date  hereof as follows:  (a) Schedule A shall be amended to insert the following new definitions in the proper  alphabetical order therein:  

 

  2  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement,  dated as of March 26, 2020, by and among Parent, as issuer, and each of the purchasers  listed on Exhibit A thereto or additional purchasers from time to time party thereto, as may  be amended from time to time in accordance with the terms of the Subordination  Agreement.  “Subordination Agreement” means that certain Subordination and Intercreditor  Agreement, dated as of March 26, 2020, by and among each of the parties thereto as  Subordinated Creditors, the Credit Parties and Agent, as may be amended from time to  time.  (b) Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing  clause (e) as clause (f), replacing the existing clause (e) with the new clause (e) which shall read  as follows:  “(e) Indebtedness arising under that certain Note Purchase Agreement in an amount  not to exceed $30,000,000, provided that such Indebtedness is at all times subordinated to  the Obligations pursuant to the terms of the Subordination Agreement and provided that  each of the holders thereof have executed and delivered the Subordination Agreement.”  3. Conditions to Effectiveness.  This Amendment shall not become effective until the  date (the “Effective Date”) upon which:  (a) counterparts of this Amendment shall have been executed and delivered by the  Borrower, the Credit Parties signatory hereto and the Required Lenders;  (b) delivery to the Agent of fully and duly executed, true and correct copies of the Note  Purchase Agreement, the Subordinated Notes and the Subordination Agreement ; and  (c) the Borrower has paid the legal fees and expenses of Chapman and Cutler LLP,  Agent’s counsel, incurred in connection with the preparation, negotiation, execution and delivery  of this Amendment and other post-closing services rendered in connection with the Loan  Agreement prior to the date hereof.  4. Representations, Warranties and Covenants.  The Credit Parties represent and  warrant to Agent and each Lender that, after giving effect to this Amendment:  (a) the execution, delivery and performance by each Credit Party of this Agreement  has been duly authorized by all necessary action, and do not and will not:  (i) contravene the terms of any of its Organization Documents;  (ii) conflict with or result in any material breach or contravention of, or result  in the creation of any Lien under, any document evidencing any material  Contractual Obligation to which it is a party or any order, injunction, writ  or decree of any Governmental Authority to which it or its Property is  subject; or  

 

  3  (iii) violate any material Requirement of Law in any material respect;  (b) it has the power and authority to execute, deliver and perform its obligations under  this Agreement and the Loan Agreement, as amended hereby;  (c) this Agreement constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability; and  (d) no Default or Event of Default shall have occurred and be continuing on and as of  the date hereof.  5. Additional Obligations.  No later than ten (10) days from the date hereof, the Credit  Parties shall deliver to the Agent an Officers’ Certificate stating that the representations and  warranties contained in Section 3 of the Loan Agreement are true and correct in all material  respects on and as of the date hereof as if such representations and warranties had been made on  and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date which shall be true and correct as of such specific date)) and  attaching to such Officers’ Certificate updated Disclosure Schedules as may be appropriate.   Failure to comply with the foregoing covenant shall constitute a Default under the Loan  Agreement.  6. Loan Document.  This Amendment is designated a Loan Document by Agent.  7. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as amended by this Amendment.  8. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  9. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  

 

  4  10. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  11. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  12. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  13. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor,  or in other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby  (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise,  under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the  extent such credit party granted liens on or security interests in any of its property pursuant to any  such Loan Document as security for or otherwise guaranteed the Obligations under or with respect  to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and  liens and confirms and agrees that such security interests and liens hereafter secure all of the  Obligations as amended hereby.  Each Credit Party hereby consents to this Agreement and  acknowledges that each of the Loan Documents remains in full force and effect and is hereby  ratified and reaffirmed.  The execution of this Agreement shall not operate as a waiver of any right,  power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan  Documents or serve to effect a novation of the Obligations.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Amendment Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company         By:     Name:  Title:         VOLTA MEDIA LLC,  a Delaware limited liability company         By:     Name:  Title:         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By:     Name:  Title:           GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By:     Name:  Title:        

 

  Signature Page to Amendment Agreement  AGENT: EICF AGENT LLC         By:   Name:  Title:        

 

  Signature Page to Amendment Agreement  LENDERS: ENERGY IMPACT CREDIT FUND I LP         By:   Name:  Title:     

 

  Signature Page to Amendment Agreement   CION INVESTMENT CORPORATION         By:   Name:  Title:      

 

    SECOND AMENDMENT TO LOAN AGREEMENT  This SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is  made as of May 4, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto  (the “Required Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent  on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the  “Agent”).  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”);  WHEREAS, Parent has advised the Agent that it wishes to participate in the loan program  issued by the Small Business Administration implementing PPP Rule (as herein defined);  WHEREAS, Parent has advised the Agent that Continental Bank has authorized the PPP  Loan (as herein defined) to Parent;  WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from  incurring Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and  WHEREAS, Parent and the other Credit Parties have requested that the Agent and the  Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the  terms and conditions of, the PPP Loan, and the Required Lenders have agreed to permit the Parent  to incur such Indebtedness solely on the terms and subject to the conditions set forth herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date hereof  as follows:  a. Schedule A shall be amended to insert the following new definitions in the proper  alphabetical order therein:  

 

    “Business Loan Agreement” means that certain Business Loan  Agreement, dated April 27, 2020, by and between Parent and Continental  Bank.  “PPP Loan” means an unsecured loan in an aggregate principal amount  not to exceed $3,193,300.00 incurred by Parent under 15 U.S.C.  636(a)(36) (as added to the Small Business Act by Section 1102 of the  PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security  Act and applicable rules and regulations, as amended from time to time.   For the avoidance of doubt, references to specific sections of the PPP Rule  shall also include applicable rules and regulations, as amended from time  to time.  “Promissory Note” mean that certain Promissory Note, dated as of April  27, 2020, issued by Parent in favor of Continental Bank in an aggregate  amount equal to $3,193,300.00.  b. Schedule A shall be amended to insert the following sentence at the end of the  definition of “Indebtedness”:  “For the avoidance of doubt, the PPP Loan shall constitute “Indebtedness” for all  purposes under this Agreement until such time and to the extent that such PPP Loan  is forgiven.”  c. Schedule A shall be amended to insert the following sentence at the end of the  definition of “Cash Balance”:  “For the avoidance of doubt, no proceeds of the PPP Loan shall be included in the  calculation of Cash Balance.”  d. Section 3.26 of the Loan Agreement is hereby amended by adding a new clause (e)  at the end thereof:  “(e) Notwithstanding anything to the contrary contained herein, Parent  shall (i) establish a new deposit account, which account shall not be subject  to a Control Agreement, to receive and hold exclusively the proceeds of the  PPP Loan, (ii) not comingle the proceeds of the PPP Loan in such account  with any other funds and only to make transfers or disbursements from such  account for PPP Forgivable Uses and (iii) maintain all records required to  be submitted in connection with the forgiveness of the PPP Loan.”  e. Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing  clause (f) as clause (g), replacing the existing clause (f) with the new clause (f)  which shall read as follows:  

 

    “(e) the PPP Loan, provided that Parent shall (i) use all of the proceeds of  the PPP Loan exclusively for the PPP Forgivable Uses in the manner  required under the PPP Rule to obtain forgiveness of the largest possible  amount of the PPP Loan, (ii) use commercially reasonable efforts to conduct  its business in a manner that maximizes the amount of the PPP Loan that is  forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30)  days (or such longer period as the Agent may agree to in its sole discretion)  after the last day of the eight (8) week period immediately following the  date of funding of the PPP Loan and (iv) provide the Agent with a copy of  its application for forgiveness and all supporting documentation required by  the Small Business Administration or Continental Bank in connection with  the forgiveness of the PPP Loan.”  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  (the “Effective Date”) upon which:  a. counterparts of this Amendment shall have been executed and delivered by the  Borrower, the Credit Parties signatory hereto and the Required Lenders; and  b. delivery to the Agent of fully and duly executed, true and correct copies of the  Business Loan Agreement and the Promissory Note.  4. Representations, Warranties and Covenants.  The Credit Parties represent and warrant to  Agent and each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Agreement  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or  result in the creation of any Lien under, any document evidencing any  material Contractual Obligation to which it is a party or any order,  injunction, writ or decree of any Governmental Authority to which it or  its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Agreement and the Loan Agreement, as amended hereby;  c. this Agreement constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  

 

    d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects on and as of the date hereof as if such  representations and warranties had been made on and as of the date hereof (except  to the extent that any such representations and warranties specifically relate to an  earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default shall have occurred and be continuing on and as of  the date hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. Successors and Assigns.  The provisions of this Amendment shall be binding upon and  inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  

 

    12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Agreement and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Agreement shall not operate as a waiver of any right, power or remedy of  the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Second Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,   a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO         VOLTA MEDIA LLC,  a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By:     Name:  Scott Mercer  Title:  Founder & CEO           GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By:     Name:  Scott Mercer  Title:  Founder & CEO        

 

  Signature Page to Second Amendment to Loan Agreement  AGENT: EICF AGENT LLC         By:   Name:  Title:        

 

  Signature Page to Second Amendment to Loan Agreement  LENDERS: ENERGY IMPACT CREDIT FUND I LP         By:   Name:  Title:      CION INVESTMENT CORPORATION         By:   Name:    Title:           

 

EXECUTION VERSION    THIRD AMENDMENT TO LOAN AGREEMENT  This THIRD AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made  as of November 25, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders signatory hereto,  EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders  under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”) and CION  INVESTMENT CORPORATION (“CION”), as co-lead arranger.  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”); and  WHEREAS, the Borrower has requested that the Lenders increase the aggregate amount  of Term Loans by $5.0 million under the Loan Agreement and CION, as Lender, has agreed to so  increase its Term Loan Commitment solely on the terms and subject to the conditions set forth  herein.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto)  is hereby amended as of the date hereof by incorporating the changes shown on the marked  copy of the Loan Agreement attached hereto as Exhibit A (it being understood that  language which appears “struck out” has been deleted and language which appears as  “double-underlined” has been added).  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  upon which:  a. the Agent has received counterparts of this Amendment shall have been executed  and delivered by the parties hereto;  b. the representations and warranties contained in Section 4 hereof shall be true and  correct in all respects;  

 

  2  c. the Agent has received good standing certificates (or the federal or local law  equivalent) with respect to each of the jurisdictions where a Credit Party organized  or chartered; and  d. the Borrower shall have paid (i) the fees to be received by the Agent for the benefit  of CION on or prior to the date hereof pursuant to the CION Fee Letter dated  November 25, 2020 between the Borrower and the Agent and (ii) the legal fees and  expenses of Chapman and Cutler LLP, Agent’s counsel, incurred in connection  with the preparation, negotiation, execution and delivery of this Amendment and  other post-closing services rendered in connection with the Loan Agreement prior  to the date hereof.  4. Representations and Warranties.  The Credit Parties represent and warrant to Agent and  each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Amendment  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or  result in the creation of any Lien under, any document evidencing any  material Contractual Obligation to which it is a party or any order,  injunction, writ or decree of any Governmental Authority to which it or  its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Amendment and the Loan Agreement, as amended hereby;  c. this Amendment constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects (without duplication of any Material  Adverse Effect or other materiality qualifier therein) on and as of the date hereof as  if such representations and warranties had been made on and as of the date hereof  (except to the extent that any such representations and warranties specifically relate  to an earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default has occurred and is continuing on and as of the date  hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  

 

  3  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. 10. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  

 

  4  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Amendment and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Amendment shall not operate as a waiver of any right, power or remedy  of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  13. Release of Claims.  In consideration of the Lenders’ and the Agent’s agreements contained  in this Amendment, each Credit Party hereby irrevocably releases and forever discharge  the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and  from any and all claims, suits, actions, investigations, proceedings or demands, whether  based in contract, tort, implied or express warranty, strict liability, criminal or civil statute  or common law of any kind or character, known or unknown, which such Credit Party ever  had or now has against Agent, any Lender or any other Released Person which relates,  directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released  Person relating to the Loan Agreement or any other Loan Document on or prior to the date  hereof.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Third Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,   a Delaware limited liability company         By: __________________________________   Name:     Title:           VOLTA MEDIA LLC,   a Delaware limited liability company         By:   _________________________________   Name:     Title:           VOLTA CHARGING SERVICES LLC,   a Delaware limited liability company         By:   _________________________________   Name:     Title:          GUARANTORS: VOLTA INDUSTRIES, INC.,   a Delaware corporation         By:   _________________________________   Name:     Title:          

 

  Signature Page to Third Amendment to Loan Agreement  AGENT: EICF AGENT LLC         By:   _________________________________   Name:     Title:          LENDERS: ENERGY IMPACT CREDIT FUND I LP      By:  Energy Impact Credit Fund I GP LLC,  its general partner         By:   _________________________________   Name:     Title:          

 

  Signature Page to Third Amendment to Loan Agreement   CION INVESTMENT CORPORATION         By:   _________________________________   Name:     Title:        

 

  A-1  EXHIBIT A  MARKED CREDIT AGREEMENT  (See attached)    

 

CONFORMED COPY – NOT EXECUTED IN THIS FORM  Incorporating that certain First Amendment to Loan Agreement, dated a of March 26, 2020; and Second  Amendment to Loan Agreement, dated as of May 4, 2020; and Third Amendment to Loan Agreement, dated as of  November 25, 2020.            TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO          CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020    

 

INDEX – PAGE i  TABLE OF CONTENTS  PAGE    1. AMOUNT AND TERMS OF CREDIT .......................................................................... 1  1.1 Term Loan........................................................................................................................ 1  1.2 Term and Prepayment. ..................................................................................................... 3  1.3 Use of Proceeds. ............................................................................................................ 45  1.4 Single Loan. ................................................................................................................... 45  1.5 Interest ............................................................................................................................. 5  1.6 Fees. ................................................................................................................................. 6  1.7 Receipt of Payments; Taxes. .......................................................................................... 67  1.8 Application and Allocation of Payments. ........................................................................ 7  1.9 Accounting. .................................................................................................................... 78  1.10 Indemnity. ...................................................................................................................... 78  1.11 Intentionally Omitted. ...................................................................................................... 8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ......................................................... 8  1.13 Non-Funding Lenders. ................................................................................................... 89  1.14 Substitution of Lenders. ................................................................................................... 9  2. CONDITIONS PRECEDENT ....................................................................................... 10  2.1 Conditions to the Loan. .................................................................................................. 10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS1314  3.1 Corporate Existence; Compliance with Law. ............................................................ 1314  3.2 Executive Offices; Corporate or Other Names. ......................................................... 1415  3.3 Corporate Power; Authorization; Enforceable Obligations. ....................................... 1415  3.4 Financial Statements; Books and Records. ................................................................ 1415  3.5 Material Adverse Change. .......................................................................................... 1516  3.6 Collection of Accounts. .............................................................................................. 1516  3.7 Subsidiaries ................................................................................................................ 1516  3.8 Government Regulation; Margin Regulations ........................................................... 1516  3.9 Taxes; Charges. .......................................................................................................... 1516  3.10 Payment of Obligations. .............................................................................................. 1617  3.11 ERISA. ....................................................................................................................... 1617  3.12 Litigation. .................................................................................................................. 1718  3.13 Intellectual Property.................................................................................................... 1718  3.14 Full Disclosure. .......................................................................................................... 1819  3.15 Environmental Liabilities. .......................................................................................... 1819  3.16 Insurance. ................................................................................................................... 1820  3.17 Solvency. ................................................................................................................... 2021  3.18 Other Financings. ....................................................................................................... 2021  3.19 Conduct of Business .................................................................................................. 2022  3.20 Further Assurances. .................................................................................................... 2022  3.21 Collateral/Maintenance of Property. .......................................................................... 2122  3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ....................................... 2223  3.23 Maintenance of Corporate Existence. ........................................................................ 2324  3.24 Compliance with Laws, Etc........................................................................................ 2324  3.25 Landlord Agreement. ................................................................................................. 2325  3.26 Deposit Accounts; Cash Collateral Accounts. ........................................................... 2325  

 

INDEX – PAGE ii  TABLE OF CONTENTS  PAGE    3.27 Assets of Parent.......................................................................................................... 2425  3.28 After-acquired Property; Additional Collateral. ......................................................... 2426  3.29 Equity Interests and Subsidiaries ................................................................................ 2527  3.30 Security Documents. .................................................................................................. 2628  3.31 Intentionally Omitted. ................................................................................................ 2628  3.32 Government Contracts. .............................................................................................. 2628  3.33 Customer and Trade Relations. .................................................................................. 2628  3.34 Bonding; Licenses. ..................................................................................................... 2628  3.35 Affiliate Transactions. ................................................................................................ 2628  3.36 Post-Closing Matters .................................................................................................. 2628  3.37 Investment Company Act. ......................................................................................... 2728  3.38 Notice of Change in Investment Company Status ..................................................... 2728  3.39 Notice of Change in Ownership. ................................................................................ 2729  3.40 Notice of Change in Organization Chart. ................................................................... 2729  4. FINANCIAL MATTERS; REPORTS ...................................................................... 2729  4.1 Reports, Notices, and Related Rights. ....................................................................... 2729  4.2 Financial Covenants. .................................................................................................. 2931  4.3 Other Reports and Information. ................................................................................. 3032  5. NEGATIVE COVENANTS ....................................................................................... 3132  5.1 Indebtedness .............................................................................................................. 3133  5.2 Liens .......................................................................................................................... 3133  5.3 Investments; Fundamental Changes. .......................................................................... 3133  5.4 Asset Sales. ................................................................................................................ 3133  5.5 Restricted Payments. .................................................................................................. 3234  5.6 Changes in Nature of Business. ................................................................................. 3234  5.7 Transactions with Affiliates. ...................................................................................... 3234  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted  Payments.3234  5.9 Modification of Certain Documents. ......................................................................... 3234  5.10 Accounting Changes; Fiscal Year. ............................................................................. 3235  5.11 Changes to Name, Locations, Etc. ............................................................................. 3235  5.12 Bank Accounts ........................................................................................................... 3335  5.13 Margin Regulations. ................................................................................................... 3335  5.14 Compliance with ERISA. .......................................................................................... 3335  5.15 Hazardous Materials. ................................................................................................. 3335  5.16 Parent ......................................................................................................................... 3335  5.17 Use of Proceeds. ......................................................................................................... 3335  5.18 Compliance with Anti-Terrorism Laws. .................................................................... 3336  5.19 Sale-Leasebacks. ........................................................................................................ 3436  5.20 Leases ........................................................................................................................ 3436  5.21 Compensation. ........................................................................................................... 3437  6. SECURITY INTEREST ............................................................................................. 3537  6.1 Grant of Security Interest. .......................................................................................... 3537  6.2 Intentionally Omitted. ................................................................................................ 3739  6.3 Agent’s Appointment as Attorney-in-fact. ................................................................. 3739  

 

INDEX – PAGE iii  TABLE OF CONTENTS  PAGE      6.4 Grant of License to Use Intellectual Property Collateral. .......................................... 3840  6.5 Commercial Tort Claims. .......................................................................................... 3840  6.6 Duties of Agent. ......................................................................................................... 3840  7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES .......................................... 3941  7.1 Events of Default. ...................................................................................................... 3941  7.2 Remedies. .................................................................................................................. 4143  7.3 Waivers by Credit Parties .......................................................................................... 4345  7.4 Proceeds. .................................................................................................................... 4345  8. SUCCESSORS AND ASSIGNS ................................................................................. 4345  9. AGENT ........................................................................................................................ 4649  9.1 Appointment and Duties. ........................................................................................... 4649  9.2 Binding Effect. ........................................................................................................... 4750  9.3 Use of Discretion. ...................................................................................................... 4850  9.4 Delegation of Rights and Duties ................................................................................ 4850  9.5 Reliance and Liability. ............................................................................................... 4850  9.6 Agent Individually. .................................................................................................... 4952  9.7 Intentionally Omitted. ................................................................................................ 5052  9.8 Expenses; Indemnities. .............................................................................................. 5052  9.9 Resignation of Agent. ................................................................................................ 5053  9.10 Release of Collateral. ................................................................................................. 5153  10. MISCELLANEOUS ................................................................................................... 5153  10.1 Complete Agreement; Modification of Agreement. .................................................. 5153  10.2 Expenses. ................................................................................................................... 5355  10.3 No Waiver. ................................................................................................................. 5356  10.4 Severability; Section Titles ........................................................................................ 5356  10.5 Authorized Signature. ................................................................................................ 5456  10.6 Notices ....................................................................................................................... 5457  10.7 Counterparts. .............................................................................................................. 5457  10.8 Time of the Essence. .................................................................................................. 5557  10.9 GOVERNING LAW. ................................................................................................. 5557  10.10 Submission to Jurisdiction; Waiver of Jury TrialSUBMISSION TO JURISDICTION;  WAIVER OF JURY TRIAL ...................................................................................... 5557  10.11 Press Releases. ........................................................................................................... 5658  10.12 Reinstatement. ........................................................................................................... 5659  10.13 USA PATRIOT Act Notice and Customer Verification. ........................................... 5659  10.14 Sharing of Payments, Etc. .......................................................................................... 5659  10.15 Intentionally Omitted. ................................................................................................ 5760  10.16 Confidentiality Agreements. ...................................................................................... 5760  11. GUARANTEE ............................................................................................................. 5760  11.1 The Guarantee. ........................................................................................................... 5760  11.2 Obligations Unconditional. ........................................................................................ 5760  11.3 Reinstatement. ........................................................................................................... 5961  11.4 Subrogation; Subordination........................................................................................ 5962  11.5 Remedies. .................................................................................................................. 5962  

 

TABLE OF CONTENTS  PAGE  Index-Page iv    11.6 Instrument for the Payment of Money. ...................................................................... 5962  11.7 Continuing Guarantee. ............................................................................................... 5962  11.8 General Limitation on Guarantee Obligations. .......................................................... 5962  11.9 Release of Guarantors. ............................................................................................... 6062  11.10 Right of Contribution. ................................................................................................ 6063    

 

  Index-Page v  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices  Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names  Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation  Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters  Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness  Disclosure Schedule (3.26) - Controlled Accounts  Disclosure Schedule (3.27) - Assets of Parent  Disclosure Schedule (3.32) - Government Contracts  Disclosure Schedule (3.34) - Bonding; Licensing  Disclosure Schedule (3.35) - Affiliate Transactions  Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation  Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate  Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate  Exhibit D - Form of Power of Attorney  Exhibit E - Form of Compliance Certificate  Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate  Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement  Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request    

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein  from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with  and subject to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in  Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of  construction set forth in Schedule A shall govern.  All schedules, attachments, addenda and  exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference,  and taken together with this Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in Section 1.1(b) and  this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent  of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day,  each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance,  a “Delayed Draw Term Loan” and collectively, the “Delayed Draw Term Loans”, and together  

 

  2  with any Closing Date Term Loans and any Third Amendment Term Loans, each, a “Term Loan”,  and collectively, the “Term Loans” or the “Loan”) in a principal amount not to exceed the  Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of  such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of  all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments.  The  Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing  with the Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be  made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term Loan  shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred  Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any obligation to make a  Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw  Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom,  (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the  aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded  Amount of any Lender would exceed such Lender’s Delayed Draw Term Loan Commitment,  (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in  compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the  extent measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw  Term Loans requested from the Lenders on the proposed funding date.  Each Lender’s Delayed  Draw Term Loan shall be evidenced by a promissory note (each, a “Delayed Draw Term Note”)  duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term  Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of  such Delayed Draw Term Note and this Agreement.  The Delayed Draw Term Loan Commitment  shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date  and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Third Amendment Term Loans.  Each Lender agrees severally, but not jointly, upon the terms  and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a  “Third Amendment Term Loan”; collectively, the “Third Amendment Term Loans”) on the  Third Amendment Effective Date in the principal amount not to exceed such Lender’s Third  Amendment Term Loan Commitment.  Each Lender’s Third Amendment Term Loan  Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a  Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment  Effective Date, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make  principal payments on the Term Loans to the Agent for the pro rata benefit of the  Lenders in monthly installments equal to 2.7777% (such percentage being equal to  100% divided by 36 monthly installments until the Maturity Date) of the aggregate  principal amount of the Term Loans (as in effect immediately prior to the making  

 

  3  of the first such payment on July 1, 2021), payable on each Payment Date from  July 1, 2021 until and including the Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance  fails to be completed on a timely basis in accordance with Section 4.2(b),  commencing with the Payment Date occurring immediately after such failure,  Borrower shall make principal payments on the Term Loans to the Agent for the  pro rata benefit of the Lenders in monthly installments equal to (i) with respect to  any Payment Date that occurs on or prior to the date that is twenty-four (24) months  following the Closing Date, 2.7777% of the aggregate principal amount of the Term  Loans outstanding at such time, and (ii) with respect to any Payment Date that  occurs after the date that is twenty-four (24) months after the Closing Date,  4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term  Loans shall be paid in full no later than the Maturity Date.  Amounts repaid or  prepaid on any of the Term Loans may not be reborrowed.  1.2 Term and Prepayment.  (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-fourthirty (2430) months after the Closing Date and on or prior  to the date that is thirty sixforty-two (3642) months following the Closing Date, or  (ivv) zero percent (0%) of the principal Loan amount being prepaid on the date of such  Prepayment if such date is later than the date that is thirty sixforty-two (3642) months  

 

  4  following the Closing Date.  Each Lender shall have the right in its sole discretion to  decline any Mandatory Prepayment in accordance with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6)  following  the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall set forth  the estimates of the proceeds to be so expended); provided, that if all or any portion of such  Net Cash Proceeds is not so reinvested within such six-month period, such unused portion  shall be applied on the last day of such period as a Mandatory Prepayment as provided in  this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such  Casualty Event constituted Collateral, then all property purchased with the Net Cash  Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant  to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with  Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall permit any Credit  Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with  Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  

 

  5  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.  (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by three  percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and all  outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  

 

  6  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period); provided,  further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent  for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) the principal  Loan amount being prepaid on the date of any Prepayment if such date occurs after the date  that is twenty-four (24) months after the Closing Date and on or prior to the date that is  thirty (30) months following the Closing Date.  Such Deferred Interest shall be deemed  fully earned by Agent and the Lenders as of the Closing Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower (and (ii) that certain CION Fee Letter, dated as of the Third  Amendment Effective Date, by and among Agent and the Borrower (collectively, the “Fee  Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  

 

  7  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that Co- Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  

 

  8  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.  1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  Unless Agent shall have received notice from any Lender prior to  the date such Lender is required to make any payment hereunder with respect to the Loan that such  Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume  that such Lender has made such payment available to Agent on the date such payment is required  to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption,  make available to Borrower on such date a corresponding amount.  Borrower agrees to repay to  Agent on demand such amount (until repaid by such Lender) with interest thereon for each day  from the date such amount is made available to Borrower until the date such amount is repaid to  Agent, at the interest rate applicable to the Obligation that would have been created when Agent  made available such amount to Borrower had such Lender made a corresponding payment  

 

  9  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  

 

  10  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.  

 

  11  (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  

 

  12  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.  (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  

 

  13  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (v) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  

 

  14  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE   COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names.  (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each Grantor,  (c) the organizational identification number issued by each Grantor’s state of incorporation or  organization or a statement that no such number has been issued, (d) each Grantor’s state of  organization or incorporation, and (e) the location of each Grantor’s chief executive office and  locations of Collateral when not in use by a customer of any Grantor are as set forth in Disclosure  Schedule (3.2) and, except as set forth in such Disclosure Schedule, such locations have not  changed during the preceding twelve (12) months.  As of the Closing Date, during the prior five  (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has been known as or  conducted business in any other name (including trade names) than the name of such Grantor set  forth on the signature page hereto.  Borrower has only one state of incorporation or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  approval of any Governmental Authority or any other Person other than any consent or approval  

 

  15  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.  (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  

 

  16  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  reason to know that, any ERISA Event has occurred that, alone or together with any other  

 

  17  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  

 

  18  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  

 

  19  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  

 

  20  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.  (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  

 

  21  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.  (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any Liens  except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary in the  conduct of its business, and such Collateral shall be maintained in accordance with all  manufacturer’s suggested and recommended maintenance procedures, including  preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits,  licenses, approvals and privileges (including all Permits) necessary, used or useful, whether  because of its ownership, lease, sublease or other operation or occupation of property or  other conduct of its business, and shall make all necessary or appropriate filings with, and  give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in  compliance with all statutes, laws, ordinances, regulations, standards, directives, orders,  judgments and permits (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any country,  state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions  

 

  22  for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be  amended by written notice from time to time by Agent to Borrower on a prospective basis)  (each a “Restricted Location”).  Upon an amendment to Schedule E pursuant to the  forgoing sentence such that Collateral is located in a Restricted Location that was not  located in a Restricted Location prior to such amendment, no Grantor shall extend or renew  any rental agreements or enter into any new rental agreements which would cause the  Collateral to be located in, in transit to or in use in a Restricted Location by a customer of  such Grantor and such Grantor shall remove such Collateral from such Restricted Location  within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the  end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated the  Closing Date contain a true and complete list of each interest in Real Property (i) owned  by any Credit Party as of the date hereof and describes the type of interest therein held by  such Credit Party and whether such owned Real Property is leased and if leased whether  the underlying lease contains any option to purchase all or any portion of such Real  Property or any interest therein or contains any right of first refusal relating to any sale of  such Real Property or any portion thereof or interest therein and (ii) leased, subleased or  otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or  licensee, as of the date hereof and describes the type of interest therein held by such Credit  Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d),  whether any lease requires the consent of the landlord or tenant thereunder, or other party  thereto, to the Transactions.  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  

 

  23  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  

 

  24  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.  (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  (e) Notwithstanding anything to the contrary contained herein, Parent shall (i) establish  a new deposit account, which account shall not be subject to a Control Agreement, to  receive and hold exclusively the proceeds of the PPP Loan, (ii) not comingle the proceeds  of the PPP Loan in such account with any other funds and only to make transfers or  disbursements from such account for PPP Forgivable Uses and (iii) maintain all records  required to be submitted in connection with the forgiveness of the PPP Loan.  3.27 Assets of Parent.  Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  

 

  25  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  

 

  26  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  Credit Party are duly and validly issued and are fully paid and non-assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any  Perfection Certificate Supplement (whichever was most recently delivered to Agent) sets  forth an accurate organizational chart, showing the ownership structure of Borrower and  each Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth  on Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  

 

  27  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or  (b) the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  

 

  28  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.  The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  

 

  29  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  

 

  30  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  4.2 Financial Covenants.  (a) Minimum Cash Balance.  As of the last day of each Fiscal Month, Credit Parties  shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on  September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a  Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total  Revenue (measured as of the trailing twelve (12) month period ending on each date set  forth in the table below) to be less than the amount set forth in the table below and  (ii) Average Revenue Per Unit to be less than the amount set forth in the table below  (collectively clauses (i) and (ii), the “Performance Metrics”).  Period Total Revenue Average Revenue  Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  

 

  31  Period Total Revenue Average Revenue  Per Unit  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance  Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified  Capital Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable  to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non-compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain  Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such  Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the  Subordination Agreement and provided that each of the holders thereof have executed and  delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of  the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required  

 

  32  under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use  commercially reasonable efforts to conduct its business in a manner that maximizes the amount of  the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer  period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week  period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with  a copy of its application for forgiveness and all supporting documentation required by the Small  Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan,  and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the  Closing Date in an aggregate outstanding amount for all such Credit Parties combined not  exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock  of, or otherwise combine with or make any investment in or make any loan or advance to, any  Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date  so long as within ten (10) Business Days after such formation, such Subsidiary becomes a  Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and  under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.   For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  5.5 Restricted Payments.  Make or permit any Restricted Payment.  

 

  33  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above,  (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  

 

  34  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  

 

  35  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  (i) all Accounts;  

 

  36  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  

 

  37  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or  (y) trigger termination of any agreement, document or instrument pursuant to any “change of  control” or similar provision and (B) any contract, license, franchise or other agreement to the  extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that  such contractual restriction shall not have been created in contemplation of this restriction);  provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to  apply if any such prohibition would be rendered ineffective under the UCC (including  Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States  bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent’s  unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds  thereof (including proceeds from the sale, license, lease or other disposition thereof), including  monies due or to become due under any such lease, license, contract, or agreement (including any  Accounts or other Receivables), or (C) to apply at such time as the condition causing such  prohibition shall be remedied and, to the extent severable, “Collateral” shall include any portion  of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not  result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which  would require governmental consent, approval, license or authorization (unless such consent,  approval, license or authorization has been obtained); (vi) assets located outside the United States  or the pledge of which would require registration or other action outside the United States;  (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances where Borrower and Agent  determine in their reasonable discretion that the cost, burden or consequences (including material  adverse tax consequences) of obtaining or perfecting a security interest in such assets is excessive  in relation to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no  Grantor shall be required to enter into any foreign-law governed security documents in connection  with any share pledge, intellectual property registered in any non-U.S. jurisdiction or any other  grant of security interest.  Notwithstanding anything herein to the contrary or any other Loan  Document, no Grantor shall be required to make any filings, enter into any documents or  agreements or take any other actions to grant, record or perfect a security interest or Lien in the  Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in the United  States or any of its states, including on any Collateral located outside of the United States.  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  of the Obligations, enforceable in accordance with the terms hereof against any and all  

 

  38  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under  Section 9-509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  

 

  39  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  

 

  40  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of  Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty  (60) consecutive days; or any Borrower or any other Credit Party shall have concealed,  removed or permitted to be concealed or removed, any part of its property with intent to  hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its  property or the incurring of an obligation that may be fraudulent under any bankruptcy,  fraudulent transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  

 

  41  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1  or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or  shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  

 

  42  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.  (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  

 

  43  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  

 

  44  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed,  (ii) be deemed given if Borrower does not respond to a request for consent within five  (5) Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.” The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  

 

  45  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii) and  (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment such  completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from  U.S. federal backup withholding tax;  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  

 

  46  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC,  (x) a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a  “10 percent shareholder” of Borrower within the meaning of  Section 871(h)(3)(B) of the IRC, or a “controlled foreign  corporation” related to Borrower as described in  Section 881(c)(3)(C) of the IRC (a “U.S. Tax Compliance  Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS  Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance  Certificate, IRS Form W-9, and/or other certification documents  from each beneficial owner, as applicable; provided that if the  Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  

 

  47  or Agent as may be necessary for Borrower and Agent to comply with their  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) as Agent hereunder and authorizes  Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its  behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights,  powers and remedies and perform the duties as are expressly delegated to Agent under such  Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.  (b) Duties as Collateral and Disbursing Agent.  Without limiting the generality of  clause (a) above, Agent shall have the sole and exclusive right and authority (to the  exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and  collecting agent for the Lenders with respect to all payments and collections arising in  connection with the Loan Documents (including in any proceeding described in  Section 7.1(h) or (i) or any other bankruptcy, insolvency or similar proceeding), and each  Person making any payment in connection with any Loan Document to any Lender is  hereby authorized to make such payment to Agent, (ii) file and prove claims and file other  documents necessary or desirable to allow the claims of the Lenders with respect to any  Obligation in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy,  insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of  such Lender), (iii) act as collateral agent for each Lender for purposes of the perfection of  all Liens created by such agreements and all other purposes stated therein, (iv) manage,  supervise and otherwise deal with the Collateral, (v) take such other action as is necessary  or desirable to maintain the perfection and priority of the Liens created or purported to be  created by the Loan Documents, (vi) except as may be otherwise specified in any Loan  Document, exercise all remedies given to Agent and the other Lenders with respect to the  Collateral, whether under the Loan Documents, applicable Requirements of Law or  otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents  on behalf of any Lender that has consented in writing to such amendment, consent or  waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender  to act as collateral sub-agent for Agent and the Lenders for purposes of the perfection of  all Liens with respect to the Collateral, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, and may further  authorize and direct the Lenders to take further actions as collateral sub-agents for purposes  

 

  48  of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and  each Lender hereby agrees to take such further actions to the extent, and only to the extent,  so authorized and directed.  (c) Limited Duties.  Under the Loan Documents, Agent (i) is acting solely on behalf of  the Lenders, with duties that are entirely administrative in nature, notwithstanding the use  of the defined term “Agent”, the terms “agent”, “administrative agent” and “collateral  agent” and similar terms in any Loan Document to refer to Agent, which terms are used  for title purposes only, (ii) is not assuming any obligation under any Loan Document other  than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any  Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or  other liabilities under any Loan Document, and each Lender hereby waives and agrees not  to assert any claim against Agent based on the roles, duties and legal relationships expressly  disclaimed in clauses (i) through (iii) above.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with  the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the  instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the  exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the  powers set forth herein or therein, together with such other powers as are reasonably incidental  thereto, shall be authorized and binding upon all of the Lenders.  9.3 Use of Discretion.  (a) No Action without Instructions.  Agent shall not be required to exercise any  discretion or take, or to omit to take, any action, including with respect to enforcement or  collection, except any action it is required to take or omit to take (i) under any Loan  Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly  required by the terms of this Agreement, a greater proportion of the Lenders).  (b) Right Not to Follow Certain Instructions.  Notwithstanding clause (a) above, Agent  shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent  receives an indemnification satisfactory to it from the Lenders against all costs, expenses,  claims, actions or liabilities that, by reason of such action or omission, may be imposed on,  incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 Delegation of Rights and Duties.  Agent may, upon any term or condition it specifies,  delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of  its duties or any other action with respect to, any Loan Document by or through any trustee, co- agent, employee, attorney-in-fact and any other Person (including any Lender).  Any such Person  shall benefit from this Section 9 to the extent provided by Agent.  9.5 Reliance and Liability.  

 

  49  (a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note  as its holder until such Note has been assigned in accordance with Section 8(a), (ii) rely on  the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related  Persons and, whether or not selected by it, any other advisors, accountants and other experts  (including advisors to, and accountants and experts engaged by, any Credit Party) and  (iv) rely and act upon any document and information (including those transmitted by  electronic transmission) and any telephone message or conversation, in each case believed  by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate  parties.  (b) None of Agent and its Related Persons shall be liable for any action taken or omitted  to be taken by any of them under or in connection with any Loan Document (x) with the  consent or at the request of the Required Lenders (or such other number or percentage of  the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary,  under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own  gross negligence or willful misconduct, and each Lender, Borrower and each other Credit  Party to this Agreement hereby waive and shall not assert any right, claim or cause of action  based thereon, except to the extent of liabilities resulting primarily from the gross  negligence or willful misconduct of Agent or, as the case may be, such Related Person  (each as determined in a final, non-appealable judgment by a court of competent  jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the  foregoing, Agent:  (i) shall not be responsible or otherwise incur liability for any action or  omission taken in reliance upon the instructions of the Required Lenders or for the  actions or omissions of any of its Related Persons selected with reasonable care  (other than employees, officers and directors of Agent, when acting on behalf of  Agent);  (ii) shall not be responsible to any Lender for the due execution, legality,  validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the  attachment, perfection or priority of any Lien created or purported to be created  under or in connection with, any Loan Document;  (iii) makes no warranty or representation, and shall not be responsible, to any  Lender for any statement, document, information, representation or warranty made  or furnished by or on behalf of any Related Person or any Credit Party in connection  with any Loan Document or any transaction contemplated therein or any other  document or information with respect to any Credit Party, whether or not  transmitted or (except for documents expressly required under any Loan Document  to be transmitted to the Lenders) omitted to be transmitted by Agent, including as  to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or  results of any due diligence performed by Agent in connection with the Loan  Documents; and  (iv) shall not have any duty to ascertain or to inquire as to the performance or  observance of any provision of any Loan Document, whether any condition set  

 

  50  forth in any Loan Document is satisfied or waived, as to the financial condition of  any Credit Party or as to the existence or continuation or possible occurrence or  continuation of any Default and shall not be deemed to have notice or knowledge  of such occurrence or continuation unless it has received a notice from Borrower  or any Lender describing such Default clearly labeled “notice of default” (in which  case Agent shall promptly give notice of such receipt to all Lenders);   and, for each of the items set forth in clauses (i) through (iv) above, each Lender and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as  though it were not acting as Agent and may receive separate fees and other payments therefor.  To  the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder,  it shall have and may exercise the same rights and powers hereunder and shall be subject to the  same obligations and liabilities as any other Lender and the terms “Lender”, “Required Lender”  and any similar terms shall, except where otherwise expressly provided in any Loan Document,  include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity  as Lender or as one of the Required Lenders.  9.7 Intentionally Omitted.  9.8 Expenses; Indemnities.  (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) promptly upon demand for such Lender’s pro  rata share with respect to the Loan of any costs and expenses (including fees, charges and  disbursements of financial, legal and other advisors and taxes paid in the name of, or on  behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in  connection with the preparation, syndication, execution, delivery, administration,  modification, consent, waiver or enforcement (whether through negotiations, through any  work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or  legal advice in respect of its rights or responsibilities under, any Loan Document.  (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to  the extent not reimbursed by any Credit Party), from and against such Lender’s aggregate  pro rata share with respect to the Loan of the costs, expenses, claims and liabilities  (including taxes, interests and penalties imposed for not properly withholding or backup  withholding on payments made to on or for the account of any Lender) that may be imposed  on, incurred by or asserted against Agent or any of its Related Persons in any matter relating  to or arising out of, in connection with or as a result of any Loan Document, or any other  act, event or transaction related, contemplated in or attendant to any such document, or, in  each case, any action taken or omitted to be taken by Agent or any of its Related Persons  

 

  51  under or with respect to any of the foregoing; provided, however, that no Lender shall be  liable to Agent or any of its Related Persons to the extent such liability has resulted  primarily from the gross negligence or willful misconduct of Agent or, as the case may be,  such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order.  9.9 Resignation of Agent.  (a) Agent may resign at any time by delivering notice of such resignation to the  Lenders and Borrower, effective on the date set forth in such notice or, if not such date is  set forth therein, upon the date such notice shall be effective.  If Agent delivers any such  notice, the Required Lenders shall have the right to appoint a successor Agent.  If, within  forty-five (45) days after the retiring Agent having given notice of resignation, no  successor Agent has been appointed by the Required Lenders that has accepted such  appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor  Agent from among the Lenders.  Each appointment under this clause (a) shall be subject to  the prior consent of Borrower, which may not be unreasonably withheld but shall not be  required during the continuance of a Default.  (b) Effective immediately upon its resignation, (i) the retiring Agent shall be  discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall  assume and perform all of the duties of Agent until a successor Agent shall have accepted  a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no  longer have the benefit of any provision of any Loan Document other than with respect to  any actions taken or omitted to be taken while such retiring Agent was, or because such  Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its  rights under Section 9.3, the retiring Agent shall take such action as may be reasonably  necessary to assign to the successor Agent its rights as Agent under the Loan Documents.   Effective immediately upon its acceptance of a valid appointment as Agent, a successor  Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties  of the retiring Agent under the Loan Documents.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  Each Lender hereby directs  Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to  execute and deliver or file such documents and to perform other actions reasonably necessary to  release the Liens when and as directed in this Section 9.10.  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  

 

  52  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom shall be effective unless the same shall be  in writing and signed (1) in the case of an amendment, consent or waiver to cure any  ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the  Lenders or extending an existing Lien over additional property, by Agent and Borrower  and any other Credit Party which is a party to such agreement, (2) in the case of any other  waiver or consent, by the Required Lenders (or by Agent with the consent of the Required  Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent  with the consent of the Required Lenders) and Borrower and any other Credit Party which  is a party to such agreement; provided, however, that no amendment, consent or waiver  described in clause (2) or (3) above shall, unless in writing and signed by each Lender  directly affected thereby (or by Agent with the consent of such Lender), in addition to any  other Person the signature of which is otherwise required pursuant to any Loan Document,  do any of the following:  (i) waive any condition specified in Section 2.1, except any condition referring  to any other provision of any Loan Document;  (ii) increase the Term Loan Commitment of such Lender or subject such Lender  to any additional material obligation;  (iii) reduce (including through release, forgiveness, assignment or otherwise)  (A) the principal amount of, the interest rate on, or any obligation of Borrower to  repay (whether or not on a fixed date), any outstanding Loan owing to such Lender,  or (B) any Fee or accrued interest payable to such Lender; provided, however, that  this clause (iii) does not apply to any change to any provision increasing any  interest rate or Fee during the continuance of a Default or to any payment of any  such increase;  (iv) waive or postpone any scheduled maturity date or other scheduled date fixed  for the payment, in whole or in part, of principal of or interest on any Term Loan  or Fee owing to such Lender or for the reduction of such Lender’s Term Loan  Commitment; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation of Borrower;  

 

  53  (vi) reduce or increase the proportion of Lenders required for the Lenders (or  any subset thereof) to take any action hereunder or change the definition of the term  “Required Lenders”; or  (vii) amend Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to  Section 1.8 to, and any modification of the application of any such payment to the Term  Loan shall require the consent of the Required Lenders, and (B) any change to the  definition of the term “Required Lenders” shall require the consent of the Required  Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any  Loan Document of, or any payment to, Agent (or otherwise modify any provision of  Section 9 or the application thereof) unless in writing and signed by Agent in addition to  any signature otherwise required and (z) the consent of Borrower shall not be required to  change any order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  

 

  54  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be 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 such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  

 

  55  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this  Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all  charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be  notified and sent to the address or facsimile number indicated in Schedule C or to such other  address (or facsimile number) as may be substituted by notice given as herein provided.  Failure  or delay in delivering copies of any such communication to any Person (other than Borrower, any  other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no  way adversely affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  

 

  56  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent  (20%) or more of Stock having ordinary voting power for the election of directors of any Credit  Party or (ii) each other Person that controls, is controlled by or is under common control with such  Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the contrary in this  Section 10.11, any Credit Party may make such public disclosures with respect to the transactions  

 

  57  contemplated by the Loan Documents in connection with all regular and periodic reports  (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if  any, filed by any Credit Party with any securities exchange or with the Securities and Exchange  Commission or any governmental or private regulatory authority.  The Borrower hereby authorizes  Agent to disclose Agent’s participation in this Agreement or the other Loan Documents in its  marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the  USA PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  

 

  58  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  

 

  59  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  

 

  60  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion-action under  New York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  

 

  61  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has been  duly executed as of the date first written above.   VOLTA CHARGING, LLC, as Borrower and  Grantor         By:     Name:    Title:           VOLTA MEDIA LLC, as Borrower and Grantor         By:     Name:    Title:           VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor         By:     Name:    Title:           VOLTA INDUSTRIES, INC., as Guarantor and  Grantor         By:     Name:    Title:          

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT   EICF AGENT LLC, as Agent for the Lenders         By:     Name:    Title:          

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT   ENERGY IMPACT CREDIT FUND I LP, as a  Lender         By:     Name:    Title:          

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT   CION INVESTMENT CORPORATION, as  Co-Lead Arranger and a Lender         By:     Name:    Title:          

 

  SCHEDULE A - 1  SCHEDULE A    DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  “Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent  (10%) or more of the Stock having ordinary voting power for the election of directors of such  Person or (ii) each other Person that controls, is controlled by or is under common control with  such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of a  Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction  of its management or policies, whether through the ownership of voting securities, by contract or  otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  “Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  

 

  SCHEDULE A - 2  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve  (12) Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  

 

  SCHEDULE A - 3  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Business Loan Agreement” means that certain Business Loan Agreement, dated April 27, 2020,  by and between Parent and Continental Bank.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and  (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of  “control” (as defined in the UCC) of such accounts for its benefit.  For the avoidance of doubt, no  proceeds of the PPP Loan shall be included in the calculation of Cash Balance.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or  (ii) issued by any agency of the United States federal government the obligations of which are  fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any  Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  

 

  SCHEDULE A - 4  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean any involuntary loss of title or ownership, any involuntary loss of,  damage to or any destruction of, or any condemnation or other taking (including by any  Governmental Authority) of, any property of a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.  “Change of Control” means any of (a) Parent ceasing to own, directly or indirectly, 100% of the  capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party,  (c) a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock  or assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s  owned intellectual property rights, a sale of voting control or any other corporate reorganization  in which the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members  of the board of directors or other equivalent governing body of Parent ceases to be composed of  individuals who were members of that board or equivalent governing body on the Closing Date.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  

 

  SCHEDULE A - 5  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  

 

  SCHEDULE A - 6  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion)  deducted in determining such Consolidated Net Income and without duplication (and with respect  to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only  if a corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  

 

  SCHEDULE A - 7  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  

 

  SCHEDULE A - 8  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation;  (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9-104  of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  

 

  SCHEDULE A - 9  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to  zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment  has been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  

 

  SCHEDULE A - 10  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  

 

  SCHEDULE A - 11  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and any other interest or participation that confers  on a Person the right to receive a share of the profits and losses of, or distributions of property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to  

 

  SCHEDULE A - 12  Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan;  (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  “Fee Letter” has the meaning assigned to it in Section 1.6.  

 

  SCHEDULE A - 13  “Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  “Fiscal Month” means any of the monthly accounting periods of Borrower. “Fiscal Quarter”  means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to  purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect  thereof.  

 

  SCHEDULE A - 14  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  

 

  SCHEDULE A - 15  such Person is not liable therefor.  For the avoidance of doubt, the PPP Loan shall constitute  “Indebtedness” for all purposes under this Agreement until such time and to the extent that such  PPP Loan is forgiven.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all  (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,  damages, claims and payments now and hereafter due and/or payable thereunder and with respect  thereto including damages and payments for past, present or future infringements or violations  thereof, (iii) rights to sue for past, present and future infringements or violations thereof and  (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or  any other patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  

 

  SCHEDULE A - 16  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and  (ii) the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to  Section 3.28.  

 

  SCHEDULE A - 17  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)  or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any  ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any  Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or  (c) with respect to which any Grantor could reasonably be expected to incur liability.  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the  cash proceeds received by any Credit Party (including cash proceeds subsequently  received (as and when received by any Credit Party) in respect of non-cash  consideration initially received) net of (i) selling expenses (including reasonable  brokers’ fees or commissions, legal, accounting and other professional and  transactional fees, transfer and similar taxes and Credit Party’s good faith estimate of  income taxes actually paid or payable in connection with such sale); (ii) amounts  provided as a reserve, in accordance with GAAP, against (x) any liabilities under any  indemnification obligations associated with such Asset Sale or (y) any other liabilities  retained by any Credit Party associated with the properties sold in such Asset Sale  (provided that, to the extent and at the time any such amounts are released from such  reserve, such amounts shall constitute Net Cash Proceeds); (iii) Credit Party’s good  faith estimate of payments required to be made with respect to unassumed liabilities  relating to the properties sold within ninety (90) days of such Asset Sale (provided  that, to the extent such cash proceeds are not used to make payments in respect of such  unassumed liabilities within ninety (90) days of such Asset Sale, such cash proceeds  shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or  penalty, if any, interest and other amounts on any Indebtedness for borrowed money  which is secured by a Lien on the properties sold in such Asset Sale (so long as such  Lien was permitted to encumber such properties under the Loan Documents at the  time of such sale) and which is repaid with such proceeds (other than any such  Indebtedness assumed by the purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary  fees, commissions, costs and other expenses incurred in connection therewith; and  (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation awards  and other compensation received in respect thereof, net of all reasonable costs and  expenses incurred in connection with the collection of such proceeds, awards or other  compensation in respect of such Casualty Event.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement, dated as  of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A  

 

  SCHEDULE A - 18  thereto or additional purchasers from time to time party thereto, as may be amended from time to  time in accordance with the terms of the Subordination Agreement.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  

 

  SCHEDULE A - 19  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.   “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  

 

  SCHEDULE A - 20  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty  (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during  which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions  on the use of real property or other minor irregularities in title (including leasehold title) thereto,  so long as the same do not materially impair the use, value, or marketability of such real estate;  (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  

 

  SCHEDULE A - 21  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “PPP Loan” means an unsecured loan in an aggregate principal amount not to exceed  $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act  by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules  and regulations, as amended from time to time.  For the avoidance of doubt, references to specific  sections of the PPP Rule shall also include applicable rules and regulations, as amended from time  to time.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  

 

  SCHEDULE A - 22  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Promissory Note” mean that certain Promissory Note, dated as of April 27, 2020, issued by  Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  

 

  SCHEDULE A - 23  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” means, with respect to any Person, each Affiliate of such Person and each  director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance,  environmental, legal, financial and other advisor and other consultants and agents of or to such  Person or any of its Affiliates.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty percent  (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the  amount outstanding under the Term Loan) then in effect; provided that at any time that there are  two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that  are not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any  payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s or  any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in respect  of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or  (ii) interest and principal, when due without acceleration or modification of the amortization as in  effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  

 

  SCHEDULE A - 24  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  

 

  SCHEDULE A - 25  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subordination Agreement” means that certain Subordination and Intercreditor Agreement,  dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors,  the Credit Parties and Agent, as may be amended from time to time.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent  (50%) of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any  partnership or limited liability company in which such Person or one or more Subsidiaries of such  Person has an equity interest (whether in the form of voting or participation in profits or capital  contribution) of more than fifty percent (50%) or of which any such Person is a general partner or  manager or may exercise the powers of a general partner or manager.  If “Subsidiary” or  “Subsidiaries” is used in this Agreement or any other of the Loan Documents without reference to  being the Subsidiary of any specific Credit Party or other Person, then that reference to  “Subsidiary” or “Subsidiaries” shall be deemed to refer to any Subsidiary or the Subsidiaries of  Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments  and, the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan  Commitment.  “Term Note” has the meaning given to such term in Section 1.1(a).   “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  

 

  SCHEDULE A - 26  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Third Amendment” means that certain Third Amendment to Loan Agreement dated as of  November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent.  “Third Amendment Effective Date” means November 25, 2020.  “Third Amendment Term Loan” has the meaning assigned thereto in Section 1.1(c).  “Third Amendment Term Loan Commitment” means the commitment of each Lender under  this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on  Schedule B attached hereto.  The aggregate amount of the Third Amendment Term Loans as of  the Third Amendment Effective Date is $5,000,000.  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  

 

  SCHEDULE A - 27  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  

 

  SCHEDULE A - 28  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]  

 

    FOURTH AMENDMENT TO LOAN AGREEMENT  This FOURTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is  made as of August 24, 2021, by and among VOLTA CHARGING, LLC, a Delaware limited  liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability  company (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited  liability company (“Volta Services” and collectively with Volta Charging and Volta Media,  “Borrower”), VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the Lenders  signatory hereto, EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf  of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”)  and CION INVESTMENT CORPORATION (“CION”), as co-lead arranger.  W I T N E S S E T H:  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and the Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced,  and/or supplemented from time to time, the “Loan Agreement”); and  WHEREAS, the Credit Parties have requested that the Agent and Lenders amend certain  provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein,  the Agent and the Lenders signatory hereto are willing to do so, on the terms set forth herein;  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendments to Loan Agreement.  Subject to the satisfaction of the conditions precedent  set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto)  is hereby amended as of the date hereof by incorporating the changes shown on the marked  copy of the Loan Agreement attached hereto as Exhibit A (it being understood that  language which appears “struck out” has been deleted and language which appears as  “double-underlined” has been added).  3. Conditions to Effectiveness.  This Amendment shall not become effective until the date  upon which:  a. the Agent has received counterparts of this Amendment executed and delivered by  the parties hereto;  b. the representations and warranties contained in Section 4 hereof shall be true and  correct in all respects;  c. the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation,  

 

  2  execution and delivery of this Amendment and other post-closing services rendered  in connection with the Loan Agreement prior to the date hereof.  4. Representations and Warranties.  The Credit Parties represent and warrant to Agent and  each Lender that, after giving effect to this Amendment:  a. the execution, delivery and performance by each Credit Party of this Amendment  has been duly authorized by all necessary action, and do not and will not:  i. contravene the terms of any of its Organization Documents;  ii. conflict with or result in any material breach or contravention of, or result in  the creation of any Lien under, any document evidencing any material  Contractual Obligation to which it is a party or any order, injunction, writ or  decree of any Governmental Authority to which it or its Property is subject; or  iii. violate any material Requirement of Law in any material respect.  b. it has the power and authority to execute, deliver and perform its obligations under  this Amendment and the Loan Agreement, as amended hereby;  c. this Amendment constitutes the legal, valid and binding obligation of each Credit  Party enforceable against such Credit Party in accordance with its terms, except as  enforceability may be limited by applicable bankruptcy, insolvency or similar laws  affecting the enforcement of creditors’ rights generally or by equitable principles  relating to enforceability;  d. the representations and warranties contained in Section 3 of the Loan Agreement  are true and correct in all material respects (without duplication of any Material  Adverse Effect or other materiality qualifier therein) on and as of the date hereof as  if such representations and warranties had been made on and as of the date hereof  (except to the extent that any such representations and warranties specifically relate  to an earlier date which shall be true and correct as of such specific date)); and  e. no Default or Event of Default has occurred and is continuing on and as of the date  hereof.  5. Loan Document.  This Amendment is designated a Loan Document by Agent.  6. Full Force and Effect.  Except as expressly set forth herein, nothing contained herein shall  be deemed to constitute a waiver of compliance with any term or condition contained in  the Loan Agreement or any of the other Loan Documents.  Except as expressly amended  hereby, the Loan Agreement shall continue unmodified and in full force and effect in  accordance with the provisions thereof on the date hereof.  This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender  to consent to any matter on any future occasion.  As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  

 

  3  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as amended by this Amendment.  7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF  THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER  JURISDICTION.  8. Counterparts.  This Amendment may be executed in one or more counterparts, each of  which shall constitute an original, but all of which when taken together shall constitute but  one instrument.  Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be  as effective as an original signature page delivered manually.  9. Headings.  The headings of this Amendment are for the purposes of reference only and  shall not affect the construction of this Amendment.  10. Successors and Assigns.  The provisions of this Amendment shall be binding upon and  inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or  obligations under this Amendment without the prior written consent of the Agent.  11. Severability.  The illegality or unenforceability of any provision of this Amendment or any  instrument or agreement required hereunder shall not in any way affect or impair the  legality or enforceability of the remaining provisions of this Amendment or any instrument  or agreement required hereunder.  12. Reaffirmation.  Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in  other any other similar capacity in which such Credit Party grants liens or security interests  in its property or otherwise acts as accommodation party or guarantor, as the case may be,  hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent  or otherwise, under each of the Loan Documents to which it is a party (after giving effect  hereto) and (ii) to the extent such credit party granted liens on or security interests in any  of its property pursuant to any such Loan Document as security for or otherwise guaranteed  the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such  guarantee and grant of security interests and liens and confirms and agrees that such  security interests and liens hereafter secure all of the Obligations as amended hereby.  Each  Credit Party hereby consents to this Amendment and acknowledges that each of the Loan  Documents remains in full force and effect and is hereby ratified and reaffirmed.  The  execution of this Amendment shall not operate as a waiver of any right, power or remedy  of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents  or serve to effect a novation of the Obligations.  

 

  4  13. Release of Claims.  In consideration of the Lenders’ and the Agent’s agreements contained  in this Amendment, each Credit Party hereby irrevocably releases and forever discharge  the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and  from any and all claims, suits, actions, investigations, proceedings or demands, whether  based in contract, tort, implied or express warranty, strict liability, criminal or civil statute  or common law of any kind or character, known or unknown, which such Credit Party ever  had or now has against Agent, any Lender or any other Released Person which relates,  directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released  Person relating to the Loan Agreement or any other Loan Document on or prior to the date  hereof.  [The remainder of this page is intentionally blank.]  

 

  Signature Page to Fourth Amendment to Loan Agreement  IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly  executed on the date first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:         VOLTA MEDIA LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:         VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company         By: __________________________________   Name:  Title:        GUARANTORS: VOLTA INDUSTRIES, INC.,  a Delaware corporation         By: __________________________________   Name:  Title:        

 

  Signature Page to Fourth Amendment to Loan Agreement  AGENT: EICF AGENT LLC      By: __________________________________   Name:  Title:        LENDERS: ENERGY IMPACT CREDIT FUND I LP      By: Energy Impact Credit Fund I GP LC, its  general partner         By: __________________________________   Name:  Title:  

 

  Signature Page to Fourth Amendment to Loan Agreement   CION INVESTMENT CORPORATION         By: __________________________________   Name:  Title:       

 

  A-1  EXHIBIT A  MARKED CREDIT AGREEMENT  (See attached)  

 

    CONFORMED COPY – NOT EXECUTED IN THIS FORM  Incorporating that certain First Amendment to Loan Agreement, dated aas of March 26, 2020;  Second Amendment to Loan Agreement, dated as of May 4, 2020; and   Third Amendment to Loan Agreement, dated as of November 25, 2020; and  Fourth Amendment to Loan Agreement, dated as of August 24, 2021.          TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  DATED AS OF JUNE 19, 2019  AMONG  EICF AGENT LLC,  AS AGENT FOR THE LENDERS SIGNATORY HERETO,  VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING  SERVICES LLC,  AS BORROWER  AND  THE OTHER CREDIT PARTIES SIGNATORY HERETO          CHAPMAN AND CUTLER LLP  1270 Avenue of the Americas, 30th Floor  New York, New York 10020  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE i  1. AMOUNT AND TERMS OF CREDIT ..........................................................................1  1.1 Term Loan. ......................................................................................................................1  1.2 Term and Prepayment. .....................................................................................................3  1.3 Use of Proceeds. ..............................................................................................................5  1.4 Single Loan. .....................................................................................................................5  1.5 Interest .............................................................................................................................5  1.6 Fees. .................................................................................................................................6  1.7 Receipt of Payments; Taxes. ...........................................................................................7  1.8 Application and Allocation of Payments. ........................................................................7  1.9 Accounting.......................................................................................................................8  1.10 Indemnity. ........................................................................................................................8  1.11 Intentionally Omitted. ......................................................................................................8  1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ........................................................8  1.13 Non-Funding Lenders. .....................................................................................................9  1.14 Substitution of Lenders. ...................................................................................................9  2. CONDITIONS PRECEDENT .......................................................................................10  2.1 Conditions to the Loan. .................................................................................................10  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS ....14  3.1 Corporate Existence; Compliance with Law. ................................................................14  3.2 Executive Offices; Corporate or Other Names. .............................................................15  3.3 Corporate Power; Authorization; Enforceable Obligations...........................................15  3.4 Financial Statements; Books and Records. ....................................................................15  3.5 Material Adverse Change. .............................................................................................16  3.6 Collection of Accounts. .................................................................................................16  3.7 Subsidiaries ....................................................................................................................16  3.8 Government Regulation; Margin Regulations ...............................................................16  3.9 Taxes; Charges. .............................................................................................................16  3.10 Payment of Obligations. ................................................................................................17  3.11 ERISA. ...........................................................................................................................17  3.12 Litigation. ......................................................................................................................18  3.13 Intellectual Property. .....................................................................................................18  3.3 Full Disclosure. ..............................................................................................................19  3.15 Environmental Liabilities. .............................................................................................19  3.16 Insurance. .......................................................................................................................20  3.17 Solvency. .......................................................................................................................21  3.18 Other Financings............................................................................................................21  3.19 Conduct of Business ......................................................................................................22  3.20 Further Assurances. .......................................................................................................22  3.21 Collateral/Maintenance of Property...............................................................................22  3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ..........................................23  3.23 Maintenance of Corporate Existence. ............................................................................24  3.24 Compliance with Laws, Etc. ..........................................................................................24  3.25 Landlord Agreement. .....................................................................................................25  3.26 Deposit Accounts; Cash Collateral Accounts. ...............................................................25  3.27 Assets of Parent. ............................................................................................................25  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE ii  3.28 After-acquired Property; Additional Collateral. ............................................................26  3.29 Equity Interests and Subsidiaries ...................................................................................27  3.30 Security Documents. ......................................................................................................28  3.31 Intentionally Omitted. ....................................................................................................28  3.32 Government Contracts. ..................................................................................................28  3.33 Customer and Trade Relations. .....................................................................................28  3.34 Bonding; Licenses. ........................................................................................................28  3.35 Affiliate Transactions. ...................................................................................................28  3.36 Post-Closing Matters .....................................................................................................28  3.37 Investment Company Act. .............................................................................................28  3.38 Notice of Change in Investment Company Status .........................................................28  3.39 Notice of Change in Ownership. ...................................................................................29  3.40 Notice of Change in Organization Chart. ......................................................................29  4. FINANCIAL MATTERS; REPORTS ..........................................................................29  4.1 Reports, Notices, and Related Rights. ...........................................................................29  4.2 Financial Covenants. .....................................................................................................31  4.3 Other Reports and Information. .....................................................................................32  5. NEGATIVE COVENANTS ...........................................................................................32  5.1 Indebtedness ..................................................................................................................33  5.2 Liens ..............................................................................................................................33  5.3 Investments; Fundamental Changes. .............................................................................33  5.4 Asset Sales. ....................................................................................................................33  5.5 Restricted Payments. .....................................................................................................34  5.6 Changes in Nature of Business. .....................................................................................34  5.7 Transactions with Affiliates. ..........................................................................................34  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.34  5.9 Modification of Certain Documents. .............................................................................34  5.10 Accounting Changes; Fiscal Year. ................................................................................35  5.11 Changes to Name, Locations, Etc. .................................................................................35  5.12 Bank Accounts ...............................................................................................................35  5.13 Margin Regulations. ......................................................................................................35  5.14 Compliance with ERISA. ..............................................................................................35  5.15 Hazardous Materials. .....................................................................................................35  5.16 Parent .............................................................................................................................35  5.17 Use of Proceeds. ............................................................................................................35  5.18 Compliance with Anti-Terrorism Laws. ........................................................................36  5.19 Sale-Leasebacks. ............................................................................................................36  5.20 Leases ............................................................................................................................36  5.21 Compensation. ...............................................................................................................37  6. SECURITY INTEREST ................................................................................................37  6.1 Grant of Security Interest. .............................................................................................37  6.2 Intentionally Omitted. ....................................................................................................39  6.3 Agent’s Appointment as Attorney-in-fact. ....................................................................39  6.4 Grant of License to Use Intellectual Property Collateral. .............................................40  6.5 Commercial Tort Claims. ..............................................................................................40  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iii  6.6 Duties of Agent. .............................................................................................................40  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES .............................................41  7.1 Events of Default. ..........................................................................................................41  7.2 Remedies. ......................................................................................................................43  7.3 Waivers by Credit Parties ..............................................................................................45  7.4 Proceeds. ........................................................................................................................45  8. SUCCESSORS AND ASSIGNS ....................................................................................45  9. AGENT ............................................................................................................................49  9.1 Appointment and Duties. ...............................................................................................49  9.2 Binding Effect................................................................................................................50  9.3 Use of Discretion. ..........................................................................................................50  9.4 Delegation of Rights and Duties ....................................................................................50  9.5 Reliance and Liability. ...................................................................................................50  9.6 Agent Individually. ........................................................................................................52  9.7 Intentionally Omitted. ....................................................................................................52  9.8 Expenses; Indemnities. ..................................................................................................52  9.9 Resignation of Agent. ....................................................................................................53  9.10 Release of Collateral. .....................................................................................................53  10. MISCELLANEOUS .......................................................................................................53  10.1 Complete Agreement; Modification of Agreement. ......................................................53  10.2 Expenses. .......................................................................................................................55  10.3 No Waiver. .....................................................................................................................56  10.4 Severability; Section Titles ............................................................................................56  10.5 Authorized Signature. ....................................................................................................56  10.6 Notices ...........................................................................................................................57  10.7 Counterparts...................................................................................................................57  10.8 Time of the Essence. ......................................................................................................57  10.9 GOVERNING LAW. ....................................................................................................57  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.............................57  10.11 Press Releases. ...............................................................................................................58  10.12 Reinstatement. ...............................................................................................................59  10.13 USA PATRIOT Act Notice and Customer Verification. ..............................................59  10.14 Sharing of Payments, Etc...............................................................................................59  10.15 Intentionally Omitted. ....................................................................................................60  10.16 Confidentiality Agreements. ..........................................................................................60  11. GUARANTEE .................................................................................................................60  11.1 The Guarantee. ...............................................................................................................60  11.2 Obligations Unconditional. ............................................................................................60  11.3 Reinstatement. ...............................................................................................................61  11.4 Subrogation; Subordination. ..........................................................................................62  11.5 Remedies. ......................................................................................................................62  11.6 Instrument for the Payment of Money. ..........................................................................62  11.7 Continuing Guarantee. ...................................................................................................62  11.8 General Limitation on Guarantee Obligations. ..............................................................62  11.9 Release of Guarantors. ...................................................................................................62  

 

TABLE OF CONTENTS  PAGE  INDEX – PAGE iv  11.10 Right of Contribution.....................................................................................................63  

 

  INDEX – PAGE i  INDEX OF EXHIBITS AND SCHEDULES  Schedule A - Definitions  Schedule B - Schedule of Term Loan Commitments  Schedule C - Agent’s, Lenders’ and Credit Parties’ Addresses for Notices   Schedule D - Closing Checklist  Schedule E - Restricted Locations  Schedule F - Post-Closing Matters  Disclosure Schedule (3.2) - Places of Business; Corporate Names   Disclosure Schedule (3.7) - Subsidiaries  Disclosure Schedule (3.9) - Taxes  Disclosure Schedule (3.11) - ERISA  Disclosure Schedule (3.12) - Litigation   Disclosure Schedule (3.13) - Intellectual Property  Disclosure Schedule (3.15) - Environmental Matters   Disclosure Schedule (3.16) - Insurance  Disclosure Schedule (3.18) - Existing Indebtedness   Disclosure Schedule (3.26) - Controlled Accounts   Disclosure Schedule (3.27) - Assets of Parent   Disclosure Schedule (3.32) - Government Contracts   Disclosure Schedule (3.34) - Bonding; Licensing   Disclosure Schedule (3.35) - Affiliate Transactions   Disclosure Schedule (5.3) - Investments  Disclosure Schedule (5.21) - Employee Compensation   Disclosure Schedule (6.1) - Actions to Perfect Liens  Exhibit A - Form of Perfection Certificate   Exhibit B - Form of Term Note  Exhibit C - Form of Secretarial Certificate   Exhibit D - Form of Power of Attorney   Exhibit E - Form of Compliance Certificate   Exhibit F - [Reserved]  Exhibit G - Form of Closing Certificate   Exhibit H - Form of Joinder Agreement  Exhibit I - Form of Perfection Certificate Supplement   Exhibit J - Form of Assignment Agreement  Exhibit K - Form of Delayed Draw Borrowing Request  

 

  1  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19,  2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability  company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited liability company  (“Volta Media”) and VOLTA CHARGING SERVICES LLC, a Delaware limited liability  company (“Volta Services” and collectively with Volta Charging and Volta Media, “Borrower”),  VOLTA INDUSTRIES, INC., a Delaware corporation (“Parent”), the other Credit Parties from  time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity,  “Co-Lead Arranger”) and EICF AGENT LLC, a Delaware limited liability company, as lead  arranger, administrative agent and collateral agent (in such capacity, “Agent”) for the lenders set  forth on Schedule B attached hereto and party hereto (each herein referred to as a “Lender” and  collectively, the “Lenders”).  RECITALS  A. The Credit Parties desire that Borrower obtain the Term Loans described herein  from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with  and subject to the terms and conditions of this Agreement.  B. Capitalized terms used herein shall have the meanings assigned to them in  Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of  construction set forth in Schedule A shall govern.  All schedules, attachments, addenda and  exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference,  and taken together with this Agreement, constitute but a single agreement.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter  contained, the parties hereto agree as follows:  1. AMOUNT AND TERMS OF CREDIT  1.1 Term Loan.  (a) Closing Date Term Loan.  Each Lender agrees severally, but not jointly,  upon the terms and subject to the conditions of this Agreement, to make to the Borrower an  advance (each, a “Closing Date Term Loan”; collectively, the “Closing Date Term Loans”) on  the Closing Date in the principal amount not to exceed such Lender’s Closing Date Term Loan  Commitment.  Each Lender’s Closing Date Term Loan Commitment, and the Closing Date Term  Loans made by a Lender shall be evidenced by a promissory note (each a “Term Note”) duly  executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto  as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (b) Delayed Draw Term Loans.  Subject to the satisfaction of the conditions in Section 1.1(b) and  this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent  of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day,  each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance,  a “Delayed Draw Term Loan” and collectively, the “Delayed Draw Term Loans”, and together  

 

  2  with any Closing Date Term Loans and any Third Amendment Term Loans, each, a “Term Loan”,  and collectively, the “Term Loans” or the “Loan”) in a principal amount not to exceed the  Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of  such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of  all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments.  The  Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing  with the Fiscal Quarter ending on September 30, 2019.  No Delayed Draw Term Loan shall be  made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the  calculation of the Delayed Draw Term Loan Available Amount.  Any Delayed Draw Term Loan  shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred  Thousand Dollars ($100,000) in excess thereof.  No Lender shall have any obligation to make a  Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw  Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom,  (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the  aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded  Amount of any Lender would exceed such Lender’s Delayed Draw Term Loan Commitment,  (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in  compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the  extent measured at such time) on a pro forma basis.  The Delayed Draw Borrowing Request shall  be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw  Term Loans requested from the Lenders on the proposed funding date.  Each Lender’s Delayed  Draw Term Loan shall be evidenced by a promissory note (each, a “Delayed Draw Term Note”)  duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term  Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of  such Delayed Draw Term Note and this Agreement.  The Delayed Draw Term Loan Commitment  shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date  and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan  Commitment Expiration Date.  (c) Third Amendment Term Loans.  Each Lender agrees severally, but not jointly, upon the terms  and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a  “Third Amendment Term Loan”; collectively, the “Third Amendment Term Loans”) on the  Third Amendment Effective Date in the principal amount not to exceed such Lender’s Third  Amendment Term Loan Commitment.  Each Lender’s Third Amendment Term Loan  Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a  Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment  Effective Date, and be repayable in accordance with the terms of such Term Note and this  Agreement.  (c) Principal Repayments of the Term Loans.  (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal  payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly  installments equal to 2.7777% (such percentage being equal to 100% divided by  36 monthly installments until the Maturity Date) of the aggregate principal amount of the  Term Loans (as in effect immediately prior to the making of the first such payment on  

 

  3  July 1, 2021), payable on each Payment Date from July 1, 2021 until and including the  Maturity Date.  (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance fails to  be completed on a timely basis in accordance with Section 4.2(b), commencing with the  Payment Date occurring immediately after such failure, Borrower shall make principal  payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly  installments equal to (i) with respect to any Payment Date that occurs on or prior to the  date that is twenty-four (24) months following the Closing Date, 2.7777% of the aggregate  principal amount of the Term Loans outstanding at such time, and (ii) with respect to any  Payment Date that occurs after the date that is twenty-four (24) months after the Closing  Date, 4.1666% of the aggregate principal amount of the Term Loans outstanding at such  time.  (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term Loans  shall be paid in full no later than the Maturity Date.  Amounts repaid or prepaid on any of  the Term Loans may not be reborrowed.  1.2 Term and Prepayment.  (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata  benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the  Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or  the Lenders.  (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’  prior written notice to Agent, to make a voluntary prepayment (a “Voluntary  Prepayment”) of the Term Loans then outstanding in whole or in part.  If the Borrower  elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or  otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to  Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any  Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the  benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan  amount being prepaid on the date of such Prepayment if such date is on or prior to the date  that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twelve (12) months after the Closing Date and on or prior to the date  that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is twenty-four (24) months after the Closing Date and on or prior to the  date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date occurs  after the date that is thirty (30) months after the Closing Date and on or prior to the date  that is forty-two (42) months following the Closing Date, or (v) zero percent (0%) of the  principal Loan amount being prepaid on the date of such Prepayment if such date is later  than the date that is forty-two (42) months following the Closing Date.  Each Lender shall  

 

  4  have the right in its sole discretion to decline any Mandatory Prepayment in accordance  with Section 1.2(h) below.  (c) Asset Sales or Casualty Events.  Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield  Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its  Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be  applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net  Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied  on such date to the extent that (x) no Default or Event of Default has occurred and is  continuing or would result therefrom and (y) Credit Parties shall have delivered an  Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash  Proceeds are expected to be reinvested in fixed or capital assets within six (6) months  following the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall  set forth the estimates of the proceeds to be so expended); provided, that if all or any portion  of such Net Cash Proceeds is not so reinvested within such six-month period, such unused  portion shall be applied on the last day of such period as a Mandatory Prepayment as  provided in this Section 1.2(c); provided, further, that if the property subject to such Asset  Sale or such Casualty Event constituted Collateral, then all property purchased with the  Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created  pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in  accordance with Sections 3.20 and 3.28.  Nothing contained in this Section 1.2(c) shall  permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in  accordance with Section 5.4.  (d) Debt Issuance.  Not later than one (1) Business Day following the receipt of any  Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than  a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory  Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an  aggregate amount equal to 100% of such Net Cash Proceeds.  The provisions of this  Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited  by the terms of this Agreement.  (e) Repayments in Connection with Permitted Sales.  If at the end of any Fiscal Quarter  any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan  made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute  Eligible Capital Expenditures because the applicable electric vehicle charging stations have  been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield  Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after  the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an  amount equal to the amount of such ineligible capital expenditures that formed the basis of  such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted  out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of  the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such  Fiscal Quarter.  

 

  5  (f) Qualified IPO or Change of Control.  Simultaneously with the occurrence of a  Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of  the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount  equal to the amount of all Obligations then outstanding.  (g) Intentionally Omitted.  1.3 Use of Proceeds.  Borrower shall only use the proceeds of the Loan (i) to purchase, install,  operate and maintain the Borrower’s electric vehicle charging stations in the United States (other  than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to  the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted  Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated  with transactions contemplated under this Agreement and the other Loan Documents.  1.4 Single Loan.  The Loan and all of the other Obligations shall constitute one general  obligation of Borrower secured by all of the Collateral.  1.5 Interest.  (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the  outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum.   All computations of interest on the Loan shall be made by Agent on the basis of a three  hundred and sixty (360) day year, in each case for the actual number of days occurring in  the period for which such interest is payable.  In no event will Agent charge interest at a  rate that exceeds the highest rate of interest permissible under any law that a court of  competent jurisdiction shall, in a final determination, deem applicable.  (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall  be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the  Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the  Loan, upon demand by Agent.  (c) Effective automatically upon the occurrence of any Event of Default arising under  Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written  notice from Agent to Borrower, and in each case for so long as any such Event of Default  shall be continuing, the interest rate applicable to the Loan shall be increased by three  percentage points (3.0%) per annum (such increased rate, the “Default Rate”), and all  outstanding Obligations, including accrued but unpaid interest (to the extent permitted  under applicable law), shall continue to accrue interest from the date of such Event of  Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the  date on which such Event of Default ceases to be continuing, at the Default Rate applicable  to such Obligations.  (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower  prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata  benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the  principal Loan amount being prepaid on the such date (such amount, the “Deferred  Interest”); provided, however, that Borrower shall not be obligated to pay the Deferred  

 

  6  Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage  Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect  to the proposed prepayment of such principal Loan amount, the Prepayment Amount  payable on such principal amount, and the Deferred Interest payable on such principal Loan  amount (as if such prepayment had been made during the measuring period); provided,  further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent  for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) of the principal  Loan amount being prepaid on the date of any Prepayment if such date occurs after the date  that is twenty-four (24) months after the Closing Date and on or prior to the date that is  thirty (30) months following the Closing Date.  Such Deferred Interest shall be deemed  fully earned by Agent and the Lenders as of the Closing Date and non-refundable.  (e) If any payment to the Agent or any Lender under this Agreement becomes due and  payable on a day other than a Business Day, such Payment Date shall be extended to the  next succeeding Business Day and interest thereon shall be payable at the then applicable  rate during such extension.  (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of  competent jurisdiction determines in a final order that the rate of interest payable hereunder  exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”),  then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest  payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if  at any time thereafter the rate of interest payable hereunder is less than the Maximum  Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful  Rate until such time as the total interest received by Agent for the pro rata benefit of the  Lenders is equal to the total interest that would have been received had the interest rate  payable hereunder been (but for the operation of this paragraph) the interest rate payable  since the Closing Date as otherwise provided in this Agreement.  In no event shall the total  interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms  hereof exceed the amount that Agent could lawfully have received had the interest due  hereunder been calculated for the full term hereof at the Maximum Lawful Rate.  1.6 Fees.  Borrower agrees to pay to Agent for the pro rata benefit of the Lenders:  (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and  among Agent and the Borrower and (ii) that certain CION Fee Letter, dated as of the Third  Amendment Effective Date, by and among Agent and the Borrower (collectively, the “Fee  Letter”); and  (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing  due and owing and presented as of the Closing Date, including those relating to (i) Agent’s  due diligence review and evaluation of the transaction, (ii) the preparation, negotiation,  execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all  appraisal, audit, environmental, title work, travel (including, without limitation, travel  expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and  registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),  

 

  7  and (vi) Agent’s and Co-Lead Arranger’s reasonable and documented out-of-pocket  counsel fees and expenses relating to any of the foregoing (it being acknowledged that  Co-Lead Arranger’s counsel fees shall not exceed $10,000 in the aggregate); provided that  Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower  pursuant to Section 1.6(b).  1.7 Receipt of Payments; Taxes.  Borrower shall make each payment under this Agreement  (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free  and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful  money of the United States of America in immediately available funds to an account specified by  the Agent in writing, except as required by applicable law.  If a Withholding Agent shall be  required by applicable law to deduct any Taxes from any payment to any Recipient under any  Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction  and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority  in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by Borrower shall be increased so that, after making all required deductions (including such  deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient  receives an amount equal to that which it would have received had no such deductions been made.   Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable  law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.  As soon  as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to  this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such  Governmental Authority evidencing such payment or a copy of the return reporting such payment.  1.8 Application and Allocation of Payments.  Borrower irrevocably agrees that Agent shall  have the continuing and exclusive right to apply any and all payments against the then due and  payable Obligations; provided, unless the Required Lenders determine otherwise, all payments  against the Obligations shall be applied (a) first, to payment of costs and expenses, including  attorneys’ fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents;  (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of  principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to  payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall  be for the account of and paid to whoever may be lawfully entitled thereto.  Each of Lenders or  other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts  available to be applied pursuant to clauses second, third, fourth or fifth above.  1.9 Accounting.  Each Lender is authorized to record on its books and records the date and  amount of the Loan and each payment of principal thereof and such recordation shall constitute  prima facie evidence of the accuracy of the information so recorded.  1.10 Indemnity.  Borrower and each other Credit Party executing this Agreement jointly and  severally agree to indemnify and hold each Recipient and their Affiliates, and their respective  employees, attorneys and agents (each, an “Indemnified Person”), harmless from and against any  and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or  nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees and  disbursements and other costs of investigation or defense, including those incurred upon any  appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as  

 

  8  the result of credit having been extended, suspended or terminated under this Agreement and the  other Loan Documents or with respect to the execution, delivery, enforcement, performance and  administration of, or in any other way arising out of or relating to, this Agreement and the other  Loan Documents or any other documents or transactions contemplated by or referred to herein or  therein and any actions or failures to act with respect to any of the foregoing, including any and  all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes  imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and  reasonable legal costs and expenses arising out of or incurred in connection with disputes between  or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”),  except to the extent that any such Indemnified Liability is finally determined by a non-appealable  court order by a court of competent jurisdiction to have resulted solely from such Indemnified  Person’s gross negligence or willful misconduct or arises solely out of disputes between and  among the Agent and the Lenders.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE  OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY  BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY  THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER  OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL  DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN  EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION  CONTEMPLATED HEREUNDER OR THEREUNDER.  1.11 Intentionally Omitted.  1.12 Joinder of New Subsidiaries as a Credit Party, Etc.  As soon as possible (and in any event  within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the  consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such  actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a  Grantor under this Agreement by having the following documents delivered to the Lenders:  (i) a  Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C,  D and H attached hereto, respectively, duly completed, executed and delivered by such new  Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types  described under the defined term Collateral Documents, (iii) an opinion of counsel to such new  Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor’s counsel  delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7).  1.13 Non-Funding Lenders.  Unless Agent shall have received notice from any Lender prior to  the date such Lender is required to make any payment hereunder with respect to the Loan that such  Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume  that such Lender has made such payment available to Agent on the date such payment is required  to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption,  make available to Borrower on such date a corresponding amount.  Borrower agrees to repay to  Agent on demand such amount (until repaid by such Lender) with interest thereon for each day  from the date such amount is made available to Borrower until the date such amount is repaid to  Agent, at the interest rate applicable to the Obligation that would have been created when Agent  made available such amount to Borrower had such Lender made a corresponding payment  

 

  9  available; provided, however, that such payment shall not relieve such Lender of any obligation it  may have to Borrower.  In addition, any Lender that shall not have made available to Agent any  portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to  pay such amount to Agent on demand together with interest thereon, for each day from the date  such amount is made available to Borrower until the date such amount is repaid to Agent, at the  interest rate applicable at the time to the Term Loan.  Such repayment shall then constitute the  funding of the corresponding Loan (including any Loan deemed to have been made hereunder with  such payment) or participation.  The existence of any Non-Funding Lender shall not relieve any  other Lender of its obligations under any Loan Document, but no other Lender shall be responsible  for the failure of any Non-Funding Lender to make any payment required under any Loan  Document.  (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender  shall not have any voting or consent rights under or with respect to any Loan Document or  constitute a “Lender” (or be, or have its Term Loans and Commitments, included in the  determination of “Required Lenders” or “Lenders directly affected” pursuant to  Section 10.1(b)) for any voting or consent rights under or with respect to any Loan  Document, provided that (A) the Commitment of a Non-Funding Lender may not be  increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans may  not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a  Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender.  Moreover, for the purposes of determining Required Lenders and the  Loans and Commitments held by Non-Funding Lenders shall be excluded from the total  Loans and Commitments outstanding.  1.14 Substitution of Lenders.  (a) Substitution Right.  In the event that any Lender, other than Agent, that is not an  Affiliate of Agent (any such Lender, an “Affected Lender”), (i) becomes a Non-Funding  Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or  consent to any Loan Document for which the consent of the Required Lenders is obtained  but that requires the consent of all Lenders, Borrower may either pay in full such Affected  Lender with respect to amounts due on the Term Loan of such Lender without premium or  penalty and with the consent of Agent or substitute for such Affected Lender any Lender  or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not  be unreasonably withheld or delayed) to Agent (in each case, a “Substitute Lender”).  (b) Procedure.  To substitute such Affected Lender or pay in full the Obligations owed  to such Affected Lender under such Lender’s Term Loan, Borrower shall deliver a notice  to Agent and such Affected Lender.  The effectiveness of such payment or substitution  shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case  of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected  Lender, of, to the extent accrued through, and outstanding on, the effective date for such  payment or substitution, all Obligations owing to such Affected Lender with respect to  such Lender’s Term Loan (including those that will be owed because of such payment and  all Obligations that would be owed to such Lender as if it was solely a Lender hereunder),  and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in  Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent  

 

  10  whereby the Substitute Lender shall, among other things, agree to be bound by the terms  of the Loan Documents and assume the Term Loan Commitment of the Affected Lender.  (c) Effectiveness.  Upon satisfaction of the conditions set forth in clause (b) above,  Agent shall record such substitution or payment in the Register, whereupon (i) in the case  of any payment in full of all Obligations owing to such Affected Lender, such Affected  Lender’s Term Loan Commitments shall be terminated and (ii) in the case of any  substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute  Lender shall purchase and assume, all rights and claims of such Affected Lender under the  Loan Documents with respect to such Lender’s Term Loan, except that the Affected Lender  shall retain such rights expressly providing that they survive the repayment of the  Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender  shall become a “Lender” hereunder having a Term Loan Commitment in the amount of  such Affected Lender’s Term Loan Commitment and (C) the Affected Lender shall execute  and deliver to Agent an Assignment Agreement to evidence such substitution and deliver  any Note in its possession with respect to its Term Loan; provided, however, that the failure  of any Affected Lender to execute any such Assignment Agreement or deliver any such  Note shall not render such sale and purchase (or the corresponding assignment) invalid.  2. CONDITIONS PRECEDENT  2.1 Conditions to the Loan.  No Lender shall be obligated to make a Closing Date Term Loan  on the Closing Date, unless and until all of the following conditions have been satisfied in a manner  satisfactory to Agent in its sole discretion, or waived in writing by Agent:  (a) Closing Checklist.  The documents and other items or actions set forth on the  Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed  by the appropriate parties, except where such Closing Checklist expressly indicates that  such document item or action may be delivered or completed after the Closing Date;  (b) Insurance.  Agent shall have received evidence satisfactory to it that the insurance  policies provided for in Section 3.16 are in full force and effect;  (c) Opinions of Counsel.  Agent shall have received opinions of counsel to the Credit  Parties with respect to this Agreement, the Notes and the other Loan Documents in form  and substance reasonably satisfactory to Agent;  (d) Fees.  Borrower has paid the fees set forth in the Fee Letter and shall have  reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket  attorneys’ fees (it being acknowledged that Co-Lead Arranger’s counsel fees shall not  exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing  and presented as of the Closing Date, each in immediately available funds, or authorized  the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses  of closing from the amount of the Term Loan made on the Closing Date;  (e) Intentionally Omitted.  

 

  11  (f) Representations and Warranties.  Any representation or warranty by any Credit  Party contained herein or in any of the other Loan Documents shall be true and correct  (x) as stated as to representations and warranties which contain materiality limitations, and  (y) in all material respects as to all other representations and warranties; except to the extent  that any such representation or warranty is expressly stated to relate to a specific earlier  date, in which case, such representation and warranty shall be true and correct as of such  earlier date (x) as stated as to representations and warranties which contain materiality  limitations, and (y) in all material respects as to all other representations and warranties;  (g) Material Adverse Effect.  No event or circumstance that has had or reasonably  could be expected to have a Material Adverse Effect has occurred;  (h) Default.  No Default has occurred or is continuing or would result after giving effect  to the Loan;  (i) Intentionally Omitted.  (j) Indebtedness and Minority Interests.  After giving effect to the Transactions and  the other transactions contemplated hereby, no Credit Party shall have outstanding any  Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness  and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness  otherwise permitted under Section 5.1;  (k) Requirements of Law.  The Credit Parties and the Transactions shall be in full  compliance with all material Requirements of Law, including Regulations T, U and X of  the Federal Reserve Board, and shall have received satisfactory evidence of such  compliance reasonably requested by them;  (l) Consents.  All requisite Governmental Authorities and third parties shall have  approved or consented to the Transactions, and there shall be no governmental or judicial  action, actual or threatened in writing, that has or would have, singly or in the aggregate, a  reasonable likelihood of restraining, preventing or imposing burdensome conditions on the  Transactions or the other transactions contemplated hereby;  (m) Litigation.  There shall be no litigation, public or private, or administrative  proceedings, governmental investigation or other legal or regulatory developments, actual  or threatened, that, singly or in the aggregate, would reasonably be expected to result in a  Material Adverse Effect, or could materially and adversely affect the ability of the Credit  Parties to fully and timely perform their respective obligations under the Loan Documents  or the ability of the parties to consummate the financings contemplated hereby or the other  Transactions;  (n) Sources and Uses.  The sources and uses of the Loan shall be as set forth in  Section 1.3;  

 

  12  (o) Personal Property Requirements.  The Agent shall have received:  (i) (A) originals of all certificates, agreements or instruments representing or  evidencing the Pledged Securities and (B) original instruments of transfer and stock  powers undated and endorsed in blank with respect to such certificates, agreements  and instruments;  (ii) Intentionally omitted;  (iii) all other certificates, agreements, or instruments necessary to perfect the  Agent’s security interest in all Chattel Paper, all Instruments, and all Investment  Property of each Credit Party (to the extent required hereunder);  (iv) UCC financing statements in appropriate form for filing under the Code,  filings with the United States Patent and Trademark Office, United States  Copyright Office, and such other documents under applicable Requirements of Law  in each jurisdiction as may be necessary or appropriate or, in the opinion of the  Agent, desirable to perfect the Liens created, or purported to be created, hereunder;  (v) copies (to the extent applicable) of UCC, United States Patent and  Trademark Office and United States Copyright Office, tax and judgment lien  searches, bankruptcy, execution and pending lawsuit searches or equivalent reports  or searches, each of a recent date listing all effective financing statements, lien  notices or comparable documents that name any Credit Party as debtor and that are  filed in those Federal, provincial, state and county jurisdictions in which any Credit  Party is organized or maintains its chief executive office, principal place of  business, property and such other searches that are required by the Perfection  Certificate or that the Agent reasonably deems necessary or appropriate, none of  which encumber the Collateral covered or intended to be covered hereunder (other  than Permitted Liens or any other Liens acceptable to the Agent); and  (vi) evidence acceptable to the Agent of payment or arrangements for payment  by the Credit Parties of all applicable recording taxes, fees, charges, costs and  expenses required for the recording of Liens.  (p) USA PATRIOT Act.  The Lenders and the Agent shall have timely received the  information required under Section 10.13 and background investigations of the Guarantors  and the Borrower’s management and the results thereof shall be satisfactory to Agent in its  sole discretion;  (q) Intentionally Omitted.  (r) Capitalization Information.  Agent shall have received from the Borrower an  accurate and complete capitalization table reflecting all of the direct and indirect owners  of each Credit Party (including the applicable ownership percentages) as of:  (i) the date  immediately prior to the Closing Date (the “Pre-Closing Cap Table”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Cap Table”) (collectively, the  “Cap Tables”);  

 

  13  (s) Organization Chart.  Agent shall have received from the Borrower an accurate and  complete organization chart reflecting all of the direct and indirect Subsidiaries of the  Borrower (including the applicable ownership percentages) as of:  (i) the date immediately  prior to the Closing Date (the “Pre-Closing Organization Chart”), and (ii) the date  immediately following the Closing Date (the “Post-Closing Organization Chart”)  (collectively, the “Organization Charts”).  To the extent that the Pre-Closing  Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may  certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing  Organization Chart; and  (t) Delivery of SBA Documents.  The Borrower shall have delivered the following  documents in form and substance reasonably satisfactory to Agent and each Lender that is  an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier  date satisfactory to such SBIC):  (i) a Note;  (ii) the SBA Side Letter;  (iii) each duly executed and completed SBA Form; and  (iv) such other documents or instruments as reasonably requested by such SBIC  to comply with the Act.  (u) Minimum Qualified Capital Stock Contribution.  On or before the Closing Date,  Parent shall have received not less than $12,000,000 of proceeds of the issuance of its  Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock.  (u) Advisor Engagement.  The Borrower shall have consented to and approved the  engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the  Borrower, to perform the services described in the memorandum delivered to Borrower for  a period of three (3) months following the Closing Date; provided that the term of such  engagement may be extended at the discretion of Agent for no longer than three (3) months  and any further extensions thereafter shall be subject to the mutual consent of Borrower  and Agent.  (w) Closing Certificate.  The Borrower shall have delivered to Agent a duly executed  Closing Certificate.  (x) Projections and Quality of Earnings.  The Borrower shall have delivered to Agent  (i) reasonably detailed projections for the succeeding five (5) years, with monthly  projections of not less than the first twenty-four (24) months following the Closing Date  and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.  

 

  14  3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE  COVENANTS  To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make  the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally,  represent and warrant to Agent and each Lender (each of which representations and warranties  shall survive the execution and delivery of this Agreement), and promise to and agree with Agent  and each Lender until the Termination Date as follows:  3.1 Corporate Existence; Compliance with Law.  Each Grantor:  (a) is, as of the Closing Date,  and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as  applicable, duly organized, and validly existing and (B) in good standing under the laws of the  jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good  standing in each other jurisdiction where its ownership or lease of property or the conduct of its  business requires such qualification, except where the failure to be so qualified would not  reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all  Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith  could not, individually or in the aggregate, reasonably be expected to have a Material Adverse  Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and  the legal right to execute, deliver and perform its obligations under the Loan Documents, and to  own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it  operates under lease, and to conduct its business as now, heretofore or proposed to be conducted,  and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a  Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals  from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are  necessary or appropriate for the conduct of its business.  3.2 Executive Offices; Corporate or Other Names. (a) Each Grantor’s name as it appears in  official filings in the state of its incorporation or organization, (b) the type of entity of each  Grantor, (c) the organizational identification number issued by each Grantor’s state of  incorporation or organization or a statement that no such number has been issued, (d) each  Grantor’s state of organization or incorporation, and (e) the location of each Grantor’s chief  executive office and locations of Collateral when not in use by a customer of any Grantor are as  set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such  locations have not changed during the preceding twelve (12) months.  As of the Closing Date,  during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has  been known as or conducted business in any other name (including trade names) than the name of  such Grantor set forth on the signature page hereto.  Borrower has only one state of incorporation  or organization.  3.3 Corporate Power; Authorization; Enforceable Obligations.  The execution, delivery and  performance by each Grantor of the Loan Documents to which it is a party, and the creation of all  Liens provided for herein and therein:  (a) are and will continue to be within such Grantor’s power  and authority; (b) have been and will continue to be duly authorized by all necessary or proper  action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation  of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than  Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or  

 

  15  approval of any Governmental Authority or any other Person other than any consent or approval  that has been obtained.  As of the Closing Date, each Loan Document shall have been duly  executed and delivered on behalf of each Grantor party thereto, and each such Loan Document  upon such execution and delivery shall be and will continue to be a legal, valid and binding  obligation of such Grantor, enforceable against it in accordance with its terms, except as such  enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors’  rights generally.  3.4 Financial Statements; Books and Records.  (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to  Section 4.1 present fairly in all material respects the financial condition of such Grantors  as of the date of each such Financial Statement in accordance with GAAP (subject to  normal year-end adjustments and to the absence of footnotes in the case of unaudited  statements).  (b) The Grantors shall keep proper Books and Records in which proper entries,  reflecting all consolidated and consolidating financial transactions, will be made in  accordance with GAAP and all Requirements of Law in all material respects of all financial  transactions and the assets and business of each Grantor on a basis consistent with the  Financial Statements.  3.5 Material Adverse Change.  Between March 31, 2019 and the Closing Date, no events with  respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably  be expected to have a Material Adverse Effect.  No Requirement of Law or Contractual Obligation  of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect.   No Grantor is in default, and to such Grantor’s knowledge no third party is in default, under or  with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would  reasonably be expected to have a Material Adverse Effect.  3.6 Collection of Accounts.  Credit Parties will continue to collect on their Accounts in  accordance with customary practices in the media industry and consistent with the normal  collection policy of the Credit Parties as in effect in the period prior to the Closing Date.  3.7 Subsidiaries.  Except as set forth in Disclosure Schedule (3.7), as of the Closing Date,  Borrower does not have any Subsidiaries.  The issued and outstanding Stock of Borrower and its  Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements  pursuant to which Borrower or such Subsidiaries’ may be required to issue, sell, repurchase or  redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart  delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate  or any Perfection Certificate Supplement (whichever was most recently delivered to Agent).  3.8 Government Regulation; Margin Regulations.  No Grantor is subject to or regulated under  any Federal or state statute, rule or regulation that restricts or limits such Person’s ability to incur  Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents.  The  making of the Loan, the application of the proceeds and repayment thereof, and the consummation  of the transactions contemplated by the Loan Documents do not and will not violate any  

 

  16  Requirement of Law.  No Grantor is engaged, nor will it engage, in the business of extending credit  for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in  Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being  referred to herein as “Margin Stock”).  No Grantor owns any Margin Stock, and none of the  proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or  indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any  Indebtedness that was originally incurred to purchase or carry any Margin Stock.  No Grantor will  take or permit to be taken any action that might cause any Loan Document to violate any regulation  of the Federal Reserve Board.  3.9 Taxes; Charges.  Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports  and statements required by any Governmental Authority to be filed by Borrower or any other  Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with  the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any  Grantor’s property.  Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years  for which any Grantor’s tax returns are currently being audited by the IRS or any other applicable  Governmental Authority and any assessments or threatened assessments in connection with such  audit, or otherwise currently outstanding.  As of the Closing Date, no Grantor has agreed or been  requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in  accounting method or otherwise, which would reasonably be expected to have a Material Adverse  Effect.  3.10 Payment of Obligations.  Each Grantor will pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all of its material Charges and  other obligations of whatever nature, except where the amount or validity thereof is currently being  contested in good faith by appropriate proceedings and reserves in conformity with GAAP with  respect thereto have been provided on the books of such Grantor and none of the Collateral is or  would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of  such contest.  3.11 ERISA.  (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken  together with all other existing ERISA Events, would reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in Disclosure Schedule (3.11), (i) the present  value of all accumulated benefit obligations of the Grantors under each Plan (based on the  assumptions used for purposes of ASC 715) did not, as of the date of the most recent  Financial Statements reflecting such amounts, exceed the fair market value of the assets of  such Plan by more than $500,000, and (ii) the present value of all accumulated benefit  obligations of all underfunded Plans (based on the assumptions used for purposes of  ASC 715) did not, as of the date of the most recent Financial Statements reflecting such  amounts, exceed the fair market value of the assets of such underfunded Plans by more  than $500,000.  No Grantor or ERISA Affiliate has incurred or reasonably expects to incur  any Withdrawal Liability in excess of $500,000.  (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any  event within five (5) days after any Responsible Officer of any Credit Party knows or has  

 

  17  reason to know that, any ERISA Event has occurred that, alone or together with any other  ERISA Event would reasonably be expected to result in liability of the Credit Parties or  any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition  of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as  to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate  proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each  Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any  Credit Party or any ERISA Affiliate with the Department of Labor with respect to each  Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received  by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any  governmental agency concerning an ERISA Event; and (iv) such other documents or  governmental reports or filings relating to any Plan (or employee benefit plan sponsored  or contributed to by any Credit Party) as the Agent shall reasonably request and  (z) promptly following any request therefor, copies of (i) any documents described in  Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with  respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of  ERISA that any Credit Party or its ERISA Affiliate may request with respect to any  Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not  requested such documents or notices from the administrator or sponsor of the applicable  Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a  request for such documents or notices from such administrator or sponsor and shall provide  copies of such documents and notices promptly after receipt thereof.  3.12 Litigation.  Except as specifically disclosed in Disclosure Schedule (3.12), there are no  actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,  threatened in writing, at law, in equity, in arbitration or before any Governmental Authority,  against any Credit Party or any of their respective Properties which:  (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of  the Transactions contemplated hereby or thereby; or  (b) would reasonably be expected to result in equitable relief or monetary judgment(s),  individually or in the aggregate, in excess of $500,000 and unless fully covered by  insurance and the issuer(s) of the applicable policies have not disclaimed coverage.  No injunction, writ, temporary restraining order or any order of any nature has been issued by any  court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or  performance of this Agreement, any other Loan Document, or directing that the transactions  provided for herein or therein not be consummated as herein or therein provided.  As of the Closing  Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or  any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party’s knowledge,  any review or investigation by any Governmental Authority (excluding the IRS and other taxing  authorities) concerning the violation or possible violation of any Requirement of Law.  Each  Grantor shall notify Agent promptly in writing upon learning of the existence, threat or  commencement of any such Litigation or any such order, investigation or audit.  

 

  18  3.13 Intellectual Property.  Each Grantor owns, or is licensed to use, all such Intellectual  Property material to its business as currently conducted, except for such Intellectual Property the  failure of which to so own or be so licensed would not reasonably be expected to have a Material  Adverse Effect.  Each Grantor will take all necessary steps to preserve its ownership and licenses  in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon  the occurrence and during the continuation of an Event of Default.  To permit Agent to sell,  transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of  Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license  (exercisable without payment of royalty or other compensation to such Grantor), including in such  license the right to sublicense, use and practice any Intellectual Property now owned or hereafter  acquired by such Grantor and access to all media in which any of the licensed items may be  recorded or stored and to all software and programs used for the compilation or printout thereof.   As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set  forth in Disclosure Schedule (3.13).  Each Grantor shall maintain the patenting and registration of  all Intellectual Property with the United States Patent and Trademark Office, the United States  Copyright Office, or other appropriate Governmental Authority.  In the event that any Grantor  becomes aware that any Intellectual Property material to the conduct of its business has been  infringed, misappropriated or diluted by a third party in any material respect, such Grantor  promptly shall notify the Agent and shall take such actions as are appropriate under the  circumstances to protect such Intellectual Property.  Notwithstanding the foregoing, each Grantor  may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable  Grantor’s reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary course of  business; provided that in the case of registered Intellectual Property, Agent has given prior written  consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be  unreasonably withheld, delayed or denied.  3.14 Full Disclosure.  No information contained in any Loan Document, the Financial  Statements or any written statement furnished by or on behalf of any Grantor under any Loan  Document, or to induce Agent and the Lenders to execute the Loan Documents (as such  information has been amended, supplemented or superseded by any other information later  delivered to the same parties receiving such information, provided that the delivery of such  amended, supplemented or superseding information shall not cure any Event of Default arising  under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of  a material fact or omits to state a material fact necessary to make the statements contained herein  or therein not materially misleading in light of the circumstances under which they were made.  3.15 Environmental Liabilities.  Except as set forth in Disclosure Schedule  (3.15), as of the  Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor’s  knowledge, potential Environmental Liabilities, that would reasonably be expected to result in  Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written  notice has been received by any Grantor identifying it as a “potentially responsible party” or  requesting information under CERCLA or analogous state statutes, and to the knowledge of any  Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result  in any Grantor being identified as a “potentially responsible party” under CERCLA or analogous  state statutes, in each such case if such circumstance would reasonably be expected to result in  Environmental Liabilities in excess of $500,000 in the aggregate.  Each Grantor:  (i) shall comply  

 

  19  in all material respects with all applicable Environmental Laws and environmental permits, except  for any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty  (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about  any real property owned, leased or occupied by a Grantor if such Release would reasonably be  expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate,  (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  claims that could form the basis for any Environmental Liabilities that would reasonably be  expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and  (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any  occurrences of non-compliance with Environmental Laws or environmental permits, except for  any such non-compliance that could not reasonably be expected to result in Environmental  Liabilities to Grantors in excess of $500,000.  Each Credit Party has made available to Agent  copies of all existing environmental reports, reviews and audits and all documents prepared since  January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the  extent such reports, reviews, audits and documents are in their possession, custody, control or  otherwise available to the Credit Parties.  3.16 Insurance.  As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any  nature maintained by Borrower with respect to the Collateral as well as all liability insurance  maintained by the Grantors, as well as a summary of the terms of such insurance.  (a) Coverage.  Without limiting any of the other obligations or liabilities of the  Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry  and maintain, at its own expense, at least the minimum insurance coverage set forth in this  Section 3.16.  All insurance carried pursuant to this Section 3.16 shall be placed with such  insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably  acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles  as shall be reasonably acceptable to Agent.  The insurance required to be carried and  maintained by Grantors hereunder shall, in all events, include, without limitation, the  following:  (i) All Risk Property Insurance.  The Grantors shall maintain, all risk property  insurance covering against physical loss or damage, including but not limited to fire  and extended coverage, and collapse coverage.  Coverage shall be written on a  replacement cost basis in an amount reasonably acceptable to Agent; and,  (ii) Commercial General Liability Insurance.  The Grantors shall maintain  comprehensive general liability insurance written on an occurrence basis with a  limit of not less than $2,000,000.  Such coverage shall include, but not be limited  to, premises/operations, broad form contractual liability, products/completed  operations, property damage and personal injury liability; and,  (iii) Excess/Umbrella Liability Insurance.  The Grantors shall maintain excess  and/or umbrella liability insurance written on an occurrence basis in an amount not  less than $5,000,000 providing coverage limits excess of the insurance limits  required under subsection (a)(ii).  Such insurance shall follow the form of the  

 

  20  primary insurances and drop down in case of exhaustion of underlying limits and/or  aggregates.  (b) Endorsements.  The Grantors shall cause all insurance policies carried and  maintained in accordance with this Section 3.16 to be endorsed as follows:  (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee  with respect to property policy described in subsection (a)(i).  Agent, on behalf of  Lenders, shall be an additional insured with respect to liability policies described  in subsections (a)(ii) and, to the extent allowed by law (iii).  It shall be understood  that any obligation imposed upon the Grantors, including but not limited to the  obligation to pay premiums, shall be the sole obligation of the Grantors and not that  of the Agent; and,  (ii) With respect to property policy described in subsection (a)(i), the interests  of the Agent shall not be invalidated by any action or inaction of any Grantor or  any other Person, and shall insure the Agent regardless of any breach or violation  by any Grantor or any other Person, of any warranties, declarations or conditions  of such policies; and,  (iii) The insurers thereunder shall waive all rights of subrogation against Agent,  any right of setoff or counterclaim and any other right to deduction, whether by  attachment or otherwise; and,  (iv) If such insurance is canceled for any reason whatsoever, including  nonpayment of premium, such cancellation shall not be effective as to the Agent  until thirty (30) days after receipt by Agent of written notice from such insurer.  (c) Certifications.  On the Closing Date, and at each policy renewal, but not less than  annually, the Grantors shall provide to the Agent a certification from each insurer or by an  authorized representative of each insurer.  Such certification shall identify the underwriters,  the type of insurance, the limits, deductibles, and term thereof and shall specifically list the  special provisions delineated in section (b) above for such insurance required for this  Section 3.16.  (d) Intentionally Omitted.  (e) Notice to Agent.  The Grantors shall notify the Agent immediately whenever any  separate insurance concurrent in form or contributing in the event of loss with that required  to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly  deliver to the Agent a copy of such policy or policies.  Borrower shall direct all present and future insurers under its policies of insurance to pay all  proceeds payable thereunder with respect to the Collateral directly to Agent for application  pursuant to Section 1.2(f).  If any insurance proceeds are paid by check, draft or other instrument  payable to Borrower and Agent jointly, Agent may endorse Borrower’s name thereon and do such  other things as Agent may deem advisable to reduce the same to cash.  

 

  21  3.17 Solvency.  Both before and after giving effect to (a) the Loan, the issuance of the  Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors,  (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and  (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit  Parties taken as a whole are Solvent.  3.18 Other Financings.  Except as disclosed in Disclosure Schedule (3.18) attached hereto, none  of the Credit Parties has outstanding as of the Closing Date any Indebtedness.  3.19 Conduct of Business.  Each Grantor (a) shall conduct its business substantially as now  conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise  permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral  and keep the same in good repair, working order and condition and make, or cause to be made, all  necessary or appropriate repairs, replacements and improvements thereto consistent with  manufacturer specifications and industry practices; provided such Grantor shall not be obligated  to comply with the foregoing covenant if, (i) in such Grantor’s reasonable business judgment, such  Collateral is no longer economically practicable or commercially desirable to maintain, or used or  useful in its business, in each case, in the ordinary course of business and (ii) in the event fair  market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has  given prior written consent (email acceptable) which consent shall not be unreasonably withheld,  delayed or denied.  3.20 Further Assurances.  At any time and from time to time, upon the written request of Agent  and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver  any and all such further instruments and documents and take such further action as Agent may  reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan  Documents, (b) to protect, preserve and maintain Agent’s rights in any Collateral and security  interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of  the rights and powers herein granted.  3.21 Collateral/Maintenance of Property.  (a) Each Grantor holds and will continue to hold good title to any of its property  constituting the Collateral and none of such property is or will be subject to any  Liens except Permitted Liens.  (b) Each Grantor shall (i) maintain and preserve in all material respects in good  working order and condition the Collateral and all other of its property necessary  in the conduct of its business, and such Collateral shall be maintained in accordance  with all manufacturer’s suggested and recommended maintenance procedures,  including preventive maintenance, (ii) obtain, maintain and preserve all material  rights, permits, licenses, approvals and privileges (including all Permits) necessary,  used or useful, whether because of its ownership, lease, sublease or other operation  or occupation of property or other conduct of its business, and shall make all  necessary or appropriate filings with, and give all required notices to, Governmental  Authorities, and (iii) maintain the Collateral in compliance with all statutes, laws,  

 

  22  ordinances, regulations, standards, directives, orders, judgments and permits  (including environmental) issued by any Governmental Authority.  (c) Collateral shall not be located in, in transit to or used by a customer, in any  country, state, nation, or territory (i) listed on the Lists or otherwise under United  States sanctions for conducting business or (ii) set forth on Schedule E hereto (as  such Schedule E may be amended by written notice from time to time by Agent to  Borrower on a prospective basis) (each a “Restricted Location”).  Upon an  amendment to Schedule E pursuant to the forgoing sentence such that Collateral is  located in a Restricted Location that was not located in a Restricted Location prior  to such amendment, no Grantor shall extend or renew any rental agreements or  enter into any new rental agreements which would cause the Collateral to be located  in, in transit to or in use in a Restricted Location by a customer of such Grantor and  such Grantor shall remove such Collateral from such Restricted Location within  fifteen (15) days from the delivery of such notice or, if such Collateral is subject to  a rental agreement with a customer of such Grantor at such time, fifteen (15) days  from the end of the then current term of such rental agreement.  (d) Real Property.  Schedules 8(a) and 8(b) to the Perfection Certificate dated  the Closing Date contain a true and complete list of each interest in Real Property  (i) owned by any Credit Party as of the date hereof and describes the type of interest  therein held by such Credit Party and whether such owned Real Property is leased  and if leased whether the underlying lease contains any option to purchase all or  any portion of such Real Property or any interest therein or contains any right of  first refusal relating to any sale of such Real Property or any portion thereof or  interest therein and (ii) leased, subleased or otherwise occupied or utilized by any  Credit Party, as lessee, sublessee, franchisee or licensee, as of the date hereof and  describes the type of interest therein held by such Credit Party and, in each of the  cases described in clauses (i) and (ii) of this Section 3.21(d), whether any lease  requires the consent of the landlord or tenant thereunder, or other party thereto, to  the Transactions.  (e) Collateral located outside the United States.  If the Credit Parties  collectively own in excess of $1,000,000 in the aggregate of assets or property in  any jurisdiction or jurisdictions outside of the United States of America, then the  Credit Parties shall promptly (and in any event within 5 Business Days thereafter)  notify the Agent in writing of the existence, value, nature and location of such  assets.  If the Required Lenders request in their absolute discretion, then the Credit  Parties shall (i) execute and deliver to the Agent such other documents as the  Required Lenders shall reasonably deem necessary to grant to the Agent for the  benefit of the Lenders, a Lien on any assets or property in any foreign jurisdiction,  which shall be subject to no Liens other than Permitted Liens, (ii) take all actions  necessary to cause such Lien to be duly perfected to the extent required hereunder  in accordance with all applicable Requirements of Law (including any requirements  under the law of any applicable foreign jurisdiction), including the filing of  financing statements in such jurisdictions as may be reasonably requested by the  Agent, and (iii) otherwise take such actions and execute and/or deliver to the Agent  

 

  23  such documents as the Agent shall require to confirm the validity, perfection and  priority of the Lien hereunder on such assets or properties.  The Credit Parties shall  also provide Agent with such information as Agent may reasonably request from  time to time regarding any Accounts that are owed to a Credit Party by any account  debtor that is not a Person organized under the laws of the United States of  America.  3.22 Anti-Terrorism and Anti-Money Laundering Compliance.  (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a  controlling interest in or otherwise controls a Credit Party, and no customer of a Credit  Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the  “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), Department  of the Treasury, and/or on any other similar list (“Other Lists” and, collectively with the  SDN List, the “Lists”) maintained by the OFAC pursuant to any authorizing statute,  Executive Order or regulation (collectively, “OFAC Laws and Regulations”); or (ii) a  Person (a “Designated Person”) either (A) included within the term “designated national”  as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated  under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079  (published September 25, 2001) or similarly designated under any related enabling  legislation or any other similar Executive Orders (collectively, the “Executive Orders”).   The OFAC Laws and Regulations and the Executive Orders are collectively referred to in  this Agreement as the “Anti-Terrorism Laws”.  Each of the Credit Parties represents and  warrants that it requires, and has taken reasonable measures to ensure compliance with the  requirement, that no Person who owns any other direct interest in a Credit Party is or shall  be listed on any of the Lists or is or shall be a Designated Person.  This Section 3.22 shall  not apply to any Person to the extent that such Person’s interest in the Borrower is through  a U.S. Publicly-Traded Entity.  As used in this Agreement, “U.S. Publicly-Traded Entity”  means a Person (other than an individual) whose securities are listed on a national securities  exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person.  (b) Each Credit Party represents and warrants that it has taken reasonable measures  appropriate to the circumstances (and in any event as required by law), with respect to each  holder of a direct or indirect interest in such Credit Party, to assure that funds invested by  such holders in the Credit Parties are derived from legal sources (“Anti-Money  Laundering Measures”).  The Anti-Money Laundering Measures have been undertaken  in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. (“BSA”), and all  applicable laws, regulations and government guidance on BSA compliance and on the  prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and  1957 (collectively with the BSA, “Anti-Money Laundering Laws”).  (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual  knowledge after making due inquiry, that no such Credit Party or any holder of a direct or  indirect interest in such Credit Party (i) is under investigation by any Governmental  Authority for, or has been charged with, or convicted of, money laundering under  18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money  

 

  24  laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil  penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized  or forfeited in an action under any Anti-Money Laundering Laws.  (d) Each Credit Party represents and warrants to Agent and each Lender that it has  taken reasonable measures appropriate to the circumstances (in any event as required by  law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the  prevention of terrorism, terrorist financing and drug trafficking.  (e) Each Credit Party and its respective directors, officers and employees and, to the  knowledge of the applicable Credit Party, the agents of each Credit Party and their  Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as  amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable  anti-corruption law, including without limitation the UK Bribery Act, in all material  respects.  The Credit Parties and their Subsidiaries have instituted and maintained, and shall  maintain, policies and procedures designed to ensure continued compliance with the FCPA  and any other applicable anti-corruption laws.  3.23 Maintenance of Corporate Existence.  Each Credit Party shall preserve and maintain (a) its  legal existence and good standing under the laws of the jurisdiction of its incorporation or  organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary  or desirable in the conduct of its business, except, in the case of this clause (b), where the failure  to do so would not, in the aggregate, have a Material Adverse Effect.  3.24 Compliance with Laws, Etc.  Each Credit Party shall comply with all applicable  Requirements of Law, Contractual Obligations and Permits, except for such failures to comply  that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse  Effect.  3.25 Landlord Agreement.  Grantors shall use commercially reasonable best efforts to obtain a  landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be  reasonably satisfactory in form and substance to Agent, within the time period set forth on  Schedule F.  3.26 Deposit Accounts; Cash Collateral Accounts.  (a) Borrower and each Guarantor shall maintain a cash management system which is  reasonably acceptable to Agent (the “Cash Management System”), which shall operate  as set forth in this Section 3.26.  (b) All Proceeds of Collateral held by any Credit Party (other than funds being  collected pursuant to the provisions stated below) shall be deposited in one or more bank  accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or  other accounts in form and substance reasonably satisfactory to Agent subject to the terms  of this Agreement and the applicable Control Agreements.  

 

  25  (c) On the Closing Date, the Credit Parties shall deliver, or cause to be delivered, to  Agent a Control Agreement duly authorized, executed and delivered by each bank where  each deposit account (other than an Excluded Account) for the benefit of a Credit Party is  maintained (each such account, a “Controlled Account”).  None of the Credit Parties shall  establish any deposit accounts after the Closing Date into which Proceeds of any Collateral  are deposited without the prior consent of Agent.  Borrower shall promptly (but in no event  later than ten (10) Business Days, or such later date as agreed by the Administrative Agent  with Required Lender consent) deliver, and shall cause each other Credit Party to deliver,  to Agent a Control Agreement covering each new deposit account (other than an Excluded  Account) that is established after the Closing Date; provided that until such time as such  Control Agreement is delivered to Agent, such new deposit account shall have a cash  balance not to exceed $10,000 at any time.  (d) The Credit Parties and their respective directors, employees and agents shall  promptly deposit or cause the same to be deposited, any monies, checks, notes, drafts or  any other payment relating to and/or Proceeds of Collateral which come into their  possession or under their control in the applicable Controlled Accounts.  (e) Notwithstanding anything to the contrary contained herein, Parent shall (i) establish  a new deposit account, which account shall not be subject to a Control Agreement, to  receive and hold exclusively the proceeds of the PPP Loan, (ii) not comingle the proceeds  of the PPP Loan in such account with any other funds and only to make transfers or  disbursements from such account for PPP Forgivable Uses and (iii) maintain all records  required to be submitted in connection with the forgiveness of the PPP Loan.  3.27 Assets of Parent.Parent represents and warrants that, as of the Closing Date, it has no  material assets other than its Ownership Interests of the Borrower and the other assets and contracts  described on Disclosure Schedule (3.27).  The Parent covenants and agrees to transfer and assign  free and clear of any Liens and without monetary consideration to one of the Borrowers any  Intellectual Property it owns within thirty (30) days after the Closing Date.  3.28 After-acquired Property; Additional Collateral.  Each Grantor shall:  (a) Subject to this Section 3.28, with respect to any property acquired after the Closing  Date by any Credit Party that is intended to be subject to the Lien created by any of the  Loan Documents but is not so subject, promptly (and in any event within thirty (30) days  after the acquisition thereof) (i) execute and deliver to the Agent such other documents as  the Agent shall reasonably deem necessary or advisable to grant to the Agent for the benefit  of the Lenders, a Lien on such property subject to no Liens other than Permitted Liens, and  (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required  hereunder in accordance with all applicable Requirements of Law, including the filing of  financing statements in such jurisdictions as may be reasonably requested by the Agent.   The Borrower shall otherwise take such actions and execute and/or deliver to the Agent  such documents as the Agent shall reasonably require to confirm the validity, perfection  and priority of the Lien hereunder on such after-acquired properties.  

 

  26  (b) As soon as possible (and in any event within twenty (20) days) after the formation  of any new Subsidiary (including any Foreign Subsidiary) of a Credit Party and in any  event prior to the transfer of any material assets to such new Subsidiary, or simultaneously  with the consummation of acquisition of any new Subsidiary of a Credit Party, (i) deliver  to the Agent the original certificates, if any, representing all of the Equity Interests of such  Subsidiary, together with undated stock powers or other appropriate instruments of transfer  executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity  Interests, and all intercompany notes owing from such Subsidiary to any Credit Party  together with instruments of transfer executed and delivered in blank by a duly authorized  officer of such Credit Party and (ii) cause such new Subsidiary (A) to execute a Joinder  Agreement in the form of Exhibit H or such comparable documentation to become a  Grantor and Guarantor under this Agreement, and (B) to take all actions necessary or  advisable in the opinion of the Agent to cause the Lien created hereunder to be duly  perfected to the extent required by such agreement in accordance with all applicable  Requirements of Law (including any applicable foreign laws), including the execution by  Borrower or the applicable Credit Party of a Joinder Agreement in the form of Exhibit H  or such comparable documentation to the applicable Pledge Agreement and the filing of  financing statements (or foreign equivalents) in such jurisdictions as may be reasonably  requested by the Agent and to the extent such new Subsidiary owns Collateral which is  located in the United States.  (c) Promptly grant to the Agent, within thirty (30) days of the acquisition thereof, a  security interest in and Mortgage on (i) each Real Property owned in fee by such Credit  Party as is acquired by such Credit Party after the Closing Date and that, together with any  improvements thereon, individually has a fair market value of at least $500,000, as  additional security for the Obligations (unless the subject property is already mortgaged to  a third party to the extent permitted by Section 5.2).  Such Mortgages shall be granted  pursuant to documentation reasonably satisfactory in form and substance to the Agent and  shall constitute valid and enforceable perfected Liens subject only to Permitted Liens or  other Liens acceptable to the Agent.  The Mortgages or instruments related thereto shall be  duly recorded or filed in such manner and in such places as are required by law to establish,  perfect, preserve and protect the Liens in favor of the Agent required to be granted pursuant  to the Mortgages and all taxes, fees and other charges payable in connection therewith shall  be paid in full.  Such Credit Party shall otherwise take such actions and execute and/or  deliver to the Agent such documents as the Agent shall require to confirm the validity,  perfection and priority of the Lien of any existing Mortgage or new Mortgage against such  after-acquired Real Property (including a Title Policy, a survey and local counsel opinion  (in form and substance reasonably satisfactory to the Agent) in respect of such Mortgage).  3.29 Equity Interests and Subsidiaries.  (a) Equity Interests.  Schedules 1(a) and 10(a) to the Perfection Certificate dated the  Closing Date set forth a list of (i) all the Subsidiaries of Borrower and the other Credit  Parties and their jurisdictions of organization as of the Closing Date and (ii) the number of  each class of its Equity Interests authorized, and the number outstanding, on the Closing  Date and the number of shares covered by all outstanding options, warrants, rights of  conversion or purchase and similar rights at the Closing Date.  All Equity Interests of each  

 

  27  Credit Party are duly and validly issued and are fully paid and non-assessable, and, other  than the Equity Interests of Borrower, are owned by Borrower, directly or indirectly  through Wholly Owned Subsidiaries.  Each Credit Party is the record and beneficial owner  of, and has good and marketable title to, the Equity Interests pledged by it hereunder, free  of any and all Liens, rights or claims of other persons, except the security interest created  by the Loan Documents, and there are no outstanding warrants, options or other rights to  purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or  property that is convertible into, or that requires the issuance or sale of, any such Equity  Interests.  (b) No Consent of Third Parties Required.  Other than the approval of the Board of  Directors of the issuer of the Equity Interests, no consent of any Person including any other  general or limited partner, any other member of a limited liability company, any other  shareholder or any other trust beneficiary is necessary or reasonably desirable (from the  perspective of a secured party) in connection with the creation, perfection or priority status  of the security interest of the Agent in any Equity Interests pledged to the Agent for the  benefit of the Lenders hereunder or the exercise by the Agent of the voting or other rights  provided for hereunder or the exercise of remedies in respect thereof.  (c) Organizational Chart.  Schedule 10(a) to the Perfection Certificate or any  Perfection Certificate Supplement (whichever was most recently delivered to Agent) sets  forth an accurate organizational chart, showing the ownership structure of Borrower and  each Subsidiary on the Closing Date, and after giving effect to the Transactions, is set forth  on Schedule 10(a) to the Perfection Certificate dated the Closing Date.  3.30 Security Documents.  Each Loan Document, including any such document delivered  pursuant to Sections 3.20 and 3.28 will, upon execution and delivery thereof, be effective to create  in favor of the Agent, for the benefit of the Lenders, legal, valid and enforceable perfected Liens  on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral  thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices  as may be required under applicable law and (ii) upon the taking of possession or control by the  Agent of such Collateral with respect to which a security interest may be perfected only by  possession or control (which possession or control shall be given to the Agent to the extent required  hereunder), such Loan Document will constitute fully perfected Liens on, and security interests in,  all right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens  other than the applicable Permitted Liens.  3.31 Intentionally Omitted.  3.32 Government Contracts.  Except as set forth in Disclosure Schedule (3.32), as of the Closing  Date, no Credit Party is a party to any contract or agreement with any Governmental Authority  and no Credit Party’s Collateral is subject to the Federal Assignment of Claims Act (31 U.S.C.  Section 3727) or any similar state or local law.  3.33 Customer and Trade Relations.  As of the Closing Date, there exists no actual or, to the  knowledge of any Credit Party, written threatened termination or cancellation of, or any material  adverse modification or change in (a) the business relationship of any Credit Party with any  

 

  28  customer or group of customers whose purchases during the preceding twelve (12) calendar  months caused them to be ranked among the ten (10) largest customers of such Credit Party or  (b) the business relationship of any Credit Party with any supplier essential to its operations.  3.34 Bonding; Licenses.  Except as set forth in Disclosure Schedule (3.34), as of the Closing  Date, no Credit Party is a party to or bound by any surety bond agreement, indemnification  agreement therefor or bonding requirement with respect to products or services sold by it.  3.35 Affiliate Transactions.  No Credit Party is party to any transaction with any Affiliate of the  Borrower or of any Subsidiary of the Borrower, except those permitted by Section 5.7 hereof and  those set forth on Disclosure Schedule (3.35).  3.36 Post-Closing Matters.  The Credit Parties shall deliver to the Agent, in form and substance  reasonably satisfactory to the Agent, the documents or items, or complete the actions, described  on Schedule F on or before the dates specified thereon.  3.37 Investment Company Act.  No Credit Party is an “investment company” or a company  “controlled” by an “investment company,” as defined in, or subject to regulation under, the  Investment Company Act of 1940, as amended.  3.38 Notice of Change in Investment Company Status.  The Borrower shall provide Agent with  prompt written notice of any change with respect to its representation in Section 3.37 above, but  in no event later than fifteen (15) days following any such change.  3.39 Notice of Change in Ownership.  The Borrower shall provide Agent with an updated Cap  Table within ten (10) Business Days following a change in ownership of any Credit Party.  3.40 Notice of Change in Organization Chart.  The Borrower shall provide Agent with an  updated Organization Chart within ten (10) Business Days following a change in the organization  of any Credit Party.  4. FINANCIAL MATTERS; REPORTS  4.1 Reports, Notices, and Related Rights.  The Credit Parties shall furnish to the Agent and each Lender:  (a) Monthly Reports.  Within thirty (30) days after the last day of each Fiscal Month  of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and  consolidating basis as at the end of such Fiscal Month and as of the end of the preceding  Fiscal Year, and the related statements of operations, the related statements of profits and  losses and related statements of cash flows of the Credit Parties on a consolidated basis for  such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of  such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and  thereafter, which shall set forth in comparative form such figures as at the end of and for  such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial  Officer of the Borrower to have been prepared in accordance with GAAP and to present  fairly in all material respects the financial position of the Credit Parties on a consolidated  basis as at the end of such period and the results of operations for such period, and for the  

 

  29  elapsed portion of the Fiscal Year ended with the last day of such period, subject only to  normal year-end and audit adjustments and the absence of footnotes;  (b) Annual Reports.  Within one hundred twenty (120) days after the end of each Fiscal  Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year  ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as  of the end of such Fiscal Year and the related audited consolidated statements of operations  for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated  statements of profits and losses and the related audited consolidated statements of cash  flows and stockholders’ equity for such Fiscal Year and for the previous Fiscal Year, which  shall be accompanied by an opinion, without a going concern or similar qualification or an  exception as to scope, prepared by an independent certified public accountant of recognized  national standing reasonably acceptable to Agent;  (c) Cash Balance.  Within two (2) Business Days after the end of each Fiscal Month,  Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day  of the Fiscal Month just ended, which certificate shall be executed and certified by a  Responsible Officer of the Borrower as true and correct;  (d) Average Revenue Per Unit.  Concurrently with any delivery of Financial  Statements under Section 4.1(a) and regardless of whether compliance with the  Performance Metrics is required at such time, Borrower will deliver a certificate reporting  to Agent the Average Revenue Per Unit calculations, which certificate shall be executed  and certified by a Responsible Officer of the Borrower as true and correct;  (e) Compliance Certificate.  At the time the financial statements are furnished pursuant  to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by  a Responsible Officer of the Borrower as to the financial performance of the Credit Parties.   The Compliance Certificate shall include a listing of government contracts of the Borrower  subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal  law;  (f) [Reserved.]  (g) Responsible Officer’s Certificate Regarding Collateral.  Concurrently with any  delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer  setting forth the information required pursuant to the Perfection Certificate Supplement or  confirming that there has been no change in such information since the date of the  Perfection Certificate or latest Perfection Certificate Supplement;  (h) Public Reports.  Promptly after the same become publicly available, copies of all  periodic and other reports, proxy statements and other materials filed by any Credit Party  with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all of the functions of said commissions,  or with any national securities exchange, or distributed to holders of its Indebtedness  pursuant to the terms of the documentation governing such Indebtedness (or any trustee,  agent or other representative therefor), as the case may be;  

 

  30  (i) Management Letters.  Promptly after the receipt thereof by any Credit Party, a copy  of any “management letter” received by any such Person from its independent chartered  accountants and the management’s responses thereto;  (j) Budgets.  Promptly (and in any event within 2 Business Days) after approval by the  Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year),  (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent,  but to include balance sheets, statements of income and sources and uses of cash, capital  expenditures, and projected borrowing availability on a consolidated basis under this  Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a  financial model for the subsequent Fiscal Year, in each case, prepared in summary form,  with appropriate presentation and discussion of the principal assumptions upon which such  budget or model is based, accompanied by the statement of a Responsible Officer of  Borrower to the effect that each budget and model has been prepared in good faith and  based on assumptions believed to be reasonable and, promptly when available, any  significant revisions of such budget or model;  (k) Organization.  Concurrently with any delivery of Financial Statements under  Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or  confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated  the Closing Date or since the most recent organization chart delivered to Agent under this  Section 4.1(k);  (l) Organizational Documents.  Promptly provide copies of any Organizational  Documents that have been amended or modified in accordance with the terms hereof and  deliver a copy of any notice of default given or received by any Credit Party under any  Organizational Document within fifteen (15) days after such Credit Party gives or receives  such notice;  (m) Appraisals.  At any time after the occurrence of an Event of Default promptly upon  the request of the Agent, an appraisal report performed at the expense of Borrower by a  nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the  orderly liquidation value of the Collateral; and  (n) Inspection of Property; Field Examinations and Audits.  Each Credit Party shall,  and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled  property, (a) provide access to such property to Agent as frequently as Agent determines  to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and  make extracts and copies from all of such Credit Party’s books and records, including  invoices from and payments to the Credit Parties’ vendors, and evaluate and make  verifications of the Eligible Capital Expenditures and any Collateral in any manner and  through any medium that Agent considers advisable, in each instance, at the Credit Parties’  expense; provided the Credit Parties shall only be obligated to reimburse Agent for the  expenses for one (1) such field examination, audit and inspection per year or at any time if  an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent  activity in connection with the Eligible Capital Expenditures.  

 

  31  4.2 Financial Covenants. (a) Minimum Cash Balance.  As of the last day of each Fiscal  Month, Credit Parties shall not permit Cash Balance to be less than $6,000,000.  (b) Performance Metrics.  Commencing with the Fiscal Quarter ending on  September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a  Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total  Revenue (measured as of the trailing twelve (12) month period ending on each date set  forth in the table below) to be less than the amount set forth in the table below and  (ii) Average Revenue Per Unit to be less than the amount set forth in the table below  (collectively clauses (i) and (ii), the “Performance Metrics”).  Period Total Revenue Average Revenue   Per Unit  August 31, 2019 $17,000,000 $20,000  November 30, 2019 $20,000,000 $20,000  February 29, 2020 $28,000,000 $22,000  May 31, 2020 $33,000,000 $22,000  August 31, 2020 $39,000,000 $22,000  November 30, 2020 $44,000,000 $22,000  February 28, 2021 $52,000,000 $25,000  May 31, 2021 $67,000,000 $25,000  August 31, 2021 $83,000,000 $25,000  November 30, 2021 $100,000,000 $25,000  February 28, 2022 $117,000,000 $30,000  May 31, 2022 $132,000,000 $30,000  August 31, 2022 $132,000,000 $30,000  November 30, 2022 $132,000,000 $30,000  February 28, 2023 $132,000,000 $30,000  May 31, 2023 $132,000,000 $30,000  August 31, 2023 $132,000,000 $30,000  November 30, 2023 $132,000,000 $30,000  February 29, 2024 $132,000,000 $30,000    If the Credit Parties are not in compliance with the Performance Metrics at the end of any  Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent  shall promptly (and in any event within 60 days after delivery of the Compliance  Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified  Capital Stock (the “Mandatory Equity Issuance”) in an amount as reasonably acceptable  to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the  Borrower.  If the Parent fails to complete the Mandatory Equity Issuance within 60 days  after delivery of the Compliance Certificate that evidenced non-compliance with the  Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in  accordance with Section 1.1(c)(ii).  4.3 Other Reports and Information.  The Grantors shall advise Agent and each Lender in  reasonable detail promptly after becoming aware of:  (a) any Lien, other than Permitted Liens,  

 

  32  attaching to or asserted against any of the Collateral or any occurrence causing a material loss or  decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or  decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any  Default or other event that has had or would reasonably be expected to have a Material Adverse  Effect.  The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent  and Lenders such other reports and information in connection with the affairs, business, financial  condition, operations, prospects or management of Borrower or any other Grantor or the Collateral,  all in reasonable detail.  5. NEGATIVE COVENANTS  Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and  each other Credit Party) that, without Agent’s prior written consent, from the Closing Date until  the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by  operation of law or otherwise:  5.1 Indebtedness.  Create, incur, assume or permit to exist any Indebtedness, except:  (a) the  Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure  Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general  account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower  if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain  Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such  Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the  Subordination Agreement and provided that each of the holders thereof have executed and  delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of  the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required  under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use  commercially reasonable efforts to conduct its business in a manner that maximizes the amount of  the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with  regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer  period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week  period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with  a copy of its application for forgiveness and all supporting documentation required by the Small  Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan,  and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the  Closing Date in an aggregate outstanding amount for all such Credit Parties combined not  exceeding $500,000.  5.2 Liens.  Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of  its property, whether now owned or hereafter acquired, or assign any right to receive income or  profits, except for Permitted Liens.  5.3 Investments; Fundamental Changes.  Except as expressly permitted by Section 5.7 below  investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),  mergeMerge or amalgamate with, consolidate with, acquire all or substantially all of the assets or  Stock of, or otherwise combine with or make any investment in or make any loan or advance to,  any Person; except,   

 

  33  (a) the De-SPAC First Merger and the De-SPAC Second Merger,  (b) as expressly permitted by Section 5.7 below,   (c) investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3),   (d) any Credit Party may form any direct or indirect Subsidiary after the Closing Date so long as  within ten (10) Business Days after such formation, such Subsidiary becomes a Guarantor  hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and under its  Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written  documentation in form and substance reasonably satisfactory to Agent in accordance with  Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new  Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary.  ,   (e) any capital contributions in, or loans or advances to, Volta Canada Inc., a corporation organized  under the laws of Quebec, Canada (“Volta Canada”) (“Volta Canada Investments”), (i) that have  been made prior to the Fourth Amendment Effective Date in an aggregate amount not exceeding  an estimated $171,474.00, or (ii) made after the Fourth Amendment Effective Date to the extent  the aggregate amount of Volta Canada Investments made after the Fourth Amendment Effective  Date do not exceed $500,000 in the aggregate at any time, provided that, immediately before and  immediately after giving pro forma effect to the making of any such Volta Canada Investment, no  Default or Event of Default shall have occurred and be continuing;  (f) any capital contributions in, or loans or advances to, Volta Charging Germany GmbH, , a  limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of  Germany (“Volta Germany”) (“Volta Germany Investments”), (i) that have been made prior to the  Fourth Amendment Effective Date in an aggregate amount not exceeding an estimated  $874,537.00 , or (ii) made after the Fourth Amendment Effective Date to the extent the aggregate  amount of Volta Germany Investments made after the Fourth Amendment Effective Date do not  exceed $500,000 in the aggregate at any time, provided that, immediately before and immediately  after giving pro forma effect to the making of any such Volta Germany Investment, no Default or  Event of Default shall have occurred and be continuing; or  (g) any capital contributions in, or loans or advances to, Volta France SARL, a limited liability  company (Société A Responsabilité Limitée) organized under the laws of France (“Volta France”)  (“Volta France Investments”), (i) that have been made prior to the Fourth Amendment Effective  Date in an aggregate amount not exceeding an estimated $51,086.00, or (ii) made after the  Fourth Amendment Effective Date to the extent the aggregate amount of Volta France Investments  made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any  time, provided that, immediately before and immediately after giving pro forma effect to the  making of any such Volta France Investment, no Default or Event of Default shall have occurred  and be continuing.  For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or  advance to, any Person located outside of the United States without the prior written consent of  Required Lenders other than as expressly set forth above in this Section 5.3.  5.4 Asset Sales.  Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or  properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback,  synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds;  

 

  34  provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor,  provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the  Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s reasonable  business judgment, no longer economically practicable or commercially desirable to maintain, or  used or useful in its business, in each case, in the ordinary course of business; provided that, with  respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior  written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or  denied.  5.5 Restricted Payments.  Make or permit any Restricted Payment.  5.6 Changes in Nature of Business.  Make any changes in any of its business that would  reasonably be expected to adversely affect repayment of the Obligations or would reasonably be  expected to have a Material Adverse Effect, or engage in any business other than (a) that presently  engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto  and reasonable extensions thereof.  5.7 Transactions with Affiliates.  Enter into any lending, borrowing or other commercial  transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to  employees in the ordinary course of business in an aggregate outstanding amount not exceeding  $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a  transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35).  5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.   Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any  Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted  Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit  Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit  Party, whether now owned or hereafter acquired, securing any of its Obligations (including any  such limitation or restriction in the form of any “equal and ratable” clause and any similar  Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be  granted on such property or any other property), except, for each of clauses (a) and (b) above,  (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any  Obligation) on any property whose acquisition, repair, improvement or construction is financed by  Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual  Obligations governing such Indebtedness with respect thereto.  5.9 Modification of Certain Documents.  Amend, waive, or otherwise modify (a) its charter or  by-laws or other Organizational Documents other than in connection with the issuance of Equity  Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or  any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or  the Lenders.  5.10 Accounting Changes; Fiscal Year.  Change its (a) accounting treatment or reporting  practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its  method for determining Fiscal Quarters.  

 

  35  5.11 Changes to Name, Locations, Etc.  Change (i) its name, Chief Executive Office, corporate  offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral  locations, or location of its records concerning the Collateral from those locations set forth on  Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric  charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its  organization identification number, if any, issued by its state of incorporation or organization or  (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).  5.12 Bank Accounts.  (a) Establish any depository or other bank account of any kind with any  financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close  or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case,  without Agent’s prior written consent.  5.13 Margin Regulations.  Use all or any portion of the proceeds of any credit extended  hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal  Reserve Board.  5.14 Compliance with ERISA.  No Credit Party or ERISA Affiliate shall cause or suffer to exist  (a) any event that would reasonably be expected to result in the imposition of a Lien upon the  assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other  ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the  Credit Parties in excess of $500,000.  5.15 Hazardous Materials.  Cause or suffer to exist any Release of any Hazardous Material at,  to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party  that would violate any Environmental Law, form the basis for any Environmental Liabilities or  otherwise adversely affect the value or marketability of any real property (whether or not owned  by any Credit Party), other than such violations, Environmental Liabilities and effects that would  not, in the aggregate, have a Material Adverse Effect.  5.16 Parent.  Parent shall not (a) acquire any intellectual property, electric vehicle charging  stations or other material assets with an aggregate fair market value in excess of $1,000,000 or  enter into any new agreements other than agreements related to employment, administrative  operations, issuance of equity, Parent’s ownership of the Borrowers, or other agreements similar  in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or  receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit  Party other than in the ordinary course of business.  5.17 Use of Proceeds.  Use all or any of the proceeds of any Loans other than as set forth in  Section 1.3.  For the avoidance of doubt, no proceeds of the Loans shall be used to finance any  electric charging stations in connection with the Brookfield Master Sale Agreement or the  agreements governing Other Permitted Sales.  5.18 Compliance with Anti-Terrorism Laws.  (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any  business or engage in making or receiving any contribution of funds, goods or services to  or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any  

 

  36  transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or  avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the  prohibitions set forth in any Anti-Terrorism Law.  (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any  of the funds of such Credit Party that are used to repay the Loans to be derived from any  unlawful activity with the result that the making of the Loans would be in violation of any  Anti-Terrorism Law.  (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect  interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds  or properties of the Credit Parties that are used to repay the Loans to constitute property of,  or be beneficially owned directly or indirectly by, an Embargoed Person.  (d) Deliver to the Lenders any certification or other evidence requested from time to  time by any Lender in its reasonable discretion, confirming the Credit Parties’ compliance  with this Section 5.18.  (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture  partner or other Person, in furtherance of an offer, payment, promise to pay, or  authorization of the payment or giving of money, or anything else of value, to any Person  in violation of the FCPA or any other applicable anti-corruption law.  5.19 Sale-Leasebacks.  Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic  lease or similar transaction involving any of its assets.  For the avoidance of doubt, Permitted  Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19.  5.20 Leases.  Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a  Chief Executive Office, other office space or warehouse, if after giving effect thereto, the  aggregate annual rental payments for all such leased properties would exceed $700,000 in the  aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter.  For  the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property  used as an electric vehicle charging station location.  5.21 Compensation.  Except as set forth on Disclosure Schedule (5.21), no Credit Party shall,  and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or  similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any  Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable  compensation for actual services rendered to the Credit Parties and their Subsidiaries in the  ordinary course of business.  

 

  37  6. SECURITY INTEREST  6.1 Grant of Security Interest.  (a) As collateral security for the prompt and complete payment and performance of the  Obligations, each of Borrower and each other Credit Party executing this Agreement  hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon  all of its property and assets, whether real or personal, tangible or intangible, and whether  now owned or hereafter acquired, or in which it now has or at any time in the future may  acquire any right, title, or interest, including all of the following property in which it now  has or at any time in the future may acquire any right, title or interest:  (i) all Accounts;  (ii) all deposit accounts;  (iii) all other bank accounts and all funds on deposit therein; all money, cash and  cash equivalents;  (iv) all investment property;  (v) all Stock and all Distributions in respect thereof;  (vi) all goods (including, without limitation, inventory, equipment, and  fixtures);  (vii) all chattel paper, documents and instruments;  (viii) all Books and Records;  (ix) all general intangibles (including, without limitation, all Intellectual  Property, Intellectual Property applications, contract rights, choses in action,  payment intangibles, licenses, Permits, and software, and all rights and interests  under any key man life insurance policies);  (x) all letter-of-credit rights;  (xi) all commercial tort claims;  (xii) all property, including all property of every description, in custody or in  transit for any purpose, including safekeeping, collection or pledge, for the account  of Borrower or any Credit Party or to which Borrower or any Credit Party may have  any right or power, including but not limited to cash;  (xiii) all other goods (including but not limited to fixtures) and personal property,  whether tangible or intangible and wherever located;  

 

  38  (xiv) all supporting obligations and consents and agreements of any kind or  nature that are material to the operation, management, maintenance and conduct of  any Credit Party;  (xv) all Real Property of every kind and nature, including leases; and  (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance  claims and other rights to payment not otherwise included in the foregoing and  products of all and any of the foregoing and all accessions to, substitutions and  replacements for, and rents and profits of, each of the foregoing (all of the  foregoing, collectively, the “Collateral”).  Notwithstanding the foregoing, “Collateral” shall not include:  (i) any property, aircraft, motor  vehicles and other assets subject to certificates of title; (ii) any “intent-to-use” application unless  and until a “statement of use” or “amendment to allege use” is filed and accepted by the U.S. Patent  and Trademark Office or any other filing is made or circumstances otherwise change so that the  interests of the applicable Grantor in such trademarks is no longer on an “intent-to-use” basis, at  which time such trademarks shall automatically be deemed “Collateral” hereunder; (iii) (A) assets  if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or  (y) trigger termination of any agreement, document or instrument pursuant to any “change of  control” or similar provision and (B) any contract, license, franchise or other agreement to the  extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that  such contractual restriction shall not have been created in contemplation of this restriction);  provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to  apply if any such prohibition would be rendered ineffective under the UCC (including  Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States  bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent’s  unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds  thereof (including proceeds from the sale, license, lease or other disposition thereof), including  monies due or to become due under any such lease, license, contract, or agreement (including any  Accounts or other Receivables), or (C) to apply at such time as the condition causing such  prohibition shall be remedied and, to the extent severable, “Collateral” shall include any portion  of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not  result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which  would require governmental consent, approval, license or authorization (unless such consent,  approval, license or authorization has been obtained); (vi) unless such assets are required to be  subject to a Lien in favor of the Agent for the benefit of the Lenders pursuant to Section 3.21(e),  assets located outside the United States or the pledge of which would require registration or other  action outside the United States; (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances  where Borrower and Agent determine in their reasonable discretion that the cost, burden or  consequences (including material adverse tax consequences) of obtaining or perfecting a security  interest in such assets is excessive in relation to the practical benefit afforded thereby; provided,  that for the avoidance of doubt, no Grantor shall be required to enter into any foreign-law governed  security documents in connection with any share pledge, intellectual property registered in any  non-U.S. jurisdiction or any other grant of security interest, in each case under this provided clause  except if assets of a Grantor are required to be subject to a Lien in favor of the Agent for the benefit  of the Lenders pursuant to Section 3.21(e).  Notwithstanding anything herein to the contrary or  

 

  39  any other Loan Document, no Grantor shall be required to make any filings, enter into any  documents or agreements or take any other actions to grant, record or perfect a security interest or  Lien in the Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in  the United States or any of its states, including on any Collateral located outside of the  United States, except if assets of a Grantor are required to be subject to a Lien in favor of the Agent  for the benefit of the Lenders pursuant to Section 3.21(e).  (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement  creates, and is intended to create, valid and continuing Liens upon the Collateral in favor  of Agent for the benefit of the Lenders.  Each Grantor represents, warrants and promises  to Agent and each Lender that:  (i) such Grantor has rights in and the power to transfer each  item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement,  free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the  security interests granted pursuant to this Agreement, upon completion of the filings and  other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other  documents referred to in said Schedule, have been delivered to the Agent in duly executed  form) and the filing of UCC-1 financing statements with respect to the Collateral, will  constitute valid perfected security interests in all of the Collateral in favor of Agent for the  benefit of the Lenders as security for the prompt and complete payment and performance  of the Obligations, enforceable in accordance with the terms hereof against any and all  creditors of and purchasers from any Grantor and such security interests are prior to all  other Liens on the Collateral in existence on the date hereof except for Permitted Liens that  have priority by operation of law; and (iii) no effective security agreement, mortgage, deed  of trust, financing statement, equivalent security or Lien instrument or continuation  statement covering all or any part of the Collateral is or will be on file or of record in any  public office, except those relating to Permitted Liens.  Each Grantor promises to defend  the right, title and interest of Agent in and to the Collateral against the claims and demands  of all Persons.  (c) Each Credit Party confirms that value has been given by the Agent to each such  Credit Party, that each Credit Party has rights in the Collateral (other than after-acquired  property) and that each Credit Party and the Agent have not agreed to postpone the time  for attachment of the security interests created by this Agreement to any of the Collateral.   The security interests created by this Agreement are intended to attach to:  (i) existing  Collateral when each Credit Party executes this Agreement, and (ii) Collateral  subsequently acquired by each Credit Party immediately upon each such Credit Party  acquiring any rights in such Collateral.  6.2 Intentionally Omitted.  6.3 Agent’s Appointment as Attorney-in-fact.  On the Closing Date, each Grantor shall execute  and deliver a Power of Attorney in the form attached as Exhibit D.  The power of attorney granted  pursuant to the Power of Attorney and all powers granted under any Loan Document are powers  coupled with an interest and shall be irrevocable until the Termination Date.  The powers conferred  on Agent under each Power of Attorney are solely to protect Agent’s interests in the Collateral and  shall not impose any duty upon it to exercise any such powers.  Agent agrees not to exercise any  power or authority granted under the Power of Attorney unless an Event of Default has occurred  

 

  40  and is continuing.  Each Grantor also hereby (i) authorizes Agent to file any financing statements,  continuation statements or amendments thereto that (x) cover the Collateral, and (y) contain any  other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office  acceptance of any financing statement, continuation statement or amendment and (ii) ratifies its  authorization for Agent to have filed any such financing statements, if filed prior to the date hereof.   Each Grantor acknowledges that, until the Obligations have been repaid in full, it is not authorized  to file any financing statement or amendment or termination statement with respect to any such  financing statement without the prior written consent of Agent and agrees that it will not do so  without the prior written consent of Agent, subject to such Grantor’s rights under  Section 9-509(d)(2) of the Code.  6.4 Grant of License to Use Intellectual Property Collateral.  Solely for the purpose of enabling  Agent to exercise rights and remedies under Section 7.2 hereof for the benefit of the Lenders  (including, without limiting the terms of Section 7.2 hereof, in order to take possession of, hold,  preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of  Collateral) upon the occurrence and during the continuation of an Event of Default, each Grantor  hereby grants to Agent an irrevocable, non-exclusive license (exercisable upon the occurrence and  during the continuance of an Event of Default without payment of royalty or other compensation  to such Grantor) to use, transfer, license or sublicense any Intellectual Property relating to any of  the Collateral now owned, licensed to, or hereafter acquired by such Grantor, and wherever the  same may be located, and including in such license access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the  compilation or printout thereof, and represents, promises and agrees that any such license or  sublicense is not and will not be in conflict with the contractual or commercial rights of any third  Person; provided, that such license will terminate on the Termination Date.  6.5 Commercial Tort Claims.  As of the date hereof, each Credit Party hereby represents and  warrants that it holds no commercial tort claims other than those listed in Schedule 13 to the  Perfection Certificate.  If any Credit Party shall at any time hold or acquire a commercial tort  claim, such Credit Party shall immediately notify Agent in writing signed by such Credit Party of  the brief details thereof and grant to Agent in such writing a security interest therein and in the  Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and  substance reasonably satisfactory to Agent.  The requirement in the preceding sentence shall not  apply to the extent that the amount of such commercial tort claim, together with the amount of all  other commercial tort claims held by any Credit Party in which Agent does not have a security  interest, does not exceed $500,000 in the aggregate for all Credit Parties.  6.6 Duties of Agent.  Agent’s sole duty with respect to the custody, safekeeping and physical  preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent  deals with similar property for its own account.  The powers conferred on Agent hereunder are  solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to  exercise any such powers.  Agent shall be accountable only for amounts that it receives as a result  of the exercise of such powers, and neither it nor any of its Related Persons shall be responsible to  any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct as finally determined by a court of competent jurisdiction.  In addition, Agent shall  not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the  

 

  41  value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency,  consignee or other bailee if such Person has been selected by Agent in good faith.  7. EVENTS OF DEFAULT:  RIGHTS AND REMEDIES  7.1 Events of Default.  The occurrence of any one or more of the following events (regardless  of the reason therefor) shall constitute an “Event of Default” hereunder which shall be deemed to  be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in  accordance with the terms and conditions of this Agreement:  (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable  or declared due and payable in accordance with the terms hereof; or the Borrower shall fail  to pay interest in respect of the Loan within three (3) Business Days after such interest  becomes due and payable in accordance with the terms hereof; or Borrower shall fail to  pay any other Obligations within five (5) Business Days after any such other Obligation  becomes due and payable in accordance with the terms hereof or any other Loan Document;  or  (b) any representation or warranty in this Agreement or any other Loan Document, or  in any written statement pursuant hereto or thereto, or in any report, financial statement or  certificate made or delivered to Agent by any Borrower or any other Credit Party shall be  untrue or incorrect in any material respect as of the date when made or deemed made,  regardless of whether such breach involves a representation or warranty with respect to a  Credit Party that has not signed this Agreement; or  (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22,  Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of  Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or  (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall  continue unremedied for a period of five (5) Business Days; or  (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or  observe any of the covenants, promises, agreements, requirements, or other terms or  provisions contained in this Agreement or any of the other Loan Documents (other than as  specified in paragraphs (a) through (d) above), and such failure or neglect shall continue  unremedied for a period of thirty (30) days; or  (f) an event of default shall occur under any Contractual Obligation of any Borrower  or any other Credit Party (other than this Agreement and the other Loan Documents), and  such event of default (i) involves the failure to make any payment (whether or not such  payment is blocked pursuant to the terms of an intercreditor agreement or otherwise),  whether of principal, interest or otherwise, and whether due by scheduled maturity,  required prepayment, acceleration, demand or otherwise and such failure continues after  

 

  42  the applicable grace or notice period, if any, specified in the document relating thereto, in  respect of any Indebtedness (other than the Obligations) of such Person in an aggregate  original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such  Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate  original principal amount exceeding $500,000 to become due prior to its stated maturity or  prior to its regularly scheduled date of payment; or  (g) there shall be commenced against any Borrower or any other Credit Party any  Litigation seeking issuance of a warrant of attachment, execution, distraint or similar  process against all or any substantial part of its assets that results in the entry of an order  for any such relief that remains unstayed, undismissed or unbonded for sixty  (60) consecutive days; or any Borrower or any other Credit Party shall have concealed,  removed or permitted to be concealed or removed, any part of its property with intent to  hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its  property or the incurring of an obligation that may be fraudulent under any bankruptcy,  fraudulent transfer or other similar law; or  (h) a case or proceeding shall have been commenced involuntarily against any  Borrower or any other Credit Party in a court having competent jurisdiction seeking a  decree or order:  (i) under the United States Bankruptcy Code or any other applicable  Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the  appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar  official) for such Person or of any substantial part of its properties, or (y) the reorganization  or winding up or liquidation of the affairs of any such Person, and such case or proceeding  shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such  court shall enter a decree or order granting the relief sought in such case or proceeding; or  (ii) invalidating or denying any Person’s right, power, or competence to enter into or  perform any of its obligations under any Loan Document or invalidating or denying the  validity or enforceability of this Agreement or any other Loan Document or any action  taken hereunder or thereunder; or  (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or  other action under any existing or future law of any jurisdiction, domestic or foreign,  relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors,  seeking to have an order for relief entered with respect to it or seeking appointment of a  custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or  any substantial part of its properties, (ii) make a general assignment for the benefit of  creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to,  approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1  or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or  shall be generally unable to, pay its debts as such debts become due; or  (j) a final judgment or judgments for the payment of money in excess of $500,000 in  the aggregate shall be rendered against any Borrower or any other Credit Party, unless the  same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have  not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period  of thirty (30) days from the date of such judgment; or  

 

  43  (k) any provision of any Loan Document shall for any reason cease to be valid, binding  and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan  Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid  and perfected Lien having the first priority (or a lesser priority if expressly permitted in the  Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the  foregoing); or  (l) a Change of Control shall have occurred with respect to any Credit Party; or  (m) an ERISA Event shall have occurred that, when taken together with all other ERISA  Events that have occurred and are then continuing, would reasonably be expected to have  Material Adverse Effect; or  (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or  facilities of the Credit Parties generating more than fifty percent (50%) of Borrower’s  consolidated revenue for the Fiscal Year preceding such event and such cessation or  curtailment continues for more than thirty (30) days; or  (o) an event of default shall occur under any other Loan Document; or  (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan  Documents is limited or terminated by operation of law or by such Guarantor (other than  in accordance with the terms of this Agreement).  7.2 Remedies.  (a) If any Default shall have occurred and be continuing, then each Lender may  suspend its commitment hereunder to make the Term Loan.  In addition, if any Event of  Default shall have occurred and be continuing, Agent may, and at the direction of Required  Lenders, shall, take any one or more of the following actions:  (i) by notice to Borrower  declare all or any portion of the Obligations to be forthwith due and payable, whereupon  such Obligations shall become and be due and payable; or (ii) exercise any rights and  remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at  law or equity, including all remedies provided under the Code; provided, that upon the  occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i),  the Obligations shall become immediately due and payable (and any obligation of the  Lenders to make the Loan, if not previously terminated, shall immediately be terminated)  without declaration, notice or demand by Agent.  (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that  upon the occurrence and during the continuance of any Event of Default, Agent may  collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof,  and may forthwith sell, lease, assign, give an option or options to purchase or otherwise  dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or  more parcels at public or private sale or sales, at any exchange at such prices as it may  deem best, for cash or on credit or for future delivery without assumption of any credit risk.   Agent shall have the right upon any such public sale, to the extent permitted by law, to  

 

  44  purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free  of any right of equity of redemption, which right each Grantor hereby releases.  Such sales  may be adjourned, or continued from time to time with or without notice.  Agent shall have  the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the  right to use any Grantor’s premises without rent or other charge for such sales or other  action with respect to the Collateral for such time as Agent deems necessary or advisable.  (c) Upon the occurrence and during the continuance of an Event of Default and at  Agent’s request, Borrower and each other Grantor further agrees, to assemble the Collateral  and make it available to Agent at places that Agent shall reasonably select, whether at its  premises or elsewhere.  During the continuance of an Event of Default, until Agent is able  to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to  complete, assemble, use or operate the Collateral or any part thereof, to the extent that  Agent deems appropriate, for the purpose of preserving such Collateral or its value or for  any other purpose.  Agent shall have no obligation to any Grantor to maintain or preserve  the rights of any Grantor as against third parties with respect to any Collateral while such  Collateral is in the possession of Agent.  During the continuance of an Event of Default,  Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession  of any Collateral and to enforce any of Agent’s or the Lenders’ remedies with respect  thereto without prior notice or hearing.  To the maximum extent permitted by applicable  law, Borrower and each other Grantor waives all claims, damages, and demands against  Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them  arising out of the repossession, retention or sale of any Collateral except such as are  determined in a final judgment by a court of competent jurisdiction to have arisen solely  out of the gross negligence or willful misconduct of such Person.  Borrower and each other  Grantor agrees that ten (10) days’ prior notice by Agent to such Grantor of the time and  place of any public sale or of the time after which a private sale may take place is reasonable  notification of such matters.  Borrower and each other Grantor shall remain liable for any  deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay  all amounts to which Agent and each Lender are entitled.  (d) Agent’s and each Lender’s rights and remedies under this Agreement shall be  cumulative and nonexclusive of any other rights and remedies that Agent and each Lender  may have under any Loan Document or at law or in equity.  Recourse to the Collateral shall  not be required.  All provisions of this Agreement are intended to be subject to all  applicable mandatory provisions of law that may be controlling and to be limited, to the  extent necessary, so that they do not render this Agreement invalid or unenforceable, in  whole or in part.  7.3 Waivers by Credit Parties.  Except as otherwise provided for in this Agreement and to the  fullest extent permitted by applicable law, Borrower and each other Credit Party executing this  Agreement waives:  (a) presentment, demand and protest, and notice of presentment, dishonor,  intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,  extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to  Agent’s taking possession or control of, or to Agent’s replevy, attachment or levy upon, any  Collateral or any bond or security that might be required by any court prior to allowing Agent or  any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,  

 

  45  marshaling and exemption laws.  Borrower and each other Credit Party executing this Agreement  acknowledges that it has been advised by counsel of its choices and decisions with respect to this  Agreement, the other Loan Documents and the transactions evidenced hereby and thereby.  7.4 Proceeds.  The Proceeds of any sale, disposition or other realization upon any Collateral  during the continuance of an Event of Default shall be applied by Agent upon receipt to the  Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and  satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other  amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the  Code (but only after Agent has received what Agent considers reasonable proof of a subordinate  party’s security interest), the surplus, if any, shall be paid to the applicable Grantor or its  representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of  competent jurisdiction may direct.  In the event that any such Proceeds are insufficient to pay the  Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.  8. SUCCESSORS AND ASSIGNS  (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower  and each other Credit Party executing such Loan Document, Agent, each Lender, and their  respective successors and assigns, except as otherwise provided herein or therein.  If more  than one party signs this instrument as Borrower, then the term “Borrower” as used herein  shall mean all of such parties, jointly and severally.  Neither Borrower nor any other Credit  Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits,  obligations or duties under any Loan Document without the prior express written consent  of Agent (at the direction of Required Lenders).  Any such purported conveyance by  Borrower or such Credit Party without the prior express written consent of Agent shall be  void.  There shall be no third party beneficiaries of any of the terms and provisions of any  of the Loan Documents.  Each Lender reserves the right at any time create and sell  participations in the Loan and the Loan Documents to any other Person (a “Participant”)  without the consent of any Credit Party and, with the prior written consent of Borrower  (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed,  (ii) be deemed given if Borrower does not respond to a request for consent within five  (5) Business Days from the date of such request, (iii) not be required in the case of an  assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not  be required if an Event of Default has occurred and is continuing) to sell, transfer or assign  any or all of its rights in the Loan and under the Loan Documents to any other Person (an  “Assignee”).  Any such sale, transfer or assignment shall be effected by a written  assignment agreement substantially in the form of Exhibit J attached hereto (an  “Assignment Agreement”) delivered by such Assignee to Agent and such Assignee shall  pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent  on the effective date of each such Assignment Agreement.  Agent shall, acting solely for  this purpose as an agent of Borrower, maintain at one of its offices a copy of each  Assignment Agreement delivered to it and a register for the recordation of the names and  addresses of each Lender and the principal amount of the Term Loan owing to each Lender  pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register  shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat  each Person whose name is recorded in the Register pursuant to the terms hereof as a  

 

  46  Lender hereunder for all purposes of this Agreement.  Any assignment of the Term Loan,  whether or not evidenced by a Note, shall be effective only upon appropriate entries with  respect thereto being made in the Register.  Any assignment or transfer of all or part of the  Term Loan evidenced by a Note shall be registered on the Register only upon surrender for  registration of assignment or transfer of such Note evidencing the Loan, accompanied by  a duly executed Assignment Agreement or transfer; thereupon a new Note in the same  aggregate principal amount shall be issued to the designated Assignee, and the old Note  shall be returned to Borrower marked “canceled.”  The Register shall be available for  inspection by Borrower at any reasonable time and from time to time upon reasonable prior  notice.  Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under the Loan Documents (the “Participant  Register”); provided that no Lender shall have any obligation to disclose all or any portion  of the Participant Register (including the identity of any Participant or any information  relating to a Participant’s interest in any commitments, loans, letters of credit or its other  obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest  error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its  capacity as Agent) shall have no responsibility for maintaining a Participant Register.  (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to Borrower and  Agent, at the time or times reasonably requested by Borrower or Agent, such properly  completed and executed documentation reasonably requested by Borrower or Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such  other documentation prescribed by applicable law or reasonably requested by Borrower or  Agent as will enable Borrower or Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything  to the contrary in the preceding two sentences, the completion, execution and submission  of such documentation (other than such documentation set forth in paragraphs (i), (ii)  and (iv) of this Section 8(b)) shall not be required if in the Lender’s reasonable judgment  such completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.  Without limiting the generality of the foregoing, in the event that  Borrower is a U.S. Borrower:  (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or  about the date on which such Lender becomes a Lender under this Agreement (and  from time to time thereafter upon the reasonable request of Borrower or Agent),  executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S.  federal backup withholding tax;  

 

  47  (ii) any Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the  extent it is legally entitled to do so, deliver to the Borrower and the Administrative  Agent (in such number of copies as shall be requested by the recipient) on or about  the date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the Borrower or  the Administrative Agent), whichever of the following is applicable:  (A) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (B) executed copies of IRS Form W-8ECI;  (C) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the IRC,  (x) a certificate to the effect that such Foreign Lender is not a “bank”  within the meaning of Section 881(c)(3)(A) of the IRC, a  “10 percent shareholder” of Borrower within the meaning of  Section 871(h)(3)(B) of the IRC, or a “controlled foreign  corporation” related to Borrower as described in  Section 881(c)(3)(C) of the IRC (a “U.S. Tax Compliance  Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS  Form W 8BEN-E; or  (D) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance  Certificate, IRS Form W-9, and/or other certification documents  from each beneficial owner, as applicable; provided that if the  Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest  exemption, such Foreign Lender may provide a U.S. Tax  Compliance Certificate on behalf of each such direct and indirect  partner;  (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver  to Borrower and Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request  

 

  48  of Borrower or Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit Borrower or Agent  to determine the withholding or deduction required to be made; and  (iv) if a payment made to a Lender under any Loan Document would be subject  to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to  comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender  shall deliver to Borrower and Agent at the time or times prescribed by law and at  such time or times reasonably requested by Borrower or Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)  of the IRC) and such additional documentation reasonably requested by Borrower  or Agent as may be necessary for Borrower and Agent to comply with their  obligations under FATCA and to determine that such Lender has complied with  such Lender’s obligations under FATCA or to determine the amount, if any, to  deduct and withhold from such payment.  Solely for purposes of this clause (iii),  “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify Borrower and Agent in writing of its legal inability to do so.  9. AGENT  9.1 Appointment and Duties.  (a) Appointment of Agent.  Each Lender hereby appoints EICF AGENT LLC (together  with any successor Agent pursuant to Section 9.9) as Agent hereunder and authorizes  Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its  behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights,  powers and remedies and perform the duties as are expressly delegated to Agent under such  Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.  (b) Duties as Collateral and Disbursing Agent.  Without limiting the generality of  clause (a) above, Agent shall have the sole and exclusive right and authority (to the  exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and  collecting agent for the Lenders with respect to all payments and collections arising in  connection with the Loan Documents (including in any proceeding described in  Section 7.1(h) or (i) or any other bankruptcy, insolvency or similar proceeding), and each  Person making any payment in connection with any Loan Document to any Lender is  hereby authorized to make such payment to Agent, (ii) file and prove claims and file other  documents necessary or desirable to allow the claims of the Lenders with respect to any  Obligation in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy,  insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of  

 

  49  such Lender), (iii) act as collateral agent for each Lender for purposes of the perfection of  all Liens created by such agreements and all other purposes stated therein, (iv) manage,  supervise and otherwise deal with the Collateral, (v) take such other action as is necessary  or desirable to maintain the perfection and priority of the Liens created or purported to be  created by the Loan Documents, (vi) except as may be otherwise specified in any Loan  Document, exercise all remedies given to Agent and the other Lenders with respect to the  Collateral, whether under the Loan Documents, applicable Requirements of Law or  otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents  on behalf of any Lender that has consented in writing to such amendment, consent or  waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender  to act as collateral sub-agent for Agent and the Lenders for purposes of the perfection of  all Liens with respect to the Collateral, including any deposit account maintained by a  Credit Party with, and cash and cash equivalents held by, such Lender, and may further  authorize and direct the Lenders to take further actions as collateral sub-agents for purposes  of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and  each Lender hereby agrees to take such further actions to the extent, and only to the extent,  so authorized and directed.  (c) Limited Duties.  Under the Loan Documents, Agent (i) is acting solely on behalf of  the Lenders, with duties that are entirely administrative in nature, notwithstanding the use  of the defined term “Agent”, the terms “agent”, “administrative agent” and “collateral  agent” and similar terms in any Loan Document to refer to Agent, which terms are used  for title purposes only, (ii) is not assuming any obligation under any Loan Document other  than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any  Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or  other liabilities under any Loan Document, and each Lender hereby waives and agrees not  to assert any claim against Agent based on the roles, duties and legal relationships expressly  disclaimed in clauses (i) through (iii) above.  9.2 Binding Effect.  Each Lender agrees that (i) any action taken by Agent or the Required  Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with  the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the  instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the  exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the  powers set forth herein or therein, together with such other powers as are reasonably incidental  thereto, shall be authorized and binding upon all of the Lenders.  9.3 Use of Discretion.  (a) No Action without Instructions.  Agent shall not be required to exercise any  discretion or take, or to omit to take, any action, including with respect to enforcement or  collection, except any action it is required to take or omit to take (i) under any Loan  Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly  required by the terms of this Agreement, a greater proportion of the Lenders).  (b) Right Not to Follow Certain Instructions.  Notwithstanding clause (a) above, Agent  shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent  

 

  50  receives an indemnification satisfactory to it from the Lenders against all costs, expenses,  claims, actions or liabilities that, by reason of such action or omission, may be imposed on,  incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the  opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement  of Law.  9.4 Delegation of Rights and Duties.  Agent may, upon any term or condition it specifies,  delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of  its duties or any other action with respect to, any Loan Document by or through any trustee, co- agent, employee, attorney-in-fact and any other Person (including any Lender).  Any such Person  shall benefit from this Section 9 to the extent provided by Agent.  9.5 Reliance and Liability.  (a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note  as its holder until such Note has been assigned in accordance with Section 8(a), (ii) rely on  the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related  Persons and, whether or not selected by it, any other advisors, accountants and other experts  (including advisors to, and accountants and experts engaged by, any Credit Party) and  (iv) rely and act upon any document and information (including those transmitted by  electronic transmission) and any telephone message or conversation, in each case believed  by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate  parties.  (b) None of Agent and its Related Persons shall be liable for any action taken or omitted  to be taken by any of them under or in connection with any Loan Document (x) with the  consent or at the request of the Required Lenders (or such other number or percentage of  the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary,  under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own  gross negligence or willful misconduct, and each Lender, Borrower and each other Credit  Party to this Agreement hereby waive and shall not assert any right, claim or cause of action  based thereon, except to the extent of liabilities resulting primarily from the gross  negligence or willful misconduct of Agent or, as the case may be, such Related Person  (each as determined in a final, non-appealable judgment by a court of competent  jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the  foregoing, Agent:  (i) shall not be responsible or otherwise incur liability for any action or  omission taken in reliance upon the instructions of the Required Lenders or for the  actions or omissions of any of its Related Persons selected with reasonable care  (other than employees, officers and directors of Agent, when acting on behalf of  Agent);  (ii) shall not be responsible to any Lender for the due execution, legality,  validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the  attachment, perfection or priority of any Lien created or purported to be created  under or in connection with, any Loan Document;  

 

  51  (iii) makes no warranty or representation, and shall not be responsible, to any  Lender for any statement, document, information, representation or warranty made  or furnished by or on behalf of any Related Person or any Credit Party in connection  with any Loan Document or any transaction contemplated therein or any other  document or information with respect to any Credit Party, whether or not  transmitted or (except for documents expressly required under any Loan Document  to be transmitted to the Lenders) omitted to be transmitted by Agent, including as  to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or  results of any due diligence performed by Agent in connection with the Loan  Documents; and  (iv) shall not have any duty to ascertain or to inquire as to the performance or  observance of any provision of any Loan Document, whether any condition set  forth in any Loan Document is satisfied or waived, as to the financial condition of  any Credit Party or as to the existence or continuation or possible occurrence or  continuation of any Default and shall not be deemed to have notice or knowledge  of such occurrence or continuation unless it has received a notice from Borrower  or any Lender describing such Default clearly labeled “notice of default” (in which  case Agent shall promptly give notice of such receipt to all Lenders);  and, for each of the items set forth in clauses (i) through (iv) above, each Lender and  Borrower and each other Credit Party to this Agreement hereby waives and agrees not to  assert any right, claim or cause of action it might have against Agent based thereon, except  to the extent such right, claim or cause of action arises from the gross negligence or willful  misconduct of Agent, as determined in a final, non-appealable judgment by a court of  competent jurisdiction.  9.6 Agent Individually.  Agent and its Affiliates may make loans and other extensions of credit  to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as  though it were not acting as Agent and may receive separate fees and other payments therefor.  To  the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder,  it shall have and may exercise the same rights and powers hereunder and shall be subject to the  same obligations and liabilities as any other Lender and the terms “Lender”, “Required Lender”  and any similar terms shall, except where otherwise expressly provided in any Loan Document,  include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity  as Lender or as one of the Required Lenders.  9.7 Intentionally Omitted.  9.8 Expenses; Indemnities.  (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the  extent not reimbursed by any Credit Party) promptly upon demand for such Lender’s pro  rata share with respect to the Loan of any costs and expenses (including fees, charges and  disbursements of financial, legal and other advisors and taxes paid in the name of, or on  behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in  connection with the preparation, syndication, execution, delivery, administration,  

 

  52  modification, consent, waiver or enforcement (whether through negotiations, through any  work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or  legal advice in respect of its rights or responsibilities under, any Loan Document.  (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to  the extent not reimbursed by any Credit Party), from and against such Lender’s aggregate  pro rata share with respect to the Loan of the costs, expenses, claims and liabilities  (including taxes, interests and penalties imposed for not properly withholding or backup  withholding on payments made to on or for the account of any Lender) that may be imposed  on, incurred by or asserted against Agent or any of its Related Persons in any matter relating  to or arising out of, in connection with or as a result of any Loan Document, or any other  act, event or transaction related, contemplated in or attendant to any such document, or, in  each case, any action taken or omitted to be taken by Agent or any of its Related Persons  under or with respect to any of the foregoing; provided, however, that no Lender shall be  liable to Agent or any of its Related Persons to the extent such liability has resulted  primarily from the gross negligence or willful misconduct of Agent or, as the case may be,  such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order.  9.9 Resignation of Agent.  (a) Agent may resign at any time by delivering notice of such resignation to the  Lenders and Borrower, effective on the date set forth in such notice or, if not such date is  set forth therein, upon the date such notice shall be effective.  If Agent delivers any such  notice, the Required Lenders shall have the right to appoint a successor Agent.  If, within  forty-five (45) days after the retiring Agent having given notice of resignation, no  successor Agent has been appointed by the Required Lenders that has accepted such  appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor  Agent from among the Lenders.  Each appointment under this clause (a) shall be subject to  the prior consent of Borrower, which may not be unreasonably withheld but shall not be  required during the continuance of a Default.  (b) Effective immediately upon its resignation, (i) the retiring Agent shall be  discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall  assume and perform all of the duties of Agent until a successor Agent shall have accepted  a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no  longer have the benefit of any provision of any Loan Document other than with respect to  any actions taken or omitted to be taken while such retiring Agent was, or because such  Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its  rights under Section 9.3, the retiring Agent shall take such action as may be reasonably  necessary to assign to the successor Agent its rights as Agent under the Loan Documents.   Effective immediately upon its acceptance of a valid appointment as Agent, a successor  Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties  of the retiring Agent under the Loan Documents.  9.10 Release of Collateral.  Each Lender hereby consents to the release and hereby directs Agent  to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for  

 

  53  the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale  permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any  property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all  of the Collateral and all Credit Parties, upon the Termination Date.  Each Lender hereby directs  Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to  execute and deliver or file such documents and to perform other actions reasonably necessary to  release the Liens when and as directed in this Section 9.10.  10. MISCELLANEOUS  10.1 Complete Agreement; Modification of Agreement.  (a) This Agreement and the other Loan Documents constitute the complete agreement  between the parties with respect to the subject matter hereof and thereof, supersede all prior  agreements, commitments, understandings or inducements (oral or written, expressed or  implied).  Borrower and each other Credit Party executing this Agreement or any other  Loan Document shall have all duties and obligations under this Agreement and such other  Loan Documents from the date of its execution and delivery, regardless of whether the  Loan has been funded at that time.  (b) No amendment or waiver of any provision of any Loan Document and no consent  to any departure by any Credit Party therefrom shall be effective unless the same shall be  in writing and signed (1) in the case of an amendment, consent or waiver to cure any  ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the  Lenders or extending an existing Lien over additional property, by Agent and Borrower  and any other Credit Party which is a party to such agreement, (2) in the case of any other  waiver or consent, by the Required Lenders (or by Agent with the consent of the Required  Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent  with the consent of the Required Lenders) and Borrower and any other Credit Party which  is a party to such agreement; provided, however, that no amendment, consent or waiver  described in clause (2) or (3) above shall, unless in writing and signed by each Lender  directly affected thereby (or by Agent with the consent of such Lender), in addition to any  other Person the signature of which is otherwise required pursuant to any Loan Document,  do any of the following:  (i) waive any condition specified in Section 2.1, except any condition referring  to any other provision of any Loan Document;  (ii) increase the Term Loan Commitment of such Lender or subject such Lender  to any additional material obligation;  (iii) reduce (including through release, forgiveness, assignment or otherwise)  (A) the principal amount of, the interest rate on, or any obligation of Borrower to  repay (whether or not on a fixed date), any outstanding Loan owing to such Lender,  or (B) any Fee or accrued interest payable to such Lender; provided, however, that  this clause (iii) does not apply to any change to any provision increasing any  

 

  54  interest rate or Fee during the continuance of a Default or to any payment of any  such increase;  (iv) waive or postpone any scheduled maturity date or other scheduled date fixed  for the payment, in whole or in part, of principal of or interest on any Term Loan  or Fee owing to such Lender or for the reduction of such Lender’s Term Loan  Commitment; provided, however, that this clause (iv) does not apply to any change  to Mandatory Prepayments, including those required under Section 1.2, or to the  application of any payment, including as set forth in Section 1.8;  (v) except as provided in Section 9.10, release any material portion of the  Collateral or any Guarantor from its guarantee of any Obligation of Borrower;  (vi) reduce or increase the proportion of Lenders required for the Lenders (or  any subset thereof) to take any action hereunder or change the definition of the term  “Required Lenders”; or  (vii) amend Section 10.14 or this Section 10.1;  and provided, further, that (x)(A) any waiver of any payment applied pursuant to  Section 1.8 to, and any modification of the application of any such payment to the Term  Loan shall require the consent of the Required Lenders, and (B) any change to the  definition of the term “Required Lenders” shall require the consent of the Required  Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any  Loan Document of, or any payment to, Agent (or otherwise modify any provision of  Section 9 or the application thereof) unless in writing and signed by Agent in addition to  any signature otherwise required and (z) the consent of Borrower shall not be required to  change any order of priority set forth in Section 1.8.  (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment,  modification, waiver, consent, termination, or release of, or with respect to, any provision  of this Agreement or any other Loan Document that relates only to the relationship of the  Lenders among themselves, and that does not affect the rights or obligations of Borrower,  shall not require consent by or the agreement of Borrower; provided, however, that Agent  shall promptly give notice to Borrower of any agreement pursuant to this provision.  (d) Each waiver or consent under any Loan Document shall be effective only in the  specific instance and for the specific purpose for which it was given.  No notice to or  demand on any Credit Party shall entitle any Credit Party to any notice or demand in the  same, similar or other circumstances.  No failure on the part of any Lender to exercise, and  no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any  single or partial exercise of any such right preclude any other or further exercise thereof or  the exercise of any other right.  10.2 Expenses.  Borrower agrees to pay or reimburse Agent (but not any Assignee or  Participants) for reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection  therewith), incurred in connection with:  (a) the preparation, negotiation, execution, delivery,  

 

  55  performance and enforcement of the Loan Documents and the preservation of any rights  thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other  modification with respect to any Loan Document or advice in connection with the administration  of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action  (whether instituted by or between any combination of Agent, any Lender, Borrower or any other  Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document,  or any action taken or any other agreements to be executed or delivered in connection therewith,  whether as a party, witness or otherwise, provided however, that upon the occurrence and during  the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any  Assignee or Participants) for all additional costs and expenses (including the reasonable fees and  expenses of all counsel, advisors, consultants and auditors retained in connection therewith),  incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess  Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect,  evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.  10.3 No Waiver.  Neither Agent’s failure, at any time, to require strict performance by Borrower  or any other Credit Party of any provision of any Loan Document, nor Agent’s or any Lender’s  failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall  operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter  to demand strict compliance and performance therewith.  No single or partial exercise of any right,  power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of  any other right, power or privilege.  Any suspension or waiver of a Default or other provision  under the Loan Documents shall not suspend, waive or affect any other Default or other provision  under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent  or any Lender would otherwise have had on any future occasion.  None of the undertakings,  indemnities, agreements, warranties, covenants and representations of Borrower or any other  Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower  or any other Credit Party under any Loan Document shall be deemed to have been suspended or  waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing  signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and  directed to Borrower, specifying such suspension or waiver (and then such waiver shall be  effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by  any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed  to have waived any of its rights or remedies hereunder.  10.4 Severability; Section Titles.  Wherever possible, each provision of the Loan Documents  shall be interpreted in such manner as to be effective and valid under applicable law, but if any  provision of any Loan Document shall be 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 such Loan Document.  Except as  otherwise expressly provided for in the Loan Documents, no termination or cancellation  (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall  in any way affect or impair the Obligations, duties, covenants, representations and warranties,  indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any  Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated),  or any transaction or event occurring prior to such termination, or any transaction or event, the  performance of which is not required until after the Maturity Date, all of which shall not terminate  

 

  56  or expire, but rather shall survive such termination or cancellation and shall continue in full force  and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties  under the Loan Documents shall survive the Termination Date.  The Section titles contained in  any Loan Document are and shall be without substantive meaning or content of any kind  whatsoever and are not a part of the agreement between parties hereto.  10.5 Authorized Signature.  Until Agent shall be notified in writing by Borrower or any other  Credit Party to the contrary, the signature upon any document or instrument delivered pursuant  hereto and believed by Agent or any of Agent’s officers, agents, or employees to be that of an  officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and  be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in  accordance with resolutions duly adopted by Borrower’s or such other Credit Party’s Board of  Directors, and Agent shall be entitled to assume the authority of each signature and authority of  the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall  have actual knowledge to the contrary.  10.6 Notices.  Except as otherwise provided herein, whenever any notice, demand, request or  other communication shall or may be given to or served upon any party by any other party, or  whenever any party desires to give or serve upon any other party any communication with respect  to this Agreement or any other Loan Document, each communication shall be in writing and shall  be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and  three (3) Business Days after deposit in the United States Mail, registered or certified mail, return  receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or  other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by  delivery of a copy by personal delivery or United States Mail as otherwise provided in this  Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all  charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be  notified and sent to the address or facsimile number indicated in Schedule C or to such other  address (or facsimile number) as may be substituted by notice given as herein provided.  Failure  or delay in delivering copies of any such communication to any Person (other than Borrower, any  other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no  way adversely affect the effectiveness of such communication.  10.7 Counterparts.  Any Loan Document may be authenticated in any number of separate  counterparts by any one or more of the parties thereto, and all of said counterparts taken together  shall constitute one and the same instrument.  Any Loan Document may be authenticated by  manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which  shall be equally valid.  10.8 Time of the Essence.  Time is of the essence for performance of the Obligations under the  Loan Documents.  10.9 GOVERNING LAW.  THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING  UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND  ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT  

 

  57  REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER  THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK.  10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY  EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES  THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL  HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS  OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY  LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN  DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS  AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT  THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE  THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A  COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO  PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL  ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO  REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE  OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN  FAVOR OF SUCH LENDER.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS  AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR  SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH  CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED  UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM  NON CONVENIENS.  AGENT, LENDERS, BORROWER AND EACH OTHER  CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES  PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS  ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH  SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY  REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER,  BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN  SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE  DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER,  BORROWER’S OR SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR  THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER  POSTAGE PREPAID.  (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,  WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY  LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF,  CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP  ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN  DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.  

 

  58  10.11 Press Releases.  Neither any Credit Party nor any of its Affiliates will in the future issue  any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or  its Affiliates without at least two (2) Business Days’ prior notice to Agent and without the prior  written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is  required to do so under law and then, in any event, such Credit Party or Affiliate will consult with  Agent before issuing such press release or other public disclosure; provided that for purposes of  this Section 10.11 only, the term “Affiliate” shall refer to any Person that, directly or indirectly,  owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty  percent (20%) or more of Stock having ordinary voting power for the election of directors of any  Credit Party or (ii) each other Person that controls, is controlled by or is under common control  with such Credit Party or any Affiliate of such Credit Party.  Notwithstanding anything to the  contrary in this Section 10.11, any Credit Party may make such public disclosures with respect to  the transactions contemplated by the Loan Documents in connection with all regular and periodic  reports (including without limitation any Form 8-Ks) and all registration statements and  prospectuses, if any, filed by any Credit Party with any securities exchange or with the Securities  and Exchange Commission or any governmental or private regulatory authority.  The Borrower  hereby authorizes Agent to disclose Agent’s participation in this Agreement or the other Loan  Documents in its marketing, sales materials, printed media, tombstones or web-based material.  10.12 Reinstatement.  This Agreement shall continue to be effective, or be reinstated, as the case  may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise  be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution,  liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though  such payments had not been made.  10.13 USA PATRIOT Act Notice and Customer Verification.  Each Lender that is subject to the  USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify  Borrower that pursuant to the “know your customer” regulations and the requirements of the USA  PATRIOT Act, they are required to obtain, verify and record information that identifies each  Credit Party, which information includes the name, address and tax identification number (and  other identifying information in the event this information is insufficient to complete verification)  that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party.   This information must be delivered to such Lender and Agent no later than five days prior to the  Closing Date and thereafter promptly upon request.  This notice is given in accordance with the  requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent.  10.14 Sharing of Payments, Etc.  If any Lender, directly or through an Affiliate or branch office  thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary  or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as  defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment  exceeds the amount such Lender would have been entitled to receive if all payments had gone to,  and been distributed by, Agent in accordance with the provisions of the Loan Documents, such  Lender shall purchase for cash from other Lenders such participations in their Obligations as  necessary for such Lender to share such excess payment with such Lenders to ensure such payment  is applied as though it had been received by Agent and applied in accordance with this Agreement  (or, if such application would then be at the discretion of Borrower, applied to repay the  Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or  

 

  59  otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and  the purchase price therefor shall be returned to such Lender without interest and (b) such Lender  shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its  rights of payment (including the right of setoff) with respect to such participation as fully as if  such Lender were the direct creditor of Borrower in the amount of such participation.  10.15 Intentionally Omitted.  10.16 Confidentiality Agreements.  With respect to any confidentiality agreements between the  Parties, notwithstanding any requirements or obligations of Agent to destroy or return  documentation or proprietary information related to Credit Parties, Agent will retain copies of any  such documentation or information necessary to comply with the Investment Company Act of  1940 or other applicable laws.  11. GUARANTEE  11.1 The Guarantee.  The Guarantors hereby jointly and severally guarantee, as a primary  obligor and not as a surety to Agent and the Lenders and their respective successors and assigns,  the prompt payment in full when due (whether at stated maturity, by required prepayment,  declaration, demand, by acceleration or otherwise) of the principal of and interest on (including  any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the  United States Code after any bankruptcy or insolvency petition under Title 11 of the United States  Code whether or not any such interest, fees, costs or charges are allowed in any proceeding  thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower,  and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party  under any Loan Document (such obligations being herein collectively called the “Guaranteed  Obligations”).  The Guarantors hereby jointly and severally agree that if Borrower or other  Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or  otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash,  without any demand or notice whatsoever, and that in the case of any extension of time of payment  or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due  (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such  extension or renewal.  11.2 Obligations Unconditional.  The obligations of the Guarantors under Section 11.1 shall  constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements  of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,  genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower  under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein  or therein, or any substitution, release or exchange of any other guarantee of or security for any of  the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might  otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for  payment in full).  Without limiting the generality of the foregoing, it is agreed that the occurrence  of any one or more of the following shall not alter or impair the liability of the Guarantors  hereunder which shall remain absolute, irrevocable and unconditional under any and all  circumstances as described above:  

 

  60  (a) at any time or from time to time, without notice to the Guarantors, the time for any  performance of or compliance with any of the Guaranteed Obligations shall be extended,  or such performance or compliance shall be waived;  (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes,  if any, or any other agreement or instrument referred to herein or therein shall be done or  omitted;  (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of  the Guaranteed Obligations shall be amended in any respect, or any right under the Loan  Documents or any other agreement or instrument referred to herein or therein shall be  amended or waived in any respect or any other guarantee of any of the Guaranteed  Obligations or any security therefor shall be released or exchanged in whole or in part or  otherwise dealt with;  (d) any Lien or security interest granted to, or in favor of any Lender or Agent as  security for any of the Guaranteed Obligations shall fail to be perfected; or  (e) the release of any other Guarantor pursuant to Section 11.9.  The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and  all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or  remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other  agreement or instrument referred to herein or therein, or against any other person under any other  guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive any and  all notice of the creation, renewal, extension, waiver, termination or accrual of any of the  Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this  Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall  conclusively be deemed to have been created, contracted or incurred in reliance upon this  Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be  conclusively presumed to have been had or consummated in reliance upon this Guarantee.  This  Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of  payment without regard to any right of offset with respect to the Guaranteed Obligations at any  time or from time to time held by Agent or any Lender, and the obligations and liabilities of the  Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any  Lender or any other person at any time of any right or remedy against Borrower or against any  other person which may be or become liable in respect of all or any part of the Guaranteed  Obligations or against any collateral security or guarantee therefor or right of offset with respect  thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with  and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall  inure to the benefit of Agent and the Lenders, and their respective successors and assigns.  11.3 Reinstatement.  The obligations of the Guarantors under this Article XI shall be  automatically reinstated if and to the extent that for any reason any payment by or on behalf of  Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be  otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any  proceedings in bankruptcy or reorganization or otherwise.  

 

  61  11.4 Subrogation; Subordination.  Each Guarantor hereby agrees that until the indefeasible  payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and  shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by  it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any  Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed  Obligations.  Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be  subordinated to such Credit Party’s Obligations in the manner set forth in the intercompany note,  if any, evidencing such Indebtedness.  11.5 Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors and  the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be  declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have  become automatically due and payable in the circumstances provided in Section 7.2) for purposes  of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such  declaration (or such obligations from becoming automatically due and payable) as against  Borrower and that, in the event of such declaration (or such obligations being deemed to have  become automatically due and payable), such obligations (whether or not due and payable by  Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1.  11.6 Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the  guarantee in this Article XI constitutes an instrument for the payment of money, and consents and  agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in  the payment of any moneys due hereunder, shall have the right to bring a motion-action under New  York CPLR Section 3213.  11.7 Continuing Guarantee.  The guarantee in this Article XI is a continuing guarantee of  payment, and shall apply to all Guaranteed Obligations whenever arising.  11.8 General Limitation on Guarantee Obligations.  In any action or proceeding involving any  state corporate limited partnership or limited liability company law, or any applicable state, federal  or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors  generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or  determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any  other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding  any other provision to the contrary, the amount of such liability shall, without any further action  by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to  the highest amount (after giving effect to the right of contribution established in Section 11.10)  that is valid and enforceable and not subordinated to the claims of other creditors as determined in  such action or proceeding.  11.9 Release of Guarantors.  If, in compliance with the terms and provisions of the Loan  Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise  transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a  Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be  automatically released from its obligations under this Agreement (including under Section 10.2  hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan  Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall  

 

  62  be automatically released, and, so long as Borrower shall have provided Agent such certifications  or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to  effect each release described in this Section 11.9 in accordance with the relevant provisions of the  Loan Documents, so long as Borrower shall have provided Agent such certifications or documents  as Agent shall reasonably request in order to demonstrate compliance with this Agreement.  11.10 Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor  shall have paid more than its proportionate share of any payment made hereunder, such Guarantor  shall be entitled to seek and receive contribution from and against any other Guarantor hereunder  which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution  shall be subject to the terms and conditions of Section 11.4.  The provisions of this Section 11.10  shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders,  and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed  by such Guarantor hereunder.  [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]    

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has  been duly executed as of the date first written above.  VOLTA CHARGING, LLC, as Borrower and  Grantor      By:   __________________________  Name:  Title:  VOLTA MEDIA LLC, as Borrower and Grantor       By: ___________________________  Name:  Title:  VOLTA CHARGING SERVICES LLC, as  Borrower and Grantor      By:   __________________________  Name:  Title:  VOLTA INDUSTRIES, INC., as Guarantor and  Grantor      By:   __________________________  Name:  Title:  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  EICF AGENT LLC, as Agent for the Lenders      By:   __________________________  Name:  Title:  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  ENERGY IMPACT CREDIT FUND I LP, as a  Lender      By:   __________________________  Name:  Title:  

 

  SIGNATURE PAGE  TERM LOAN, GUARANTEE AND SECURITY AGREEMENT  CION INVESTMENT CORPORATION, as Co- Lead Arranger and a Lender      By:   __________________________  Name:  Title:    

 

  SCHEDULE A - 1  SCHEDULE A  DEFINITIONS  Capitalized terms used in this Agreement and the other Loan Documents shall have (unless  otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following  respective meanings:  “Accounts” means, as at any date of determination, all “accounts” (as such term is defined in the  Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a  customer of a Credit Party in respect of Inventory purchased by and shipped to such customer  and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit  Party, net of any credits, rebates or offsets owed to such customer.  “Act” means the Small Business Investment Act of 1958, as amended and in effect from time to  time, and the regulations promulgated thereunder.  “Activation Notice” has the meaning set forth in Section 3.26(d).  ”Affected Lender” has the meaning given to such term in Section 1.14(a).  “Affiliate” means, with respect to any Person:  (i) each other Person that, directly or indirectly,  owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten  percent (10%) or more of the Stock having ordinary voting power for the election of directors of  such Person or (ii) each other Person that controls, is controlled by or is under common control  with such Person or any Affiliate of such Person.  For the purpose of this definition, “control” of  a Person shall mean the possession, directly or indirectly, of the power to direct or cause the  direction of its management or policies, whether through the ownership of voting securities, by  contract or otherwise.  “Agent” means the Person identified as such in the preamble of this Agreement.  “Agreement” means this Agreement including all appendices, exhibits or schedules attached or  otherwise identified thereto, restatements and modifications and supplements thereto, and any  appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference  becomes operative; provided, that except as specifically set forth in this Agreement, any reference  to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure  Schedules as in effect on the Closing Date or in a written amendment thereto delivered by  Borrower to Agent.  ”Anti-Money Laundering Laws” has the meaning given to such term in Section 3.22.  “Anti-Money Laundering Measures” has the meaning given to such term in Section 3.22.  “Anti-Terrorism Laws” has the meaning given to such term in Section 3.22.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  

 

  SCHEDULE A - 2  Lender.  “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other  disposition (including by way of merger, amalgamation or consolidation and including any sale  and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and  dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate  outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate  over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit  Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for  purposes of Section 5.4, any other Subsidiary.  “Assignee” has the meaning given to such term in Section 8(a).  “Assignment Agreement” has the meaning given to such term in Section 8(a).  “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback  transaction, as at the time of determination, the present value (discounted at a rate equivalent to  the applicable Borrower’s then-current weighted average cost of funds for borrowed money as at  the time of determination, compounded on a semi-annual basis) of the total obligations of the  lessee for rental payments during the remaining term of the lease included in any such sale and  leaseback transaction.  “Average Number of Stations” means, as of any date of determination, the average number of  electric charging stations installed and operated by the Borrower during the trailing twelve  (12) Fiscal Month period most recently ended.  “Average Revenue Per Unit” means, as of any date of determination, the revenue per unit  calculated by dividing Total Revenue by the Average Number of Stations.  “Board of Directors” means, with respect to any Person, (i) in the case of any corporation or  unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited  liability company, the board of managers of such Person, (iii) in the case of any partnership, the  board of directors or the board of managers, as applicable, of the general partner of such Person  and (iv) in any other case, the functional equivalent of the foregoing.  “Books and Records” means all books, records, board minutes, contracts, licenses, insurance  policies, environmental audits, business plans, files, computer files, computer discs and other data  and software storage and media devices, accounting books and records, financial statements  (actual and pro forma), filings with Governmental Authorities and any and all records and  instruments relating to the Collateral or each Grantor’s business.  “Borrower” means the Persons identified as such in the preamble of this Agreement.  “Brookfield Master Sale Agreement” means that certain Master Electric Vehicle Charging  Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta  Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related  purchase and license addendums, as the same may be amended or modified in accordance with the  terms of Section 5.9.  

 

  SCHEDULE A - 3  “BSA” has the meaning given to such term in Section 3.22.  “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are  required or permitted to be closed in the State of New York.  “Business Loan Agreement” means that certain Business Loan Agreement, dated April 27, 2020,  by and between Parent and Continental Bank.  “Cap Tables” has the meaning ascribed to such term in Section 2.1(r).  “Capital Lease” means, with respect to any Person, any lease of any property (whether real,  personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be  required to be classified and accounted for as a capital lease on a balance sheet of such Person or  otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of  Borrower, any such lease under which Borrower is the lessor.  “Capital Lease Obligation” means, of any Person, the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted  for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “Cash Balance” means, as of any date of determination, the balance of unrestricted cash of Credit  Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and  (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of  “control” (as defined in the UCC) of such accounts for its benefit.  For the avoidance of doubt, no  proceeds of the PPP Loan shall be included in the calculation of Cash Balance.  “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly,  unconditionally and fully guaranteed or insured by the United States federal government or  (ii) issued by any agency of the United States federal government the obligations of which are  fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government,  any state of the United States or any political subdivision of any such state or any public  instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1”  from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and  issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’  acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized  under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately  capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has  Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any  United States money market fund that (i) has substantially all of its assets invested continuously  in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth  in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either  S&P or Moody’s the highest rating obtainable for money market funds in the United States;  

 

  SCHEDULE A - 4  provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or  (d) above shall not exceed 365 days.  “Cash Management System” has the meaning ascribed to such term in Section 3.26(a).  “Casualty Event” shall mean any involuntary loss of title or ownership, any involuntary loss of,  damage to or any destruction of, or any condemnation or other taking (including by any  Governmental Authority) of, any property of a Credit Party. “Casualty Event” shall include but  not be limited to any taking of all or any part of any Real Property of any Person or any part  thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement  of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any  Real Property of any Person or any part thereof by any Governmental Authority, civil or military,  or any settlement in lieu thereof. “Casualty Event” shall not include any of the foregoing events  to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do  not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this  Agreement.   “Change of Control” means any of:  (a) Parent ceasing to own, directly or indirectly, 100% of the capital stock of each Borrower,  (b) a liquidation, dissolution or winding up of any Credit Party,  (c) (i) at any time prior to the consummation of the De-SPAC Transaction, a  consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or  assets of any Credit Party, exclusive license of all or substantially all of any Credit Party’s owned  intellectual property rights, a sale of voting control or any other corporate reorganization in which  the capital stock of any Credit Party immediately prior to such consolidation, merger,  amalgamation or reorganization represents less than 50% of the voting power of the surviving  entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such  consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party’s  assets or the exclusive license to such Credit Party’s owned intellectual property rights; provided,  however,for the avoidance of doubt, none of a Qualified IPO, the De-SPAC First Merger and the  De-SPAC Second Merger shall not constitute a Change in Control, or    (ii) at any time after consummation of the De-SPAC Transaction, the Permitted  Investors ceasing to own at any time, directly or indirectly, at least 40% of the aggregate ordinary  voting power represented by the issued and outstanding Equity Interests of Parent, or  (d) a majority of the members of the board of directors or other equivalent governing body of  Parent ceases to be composed of individuals who were members of thatthe board or equivalent  governing body onof Parent following the Closing Dateconsummation of the De-SPAC  Transaction.  “Charges” means all Federal, state, county, city, municipal, local, foreign or other governmental  taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties,  assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or  encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,  

 

  SCHEDULE A - 5  payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by  any Credit Party, or (v) any other aspect of any Credit Party’s business.  “Chief Executive Office” means the chief executive office of any Credit Party as set forth on  Disclosure Schedule 3.2 hereto.  “Closing Certificate” means that certain closing certificate of Borrower delivered to Agent as of  the Closing Date in substantially the form of Exhibit G.  “Closing Date” means the Business Day on which the conditions precedent set forth in Section 2  have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.  “Closing Date Term Loan” has the meaning assigned thereto in Section 1.1(a).  “Closing Date Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on  Schedule B attached hereto.  The aggregate amount of the Closing Date Term Loan Commitments  as of the Closing Date is $20,000,000.  “Co-Lead Arranger” means the Person identified as such in the preamble of this Agreement.  “Code” means the Uniform Commercial Code as the same may, from time to time, be in effect in  the State of New York; provided, that in the event that, by reason of mandatory provisions of law,  any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on  any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other  than the State of New York, the term “Code” shall mean the Uniform Commercial Code as in  effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such  attachment, perfection, priority or remedies and for purposes of definitions related to such  provisions; provided further, that to the extent that the Code is used to define any term herein or  in any Loan Document and such term is defined differently in different Articles or Divisions of  the Code, the definition of such term contained in Article or Division 9 shall govern.  “Collateral” has the meaning assigned to it in Section 6.1.  “Collateral Documents” means, collectively, the Pledge Agreements, the Mortgages, the  Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set  forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security  agreements, pledge agreements, patent and trademark security agreements, lease assignments,  guarantees and other similar agreements, and all amendments, restatements, modifications or  supplements thereof or thereto, by or between any one or more of any Credit Party, any of their  respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or  guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the  benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders  or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing  statements (or comparable documents now or hereafter filed in accordance with the Code or  comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit  of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may  be amended, restated and/or modified from time to time.  

 

  SCHEDULE A - 6  “Compliance Certificate” means a compliance certificate in the form attached as Exhibit E hereto  executed by a Responsible Officer of the Borrower relating to the financial performance of the  Credit Parties.  “Consolidated After-Tax Operating Cash Flow” shall mean, with respect to any Person for any  measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated  Tax Expense minus (iii) capital expenditures incurred.  “Consolidated Amortization Expense” shall mean, for any period, the amortization expense of  the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP.  “Consolidated Depreciation Expense” shall mean, for any period, the depreciation expense of  the Credit Parties for mined on a consolidated basis in accordance with GAAP.  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,  adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion)  deducted in determining such Consolidated Net Income and without duplication (and with respect  to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only  if a corresponding amount would be permitted at the date of determination to be distributed to such  Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to  the terms of its Organizational Documents and all agreements, instruments and Requirement of  Law applicable to such Subsidiary or its equity holders):  (a) Consolidated Interest Expense for such period,  (b) Consolidated Amortization Expense for such period,  (c) Consolidated Depreciation Expense for such period,  (d) Consolidated Tax Expense for such period,  (e) expenses incurred in connection with the underwriting, diligence, negotiation and  documentation of this Agreement and the other Loan Documents, including without  limitation attorney fees and expenses of counsel to the parties to this Agreement and the  fees of any diligence providers;  (f) the aggregate amount of all other non-cash charges, expenses or losses reducing  Consolidated Net Income (including for certainty all unrealized foreign exchange losses  but excluding any non-cash charge, expense or loss that results in an accrual of a reserve  for cash charges in any future period and any non-cash charge, expense or loss relating to  write-offs, write-downs or reserves with respect to accounts or inventory) for such period,  and  (y) subtracting therefrom the aggregate amount of all non-cash items increasing  Consolidated Net Income (including for certainty all unrealized foreign exchange gains but  excluding the accrual of revenue or recording of receivables in the ordinary course of  business) for such period.  

 

  SCHEDULE A - 7  “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest  Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness,  determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in  conformity with GAAP.  “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount  of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with  GAAP.  “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest  expense of the Credit Parties for such period determined on a consolidated basis in accordance  with GAAP.  “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of  the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that  there shall be excluded from such net income (to the extent otherwise included therein), without  duplication:  (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party)  in which any Person other a Credit Party or its Subsidiaries has an ownership interest,  except to the extent that cash in an amount equal to any such income has actually been  received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during  such period;  (b) the net income of any Subsidiary of any Credit Party during such period to the  extent that the declaration or payment of dividends or similar distributions by such  Subsidiary of that income is not permitted by operation of the terms of its Organizational  Documents or any agreement, instrument or Requirement of Law applicable to that  Subsidiary during such period, except that such Credit Party’s equity in net loss of any such  Subsidiary for such period shall be included in determining Consolidated Net Income;  (c) any gain (or loss), together with any related provisions for taxes on any such gain  (or the tax effect of any such loss), realized during such period by any Credit Party upon  any Asset Sale (other than any dispositions in the ordinary course of business) by any  Credit Party;  (d) gains and losses due solely to fluctuations in currency values and the related tax  effects determined in accordance with GAAP for such period;  (e) earnings resulting from any reappraisal, revaluation or write-up of assets;  (f) unrealized gains and losses with respect to Hedging Obligations for such period;  and  (g) any extraordinary gain (or extraordinary loss), together with any related provision  for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by  any Credit Party during such period.  

 

  SCHEDULE A - 8  “Consolidated Tax Expense” shall mean, for any period, the tax expense of the Credit Parties,  for such period, determined on a consolidated basis in accordance with GAAP.  “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding  or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,  dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)  in any manner, whether directly or indirectly, including any obligation of such person, whether or  not contingent, (a) to purchase any such primary obligation or any property constituting direct or  indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any  such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor  or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property,  securities or services primarily for the purpose of assuring the owner of any such primary  obligation of the ability of the primary obligor to make payment of such primary obligation;  (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a  reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness);  or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in  respect thereof; provided, however, that the term “Contingent Obligation” shall not include  endorsements of instruments for deposit or collection in the ordinary course of business or any  product warranties.  The amount of any Contingent Obligation shall be deemed to be an amount  equal to the stated or determinable amount of the primary obligation in respect of which such  Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for  which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument  evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably  anticipated liability in respect thereof (assuming such person is required to perform thereunder) as  determined by such person in good faith.  “Contractual Obligation” means as to any Person, any provision of any security issued by such  Person or of any agreement, instrument, or other undertaking to which such Person is a party or  by which it or any of its property is bound.  “Control Agreement” means a deposit account control agreement among any financial institution  at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which  shall provide, among other things, that such financial institution executing such agreement has no  rights of setoff or recoupment or any other claim against such Controlled Account other than for  payment of its service fees and other charges directly related to the administration of such account,  shall give the Agent “control” of such Controlled Account as such term is defined in Section 9-104  of the Code and shall be in form and substance reasonably satisfactory to Agent.  “Controlled Account” has the meaning assigned to it in Section 3.26(c).  “Copyrights” shall mean all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all copyrights in any original work of authorship fixed in any tangible medium of  expression, now known or later developed, all registrations and applications for registration of any  such copyrights in the United States or any other country, including registrations, recordings and  applications, and supplemental registrations, recordings, and applications in the United States  Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds  

 

  SCHEDULE A - 9  of infringement suits, the right to sue for past, present and future infringements, all rights  corresponding thereto throughout the world and all renewals and extensions thereof.  “Credit Parties” means the Borrower and the Guarantors.  “Debt Issuance” shall mean the incurrence by any Credit Party of any Indebtedness after the  Closing Date (other than as permitted by Section 5.1).  “Default” means any Event of Default or any event that, with the passage of time or notice or both,  would, unless cured or waived, become an Event of Default.  “Default Rate” has the meaning assigned to it in Section 1.5(c).  “Deferred Interest” has the meaning assigned to it in Section 1.5(d).  “Delayed Draw Borrowing Request” means each Delayed Draw Borrowing Request delivered  to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a  Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw  Term Loan Available Amount and all of the supporting documentation for such calculation,  including reports, statements and reconciliations with respect to the Eligible Capital Expenditures  (including invoices underlying the purchase, installation and maintenance of electric charging  stations with station-level detail), delivered to Agent in form and substance acceptable to Agent.   The Delayed Draw Borrowing Request shall separately identify all allocations of capital  expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield  Master Sale Agreement and Other Permitted Sales.  For the avoidance of doubt, none of such  capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and  Other Permitted Sales shall constitute Eligible Capital Expenditures.  “Delayed Draw Term Loan” has the meaning assigned to it in Section 1.1(b).  “Delayed Draw Term Loan Available Amount” means, as of any funding date, an amount equal  to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding  Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount  subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital  Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided,  further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term  Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such  funding date because the applicable electric vehicle charging stations have been sold or financed  pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted  Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw  Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the  Obligations has been made in respect of such ineligible capital expenditures in accordance with  the terms of Section 1.2 (e).  “Delayed Draw Term Loan Commitment” means the commitment of each Lender under this  Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on  Schedule B hereto.  The aggregate amount of the Delayed Draw Term Loan Commitments as of  the Closing Date is $24,000,000.  

 

  SCHEDULE A - 10  “Delayed Draw Term Loan Commitment Expiration Date” means the earliest of (a) the date  on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to  zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment  has been borrowed, or (c) the date that is two (2) years after the Closing Date.  “Delayed Draw Term Loan Funded Amount” means, with respect to any Lender at any time,  the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender.  “Delayed Draw Term Note” has the meaning given to such term in Section 1.1(b).  “Designated Person” has the meaning assigned to it in Section 3.22(a).  “De-SPAC Transaction” means the series of related transactions pursuant to which (a) Volta  Industries, Inc., a Delaware corporation, shall merge with and into SNPR Merger Sub I, Inc., a  Delaware corporation, with Volta Industries, Inc. being the surviving entity (the “First Surviving  Entity”) in such transaction (the “De-SPAC First Merger”), (b) promptly after the De-SPAC  First Merger referred to in the foregoing clause (a), Volta Industries, Inc. as the First Surviving  Corporation shall merge with and into SNPR Merger Sub II, LLC, a Delaware limited liability  company, with Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC), being the  surviving entity (the “Second Surviving Entity”) in such transaction (the “De-SPAC Second  Merger”), and (c) upon consummation of both of the foregoing De-SPAC First Merger and De- SPAC Second Merger, Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC) shall  (i) become a wholly-owned subsidiary of Tortoise Acquisition Corp. II, and (ii) immediately be  renamed Volta Inc., as such series of related transactions is set forth in greater detail in that certain  Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021, by  and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC,  and Volta Industries, Inc.  “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms  of any security into which it is convertible or for which it is exchangeable), or upon the happening  of any event, (a) matures (excluding any maturity as the result of an optional redemption by the  issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,  or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first  anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option  of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in  each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any  repurchase obligation which may come into effect prior to payment in full of all Obligations;  provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock  but for provisions thereof giving holders thereof (or the holders of any security into or for which  such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer  thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale  occurring shall not constitute Disqualified Capital Stock.  “Distributions” shall mean, collectively, with respect to each Credit Party, all dividends, cash,  options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest,  profits and other property, interests (debt or equity), or proceeds, including as a result of a split,  revision, reclassification or other like change of the Pledged Securities, from time to time received,  

 

  SCHEDULE A - 11  receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all  of the Pledged Securities.  “Dollars” or “$” means lawful currency of the United States of America.  “Eligible Capital Expenditures” means, with respect to the Borrower, as of any date of  determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower  during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations  located in the United States (including third party labor costs paid in connection therewith) paid  for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital  expenditures made by the Borrower to purchase, install and maintain electric vehicle charging  stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted  Brookfield Sale or any Other Permitted Sale.  “Embargoed Person” means any party that (i) is publicly identified on any List, including on the  most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC  or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo  programs or (ii) is publicly identified as prohibited from doing business with the United States  under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or  any other Requirement of Law.  “Environmental Laws” means all applicable Federal, state and local laws, statutes, ordinances  and regulations, now or hereafter in effect, and in each case as amended or supplemented from  time to time, and any applicable binding judicial or administrative interpretation thereof relating  to the regulation and protection of human health as it relates to Hazardous Materials, the  environment and natural resources (including ambient air, surface water, groundwater, wetlands,  land surface or subsurface strata, wildlife, aquatic species and vegetation).  “Environmental Liabilities” means all liabilities, obligations, responsibilities, remedial actions,  removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable  fees, disbursements and expenses of counsel, experts and consultants and costs of investigation  and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written  claim, suit, action or demand of whatever nature by any Person and which relate to any  environmental condition regulated under any Environmental Law, environmental permits or in  connection with any Release, threatened Release, or the presence of a Hazardous Material.  “Equity Interest” shall mean, with respect to any Person, any and all shares, interests,  participations or other equivalents, including membership interests (however designated, whether  voting or nonvoting), of equity of such Person, including, if such Person is a partnership,  partnership interests (whether general or limited) and any other interest or participation that confers  on a Person the right to receive a share of the profits and losses of, or distributions of property of,  such partnership, whether outstanding on the date hereof or issued after the Closing Date, but  excluding debt securities convertible or exchangeable into such equity.  “Equity Issuance” shall mean, without duplication, (i) any issuance or sale by a Credit Party after  the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued  upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or  

 

  SCHEDULE A - 12  (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance  shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance  by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests  (including its Equity Interests issued upon exercise of any option, warrant, convertible security or  option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital  Stock), in each case, to directors, officers or employees of any Credit Party.  “ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor  legislation thereto), as amended from time to time, and any regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC,  or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a  single employer under Section 414 of the IRC.  “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding  standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date  a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c)  of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding  standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate  of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to  Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a  plan administrator of any notice relating to an intention to terminate any Plan pursuant to  Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan;  (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any  withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any  Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from  any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal  Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the  meaning of Title IV of ERISA.  “Event of Default” has the meaning assigned to it in Section 7.1.  “Excluded Account” means (a) any deposit account the funds in which are used, in the ordinary  course of business, exclusively for the payment of salaries, wages and benefits, workers’  compensation taxes and similar taxes, in each case to or for the benefit of employees of the  Borrower provided that the aggregate balance in such accounts does not exceed the amount  necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such  minimum amount as may be required by any requirement of law with respect to such accounts),  as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any  Credit Party in trust for any director, officer or employee of any Credit Party or for any employee  benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any  deposit account that is a zero-balance disbursement account.  

 

  SCHEDULE A - 13  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient  or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a  Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on  which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending  office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender became a  party hereto or to such Lender immediately before it changed its lending office; (c) Taxes  attributable to such Recipient’s failure to comply with Section 8(b); and (d) any withholding Taxes  imposed under FATCA.  “Executive Orders” has the meaning given to such term in Section 3.22.  “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreements  entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention  among Governmental Authorities and implementing such Sections of the IRC.  ”Fee Letter” has the meaning assigned to it in Section 1.6.  ”Fees” means any and all fees due to Agent as set forth in Section 1.6.  “Financial Statements” means, with respect to any Person, the income statement, balance sheet  and statement of cash flows of such Person, prepared for the time period specified and prepared in  accordance with GAAP setting forth in each case in comparative form the figures for such time  period the previous year.  “Fiscal Month” means any of the monthly accounting periods of Borrower.  “Fiscal Quarter” means any of the quarterly accounting periods of Borrower.  “Fiscal Year” means the twelve (12) month period of Borrower ending December 31 of each year.   Subsequent changes of the fiscal year of Borrower shall not change the term “Fiscal Year” unless  Agent shall give Borrower prior written consent to such change.  “Fixed Charge Coverage Ratio” means, with respect to any Person for any measuring period of  twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such  measuring period to (ii) Consolidated Fixed Charges for such measuring period.  “Foreign Lender” shall have the meaning ascribed to such term in Section 8(b)(ii).  

 

  SCHEDULE A - 14  “Foreign Subsidiary” means a Subsidiary that is organized under the laws of a jurisdiction other  than the United States or any state thereof or the District of Columbia or Canada or any province  or territory thereof.  “Fourth Amendment Effective Date” means August 24, 2021.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of  credit in the ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time, consistently applied.  “Governmental Authority” means any nation or government, any state or other political  subdivision thereof, and any agency, department or other entity exercising executive, legislative,  judicial, regulatory or administrative functions of or pertaining to government.  “Grantor” means Borrower and each Guarantor.  “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing  any indebtedness, lease, dividend, or other obligation (“primary obligations”) of any other Person  (the “primary obligor”) in any manner, including any obligation or arrangement of such  guaranteeing Person (whether or not contingent):  (i) to purchase or repurchase any such primary  obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary  obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise  to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to  purchase property, securities or services primarily for the purpose of assuring the owner of any  such primary obligation of the ability of the primary obligor to make payment of such primary  obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect  thereof.  “Guaranteed Obligations” shall have the meaning ascribed to such term in Section 11.1.  “Guarantees” shall mean the guarantees issued pursuant to Article XI by the Guarantors.  “Guarantors” means the Parent and the Subsidiary Guarantors.  “Hazardous Material” means any substance, material or waste that is regulated as hazardous by  or forms the basis of liability now or hereafter under, any Environmental Law, including any  material or substance that is (a) defined as a “hazardous waste,” “hazardous material,” “hazardous  substance,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”  “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term  or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof,  asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance.  “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements  or arrangements dealing with interest rates, currency exchange rates or commodity prices, either  generally or under specific contingencies.  

 

  SCHEDULE A - 15  “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements.  “Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person  for borrowed money or advances; (b) all obligations of such Person evidenced by bonds,  debentures, notes or similar instruments; (c) all obligations of such Person upon which interest  charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale  or other title retention agreements relating to property purchased by such Person; (e) all obligations  of such Person issued or assumed as the deferred purchase price of property or services (excluding  trade accounts payable and accrued obligations incurred in the ordinary course of business on  normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured  by any Lien on property owned or acquired by such Person, whether or not the obligations secured  thereby have been assumed, but limited to the fair market value of such property; (g) all Capital  Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person;  (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person;  (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the  reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers’  acceptances and similar credit transactions; (k) the principal balance outstanding under any  synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all  obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire  for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct  or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date  valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation  preference and the involuntary liquidation preference of such Stock plus accrued and unpaid  dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or  obligations of others of the kinds referred to in clauses (a) through (l) above.  The Indebtedness of  any Person shall include the Indebtedness of any other entity (including any partnership in which  such Person is a general partner) to the extent such Person is liable therefor as a result of such  Person’s ownership interest in or other relationship with such entity, except (other than in the case  of general partner liability) to the extent that terms of such Indebtedness expressly provide that  such Person is not liable therefor.  For the avoidance of doubt, the PPP Loan shall constitute  “Indebtedness” for all purposes under this Agreement until such time and to the extent that such  PPP Loan is forgiven.  “Indemnified Liabilities” and “Indemnified Person” have the respective meanings assigned to  them in Section 1.10.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of Borrower under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, trade  secrets and customer lists.  “IRC” and “IRS” mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue  Service, and any successors thereto.  

 

  SCHEDULE A - 16  “Joinder Agreement” means each Joinder Agreement of a new Subsidiary delivered to the Agent  after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b).  “Lender” means each of those certain financial institutions set forth on Schedule B attached  hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the  Obligations, such term shall include such assignee or such other members of the syndicate.  “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,  responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements  and expenses, in each case of any kind or nature (including interest accrued thereon or as a result  thereto and fees, charges and disbursements of financial, legal and other advisors and consultants),  whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble  or otherwise.  “Licenses” shall mean, with respect to each Grantor, all license and distribution agreements with,  and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or  any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor  or distributee under any such license or distribution agreement, together with any and all  (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,  damages, claims and payments now and hereafter due and/or payable thereunder and with respect  thereto including damages and payments for past, present or future infringements or violations  thereof, (iii) rights to sue for past, present and future infringements or violations thereof and  (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or  any other patent, trademark or copyright.  “Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment,  deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance,  or preference, priority or other security agreement or preferential arrangement of any kind or nature  whatsoever (including any lease or title retention agreement, any financing lease having  substantially the same economic effect as any of the foregoing, and the filing of, or agreement to  give, any financing statement perfecting a security interest under the Code or comparable law of  any jurisdiction).  “Lists” has the meaning given to such term in Section 3.22.  “Litigation” means any claim, lawsuit, litigation, investigation or proceeding of or before any  arbitrator or Governmental Authority.  “Loan” has the meaning given to such term in Section 1.1.  “Loan Documents” means this Agreement, the Note, the Perfection Certificate, each Mortgage,  the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent  of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other  agreements, instruments, documents and certificates identified in Schedule D executed and  delivered to, and in favor of, Agent and including all other agreements, pledges, consents,  assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf  of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent  in connection with the Agreement or the transactions contemplated thereby.  Any reference in the  

 

  SCHEDULE A - 17  Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits  or schedules thereto, and all amendments, restatements, supplements or other modifications  thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at  any and all times such reference becomes operative.  “Mandatory Equity Issuance” has the meaning assigned thereto in Section 4.2(b).  “Mandatory Prepayments” has the meaning given to such term in Section 1.2(b).  “Margin Stock” has the meaning given to such term in Section 3.8.  “Material Adverse Effect” means:  a material adverse effect on (a) the business, assets,  operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and  enforceability of any Loan Document, (c) Borrower’s or any other Credit Party’s ability to pay or  perform the Obligations under the Loan Documents to which such Credit Party is a party in  accordance with the terms thereof, (d) the Collateral or Agent’s Liens on the Collateral or the  priority of any such Lien, or (e) Agent’s or any Lender’s rights and remedies under this Agreement  and the other Loan Documents.  “Maturity Date” means, with respect to the Term Loan, the earliest to occur of (i) the date of the  termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and  (ii) the Stated Maturity Date.  “Maximum Lawful Rate” has the meaning given to such term in Section 1.5(e).  “Mortgage” means any mortgage or deed of trust from the relevant Credit Party in favor of Agent  for the benefit of the Lenders relating to such Credit Party’s real property owned or leased as of  the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to  Section 3.28.  “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)  or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any  ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any  Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or  (c) with respect to which any Grantor could reasonably be expected to incur liability.  “Net Cash Proceeds” shall mean:  (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests),  the cash proceeds received by any Credit Party (including cash proceeds  subsequently received (as and when received by any Credit Party) in respect of non- cash consideration initially received) net of (i) selling expenses (including  reasonable brokers’ fees or commissions, legal, accounting and other professional  and transactional fees, transfer and similar taxes and Credit Party’s good faith  estimate of income taxes actually paid or payable in connection with such sale);  (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any  liabilities under any indemnification obligations associated with such Asset Sale or  (y) any other liabilities retained by any Credit Party associated with the properties  

 

  SCHEDULE A - 18  sold in such Asset Sale (provided that, to the extent and at the time any such  amounts are released from such reserve, such amounts shall constitute Net Cash  Proceeds); (iii) Credit Party’s good faith estimate of payments required to be made  with respect to unassumed liabilities relating to the properties sold within ninety  (90) days of such Asset Sale (provided that, to the extent such cash proceeds are  not used to make payments in respect of such unassumed liabilities within ninety  (90) days of such Asset Sale, such cash proceeds shall constitute Net Cash  Proceeds); and (iv) the principal amount, premium or penalty, if any, interest and  other amounts on any Indebtedness for borrowed money which is secured by a Lien  on the properties sold in such Asset Sale (so long as such Lien was permitted to  encumber such properties under the Loan Documents at the time of such sale) and  which is repaid with such proceeds (other than any such Indebtedness assumed by  the purchaser of such properties);  (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale  of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary  fees, commissions, costs and other expenses incurred in connection therewith; and  (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation  awards and other compensation received in respect thereof, net of all reasonable  costs and expenses incurred in connection with the collection of such proceeds,  awards or other compensation in respect of such Casualty Event.  “Non-Funding Lender” has the meaning given to such term in Section 1.13.  “Note” means any Term Note or Delayed Draw Term Note.  “Note Purchase Agreement” means that certain Convertible Note Purchase Agreement, dated as  of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A  thereto or additional purchasers from time to time party thereto, as may be amended from time to  time in accordance with the terms of the Subordination Agreement.  “Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and  obligations for the performance of covenants, tasks or duties or for payment of monetary amounts  (whether or not such performance is then required or contingent, or amounts are liquidated or  determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of  the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any  note, agreement or other instrument, and all covenants and duties regarding such amounts.  This  term includes all principal, interest, Fees, Charges, expenses, attorneys’ fees and any other sum  chargeable to Borrower under any of the Loan Documents (including interest accruing at the then  applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs,  expenses and interest accruing at the then applicable rate provided in this Agreement after the  filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or  like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such  Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due  in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.  

 

  SCHEDULE A - 19  “OFAC” has the meaning given to such term in Section 3.22.  “OFAC Laws and Regulations” has the meaning given to such term in Section 3.22.  “Officers’ Certificate” means a certificate executed by the chairman of the Board of Directors (if  an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each  in his or her official (and not individual) capacity.  “Organization Charts” has the meaning ascribed to such term in Section 2.1(s).  “Organizational Documents” shall mean, with respect to any Person, (i) in the case of any  corporation or unlimited liability corporation, the certificate or articles of incorporation, as  applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited  liability company, the certificate of formation and operating agreement (or similar documents) of  such Person, (iii) in the case of any limited partnership, the certificate of formation and limited  partnership agreement (or similar documents) of such Person, (iv) in the case of any general  partnership, the partnership agreement (or similar document) of such Person and (v) in any other  case, the functional equivalent of the foregoing.  “Other Lists” has the meaning given to such term in Section 3.22.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other  than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest  under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or  assigned an interest in any Loan or Loan Document).  “Other Permitted Sales” means the sale, transfer, assignment, license or financing of electronic  charging stations on terms and conditions substantially similar to those in the Brookfield Master  Sale Agreement and reasonably acceptable to Required Lenders.  “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other  Connection Taxes imposed with respect to an assignment.  “Ownership Interests” means, as applied to any Person, corporate stock and any and all securities,  shares, partnership interests (whether general, limited, special or other), limited liability company  interests, membership interests, equity interests, participations, rights or other equivalents  (however designated and of any character) of corporate stock of such Person or any of the  foregoing issued by such Person (whether a corporation, a partnership, a limited liability company  or another entity) and shall include securities convertible into Ownership Interests and rights,  warrants or options to acquire Ownership Interests.  “Parent” means the Person identified as such in the preamble of this Agreement.(a) from the  Closing Date until the consummation of the De-SPAC Transaction, VOLTA INDUSTRIES, INC.,  

 

  SCHEDULE A - 20  a Delaware corporation, and (b) from and after consummation of the De-SPAC Transaction,  VOLTA INC., a Delaware corporation.  “Participant” has the meaning given to such term in Section 8(a).  “Participant Register” has the meaning given to such term in Section 8(a).  “Patents” means all of the following in which any Person now holds or hereafter acquires any  interest:  (i) all letters patent of the United States or any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or any other country,  including registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof.  “Payment Date” means the first day of each calendar month beginning on January 1, 2019.  “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.  “Perfection Certificate” means a certificate in the form of Exhibit A attached to this Agreement  or any other form approved by the Agent, as the same shall be supplemented from time to time by  a Perfection Certificate Supplement or otherwise.  “Perfection Certificate Supplement” means a certificate supplement in the form of Exhibit I  attached to this Agreement or any other form approved by the Agent.  “Performance Metrics” has the meaning given to such term in Section 4.2(b).  “Permit” means, with respect to any Person, any permit, approval, authorization, license,  registration, certificate, concession, grant, franchise, variance or permission from, and any other  Contractual Obligations with, any Governmental Authority, in each case whether or not having the  force of law and applicable to or binding upon such Person or any of its property or to which such  Person or any of its property is subject.  “Permitted Investors” means, collectively, the Persons who held the Equity Interests of the Parent  immediately prior to the commencement of the De-SPAC Transaction.  “Permitted Liens” means the following encumbrances:  (i) Liens for taxes or assessments or other  governmental Charges or levies, either not yet due and payable or to the extent that nonpayment  thereof is permitted by the terms of Section 3.10; (ii) carriers’, warehousemen’s, suppliers’,  mechanics’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of  business and securing indebtedness not yet due and payable or overdue for more than 30 days or  being contested in good faith by appropriate proceedings and in either case in an outstanding  aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar  Liens arising in connection with court or arbitration proceedings, provided that the same are  discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty  (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during  which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions  on the use of real property or other minor irregularities in title (including leasehold title) thereto,  

 

  SCHEDULE A - 21  so long as the same do not materially impair the use, value, or marketability of such real estate;  (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted  under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the  Obligations.  “Permitted Brookfield Sales” means the sale, transfer, assignment, license or financing of  electronic charging stations pursuant to the Brookfield Master Sale Agreement.  “Person” means any individual, sole proprietorship, partnership, limited liability partnership, joint  venture, trust, unincorporated organization, association, corporation, limited liability company,  institution, public benefit corporation, entity or government (whether Federal, state, county, city,  municipal or otherwise, including any instrumentality, division, agency, body or department  thereof), and shall include such Person’s successors and assigns.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect  of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Pledge Agreement” means that certain Pledge Agreement, dated as of the Closing Date, among  the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests  of Subsidiaries owned by each Credit Party.  “Pledged Securities” shall mean, collectively, with respect to each Credit Party, (i) all issued and  outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate  as being owned by such Credit Party and all options, warrants, rights, agreements and additional  Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by  issuance), together with all rights, privileges, authority and powers of such Credit Party relating to  such Equity Interests in each such issuer or under any Organizational Document of each such  issuer, and the certificates, instruments and agreements representing such Equity Interests and any  and all interest of such Credit Party in the entries on the books of any financial intermediary  pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity  Interests are hereafter acquired by such Credit Party (including by issuance) and all options,  warrants, rights, agreements and additional Equity Interests of whatever class of any such  Subsidiary acquired by such Credit Party (including by issuance), together with all rights,  privileges, authority and powers of such Credit Party relating to such Equity Interests or under any  Organizational Document of any such Subsidiary, and the certificates, instruments and agreements  representing such Equity Interests and any and all interest of such Credit Party in the entries on  the books of any financial intermediary pertaining to such Equity Interests, from time to time  acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the  Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of  such Equity Interests; provided, however, that Pledged Securities shall not include any Equity  Interests which are not required to be pledged pursuant to Section 3.28.  “Post-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Post-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  

 

  SCHEDULE A - 22  “Power of Attorney” means each Power of Attorney of the Credit Parties delivered to Agent as  of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to  the Agent after the Closing Date pursuant to Section 1.12.  “PPP Loan” means an unsecured loan in an aggregate principal amount not to exceed  $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act  by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory  Note.  “PPP Rule” means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules  and regulations, as amended from time to time.  For the avoidance of doubt, references to specific  sections of the PPP Rule shall also include applicable rules and regulations, as amended from time  to time.  “Pre-Closing Cap Table” has the meaning ascribed to such term in Section 2.1(r).  “Pre-Closing Organization Chart” has the meaning ascribed to such term in Section 2.1(s).  “Preferred Stock” shall mean, with respect to any Person, any and all preferred or preference  Equity Interests (however designated) of such Person whether now outstanding or issued after the  Closing Date.  “Preferred Stock Issuance” shall mean the issuance or sale by any Credit Party of any Preferred  Stock after the Closing Date.  “Prepayment” has the meaning given to such term in Section 1.2(b).  “Proceeds” means “proceeds,” as such term is defined in the Code and, in any event, shall include:   (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor  from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever)  made or due and payable to any Grantor from time to time in connection with any requisition,  confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body,  authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any  recoveries by any Grantor against third parties with respect to any litigation or dispute concerning  any Collateral, including claims arising out of the loss or nonconformity of, interference with the  use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other  amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or  other disposition of Collateral (excluding amounts and rights to payment arising from the rental of  any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and  all rights arising out of Collateral.  “Promissory Note” mean that certain Promissory Note, dated as of April 27, 2020, issued by  Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00.  “Property” means any interest in any kind of property or asset, whether real, personal or mixed,  and whether tangible or intangible.  

 

  SCHEDULE A - 23  “Purchase Money Lien” means any Lien upon any fixed assets that secure the Purchase Money  Obligations related thereto but only if such Lien shall at all times be confined solely to the asset  the purchase price of which was financed or refinanced through the incurrence of the Purchase  Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures  only such Purchase Money Obligations.  “Purchase Money Obligations” means for any Person the obligations of such Person in respect  of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or  any part of the purchase price of any property (including Equity Interests of any Person) or the  cost of installation, construction or improvement of any property and any refinancing thereof;  provided, however, that (i) such Indebtedness is incurred within one year after such acquisition,  installation, construction or improvement of such property by such Person and (ii) the amount of  such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction  or improvement, as the case may be.  “Qualified Capital Stock” means of any Person any Equity Interests of such Person that are not  Disqualified Capital Stock.  “Qualified IPO” means the initial firm commitment underwritten offering of any Credit Party’s  common stock or common Equity Interests pursuant to (a) in the case of any such offering in the  United States of America, a registration statement under the Securities Act of 1933 filed with and  declared effective by the Securities and Exchange Commission or (b) in the case of any offering  under the laws of any jurisdiction outside the United States of America, the applicable laws and/or  regulations of such other jurisdiction.  “Real Property” shall mean, collectively, all right, title and interest (including any leasehold,  mineral or other estate) in and to any and all parcels of or interests in real property owned, leased  or operated by any Person, whether by lease, license or other means, together with, in each case,  all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant  fixtures and equipment, all general intangibles and contract rights and other property and rights  incidental to the ownership, lease or operation thereof.  “Recipient” means Agent and any Lender.  “Register” has the meaning given to such term in Section 8(a).  “Related Persons” means, with respect to any Person, each Affiliate of such Person and each  director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance,  environmental, legal, financial and other advisor and other consultants and agents of or to such  Person or any of its Affiliates.  “Release” means as to any Person, any release, spill, emission, leaking, pumping, injection,  deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in  the indoor or outdoor environment by such Person, including the movement of Hazardous  Materials through or in the air, soil, surface water, ground water or property.  “Required Lenders” means, at any time, Lenders having at such time in excess of fifty  percent (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated,  

 

  SCHEDULE A - 24  the amount outstanding under the Term Loan) then in effect; provided that at any time that there  are two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2)  that are  not Affiliates of one another.  “Requirement of Law” means as to any Person, the Certificate or Articles of Incorporation and  By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation  or determination of an arbitrator or a court or other Governmental Authority, in each case, binding  upon such Person or any of its property or to which such Person or any of its property is subject.  “Reserves” means the reserves established by Agent from time to time against the Delayed Draw  Term Loan Availability or availability of credit under this Agreement that Agent may establish  from time to time in the good faith exercise of its reasonable credit judgment.  Without limiting  the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued  interest expenses or Indebtedness.  “Responsible Officer” means, with respect to any Person (other than an individual), any officer  at the level of vice president or higher of, but in any event, with respect to financial matters, the  chief financial officer, chief accounting officer, treasurer or controller of such Person.  “Restricted Locations” has the meaning ascribed to such term in Section 3.21(c).  “Restricted Payment” means:  (a) the declaration or payment of any dividend or the incurrence  of any liability to make any other payment or distribution of cash or other property or assets on or  in respect of Borrower’s or any other Credit Party’s Stock, (b) any payment or distribution made  in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of  any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any  payment on account of the purchase, redemption, defeasance or other retirement of Borrower’s or  any other Credit Party’s Stock or Indebtedness or any other payment or distribution made in respect  of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or  (ii) interest and principal, when due without acceleration or modification of the amortization as in  effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness,  payments of which shall be permitted only in accordance with the terms of the relevant  subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under  Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to  any holder of Stock of such Person which is not expressly and specifically permitted in this  Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender  shall not constitute a Restricted Payment.  “SBA” means the United States Small Business Administration and any successor thereto.  “SBA Forms” means, collectively, SBA forms 480, 652 and 1031.  “SBA Side Letter” means a Small Business Investment Company side letter among the Borrower  and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time  accordance with its terms) in form and substance reasonably satisfactory to Agent and the  Borrower.  “SBIC” means Agent or certain of its Affiliates that is a Federal licensee under the Act.  

 

  SCHEDULE A - 25  “SDN List” has the meaning given to such term in Section 3.22.  “Secretarial Certificate” means each Secretarial Certificate of the Credit Parties delivered to  Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate  delivered to the Agent after the Closing Date pursuant to Section 1.12.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the assets  of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the  remaining capital of such Person is not unreasonably small to conduct its business and (c) such  Person will not have incurred debts, and does not have the present intent to incur debts, beyond its  ability to pay such debts as they mature.  For purposes of this definition, “debt” means any liability  on a claim, and “claim” means any (i) right to payment, whether or not such right is reduced to  judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,  legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of  performance if such breach gives rise to a right to payment, whether or not such right to an  equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  In computing the amount of contingent liabilities of any Person  on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in  light of all facts and circumstances existing at such time, represents the amount of such liabilities  that reasonably can be expected to become actual or matured liabilities.  “Stated Maturity Date” means June 19, 2024.  “Stock” means all certificated and uncertificated shares, options, warrants, membership interests,  general or limited partnership interests, participation or other equivalents (regardless of how  designated) of or in a corporation, partnership, limited liability company or equivalent entity  whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a  trust or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules  and Regulations promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934) or other equity interests in any Person.  “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other  Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise  acquire any Stock or any other Stock Equivalent, whether or not presently convertible,  exchangeable or exercisable.  “Subordination Agreement” means that certain Subordination and Intercreditor Agreement,  dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors,  the Credit Parties and Agent, as may be amended from time to time.  “Subsidiary” means, with respect to any Person, (i) any corporation of which an aggregate of  more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a  majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock  of any other class or classes of such corporation shall have or might have voting power by reason  of the happening of any contingency) is at the time, directly or indirectly, owned legally or  beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to  which any such Person has the right to vote or designate the vote of more than fifty percent (50%)  

 

  SCHEDULE A - 26  of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership  or limited liability company in which such Person or one or more Subsidiaries of such Person has  an equity interest (whether in the form of voting or participation in profits or capital contribution)  of more than fifty percent (50%) or of which any such Person is a general partner or manager or  may exercise the powers of a general partner or manager.  If “Subsidiary” or “Subsidiaries” is used  in this Agreement or any other of the Loan Documents without reference to being the Subsidiary  of any specific Credit Party or other Person, then that reference to “Subsidiary” or “Subsidiaries”  shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower.  “Subsidiary Guarantor” means each direct or indirect Subsidiary of the Borrower as of the  Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement  pursuant to Section 1.12.  “Substitute Lender” has the meaning given to such term in Section 1.14(a).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Loan” has the meaning given to such term in Section 1.1(b).  “Term Loan Commitments” means, collectively, the Closing Date Term Loan Commitments,  the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan Commitment.  “Term Note” has the meaning given to such term in Section 1.1(a).  “Term Sheet Deposit” means an amount equal to $75,000 paid by Borrower to Agent in  connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower.  “Termination Date” means the date on which all Obligations under this Agreement are paid in  full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have  no further right to borrow any moneys or obtain other credit extensions or financial  accommodations from the Lenders under this Agreement.  “Third Amendment” means that certain Third Amendment to Loan Agreement dated as of  November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent.  “Third Amendment Effective Date” means November 25, 2020.  “Third Amendment Term Loan” has the meaning assigned thereto in Section 1.1(c).  “Third Amendment Term Loan Commitment” means the commitment of each Lender under  this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on  Schedule B attached hereto.  The aggregate amount of the Third Amendment Term Loans as of  the Third Amendment Effective Date is $5,000,000.  

 

  SCHEDULE A - 27  “Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer  Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent  or otherwise.  “Total Revenue” means, as of any date of determination, the total revenue of the Borrower for the  trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with  GAAP).  “Trademarks” means all of the following now owned or hereafter adopted or acquired by any  Person:  (i) all trademarks, trade names, corporate names, business names, trade styles, service  marks, logos, other source or business identifiers, prints and labels on which any of the foregoing  have appeared or appear, designs and general intangibles of like nature (whether registered or  unregistered) all registrations and recordings thereof, and all applications in connection therewith,  including all registrations, recordings and applications in the United States Patent and Trademark  Office or in any similar office or agency of the United States, any State or Territory thereof, or any  other country or any political subdivision thereof:  (ii) all reissues, extensions or renewals thereof;  and (iii) all goodwill associated with or symbolized by any of the foregoing.  “Transactions” means, collectively, the transactions to occur on or prior to the Closing Date  pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan  Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to  be paid on or prior to the Closing Date and owing in connection with the foregoing.  “Transferred Guarantor” has the meaning given to such term in Section 11.9.  “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).  “U.S. Borrower” means a Borrower that is a U.S. Person.  “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the IRC.  “U.S. Publicly-Traded Entity” has the meaning given to such term in Section 3.22.  “U.S. Tax Compliance Certificate” shall have the meaning ascribed to such term in  Section 8(b)(ii)(C).  “Volta Charging” means the Person identified as such in the preamble of this Agreement.  “Volta Media” means the Person identified as such in the preamble of this Agreement.  “Volta Services” means the Person identified as such in the preamble of this Agreement.  “Voluntary Prepayment” has the meaning given to such term in Section 1.2(b).  

 

  SCHEDULE A - 28  “Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant  to which the holders thereof have the general voting power under ordinary circumstances to elect  at least a majority of the Board of Directors of such Person.  “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital  stock (other than directors’ qualifying shares) is at the time owned by such Person and/or one or  more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint  venture, limited liability company or other entity in which such Person and/or one or more Wholly  Owned Subsidiaries of such Person have a 100% equity interest at such time.  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or  partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E  of Title IV of ERISA.  “Withholding Agent” means Borrower and Agent.  Any accounting term used in this Agreement or the other Loan Documents shall have, unless  otherwise specifically provided therein, the meaning customarily given such term in accordance  with GAAP, and all financial computations thereunder shall be computed, unless otherwise  specifically provided therein, in accordance with GAAP consistently applied; provided, that all  financial covenants and calculations in the Loan Documents shall be made in accordance with  GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically  agree in writing.  That certain items or computations are explicitly modified by the phrase “in  accordance with GAAP” shall in no way be construed to limit the foregoing.  All other capitalized  terms contained in this Agreement or the other Loan Documents, but not defined herein or therein,  shall, unless the context indicates otherwise, have the meanings provided for by the Code.  The  words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement  as a whole, including the exhibits and schedules thereto, as the same may from time to time be  amended, modified or supplemented, and not to any particular section, subsection or clause  contained in this Agreement.  For purposes of this Agreement and the other Loan Documents, the following additional rules of  construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the  context it appears appropriate, each term stated in either the singular or plural shall include the  singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form  thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall  include any amendments of same and any successor statutes and regulations; and (e) all references  to any instruments or agreements, including references to any of the Loan Documents, shall  include any and all modifications or amendments thereto and any and all extensions or renewals  thereof.  [Remainder of Page Intentionally Blank]    

 

EXECUTION VERSION    LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  This LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  (this “Amendment”) is made as of March 30, 2022, by and among VOLTA CHARGING, LLC, a  Delaware limited liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware  limited liability company (“Volta Media”), VOLTA CHARGING INDUSTRIES, LLC, A  Delaware limited liability company (“Volta Industries”), and VOLTA CHARGING SERVICES  LLC, a Delaware limited liability company (“Volta Services” and collectively with Volta  Charging, Volta Media and Volta Industries, “Borrower”), VOLTA INC., a Delaware corporation  (“Parent”), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada  (“Volta Canada”), VOLTA CHARGING GERMANY GMBH, a limited liability company  (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany (“Volta  Germany”), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité  Limitée) organized under the laws of France (“Volta France” and collectively with Parent, Volta  Canada and Volta France, the “Guarantors”), the Lenders signatory hereto (the “Required  Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of  the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”).  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan  Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as  of November 25, 2020, and that certain Fourth Amendment to Loan Agreement, dated as of  August 24, 2021 (as amended, modified, extended, restated, replaced, and/or supplemented from  time to time, the “Loan Agreement”);  WHEREAS, pursuant to Section 4.1(a) of the Loan Agreement, within thirty (30) days  after the last day of each Fiscal Month, the Credit Parties are required to furnish to the Agent and  each Lender the balance sheets of the Credit Parties on a consolidated and consolidating basis as  at the end of such Fiscal Month and as of the end of the preceding Fiscal Year, and the related  statements of operations, the related statements of profits and losses and related statements of cash  flows of the Credit Parties on a consolidated basis for such Fiscal Month (the “Monthly Financial  Statements”);  WHEREAS, pursuant to Section 4.1(c) of the Loan Agreement, within two (2) Business  Days after the end of each Fiscal Month, the Borrower is required to deliver a certificate reporting  to Agent the Cash Balance as of the last day of the Fiscal Month just ended (the “Cash Balance  Certificate”), which certificate shall be executed and certified by a Responsible Officer of the  Borrower as true and correct;  WHEREAS, pursuant to Section 4.1(e) of the Loan Agreement, at the time the financial  statements are furnished pursuant to Section 4.1(a) of the Loan Agreement, the Credit Parties are  required to deliver to the Agent and each Lender a Compliance Certificate as to the financial  performance of the Credit Parties;  

 

  2  WHEREAS, pursuant to Section 5.9 of the Loan Agreement, Borrower and each Credit  Party is required to obtain Agent’s prior written consent before amending, waiving, or otherwise  modifying its charter or by-laws or other Organizational Documents other than in connection with  the issuance of Equity Interests by Parent permitted by the Loan Agreement;  WHEREAS, pursuant to Section 4.1(h) of the Loan Agreement, promptly after the same  become publicly available, the Credit Parties are required to deliver to the Agent and each Lender  copies of all periodic and other reports, proxy statements and other materials filed by any Credit  Party with any provincial securities commission or the Securities and Exchange Commission, or  any Governmental Authority succeeding to any or all functions of said commissions, or with any  national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of  the documentation governing such Indebtedness (or any trustee, agent or other representative  therefor), as the case may be;  WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent’s prior  written consent, from the Closing Date until the Termination Date, neither Borrower nor any other  Credit Party make any investment in any Foreign Subsidiaries; except for (a) the Volta Canada  Investments made after the Fourth Amendment Effective Date to the extent the aggregate amount  of Volta Canada Investments made after the Fourth Amendment Effective Date do not exceed  $500,000 in the aggregate at any time, (b) Volta Germany Investments made after the Fourth  Amendment Effective Date to the extent the aggregate amount of Volta Germany Investments  made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any  time, and (c) Volta France Investments made after the Fourth Amendment Effective Date to the  extent the aggregate amount of Volta France Investments made after the Fourth Amendment  Effective Date do not exceed $500,000 in the aggregate at any time;  WHEREAS, the Volta Canada Investments, the Volta Germany Investments and the Volta  France Investments each exceeded $500,000 in the aggregate after the Fourth Amendment  Effective Date, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Investment Defaults”);  WHEREAS, the Credit Parties failed to deliver the Monthly Financial Statements for the  Fiscal Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(a) of the  Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the  Loan Agreement (the “Financial Statements Default”);  WHEREAS, the Borrower failed to deliver the Cash Balance Certificate for the Fiscal  Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(c) of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Cash Balance Certificate Default”);  WHEREAS, the Credit Parties failed to deliver the Compliance Certificates for each of the  Fiscal Months ending October 31, 2021, November 30, 2021 and December 31, 2021 on a timely  basis, in accordance with Section 4.1(e) of the Loan Agreement, which resulted in immediate  Events of Default pursuant to Section 7.1 of the Loan Agreement (“Compliance Certificate  Defaults”);  

 

  3  WHEREAS, Parent is requesting prior written consent from the Agent to amend its bylaws  as set forth in Exhibit A hereto (the “Bylaws Amendment”) in accordance with Section 5.9 of the  Loan Agreement;  WHEREAS, from the Closing Date through the date hereof, the Credit Parties failed to  deliver reports filed with the Securities and Exchange Commission promptly after such reports  became publicly available in accordance with Section 4.1(h) of the Loan Agreement, which  resulted in an Event of Default pursuant to Section 7.1 of the Loan Agreement (collectively with  the Investment Defaults, the Financial Statements Default, the Cash Balance Certificate Default  and the Compliance Certificate Defaults, the “Designated Defaults”);  WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders  waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below,  each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the  terms set forth herein; and  WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend  certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set  forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein.  NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby  agrees as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendment.  Subject to the satisfaction of the conditions precedent set forth in  Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows:  (a) Article III of the Loan Agreement is hereby amended by inserting the following  new Section 3.41 in the appropriate numerical order:  “On or prior to May 1, 2022, the Credit Parties shall deposit into an escrow account with  an escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and  substance satisfactory to Agent, an amount equal to (x) 1,797,605.82, plus  (y) $1,530,000.00, which is the projected amount of each Foreign Investment to be made  by the Credit Parties in accordance with Section 5.3 from January 1, 2022 through June 30,  2022.  Thereafter, on the first day of each Fiscal Quarter, commencing with the Fiscal  Quarter beginning July 1, 2022, the Credit Parties shall deposit with such escrow agent an  amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal  Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter  in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow  account based on the projected aggregate amount of Foreign Investments for such Fiscal  Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow  account of in respect of the projected Foreign Investments from the immediately preceding  Fiscal Quarter.  Amounts on deposit with such escrow agent will be held for the benefit of  the Agent and the Lenders until the Maturity Date and will be promptly released to the  

 

  4  Agent upon request of the Agent after the occurrence and continuance of an Event of  Default.”  (b) Section 5.3(e) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Canada  Investments made after January 1, 2022 do not exceed $6,856,459 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta Canada Investment, no Default or Event of Default shall have occurred and be  continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders ; or”  (c) Section 5.3(f) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Germany  Investments made after January 1, 2022 do not exceed $89,229,382 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta Germany Investment, no Default or Event of Default shall have occurred and be  continuing, and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders; or”  (d) Section 5.3(g) of the Loan Agreement is hereby amended by deleting clause (ii) in  its entirety and replacing it as follows:  “(ii) made after January 1, 2022 to the extent the aggregate amount of Volta France  Investments made after January 1, 2022 do not exceed $78,329,815 in the aggregate at any time,  provided that (x) immediately before and immediately after giving pro forma effect to the making  of any such Volta France Investment, no Default or Event of Default shall have occurred and be  continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount  in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent  pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required  Lenders; or”  (e) Schedule A of the Loan Agreement is hereby amended by inserting the following  new definitions in the appropriate alphabetical order therein:  ““Foreign Investment” means each of the Volta Canada Investments, the Volta France  Investments and the Volta Germany Investments.”  (f) The definition of “De-SPAC Transaction” set forth in Schedule A of the Loan  Agreement is hereby amended by deleting clause (c)(ii) in its entirety and replacing it as follows:  

 

  5  “(ii) Tortoise Acquisition Corp. II shall be immediately renamed Volta Inc., as such  series of related transactions is set forth in greater detail in that certain Business  Combination Agreement and Plan of Reorganization, dated as of February 7, 2021,  by and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR  Merger Sub II, LLC, and Volta Industries, Inc.”  3. Limited Waiver.  The Credit Parties acknowledge and agree that the Designated  Defaults have occurred and are continuing.  In accordance with Section 4 hereof, as of the Effective  Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided  that such waiver is applicable only to the Designated Defaults and to no other current or  prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown  as of the Effective Date.  4. Consent to Parent Bylaws Amendment.  Agent hereby consents to and approves of  the Bylaws Amendment.  5. Conditions to Effectiveness.  This Amendment shall become effective as of the date  first written above (the “Effective Date”) upon:  (a) counterparts of this Amendment shall have been executed and delivered by the  Credit Parties, the Agent and the Required Lenders;  (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable  share of the following amendment fee, which ratable share shall be determined by reference to the  outstanding principal balance of the Term Loans held by each Lender as of the date of this  Amendment), on behalf of each Lender that has delivered an executed signature page to this  Amendment, payment of a non-refundable amendment fee in an amount equal to 0.75% of the  outstanding principal balance of the Terms Loans as of March 30, 2022, which amendment fee  shall be earned in full on the date hereof; and  (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation, execution and  delivery of this Amendment and other services rendered in connection with the Loan Agreement  prior to the date hereof.  6. Representations, Warranties and Covenants.  (a) The Credit Parties represent and warrant that after giving effect to this Amendment,  the representations and warranties contained in the Loan Agreement are true and correct in all  material respects on and as of the date hereof as if such representations and warranties had been  made on and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date).  (b) The Credit Parties represent and warrant that after giving effect to this Amendment,  no Default or Event of Default will have occurred and be continuing on and as of the Effective  Date.  

 

  6  7. Loan Document.  This Amendment is designated a Loan Document by the Agent.  8. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as modified by this Amendment.  9. Release of Claims.  In consideration of the Required Lenders’ and the Agent’s  agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever  discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any  and all claims, suits, actions, investigations, proceedings or demands, whether based in contract,  tort, implied or express warranty, strict liability, criminal or civil statute or common law of any  kind or character, known or unknown, which such Credit Party ever had or now has against Agent,  any Lender or any other Released Person which relates, directly or indirectly, to any acts or  omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or  any other Loan Document on or prior to the date hereof.  10. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  11. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  12. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  13. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  

 

  7  14. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  [Signature pages follow]    

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed by their duly authorized officers, all as of the date and year first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  VOLTA MEDIA LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  GUARANTORS: VOLTA INC.,  a Delaware corporation        By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  VOLTA CANADA INC.      By:   ______________________________________  Name:  James DeGraw  Title:  General Counsel    By:   ______________________________________  Name:  Francois Chadwick  Title:  Chief Financial Officer  VOLTA CHARGING GERMANY GMBH      By:   ______________________________________  Name:  James DeGraw  Title:  Authorized Signatory  VOLTA FRANCE SARL      By:   ______________________________________  Name:  James DeGraw  Title:  Manager  VOLTA CHARGING INDUSTRIES, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw   Title:  Manager      

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  AGENT: EICF AGENT LLC      By: _______________________________________  Name:  Harry Giovani   Title:  Authorized Signatory      

 

  SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT  LENDERS: ENERGY IMPACT CREDIT FUND I LP    By:  Energy Impact Credit Fund I GP LLC, its  general partner    By: _______________________________________  Name:  Harry Giovani   Title:  Managing Partner  CION INVESTMENT CORPORATION      By: _______________________________________  Name:  Gregg Bresner  Title:  President & Chief Investment Officer  

 

    LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  This LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  (this “Amendment”) is made as of May 11, 2022, by and among VOLTA CHARGING, LLC, a  Delaware limited liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware  limited liability company (“Volta Media”), VOLTA CHARGING INDUSTRIES, LLC, A  Delaware limited liability company (“Volta Industries”), and VOLTA CHARGING SERVICES  LLC, a Delaware limited liability company (“Volta Services” and collectively with Volta  Charging, Volta Media and Volta Industries, “Borrower”), VOLTA INC., a Delaware corporation  (“Parent”), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada  (“Volta Canada”), VOLTA CHARGING GERMANY GMBH, a limited liability company  (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany (“Volta  Germany”), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité  Limitée) organized under the laws of France (“Volta France” and collectively with Parent, Volta  Canada and Volta France, the “Guarantors”), the Lenders signatory hereto (the “Required  Lenders”), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of  the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the “Agent”).  WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time  party thereto (the “Lenders”) and Agent are parties to that certain Term Loan, Guarantee and  Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to  Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement,  dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of  November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24,  2021, and that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of  March 30, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from  time to time, the “Loan Agreement”);  WHEREAS, pursuant to Section 1.1(c) of the Loan Agreement, on each Payment Date, the  Borrower is required to make principal payments on the Term Loans to the Agent for the pro rata  benefit of the Lenders;  WHEREAS, pursuant to Section 3.28(b) of the Loan Agreement, the Credit Parties are  required to, within twenty (20) days after the formation of any new Subsidiary (including any  Foreign Subsidiary), (i) deliver to the Agent, among other things, the original certificates  representing all of the Equity Interests of such Subsidiary, together with the undated stock powers  or other appropriate instruments of transfer executed and delivered in blank by a duly authorized  officer of the holder(s) of such Equity Interests and (ii) cause such new Subsidiary to execute a  Joinder Agreement or such comparable documentation to become a Grantor and Guarantor under  the Loan Agreement, and to take all actions necessary or advisable in the opinion of the Agent to  cause the Lien created thereunder to be duly perfected to the extent required by such agreement in  accordance with all applicable Requirements of Law (including any applicable foreign laws),  including the execution by Borrower or the applicable Credit Party of a Joinder Agreement or such  comparable documentation to the applicable Pledge Agreement (the documentation set forth in the  foregoing clauses (i) and (ii), collectively, the “Joinder Documents”).  

 

  2  WHEREAS, pursuant to Section 3.41 of the Loan Agreement, on or before May 1, 2022,  the Credit Parties are required to deposit into an escrow account (the “Escrow Account”) with an  escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and substance  satisfactory to Agent, an amount equal to $3,327,605.82 (the “Escrow Amount”);  WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent’s prior  written consent, from the Closing Date until the Termination Date, neither Borrower nor any other  Credit Party is permitted to make any investment in or loan or advance to any Foreign Subsidiaries,  other than those Investments expressly permitted under Section 5.3;  WHEREAS, the Credit Parties made investments in, and/or loans or advances to, Volta  Netherlands (as defined below in Section 2 of this Amendment) in violation of Section 5.3 (the  “Investments Default”);  WHEREAS, pursuant to Section 4.1(b) of the Loan Agreement, within one hundred twenty  (120) days after of the end of each Fiscal Year, the Credit Parties are required to furnish to the  Agent and each Lender the audited consolidated balance sheet of the Credit Parties as at the end  of such Fiscal Year and as of the end of the such Fiscal Year, and the related audited consolidated  statements of operations, the related statements of profits and losses and related audited  consolidated statements of cash flows and stockholders’ equity for such Fiscal Year and for the  previous Fiscal Year (the “Audited Financial Statements”), as prepared by an independent certified  public accountant of recognized national standing reasonably acceptable to the Agent;  WHEREAS, the Borrower failed to make the principal payment with respect to the May 1,  2022 Payment Date to the Agent on a timely basis, in accordance with Section 1.1(c) of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Payment Defaults”), but, for the avoidance of doubt, Borrower has made the  required payments to Agent prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deliver, and cause each of Rakko Holding B.V., a  private limited liability company incorporated under the laws of the Netherlands, and Volta Rakko  B.V., a private limited liability company incorporated under the laws of the Netherlands, to  execute, the Joinder Documents on a timely basis, in accordance with Section 3.28 of the Loan  Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan  Agreement (the “Joinder Defaults”), but, for the avoidance of doubt, Credit Parties are delivering  the Joinder Documents to Agent on or prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deposit the Escrow Amount into the Escrow  Account on a timely basis, in accordance with Section 3.41 of the Loan Agreement, which resulted  in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the “Escrow  Defaults”), but, for the avoidance of doubt, Credit Parties did complete funding of the required  deposit into the Escrow Account prior to the Sixth Amendment Effective Date;  WHEREAS, the Credit Parties failed to deliver the Audited Financial Statements for the  Fiscal Year ending December 31, 2021 on a timely basis, in accordance with Section 4.1(b) of the  Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the  Loan Agreement (collectively with the Investment Defaults, the Payment Defaults, the Joinder  

 

  3  Defaults and the Escrow Defaults, the “Designated Defaults”), but, for the avoidance of doubt,  Credit Parties have delivered the Audited Financial Statements to Agent and Lenders prior to the  Sixth Amendment Effective Date;  WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders  waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below,  each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the  terms set forth herein; and  WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend  certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set  forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein.  NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby  agrees as follows:  1. Defined Terms.  All terms used but not otherwise defined herein have the meanings  assigned to them in the Loan Agreement.  2. Amendment.  Subject to the satisfaction of the conditions precedent set forth in  Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows:  (a) Section 5.3(f) is hereby amended by deleting “or” at the end thereof.  Section 5.3(g)  is hereby amended by deleting the period at the end thereof and replacing it with “; or”.  A new  Section 5.3(h) of the Loan Agreement is hereby inserted after Section 5.3(g) which new  Section 5.3(h) shall read as follows:  “(h) any capital contributions in, or loans or advances to, Rakko Holding B.V., a  private limited liability company organized under the laws of the Netherlands, and Volta  Rakko B.V., a private limited liability company organized under the laws of the  Netherlands (such entities, individually and collectively, “Volta Netherlands”) (“Volta  Netherlands Investments”), (i) to the extent the aggregate amount of Volta Netherlands  Investments made, whether prior to or after the Sixth Amendment Effective Date, do not  exceed $250,000 in the aggregate at any time, provided that (x) immediately before and  immediately after giving pro forma effect to the making of any such Volta Netherlands  Investment after the Sixth Amendment Effective Date, no Default or Event of Default shall  have occurred and be continuing and (y) the Credit Parties shall not make Foreign  Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount  held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter  without the prior written consent the Required Lenders.”  (b) Schedule A of the Loan Agreement is hereby amended by amending and restating  the following definitions to read as follows:  ““Foreign Investment” means each of the Volta Canada Investments, the Volta  France Investments, the Volta Germany Investments and the Volta Netherlands  Investments.”  

 

  4  (c) Schedule A of the Loan Agreement is hereby amended by inserting the following  new definitions in the appropriate alphabetical order therein:  “Sixth Amendment Effective Date” means May 11, 2022.”  3. Limited Waiver.  The Credit Parties acknowledge and agree that the Designated  Defaults have occurred and are continuing.  In accordance with Section 4 hereof, as of the Effective  Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided  that such waiver is applicable only to the Designated Defaults and to no other current or  prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown  as of the Effective Date.  4. Conditions to Effectiveness.  This Amendment shall become effective as of the date  first written above (the “Effective Date”) upon:  (a) counterparts of this Amendment shall have been executed and delivered by the  Credit Parties, the Agent and the Required Lenders;  (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable  share of the following waiver fee, which ratable share shall be determined by reference to the  outstanding principal balance of the Term Loans held by each Lender as of the date of this  Amendment), on behalf of each Lender that has delivered an executed signature page to this  Amendment, payment of a non-refundable waiver fee in an amount equal to $173,194.45 (such  amount being equal to 0.50% of the outstanding principal balance of the Terms Loans as of as of  May 10, 2022), which waiver fee shall be earned in full on the date hereof; and  (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler  LLP, Agent’s counsel, incurred in connection with the preparation, negotiation, execution and  delivery of this Amendment and other services rendered in connection with the Loan Agreement  prior to the date hereof.  5. Representations, Warranties and Covenants.  (a) The Credit Parties represent and warrant that after giving effect to this Amendment,  the representations and warranties contained in the Loan Agreement are true and correct in all  material respects on and as of the date hereof as if such representations and warranties had been  made on and as of the date hereof (except to the extent that any such representations and warranties  specifically relate to an earlier date).  (b) The Credit Parties represent and warrant that after giving effect to this Amendment,  no Default or Event of Default will have occurred and be continuing on and as of the Effective  Date.  6. Loan Document.  This Amendment is designated a Loan Document by the Agent.  7. Full Force and Effect.  Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition contained  in the Loan Agreement or any of the other Loan Documents.  Except as expressly amended hereby,  

 

  5  the Loan Agreement shall continue unmodified and in full force and effect in accordance with the  provisions thereof on the date hereof.  This Amendment shall be limited precisely as drafted and  shall not imply an obligation on the Agent or any Lender to consent to any matter on any future  occasion.  As used in the Loan Agreement, the terms “Agreement,” “this Agreement,” “this Loan  Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean,  unless the context otherwise requires, the Loan Agreement as modified by this Amendment.  8. Release of Claims.  In consideration of the Required Lenders’ and the Agent’s  agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever  discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors,  officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any  and all claims, suits, actions, investigations, proceedings or demands, whether based in contract,  tort, implied or express warranty, strict liability, criminal or civil statute or common law of any  kind or character, known or unknown, which such Credit Party ever had or now has against Agent,  any Lender or any other Released Person which relates, directly or indirectly, to any acts or  omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or  any other Loan Document on or prior to the date hereof.  9. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE  CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE  STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO  BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY  PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.  10. Counterparts.  This Amendment may be executed in one or more counterparts, each  of which shall constitute an original, but all of which when taken together shall constitute but one  instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other  transmission method and any counterpart so delivered shall be deemed to be as effective as an  original signature page delivered manually.  11. Headings.  The headings of this Amendment are for the purposes of reference only  and shall not affect the construction of this Amendment.  12. Successors and Assigns.  The provisions of this Amendment shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns; provided  that none of the Credit Parties may assign or transfer any of its rights or obligations under this  Amendment without the prior written consent of the Agent.  13. Severability.  The illegality or unenforceability of any provision of this Amendment  or any instrument or agreement required hereunder shall not in any way affect or impair the legality  or enforceability of the remaining provisions of this Amendment or any instrument or agreement  required hereunder.  [Signature pages follow]  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed by their duly authorized officers, all as of the date and year first above written.  BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA MEDIA LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  GUARANTORS: VOLTA INC.,  a Delaware corporation      By: _______________________________________  Name:  James DeGraw  Title:  General Counsel  VOLTA CANADA INC.      By: _______________________________________  Name:  James DeGraw   Title:  General Counsel  By:   ______________________________________  Name:  Francois Chadwick  Title:  Chief Financial Officer  

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  VOLTA CHARGING GERMANY GMBH      By:   ______________________________________  Name:  James DeGraw  Title:  Authorized Signatory  VOLTA FRANCE SARL      By:   ______________________________________  Name:  James DeGraw  Title:  Manager  VOLTA CHARGING INDUSTRIES, LLC,  a Delaware limited liability company      By: _______________________________________  Name:  James DeGraw  Title:  Manager  RAKKO HOLDING B.V., a private limited  liability company incorporated under the laws of the  Netherlands      By: _______________________________________  Name:  Title:  VOLTA RAKKO B.V., a private limited liability  company incorporated under the laws of the  Netherlands      By: _______________________________________  Name:   Title:    

 

  SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT  AGENT: EICF AGENT LLC      By: _______________________________________  Name:  Harry Giovani  Title:  Authorized Signatory    

 

      LENDERS: ENERGY IMPACT CREDIT FUND I LP    By:  Energy Impact Credit Fund I GP LLC, its general partner      By: _______________________________________  Name:  Harry Giovani  Title:  Managing Partner  CION INVESTMENT CORPORATION      By: _______________________________________  Name:  Gregg Bresner  Title:  President & Chief Investment Officer                                                                    

 

      EXECUTION VERSION    SEVENTH AMENDMENT TO LOAN AGREEMENT    This SEVENTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is  made as of September 26, 2022, by and among VOLTA CHARGING, LLC, a Delaware  limited liability company (“Volta Charging”), VOLTA MEDIA LLC, a Delaware limited  liability company (“Volta Media”), and VOLTA CHARGING SERVICES LLC, a Delaware  limited liability company (“Volta Services” and collectively with Volta Charging and Volta  Media, “Borrower”), VOLTA INC., a Delaware corporation (“Parent”), VOLTA  CHARGING INDUSTRIES, LLC, A Delaware limited liability company (“Volta  Industries”), VOLTA CANADA INC., a corporation organized under the laws of Québec,  Canada (“Volta Canada”), VOLTA CHARGING GERMANY GMBH, a limited liability  company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany  (“Volta Germany”), and VOLTA FRANCE SARL, a limited liability company (Société A  Responsabilité Limitée) organized under the laws of France (“Volta France” and collectively  with Parent, Volta Industries, Volta Canada and Volta France, the “Guarantors”), the Lenders  signatory hereto (the “Required Lenders”), and EICF AGENT LLC, a Delaware limited  liability company, as Agent on behalf of the Lenders under the Loan Agreement (as  hereinafter defined) (in such capacity, the “Agent”).    WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to  time party thereto (the “Lenders”) and Agent are parties to that certain Term Loan, Guarantee  and Security Agreement dated as of June 19, 2019, as amended by that certain First  Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment  to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan  Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan  Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment  to Loan Agreement, dated as of March 30, 2022, and that certain Limited Waiver and Sixth  Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the  updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14,  2022 (as amended, modified, extended, restated, replaced, and/or supplemented from time to  time, the “Loan Agreement”);    WHEREAS, the Credit Parties have requested that the Agent and Required Lenders  amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the  conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the  terms set forth herein.    NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each  hereby agrees as follows:    1. Defined Terms. All terms used but not otherwise defined herein have the  meanings assigned to them in the Loan Agreement.    2. Amendment. Subject to the satisfaction of the conditions precedent set forth  

 

      in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as  follows:    (a) Section 1.2(c) of the Loan Agreement is hereby amended and restated in its  entirety to read as follows:    “(c) Asset Sales or Casualty Events. Not later than five (5) Business Days following  the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted  Brookfield Sales or Other Permitted Sales) or any Casualty Event by any Credit  Party or its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the  Obligations to be applied thereto in accordance with Section 1.8 in an aggregate  amount equal to such Net Cash Proceeds; provided, that such Net Cash Proceeds shall  not be required to be so applied on such date to the extent that (x) no Default or Event  of Default has occurred and is continuing or would result therefrom and (y) Credit  Parties shall have delivered an Officers’ Certificate to the Agent on or prior to such  date stating that such Net Cash Proceeds are expected to be reinvested in fixed or  capital assets within six (6) months following the date of such Asset Sale or Casualty  Event (which Officers’ Certificate shall set forth the estimates of the proceeds to be so  expended); provided, that if all or any portion of such Net Cash Proceeds is not so  reinvested within such six-month period, such unused portion shall be applied on the  last day of such period as a Mandatory Prepayment as provided in this Section 1.2(c);  provided, further, that if the property subject to such Asset Sale or such Casualty Event  constituted Collateral, then all property purchased with the Net Cash Proceeds thereof  pursuant to this subsection shall be subject to the Lien created pursuant to this  Agreement in favor of the Agent for the benefit of the Lenders in accordance with  Sections 3.20 and 3.28; provided, further, so long as no Material Event of Default has  occurred and is continuing, no Mandatory Prepayment shall be required to be made  with the Net Cash Proceeds received by Parent from any ATM Transaction. Nothing  contained in this Section 1.2(c) shall permit any Credit Party or any of its Subsidiaries  to effect any Asset Sale other than in accordance with Section 5.4.”    (b) Section 5.4 of the Loan Agreement is hereby amended and restated in its  entirety as follows:    “5.4 Asset Sales. Sell, transfer, convey, assign, issue or otherwise dispose any  of its assets or properties (including its accounts or any shares of its Stock) or engage  in any sale-leaseback, synthetic lease or similar transaction, including without  limitation the Collateral or Loan proceeds; provided, however, that (i) any Grantor  may transfer any of its Collateral to any other Grantor, provided such Collateral  remains subject to the Liens of Agent under this Agreement to secure the Obligations,  (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted  Sales, (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor’s  reasonable business judgment, no longer economically practicable or commercially  desirable to maintain, or used or useful in its business, in each case, in the ordinary  course of business; provided that, with respect to Collateral that has a fair market value  in excess of $500,000, Agent has given prior written consent (email acceptable) which  consent shall not be unreasonably withheld, delayed or denied and (iv) Parent may  issue Stock pursuant to an ATM Transaction, the Net Cash Proceeds of which shall  be used for general corporate purposes to the extent not otherwise prohibited by this  

 

      Agreement, provided that, if required under Section 1.2(c), the Credit Parties shall  apply the Net Cash Proceeds of such ATM Transaction as a Mandatory Prepayment  in accordance with Section 1.2(c).”    (c) Schedule A of the Loan Agreement is hereby amended by inserting the  following new definitions in the appropriate alphabetical order therein:    “ATM Transaction” means any issuance by the Parent of shares of its Class  A common stock, par value $0.0001 per share, having an aggregate offering price of  up to $150,000,000, as contemplated by that certain Controlled Equity  OfferingSM Sales Agreement, dated September 26, 2022 (as amended from time  to time, the “Sales Agreement”), by and between the Parent and Cantor Fitzgerald &  Co.    “Material Event of Default” means any Event of Default under Section 7.1(a)  (payment default), Section 7.1(h) or Section 7.1(i) (bankruptcy/insolvency default),  Section 7.1(c) due to any breach of Section 4.2 (financial covenant default), Section  7.1(c) due to any breach of Article 5 (negative covenant default), or Section 7.1(c)  due to any breach of Section 4.1 (reporting covenant default) that continues for a  period of 10 days or more beyond the applicable due date in Section 4.1.    “Seventh Amendment Effective Date” means September 26, 2022.    3. Reserved.    4. Conditions to Effectiveness. This Amendment shall become effective as of the  date first written above (the “Effective Date”) upon counterparts of this Amendment having  been executed and delivered by the Credit Parties, the Agent and the Required Lenders.    5. Representations, Warranties and Covenants.    (a) The Credit Parties represent and warrant that after giving effect to this  Amendment, the representations and warranties contained in the Loan Agreement are true  and correct in all material respects on and as of the date hereof as if such representations and  warranties had been made on and as of the date hereof (except to the extent that any such  representations and warranties specifically relate to an earlier date).    (b) The Credit Parties represent and warrant that after giving effect to this  Amendment, no Material Event of Default shall have occurred and be continuing.    (c) The Credit Parties represent and warrant that a true, correct and complete copy  of the Sales Agreement as in effect on the date hereof is attached hereto as Exhibit A.    6. Loan Document. This Amendment is designated a Loan Document by the  Agent.    

 

      7. Full Force and Effect. Except as expressly set forth herein, nothing contained  herein shall be deemed to constitute a waiver of compliance with any term or condition  contained in the Loan Agreement or any of the other Loan Documents. Except as expressly  amended hereby, the Loan Agreement shall continue unmodified and in full force and effect  in accordance with the provisions thereof on the date hereof. This Amendment shall be  limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to  consent to any matter on any future occasion. As used in the Loan Agreement, the terms  “Agreement,” “this Agreement,” “this Loan Agreement,” “herein,” “hereafter,” “hereto,”  “hereof” and words of similar import shall mean, unless the context otherwise requires, the  Loan Agreement as modified by this Amendment.    For the avoidance of doubt, the provisions of Section 5.3 regarding Foreign  Investments and Section 3.41 requiring the Credit Parties to deposit funds into an escrow  account in connection with the projected Foreign Investments remain in full force and effect  and shall continue in accordance with their terms (it being understood and agreed that the  Credit Parties are required to deposit on the first day of each Fiscal Quarter an amount  equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter,  (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of  Foreign Investments in excess of the amount (if any) on deposit in such escrow account based  on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an  amount (if any) equal to any unexpended portion held in such escrow account of in respect  of the projected Foreign Investments from the immediately preceding Fiscal Quarter).    8. Release of Claims. In consideration of the Required Lenders’ and the Agent’s  agreements contained in this Agreement, each Credit Party hereby irrevocably releases and  forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors,  assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released  Person”) of and from any and all claims, suits, actions, investigations, proceedings or  demands, whether based in contract, tort, implied or express warranty, strict liability, criminal  or civil statute or common law of any kind or character, known or unknown, which such Credit  Party ever had or now has against Agent, any Lender or any other Released Person which  relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other  Released Person relating to the Loan Agreement or any other Loan Document on or prior to  the date hereof.    9. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS  BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS  OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS  MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT  REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD  RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.    10. Counterparts. This Amendment may be executed in one or more counterparts,  each of which shall constitute an original, but all of which when taken together shall constitute  but one instrument. Counterparts may be delivered via facsimile, electronic mail (including  pdf) or other transmission method and any counterpart so delivered shall be deemed to be as  effective as an original signature page delivered manually.    

 

      11. Headings. The headings of this Amendment are for the purposes of reference  only and shall not affect the construction of this Amendment.    12. Successors and Assigns. The provisions of this Amendment shall be binding  upon and inure to the benefit of the parties hereto and their respective successors and assigns;  provided that none of the Credit Parties may assign or transfer any of its rights or obligations  under this Amendment without the prior written consent of the Agent.    13. Severability. The illegality or unenforceability of any provision of this  Amendment or any instrument or agreement required hereunder shall not in any way affect or  impair the legality or enforceability of the remaining provisions of this Amendment or any  instrument or agreement required hereunder.    [Signature pages follow]  

 

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be  duly executed by their duly authorized officers, all as of the date and year first above written.    BORROWER: VOLTA CHARGING, LLC,  a Delaware limited liability company  By: s/ Michelle Kley   Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary  VOLTA MEDIA LLC,  a Delaware limited liability company  By: s/ Michelle Kley   Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary  VOLTA CHARGING SERVICES LLC,  a Delaware limited liability company  By: s/ Michelle Kley    Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary  GUARANTORS: VOLTA INC.,  a Delaware corporation  By:     /s/ Michelle Kley   Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary    VOLTA CANADA INC.    By: /s/ Michelle Kley    Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary 

 

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT        VOLTA CHARGING GERMANY GMBH  By: /s/ Brandt Hastings    Name: Brandt Hastings  Title:  Attorney-in-Fact    VOLTA FRANCE SARL  By: /s/ Michelle Kley    Name: Michelle Kley  Title:  Manager    VOLTA CHARGING INDUSTRIES, LLC,  a Delaware limited liability company    By: /s/ Michelle Kley    Name: Michelle Kley  Title: Executive Vice President, Chief Legal Officer and  Secretary    RAKKO HOLDING B.V., a private limited liability  company incorporated under the laws of the  Netherlands    By: /s/ Michelle Kley    Name: Michelle Kley  Title:  Board Member    VOLTA RAKKO B.V., a private limited liability  company incorporated under the laws of the Netherlands    By: /s/ Michelle Kley    Name: Michelle Kley  Title:  Board Member  

 

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT  4132-8454-9182.4          AGENT: EICF AGENT LLC    By:     /s/ Harry Giovani___________  Name: Harry Giovani  Title: Authorized  Signatory  

 

SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT  4132-8454-9182.4        LENDERS: ENERGY IMPACT CREDIT FUND I LP    By: Energy Impact Credit Fund I GP LLC, its general  partner    By:      _/s/ Harry Giovani___________  Name: Harry Giovani  Title: Managing  Partner      CION INVESTMENT CORPORATION    By:    /s/ Gregg Bresner______________  Name: Gregg Bresner  Title: President & Chief Investment Officer  

 

Execution Version              EXHIBIT A  SALES AGREEMENT  SEE ATTACHED     

 

      VOLTA INC.  Shares of Class A Common Stock  (par value $0.0001 per share)   Controlled Equity OfferingSM  Sales Agreement    September 23, 2022  Cantor Fitzgerald & Co.    499 Park Avenue  New York, NY 10022       Ladies and Gentlemen:     Volta Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”)  with Cantor Fitzgerald & Co. (the “Agent”), as follows:    

 

      1. ISSUANCE AND SALE OF SHARES.  THE COMPANY AGREES THAT, FROM TIME TO  TIME DURING THE TERM OF THIS AGREEMENT, ON THE TERMS AND SUBJECT TO  THE CONDITIONS SET FORTH HEREIN, IT MAY ISSUE AND SELL THROUGH THE  AGENT, SHARES OF CLASS A COMMON STOCK (THE “PLACEMENT SHARES”) OF  THE COMPANY, PAR VALUE $0.0001 PER SHARE (THE “COMMON STOCK”);  PROVIDED, HOWEVER, THAT IN NO EVENT SHALL THE COMPANY ISSUE OR SELL  THROUGH THE AGENT SUCH NUMBER OR DOLLAR AMOUNT OF PLACEMENT  SHARES THAT WOULD (A) EXCEED THE NUMBER OR DOLLAR AMOUNT OF SHARES  OF COMMON STOCK REGISTERED ON THE EFFECTIVE REGISTRATION STATEMENT  (DEFINED BELOW) PURSUANT TO WHICH THE OFFERING IS BEING MADE, (B)  EXCEED THE NUMBER OF AUTHORIZED BUT UNISSUED SHARES OF COMMON  STOCK (LESS SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE,  CONVERSION OR EXCHANGE OF ANY OUTSTANDING SECURITIES OF THE  COMPANY OR OTHERWISE RESERVED FROM THE COMPANY’S AUTHORIZED  CAPITAL STOCK), (C) EXCEED THE NUMBER OR DOLLAR AMOUNT OF SHARES OF  COMMON STOCK PERMITTED TO BE SOLD UNDER FORM S-3 (INCLUDING GENERAL  INSTRUCTION I.B.6 THEREOF, IF APPLICABLE) OR (D) EXCEED THE NUMBER OR  DOLLAR AMOUNT OF SHARES OF COMMON STOCK FOR WHICH THE COMPANY  HAS FILED A PROSPECTUS SUPPLEMENT (DEFINED BELOW) (THE LESSER OF (A),  (B), (C) AND (D), THE “MAXIMUM AMOUNT”).  NOTWITHSTANDING ANYTHING TO  THE CONTRARY CONTAINED HEREIN, THE PARTIES HERETO AGREE THAT  COMPLIANCE WITH THE LIMITATIONS SET FORTH IN THIS SECTION 1 ON THE  AMOUNT OF PLACEMENT SHARES ISSUED AND SOLD UNDER THIS AGREEMENT  SHALL BE THE SOLE RESPONSIBILITY OF THE COMPANY AND THAT THE AGENT  SHALL HAVE NO OBLIGATION IN CONNECTION WITH SUCH COMPLIANCE.  THE  OFFER AND SALE OF PLACEMENT SHARES THROUGH THE AGENT WILL BE  EFFECTED PURSUANT TO THE REGISTRATION STATEMENT (AS DEFINED BELOW)  FILED BY THE COMPANY AND WHICH WAS DECLARED EFFECTIVE BY THE  SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) ON SEPTEMBER  20, 2022, ALTHOUGH NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS  REQUIRING THE COMPANY TO USE THE REGISTRATION STATEMENT TO ISSUE  COMMON STOCK.  The Company has filed, in accordance with the provisions of the Securities Act of 1933,  as amended (the “Securities Act”), and the rules and regulations thereunder (the “Securities Act  Regulations”), with the Commission a registration statement on Form S-3 (File No. 333- 267374), including a base prospectus, relating to certain securities, including the Placement  Shares to be issued from time to time by the Company, and which incorporates by reference  documents that the Company has filed or will file in accordance with the provisions of the  Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and  regulations thereunder.  The Company has prepared a prospectus or a prospectus supplement to  the base prospectus included as part of the registration statement, which prospectus or prospectus  supplement relates to the Placement Shares to be issued from time to time by the Company (the  “Prospectus Supplement”).  The Company will furnish to the Agent, for use by the Agent,  copies of the prospectus included as part of such registration statement, as supplemented by the  Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the  Company.  The Company may, but is under no obligation to, file one or more additional  

 

      registration statements from time to time that will contain a base prospectus and related  prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement),  with respect to the Placement Shares.  Except where the context otherwise requires, such  registration statement(s), including all documents filed as part thereof or incorporated by  reference therein, and including any information contained in a Prospectus (as defined below)  subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act  Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the  Securities Act Regulations, is herein called the “Registration Statement.”  The base prospectus  or base prospectuses, including all documents incorporated therein by reference, included in the  Registration Statement, as it may be supplemented, if necessary, by the Prospectus Supplement,  in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most  recently been filed by the Company with the Commission pursuant to Rule 424(b) under the  Securities Act Regulations, together with the then issued Issuer Free Writing Prospectus(es) (as  defined below), is herein called the “Prospectus.”      Any reference herein to the Registration Statement, any Prospectus Supplement,  Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the  documents, if any, incorporated by reference therein (the “Incorporated Documents”),  including, unless the context otherwise requires, the documents, if any, filed as exhibits to such  Incorporated Documents. Any reference herein to the terms “amend,” “amendment” or  “supplement” with respect to the Registration Statement, any Prospectus Supplement, the  Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the  filing of any document under the Exchange Act on or after the most-recent effective date of the  Registration Statement, or the date of the Prospectus Supplement, Prospectus or such Issuer Free  Writing Prospectus, as the case may be, and incorporated therein by reference.  For purposes of  this Agreement, all references to the Registration Statement, the Prospectus or to any amendment  or supplement thereto shall be deemed to include the most recent copy filed with the  Commission pursuant to its Electronic Data Gathering Analysis and Retrieval system, or if  applicable, the Interactive Data Electronic Application system when used by the Commission  (collectively, “EDGAR”).    

 

      2. PLACEMENTS.  EACH TIME THAT THE COMPANY WISHES TO ISSUE AND SELL  PLACEMENT SHARES HEREUNDER (EACH, A “PLACEMENT”), IT WILL NOTIFY THE  AGENT BY EMAIL NOTICE (OR OTHER METHOD MUTUALLY AGREED TO BY THE  PARTIES) OF THE NUMBER OF PLACEMENT SHARES TO BE ISSUED, THE TIME  PERIOD DURING WHICH SALES ARE REQUESTED TO BE MADE, ANY LIMITATION  ON THE NUMBER OF PLACEMENT SHARES THAT MAY BE SOLD IN ANY ONE DAY  AND ANY MINIMUM PRICE BELOW WHICH SALES MAY NOT BE MADE (A  “PLACEMENT NOTICE”), THE FORM OF WHICH IS ATTACHED HERETO AS  SCHEDULE 1.  THE PLACEMENT NOTICE SHALL ORIGINATE FROM ANY OF THE  INDIVIDUALS FROM THE COMPANY SET FORTH ON SCHEDULE 3 (WITH A COPY TO  EACH OF THE OTHER INDIVIDUALS FROM THE COMPANY LISTED ON SUCH  SCHEDULE), AND SHALL BE ADDRESSED TO EACH OF THE INDIVIDUALS FROM THE  AGENT SET FORTH ON SCHEDULE 3, AS SUCH SCHEDULE 3 MAY BE AMENDED  FROM TIME TO TIME.  THE PLACEMENT NOTICE SHALL BE EFFECTIVE  IMMEDIATELY UPON RECEIPT BY THE AGENT UNLESS AND UNTIL (I) THE AGENT  DECLINES IN WRITING TO ACCEPT THE TERMS CONTAINED THEREIN FOR ANY  REASON, IN ITS SOLE DISCRETION, WHICH DECLINATION MUST OCCUR WITHIN  TWO (2) BUSINESS DAYS OF THE AGENT’S RECEIPT OF THE PLACEMENT NOTICE,  (II) THE ENTIRE AMOUNT OF THE PLACEMENT SHARES THEREUNDER HAVE BEEN  SOLD, (III) THE COMPANY SUSPENDS OR TERMINATES THE PLACEMENT NOTICE  OR (IV) THIS AGREEMENT HAS BEEN TERMINATED UNDER THE PROVISIONS OF  SECTION 12.  THE AMOUNT OF ANY DISCOUNT, COMMISSION OR OTHER  COMPENSATION TO BE PAID BY THE COMPANY TO THE AGENT IN CONNECTION  WITH THE SALE OF THE PLACEMENT SHARES SHALL BE CALCULATED IN  ACCORDANCE WITH THE TERMS SET FORTH IN SCHEDULE 2.  IT IS EXPRESSLY  ACKNOWLEDGED AND AGREED THAT NEITHER THE COMPANY NOR THE AGENT  WILL HAVE ANY OBLIGATION WHATSOEVER WITH RESPECT TO A PLACEMENT OR  ANY PLACEMENT SHARES UNLESS AND UNTIL THE COMPANY DELIVERS A  PLACEMENT NOTICE TO THE AGENT AND THE AGENT DOES NOT DECLINE SUCH  PLACEMENT NOTICE PURSUANT TO THE TERMS SET FORTH ABOVE, AND THEN  ONLY UPON THE TERMS SPECIFIED THEREIN AND HEREIN.  IN THE EVENT OF A  CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND THE TERMS OF A  PLACEMENT NOTICE, THE TERMS OF THE PLACEMENT NOTICE WILL CONTROL.   

 

      3. SALE OF PLACEMENT SHARES BY THE AGENT.  SUBJECT TO THE PROVISIONS OF  SECTION 5(A), THE AGENT, FOR THE PERIOD SPECIFIED IN THE PLACEMENT  NOTICE, WILL USE ITS COMMERCIALLY REASONABLE EFFORTS CONSISTENT  WITH ITS NORMAL TRADING AND SALES PRACTICES AND APPLICABLE STATE AND  FEDERAL LAWS, RULES AND REGULATIONS AND THE RULES OF THE NEW YORK  STOCK EXCHANGE (THE “EXCHANGE”), TO SELL THE PLACEMENT SHARES UP TO  THE AMOUNT SPECIFIED IN, AND OTHERWISE IN ACCORDANCE WITH THE TERMS  OF, SUCH PLACEMENT NOTICE.  THE AGENT WILL PROVIDE WRITTEN  CONFIRMATION TO THE COMPANY NO LATER THAN THE OPENING OF THE  TRADING DAY (AS DEFINED BELOW) IMMEDIATELY FOLLOWING THE TRADING  DAY ON WHICH IT HAS MADE SALES OF PLACEMENT SHARES HEREUNDER  SETTING FORTH THE NUMBER OF PLACEMENT SHARES SOLD ON SUCH DAY, THE  COMPENSATION PAYABLE BY THE COMPANY TO THE AGENT PURSUANT TO  SECTION 2 WITH RESPECT TO SUCH SALES, AND THE NET PROCEEDS (AS DEFINED  BELOW) PAYABLE TO THE COMPANY, WITH AN ITEMIZATION OF THE  DEDUCTIONS MADE BY THE AGENT (AS SET FORTH IN SECTION 5(B)) FROM THE  GROSS PROCEEDS THAT IT RECEIVES FROM SUCH SALES.  SUBJECT TO THE TERMS  OF THE PLACEMENT NOTICE, THE AGENT MAY SELL PLACEMENT SHARES BY ANY  METHOD PERMITTED BY LAW DEEMED TO BE AN “AT THE MARKET OFFERING” AS  DEFINED IN RULE 415(A)(4) OF THE SECURITIES ACT REGULATIONS, INCLUDING  SALES MADE DIRECTLY ON OR THROUGH THE EXCHANGE OR ANY OTHER  EXISTING TRADING MARKET FOR THE COMMON STOCK, IN NEGOTIATED  TRANSACTIONS AT MARKET PRICES PREVAILING AT THE TIME OF SALE OR AT  PRICES RELATED TO SUCH PREVAILING MARKET PRICES AND/OR ANY OTHER  METHOD PERMITTED BY LAW.  “TRADING DAY” MEANS ANY DAY ON WHICH  COMMON STOCK IS TRADED ON THE EXCHANGE.  

 

      4. SUSPENSION OF SALES.  THE COMPANY OR THE AGENT MAY, UPON NOTICE TO  THE OTHER PARTY IN WRITING (INCLUDING BY EMAIL CORRESPONDENCE TO  EACH OF THE INDIVIDUALS OF THE OTHER PARTY SET FORTH ON SCHEDULE 3, IF  RECEIPT OF SUCH CORRESPONDENCE IS ACTUALLY ACKNOWLEDGED BY ANY OF  THE INDIVIDUALS TO WHOM THE NOTICE IS SENT, OTHER THAN VIA AUTO-REPLY)  OR BY TELEPHONE (CONFIRMED IMMEDIATELY BY VERIFIABLE FACSIMILE  TRANSMISSION OR EMAIL CORRESPONDENCE TO EACH OF THE INDIVIDUALS OF  THE OTHER PARTY SET FORTH ON SCHEDULE 3), SUSPEND ANY SALE OF  PLACEMENT SHARES (A “SUSPENSION”); PROVIDED, HOWEVER, THAT SUCH  SUSPENSION SHALL NOT AFFECT OR IMPAIR ANY PARTY’S OBLIGATIONS WITH  RESPECT TO ANY PLACEMENT SHARES SOLD HEREUNDER PRIOR TO THE RECEIPT  OF SUCH NOTICE.  WHILE A SUSPENSION IS IN EFFECT ANY OBLIGATION UNDER  SECTIONS 7(L), 7(M), AND 7(N) WITH RESPECT TO THE DELIVERY OF CERTIFICATES,  OPINIONS, OR COMFORT LETTERS TO THE AGENT, SHALL BE WAIVED. EACH OF  THE PARTIES AGREES THAT NO SUCH NOTICE UNDER THIS SECTION 4 SHALL BE  EFFECTIVE AGAINST ANY OTHER PARTY UNLESS IT IS MADE TO ONE OF THE  INDIVIDUALS NAMED ON SCHEDULE 3 HERETO, AS SUCH SCHEDULE MAY BE  AMENDED FROM TIME TO TIME. NOTWITHSTANDING ANY OTHER PROVISION OF  THIS AGREEMENT, DURING ANY PERIOD IN WHICH THE COMPANY IS IN  POSSESSION OF MATERIAL NON-PUBLIC INFORMATION, THE COMPANY AND THE  AGENT AGREE THAT (I) NO SALE OF PLACEMENT SHARES WILL TAKE PLACE, (II)  THE COMPANY SHALL NOT REQUEST THE SALE OF ANY PLACEMENT SHARES, AND  (III) THE AGENT SHALL NOT BE OBLIGATED TO SELL OR OFFER TO SELL ANY  PLACEMENT SHARES.  5. SALE AND DELIVERY TO THE AGENT; SETTLEMENT.  (a) Sale of Placement Shares.  On the basis of the representations and warranties herein  contained and subject to the terms and conditions herein set forth, upon the Agent’s  acceptance of the terms of a Placement Notice, and unless the sale of the Placement  Shares described therein has been declined, suspended, or otherwise terminated in  accordance with the terms of this Agreement, the Agent, for the period specified in the  Placement Notice, will use its commercially reasonable efforts consistent with its normal  trading and sales practices and applicable law and regulations to sell such Placement  Shares up to the amount specified, and otherwise in accordance with the terms of such  Placement Notice.  The Company acknowledges and agrees that (i) there can be no  assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent  will incur no liability or obligation to the Company or any other person or entity if it does  not sell Placement Shares for any reason other than a failure by the Agent to use its  commercially reasonable efforts consistent with its normal trading and sales practices and  applicable law and regulations to sell such Placement Shares as required under this  Agreement and (iii) the Agent shall be under no obligation to purchase Placement Shares  on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent  and the Company.  

 

      (b) Settlement of Placement Shares.  Unless otherwise specified in the applicable Placement  Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading  Day (or such earlier day as is industry practice for regular-way trading) following the date  on which such sales are made (each, a “Settlement Date”).  The Agent shall notify the  Company of each sale of Placement Shares no later than the opening of the Trading Day  immediately following the Trading Day on which it has made sales of Placement Shares  hereunder.  The amount of proceeds to be delivered to the Company on a Settlement  Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to  the aggregate sales price received by the Agent for such Placement Shares, after  deduction for (i) the  Agent’s commission, discount or other compensation for such sales  payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees  imposed by any Governmental Authority in respect of such sales.  (c)  Delivery of Placement Shares.  On or before each Settlement Date, the Company will, or  will cause its transfer agent to, electronically transfer the Placement Shares being sold by  crediting the Agent’s or its designee’s account (provided the Agent shall have given the  Company written notice of such designee at least one Trading Day prior to the Settlement  Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian  System or by such other means of delivery as may be mutually agreed upon by the parties  hereto which in all cases shall be freely tradable, transferable, registered shares in good  deliverable form.  On each Settlement Date, the Agent will deliver the related Net  Proceeds in same day funds to an account designated by the Company on, or prior to,  the Settlement Date.  The Company agrees that if the Company, or its transfer agent (if  applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date,  the Company agrees that in addition to and in no way limiting the rights and obligations  set forth in Section 10(a) hereto, it will (i) hold the Agent harmless against any loss, claim,  damage, or expense (including reasonable and documented legal fees and expenses),  as incurred, arising out of or in connection with such default by the Company or its transfer  agent (if applicable) and (ii) pay to the Agent any commission, discount, or other  compensation to which it would otherwise have been entitled absent such default.  (d) Denominations; Registration.  Certificates for the Placement Shares, if any, shall be in  such denominations and registered in such names as the Agent may request in writing at  least one full Business Day (as defined below) before the applicable Settlement Date.   The certificates for the Placement Shares, if any, will be made available by the Company  for examination and packaging by the Agent in The City of New York not later than noon  (New York time) on the Business Day prior to the Settlement Date.  

 

      (e) Limitations on Offering Size.  Under no circumstances shall the Company cause or  request the offer or sale of any Placement Shares if, after giving effect to the sale of such  Placement Shares, the aggregate gross sales proceeds of Placement Shares sold  pursuant to this Agreement would exceed the lesser of (A) together with all sales of  Placement Shares under this Agreement, the Maximum Amount and (B) the amount  authorized from time to time to be issued and sold under this Agreement by the  Company’s board of directors, a duly authorized committee thereof or a duly authorized  executive committee, and notified to the Agent in writing.  Under no circumstances shall  the Company cause or request the offer or sale of any Placement Shares pursuant to this  Agreement at a price lower than the minimum price authorized from time to time by the  Company’s board of directors, a duly authorized committee thereof or a duly authorized  executive committee.  Further, under no circumstances shall the Company cause or  permit the aggregate offering amount of Placement Shares sold pursuant to this  Agreement to exceed the Maximum Amount.   6. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.  THE COMPANY  REPRESENTS AND WARRANTS TO, AND AGREES WITH AGENT THAT AS OF THE  DATE OF THIS AGREEMENT AND AS OF EACH APPLICABLE TIME (AS DEFINED  BELOW), UNLESS SUCH REPRESENTATION, WARRANTY OR AGREEMENT SPECIFIES  A DIFFERENT TIME:  

 

      (a) Registration Statement and Prospectus.  The Company and the transactions  contemplated by this Agreement meet the requirements for and comply with the  applicable conditions set forth in Form S-3 (including General Instructions I.A and I.B)  under the Securities Act.  The Registration Statement has been filed with the Commission  and has been declared effective by the Commission under the Securities Act.  The  Prospectus Supplement will name the Agent as the agent in the section entitled “Plan of  Distribution.” The Company has not received, and has no notice of, any order of the  Commission preventing or suspending the use of the Registration Statement, or  threatening or instituting proceedings for that purpose.  The Registration Statement and  the offer and sale of Placement Shares as contemplated hereby meet the requirements  of Rule 415 under the Securities Act and comply in all material respects with said Rule.   Any statutes, regulations, contracts or other documents that are required to be described  in the Registration Statement or the Prospectus or to be filed as exhibits to the  Registration Statement have been so described or filed.  Copies of the Registration  Statement, the Prospectus, and any such amendments or supplements and all  documents incorporated by reference therein that were filed with the Commission on or  prior to the date of this Agreement have been delivered, or are available through EDGAR,  to the Agent and its counsel.  The Company has not distributed and, prior to the later to  occur of each Settlement Date and completion of the distribution of the Placement  Shares, will not distribute any offering material in connection with the offering or sale of  the Placement Shares other than the Registration Statement and the Prospectus and any  Issuer Free Writing Prospectus to which the Agent has consented, such consent not to  be unreasonably withheld, conditioned or delayed.  The Common Stock is registered  pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange  under the trading symbol “VLTA.”  The Company has taken no action designed to, or  likely to have the effect of, terminating the registration of the Common Stock under the  Exchange Act, delisting the Common Stock from the Exchange, nor has the Company  received any notification that the Commission or the Exchange is contemplating  terminating such registration or listing.  To the Company’s knowledge, it is in compliance  with all applicable listing requirements of the Exchange.    

 

      (b) No Misstatement or Omission.  The Registration Statement, when it became effective,  and the Prospectus, and any amendment or supplement thereto, on the date of such  Prospectus or amendment or supplement, conformed and will conform in all material  respects with the requirements of the Securities Act.  At each Settlement Date, the  Registration Statement and the Prospectus, as of such date, will conform in all material  respects with the requirements of the Securities Act.  The Registration Statement, when  it became or becomes effective, did not, and will not, contain an untrue statement of a  material fact or omit to state a material fact required to be stated therein or necessary to  make the statements therein not misleading.  The Prospectus and any amendment and  supplement thereto, on the date thereof and at each Applicable Time (defined below), did  not or will not include an untrue statement of a material fact or omit to state a material fact  necessary to make the statements therein, in light of the circumstances under which they  were made, not misleading.  The documents incorporated by reference in the Prospectus  or any Prospectus Supplement, as of their dates and at each Applicable Time, did not,  and any further documents filed and incorporated by reference therein will not, when filed  with the Commission, contain an untrue statement of a material fact or omit to state a  material fact required to be stated in such document or necessary to make the statements  in such document, in light of the circumstances under which they were made, not  misleading.  The foregoing shall not apply to statements in, or omissions from, any such  document made in reliance upon, and in conformity with, information furnished to the  Company by the Agent specifically for use in the preparation thereof.   (c) Conformity with Securities Act and Exchange Act.  The Registration Statement, the  Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement  thereto, and the documents incorporated by reference in the Registration Statement, the  Prospectus or any amendment or supplement thereto, when such documents were or are  filed with the Commission under the Securities Act or the Exchange Act or became or  become effective under the Securities Act, as the case may be, conformed or will conform  in all material respects with the requirements of the Securities Act and the Exchange Act,  as applicable.  

 

      (d) Financial Information.  The consolidated financial statements of the Company included or  incorporated by reference in the Registration Statement, the Prospectus and the Issuer  Free Writing Prospectuses, if any, together with the related notes and schedules, present  fairly, in all material respects, the consolidated financial position of the Company and the  Subsidiaries (as defined below) as of the dates indicated and the consolidated results of  operations, cash flows and changes in stockholders’ equity of the Company for the  periods specified and have been prepared in compliance with the requirements of the  Securities Act and Exchange Act and in conformity with GAAP (as defined below) applied  on a consistent basis during the periods involved (except (i) as may be otherwise  indicated in such financial statements or notes thereto, or (ii) in the case of unaudited  financial statements, to the extent they may exclude footnotes or may be condensed or  summary statements and subject to normal year-end audit adjustments); the other  financial and statistical data with respect to the Company and the Subsidiaries (as defined  below) contained or incorporated by reference in the Registration Statement, the  Prospectus and the Issuer Free Writing Prospectuses, if any, are accurately and fairly  presented in all material respects and are prepared on a basis consistent with the financial  statements and books and records of the Company; there are no financial statements  (historical or pro forma) that are required to be included or incorporated by reference in  the Registration Statement, or the Prospectus that are not included or incorporated by  reference as required; the Company and the Subsidiaries (as defined below) do not have  any material liabilities or obligations, direct or contingent (including any off-balance sheet  obligations), not described in the Registration Statement and the Prospectus; and all  disclosures contained or incorporated by reference in the Registration Statement, the  Prospectus and the Issuer Free Writing Prospectuses, if any, regarding “non-GAAP  financial measures” (as such term is defined by the rules and regulations of the  Commission) comply in all material respects with Regulation G of the Exchange Act and  Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The  interactive data in eXtensible Business Reporting Language included or incorporated by  reference in the Registration Statement and the Prospectus fairly presents the information  called for in all material respects and has been prepared in accordance with the  Commission’s rules and guidelines applicable thereto.  (e) Conformity with EDGAR Filing.  The Prospectus delivered to the Agent for use in  connection with the sale of the Placement Shares pursuant to this Agreement will be  identical to the versions of the Prospectus created to be transmitted to the Commission  for filing via EDGAR, except to the extent permitted by Regulation S-T.  

 

      (f) Organization.  The Company and each of the Subsidiaries is an entity duly incorporated  or otherwise organized, validly existing and in good standing under the laws of the  jurisdiction of its incorporation or organization, with the requisite power and authority to  own and use its properties and assets and to carry on its business as currently conducted.  Each of the Company and the Subsidiaries is duly qualified to conduct business and is in  good standing as a foreign corporation or other entity in each jurisdiction in which the  nature of the business conducted or property owned by it makes such qualification  necessary, except where the failure to be so qualified or in good standing, as the case  may be, could not have or reasonably be expected to have, individually or in the  aggregate: (i) a material adverse effect on the legality, validity or enforceability of this  Agreement, (ii) a material adverse effect on the business, prospects, condition (financial  or otherwise), stockholders’ equity or results of operations of the Company and the  Subsidiaries, taken as a whole, or (iii) prevent or materially interfere with consummation  of the transactions contemplated hereby (any of (i), (ii) or (iii), a “Material Adverse Effect”);  provided that a change in the market price or trading volume of the Common Stock alone  shall not be deemed, in and of itself, to constitute a Material Adverse Effect.  (g) Subsidiaries.  The subsidiaries set forth on Schedule 4 (collectively, the “Subsidiaries”),  are the Company’s only significant subsidiaries (as such term is defined in Rule 1-02 of  Regulation S-X promulgated by the Commission).  Except as set forth in the Registration  Statement and in the Prospectus, the Company owns, directly or indirectly, all of the  equity interests of the Subsidiaries free and clear of any lien, charge, security interest,  encumbrance, right of first refusal or other restriction (collectively, “Liens”), and all the  equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable  and free of preemptive and similar rights.  No Subsidiary is currently prohibited, directly  or indirectly, from paying any dividends to the Company, from making any other  distribution on such Subsidiary’s capital stock, from repaying to the Company any loans  or advances to such Subsidiary from the Company or from transferring any of such  Subsidiary’s property or assets to the Company or any other Subsidiary of the Company.  (h) No Violation or Default.  Neither the Company nor any of its Subsidiaries is (i) in violation  of its charter or by-laws or similar organizational documents; (ii) in default, and no event  has occurred that, with notice or lapse of time or both, would constitute such a default, in  the due performance or observance of any term, covenant or condition contained in any  indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to  which the Company or any of its Subsidiaries is a party or by which the Company or any  of its Subsidiaries is bound or to which any of the property or assets of the Company or  any of its Subsidiaries are subject (collectively, “Company Contracts”); or (iii) in violation  of any law or statute or any judgment, order, rule or regulation of any Governmental  Authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation  or default that would not, individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect.  To the Company’s knowledge, all third parties that are parties  to any Company Contracts are in compliance with the terms, covenants and conditions  contained in such Company Contracts, except for any violation that would not, individually  or in the aggregate, reasonably be expected to have a Material Adverse Effect.  

 

      (i) No Material Adverse Change.  Subsequent to the respective dates as of which information  is given in the Registration Statement, the Prospectus and the Free Writing Prospectuses,  if any (including any document deemed incorporated by reference therein) and other than  the Company’s execution of this Agreement and the sale of any Placement Shares, there  has not been (i) any Material Adverse Effect or the occurrence of any development that  the Company reasonably expects will result in a Material Adverse Effect, (ii) any  transaction which is material to the Company and the Subsidiaries taken as a whole, (iii)  any obligation or liability, direct or contingent (including any off-balance sheet obligations),  incurred by the Company or any Subsidiary, which is material to the Company and the  Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding  long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or  distribution of any kind declared, paid or made on the capital stock of the Company or  any Subsidiary, other than in each case above in the ordinary course of business or as  otherwise disclosed in the Registration Statement or Prospectus (including any document  deemed incorporated by reference therein).  (j) Capitalization.  The issued and outstanding shares of capital stock of the Company have  been validly issued, are fully paid and nonassessable and, other than as disclosed in the  Registration Statement or the Prospectus, are not subject to any preemptive rights, rights  of first refusal or similar rights.  The Company has an authorized, issued and outstanding  capitalization as set forth in the Registration Statement and the Prospectus as of the dates  referred to therein (other than the grant of additional options, restricted stock units or other  equity awards under the Company’s existing equity incentive plans, or changes in the  number of outstanding shares of Common Stock of the Company due to the issuance of  shares upon the exercise or conversion of securities exercisable for, or convertible into,  Common Stock outstanding on the date hereof) and such authorized capital stock  conforms to the description thereof set forth in the Registration Statement and the  Prospectus.  The description of the securities of the Company in the Registration  Statement and the Prospectus is complete and accurate in all material respects.  Except  as disclosed in or contemplated by the Registration Statement or the Prospectus, as of  the date referred to therein, the Company does not have outstanding any options to  purchase, or any rights or warrants to subscribe for, or any securities or obligations  convertible into, or exchangeable for, or any contracts or commitments to issue or sell,  any shares of capital stock or other securities.  (k) Authorization; Enforceability.  The Company has the requisite corporate power and  authority to enter into this Agreement and perform the transactions contemplated hereby.   This Agreement has been duly authorized, executed and delivered by the Company and  is a legal, valid and binding agreement of the Company enforceable against the Company  in accordance with its terms, except to the extent that (i) enforceability may be limited by  bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’  rights generally and by general equitable principles, and (ii) the indemnification and  contribution provisions of Section 10 hereof may be limited by federal or state securities  laws and public policy considerations in respect thereof.  

 

      (l) Authorization of Placement Shares.  The Placement Shares, when issued and delivered  pursuant to the terms approved by the board of directors of the Company or a duly  authorized committee thereof, or a duly authorized executive committee, against payment  therefor as provided herein, will be duly and validly authorized and issued and fully paid  and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or  other claim, including any statutory or contractual preemptive rights that have not been  waived, resale rights, rights of first refusal or other similar rights, and will be registered  pursuant to Section 12 of the Exchange Act.  The Placement Shares, when issued, will  conform in all material respects to the description thereof set forth in or incorporated into  the Prospectus.  (m)No Consents Required.  No consent, approval, authorization, order, registration or  qualification of or with any Governmental Authority is required for (i) the execution,  delivery and performance by the Company of this Agreement and (ii) the issuance and  sale by the Company of the Placement Shares as contemplated hereby, except for such  consents, approvals, authorizations, orders and registrations or qualifications as may be  required under applicable state securities laws or by the by-laws and rules of the Financial  Industry Regulatory Authority (“FINRA”) or the Exchange in connection with the sale of  the Placement Shares by the Agent.  (n) No Preferential Rights.  Except as set forth in the Registration Statement and the  Prospectus, (i) no person, as such term is defined in Rule 1-02 of Regulation S-X  promulgated under the Securities Act (each, a “Person”), has the right, contractual or  otherwise, to cause the Company to issue or sell to such Person any Common Stock or  shares of any other capital stock or other securities of the Company (other than upon the  exercise of options or warrants to purchase Common Stock or upon the exercise or  vesting of options or other equity awards that may be granted from time to time under the  Company’s equity compensation plans), (ii) no Person has any preemptive rights, resale  rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a  “poison pill” provision or otherwise) to purchase from the Company any Common Stock  or shares of any other capital stock or other securities of the Company (other than upon  the exercise of options or warrants to purchase Common Stock or upon the exercise or  vesting of options or other equity awards that may be granted from time to time under the  Company’s equity compensation plans), (iii)  no Person has the right to act as an  underwriter or as a financial advisor to the Company in connection with the offer and sale  of the Common Stock, and (iv) no Person has the right, contractual or otherwise, to  require the Company to register under the Securities Act any Common Stock or shares  of any other capital stock or other securities of the Company, or to include any such  shares or other securities in the Registration Statement or the offering contemplated  thereby, whether as a result of the filing or effectiveness of the Registration Statement or  the sale of the Placement Shares as contemplated thereby or otherwise.  

 

      (o) Independent Public Accounting Firm.  Grant Thornton LLP (the “Accountant”), whose  report on the consolidated financial statements of the Company is filed with the  Commission as part of the Company’s most recent Annual Report on Form 10-K filed with  the Commission and incorporated by reference into the Registration Statement and the  Prospectus, are and, during the periods covered by their report, were an independent  registered public accounting firm within the meaning of the Securities Act and the Public  Company Accounting Oversight Board (United States).  To the Company’s knowledge,  the Accountant is not in violation of the auditor independence requirements of the  Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect to the Company.  (p) Enforceability of Agreements.  To the Company’s knowledge, all agreements between  the Company and third parties expressly referenced in the Prospectus, other than such  agreements that have expired by their terms or whose termination is disclosed in  documents filed by the Company on EDGAR are legal, valid and binding obligations of  the Company enforceable in accordance with their respective terms, except to the extent  that (i) enforceability may be limited by bankruptcy, insolvency, reorganization,  moratorium or similar laws affecting creditors’ rights generally and by general equitable  principles and (ii) the indemnification provisions of certain agreements may be limited by  federal or state securities laws or public policy considerations in respect thereof, except  for any unenforceability that, individually or in the aggregate, would not reasonably be  expected to have a Material Adverse Effect.  (q) No Litigation.  Except as set forth in the Registration Statement or the Prospectus, there  are no actions, suits or proceedings by or before any Governmental Authority pending,  nor, to the Company’s knowledge, any legal, governmental or regulatory audits or  investigations by or before any Governmental Authority, to which the Company or a  Subsidiary is a party or to which any property of the Company or any of its Subsidiaries  is the subject that, individually or in the aggregate, if determined adversely to the  Company or any of its Subsidiaries would reasonably be expected to have a Material  Adverse Effect or materially and adversely affect the ability of the Company to perform is  obligations under this Agreement; and, to the Company’s knowledge, no such actions,  suits, proceedings, audits or investigations are threatened or contemplated by any  Governmental Authority or threatened by others; and (i) there are no current or pending  legal, governmental or regulatory audits, investigations, actions, suits or proceedings by  or before any Governmental Authority that are required under the Securities Act to be  described in the Prospectus that are not so described; and (ii) there are no contracts or  other documents that are required under the Securities Act to be filed as exhibits to the  Registration Statement that are not so filed.  (r) Consents and Permits.  The Company and each Subsidiary possess such valid and  current certificates, authorizations or permits issued by the appropriate state, federal or  foreign regulatory agencies or bodies necessary to conduct in all material respects their  respective businesses, and neither the Company nor any Subsidiary has received, or has  any reason to believe that it will receive, any written notice of proceedings relating to the  revocation or modification of, or non-compliance with, any such certificate, authorization  or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling  or finding, would be reasonably like to result in a Material Adverse Effect.  

 

      (s) Intellectual Property.  Except as disclosed in the Registration Statement and the  Prospectus, to the Company’s knowledge, the Company and its Subsidiaries own,  possess, license or have other rights to use all foreign and domestic patents, patent  applications, trade and service marks, trade and service mark registrations, trade names,  copyrights, licenses, inventions, trade secrets, technology, Internet domain names, know- how and other intellectual property (collectively, the “Intellectual Property”), necessary for  the conduct of their respective businesses as now conducted except to the extent that the  failure to own, possess, license or otherwise hold adequate rights to use such Intellectual  Property would not, individually or in the aggregate, reasonably be expected to have a  Material Adverse Effect.  Except as disclosed in the Registration Statement and the  Prospectus (i) there are no rights of third parties to any such Intellectual Property owned  by the Company and its Subsidiaries; (ii) to the Company’s knowledge, there is no  infringement by third parties of any such owned Intellectual Property; (iii) there is no  pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by  others challenging the Company’s and its Subsidiaries’ rights in or to any such Intellectual  Property, and the Company is unaware of any facts which could form a reasonable basis  for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company’s  knowledge, threatened action, suit, proceeding or claim by others challenging the validity  or scope of any such owned Intellectual Property; (v) there is no pending or, to the  Company’s knowledge, threatened action, suit, proceeding or claim by others that the  Company and its Subsidiaries infringe or otherwise violate any patent, trademark,  copyright, trade secret or other proprietary rights of others; (vi) to the Company’s  knowledge, there is no third-party U.S. patent or published U.S. patent application which  contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) has  been commenced against any patent or patent application described in the Prospectus  as being owned by the Company; and (vii) the Company and its Subsidiaries are not in  uncured breach of agreements pursuant to which Intellectual Property has been licensed  to the Company or such Subsidiary, and, to the Company’s knowledge, all such  agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above,  for any such infringement by third parties or any such pending or threatened suit, action,  proceeding or claim as would not, individually or in the aggregate, reasonably be  expected to result in a Material Adverse Effect.  (t) Market Capitalization.  At the time the Registration Statement was or will be originally  declared effective, and from and after the date hereof, the Company met the then  applicable requirements for the use of Form S-3 under the Securities Act, including, but  not limited to, General Instruction I.B.1 of Form S-3. The Company is not a shell company  (as defined in Rule 405 under the Securities Act) and has not been a shell company for  at least 12 calendar months previously and if it has been a shell company at any time  previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form  S-3) with the Commission at least 12 calendar months previously reflecting its status as  an entity that is not a shell company.  

 

      (u) No Material Defaults.  Neither the Company nor any of the Subsidiaries has defaulted on  any installment on indebtedness for borrowed money or on any rental on one or more  long-term leases, which defaults, individually or in the aggregate, would reasonably be  expected to have a Material Adverse Effect.  The Company has not filed a report pursuant  to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on  Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment  on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed  money or on any rental on one or more long-term leases, which defaults, individually or  in the aggregate, would reasonably be expected to have a Material Adverse Effect.  (v) Certain Market Activities.  Neither the Company, nor any of the Subsidiaries, nor, to the  Company’s knowledge, any of their respective directors, officers or controlling persons  has taken, directly or indirectly, any action designed, or that has constituted or would  reasonably be expected to cause or result in, under the Exchange Act or otherwise, the  stabilization or manipulation of the price of any security of the Company to facilitate the  sale or resale of the Placement Shares.  (w) Broker/Dealer Relationships.  Neither the Company nor any of the Subsidiaries (i) is  required to register as a “broker” or “dealer” in accordance with the provisions of the  Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or  is a “person associated with a member” or “associated person of a member” (within the  meaning set forth in the FINRA Manual).  (x) No Reliance.  The Company has not relied upon the Agent or legal counsel for the Agent  for any legal, tax or accounting advice in connection with the offering and sale of the  Placement Shares.  (y) Taxes.  The Company and each of its Subsidiaries have filed all federal, state, local and  foreign tax returns which have been required to be filed and paid all taxes shown thereon  through the date hereof, to the extent that such taxes have become due and payable and  are not being contested in good faith, except where the failure to so file or pay would not  reasonably be expected to have a Material Adverse Effect.  Except as otherwise disclosed  in or contemplated by the Registration Statement or the Prospectus, no tax deficiency  has been determined adversely to the Company or any of its Subsidiaries which has had,  or would reasonably be expected to have, individually or in the aggregate, a Material  Adverse Effect.  The Company has no knowledge of any federal, state or other  governmental tax deficiency, penalty or assessment which has been asserted or  threatened against it which would reasonably be expected to have a Material Adverse  Effect.  

 

      (z) Title to Real and Personal Property.  Except as set forth in the Registration Statement or  the Prospectus, the Company and its Subsidiaries have good and marketable title in fee  simple to all items of real property owned by them, good and valid title to all personal  property described in the Registration Statement or Prospectus as being owned by them,  in each case free and clear of all Liens, except those matters that (i) do not materially  interfere with the use made and proposed to be made of such property by the Company  and any of its Subsidiaries or (ii) would not reasonably be expected, individually or in the  aggregate, to result in a Material Adverse Effect.  Any real or personal property described  in the Registration Statement or Prospectus as being leased by the Company and any of  its Subsidiaries is held by them under valid, existing and enforceable leases, except those  that (A) do not materially interfere with the use made or proposed to be made of such  property by the Company or any of its Subsidiaries or (B) would not be reasonably  expected, individually or in the aggregate, to result in a Material Adverse Effect.  Each of  the properties of the Company and its Subsidiaries complies with all applicable codes,  laws and regulations (including, without limitation, building and zoning codes, laws and  regulations and laws relating to access to such properties), except if and to the extent  disclosed in the Registration Statement or Prospectus or except for such failures to  comply that would not, individually or in the aggregate, reasonably be expected to  interfere in any material respect with the use made and proposed to be made of such  property by the Company and its Subsidiaries or otherwise have a Material Adverse  Effect.  None of the Company or its subsidiaries has received from any Governmental  Authorities any notice of any condemnation of, or zoning change affecting, the properties  of the Company and its Subsidiaries, and the Company knows of no such condemnation  or zoning change which is threatened, except for such that would not reasonably be  expected to interfere in any material respect with the use made and proposed to be made  of such property by the Company and its Subsidiaries or otherwise have a Material  Adverse Effect, individually or in the aggregate.  (aa) Environmental Laws.  Except as set forth in the Registration Statement or the  Prospectus, the Company and its Subsidiaries (i) are in compliance with any and all  applicable federal, state, local and foreign laws, rules, regulations, decisions and orders  relating to the protection of human health and safety, the environment or hazardous or  toxic substances or wastes, pollutants or contaminants (collectively, “Environmental  Laws”); (ii) have received and are in compliance with all permits, licenses or other  approvals required of them under applicable Environmental Laws to conduct their  respective businesses as described in the Registration Statement and the Prospectus;  and (iii) have not received notice of any actual or potential liability for the investigation or  remediation of any disposal or release of hazardous or toxic substances or wastes,  pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for  any such failure to comply or failure to receive required permits, licenses, other approvals  or liability as would not, individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect.  

 

      (bb) Disclosure Controls.  The Company and each of its Subsidiaries maintain systems  of internal accounting controls sufficient to provide reasonable assurance that  (i) transactions are executed in accordance with management’s general or specific  authorizations; (ii) transactions are recorded as necessary to permit preparation of  financial statements in conformity with generally accepted accounting principles in the  United States (“GAAP”) ( and to maintain asset accountability; (iii) access to assets is  permitted only in accordance with management’s general or specific authorization; and  (iv) the recorded accountability for assets is compared with the existing assets at  reasonable intervals and appropriate action is taken with respect to any differences.  The  Company’s internal control over financial reporting is effective as of the latest date of  management’s evaluation of such internal control over financial reporting as set forth in  the Company’s periodic reports and the Company is not aware of any material  weaknesses in its internal control over financial reporting (other than as set forth in the  Prospectus).  Since the date of the latest audited financial statements of the Company  included in the Prospectus, there has been no change in the Company’s internal control  over financial reporting that has materially affected, or is reasonably likely to materially  affect, the Company’s internal control over financial reporting (other than as set forth in  the Prospectus).  The Company has established disclosure controls and procedures (as  defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such  disclosure controls and procedures to provide reasonable assurance that material  information relating to the Company and each of its Subsidiaries is made known to the  certifying officers by others within those entities, particularly during the period in which  the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the  case may be, is being prepared.  The Company’s certifying officers have evaluated the  effectiveness of the Company’s disclosure controls and procedures as of a date within 90  days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such  date, the “Evaluation Date”).  The Company presented in its Form 10-K for the fiscal year  most recently ended the conclusions of the certifying officers about the effectiveness of  the disclosure controls and procedures based on their evaluations as of the Evaluation  Date and the disclosure controls and procedures are effective.  Since the Evaluation Date,  there have been no significant changes in the Company’s internal controls (as such term  is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company’s  knowledge, in other factors that could significantly affect the Company’s internal controls.  (cc) Sarbanes-Oxley.  There is and has been no failure on the part of the Company or  any of the Company’s directors or officers, in their capacities as such, to comply in all  material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules  and regulations promulgated thereunder.  Each of the principal executive officer and the  principal financial officer of the Company (or each former principal executive officer of the  Company and each former principal financial officer of the Company as applicable) has  made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with  respect to all reports, schedules, forms, statements and other documents required to be  filed by it or furnished by it to the Commission.  For purposes of the preceding sentence,  “principal executive officer” and “principal financial officer” shall have the meanings given  to such terms in the Sarbanes-Oxley Act.  

 

      (dd) Finder’s Fees.  Neither the Company nor any of the Subsidiaries has incurred any  liability for any finder’s fees, brokerage commissions or similar payments in connection  with the transactions herein contemplated, except as may otherwise exist with respect to  the Agent pursuant to this Agreement.  (ee) Labor Disputes.  No labor disturbance by or dispute with employees of the  Company or any of its Subsidiaries exists or, to the knowledge of the Company, is  threatened which would reasonably be expected to result in a Material Adverse Effect.  (ff) Investment Company Act.  Neither the Company nor any of the Subsidiaries is or, after  giving effect to the offering and sale of the Placement Shares, will be an “investment  company” or an entity “controlled” by an “investment company,” as such terms are defined  in the Investment Company Act of 1940, as amended (the “Investment Company Act”).  (gg) Operations.  The operations of the Company and its Subsidiaries are and have  been conducted at all times in compliance with applicable financial record keeping and  reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,  as amended, the money laundering statutes of all jurisdictions to which the Company or  its Subsidiaries are subject, the rules and regulations thereunder and any related or  similar rules, regulations or guidelines, issued, administered or enforced by any  Governmental Authority (collectively, the “Money Laundering Laws”); and no action, suit  or proceeding by or before any Governmental Authority involving the Company or any of  its Subsidiaries with respect to the Money Laundering Laws is pending or, to the  knowledge of the Company, threatened.  (hh) Off-Balance Sheet Arrangements.  There are no transactions, arrangements and  other relationships between and/or among the Company, and/or, to the knowledge of the  Company, any of its affiliates and any unconsolidated entity, including, but not limited to,  any structured finance, special purpose or limited purpose entity (each, an “Off-Balance  Sheet Transaction”) that would reasonably be expected to affect materially the  Company’s liquidity or the availability of or requirements for its capital resources, including  those Off-Balance Sheet Transactions described in the Commission’s Statement about  Management’s Discussion and Analysis of Financial Conditions and Results of  Operations (Release Nos.  33-8056; 34-45321; FR-61), required to be described in the  Prospectus which have not been described as required.  (ii) Underwriter Agreements.  The Company is not a party to any agreement with an agent  or underwriter for any other “at the market” or continuous equity transaction.  

 

      (jj) ERISA.  To the knowledge of the Company, each material employee benefit plan, within  the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as  amended (“ERISA”), that is maintained, administered or contributed to by the Company  or any of its affiliates for employees or former employees of the Company and any of its  Subsidiaries has been maintained in material compliance with its terms and the  requirements of any applicable statutes, orders, rules and regulations, including but not  limited to ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); no  prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the  Code, has occurred which would result in a material liability to the Company with respect  to any such plan excluding transactions effected pursuant to a statutory or administrative  exemption; and for each such plan that is subject to the funding rules of Section 412 of  the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in  Section 412 of the Code has been incurred, whether or not waived, that would result in a  material liability to the Company, and the fair market value of the assets of each such  plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds  the present value of all benefits accrued under such plan determined using reasonable  actuarial assumptions, except where such failure would not reasonably be expected to  result in a material liability to the Company.  (kk) Forward-Looking Statements.  No forward-looking statement (within the meaning  of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a “Forward- Looking Statement”) contained in the Registration Statement and the Prospectus has  been made or reaffirmed without a reasonable basis or has been disclosed other than in  good faith.    (ll) Agent Purchases.  The Company acknowledges and agrees that the Agent has informed  the Company that the Agent may, to the extent permitted under the Securities Act and  the Exchange Act, purchase and sell Common Stock for its own account while this  Agreement is in effect, provided, that the Company shall not be deemed to have  authorized or consented to any such purchases or sales by the Agent.  (mm) Margin Rules.  Neither the issuance, sale and delivery of the Placement Shares  nor the application of the proceeds thereof by the Company as described in the  Registration Statement and the Prospectus will violate Regulation T, U or X of the Board  of Governors of the Federal Reserve System or any other regulation of such Board of  Governors.  (nn) Insurance.  The Company and each of its Subsidiaries carry, or are covered by,  insurance in such amounts and covering such risks as the Company and each of its  Subsidiaries reasonably believe are adequate for the conduct of their properties and as  is customary for companies engaged in similar businesses in similar industries.  

 

      (oo) No Improper Practices.  (i) Neither the Company nor the Subsidiaries nor, to the  Company’s knowledge, any of their respective directors, executive officers, employees,  agents, affiliates, or other person acting on behalf of the Company or any Subsidiary has,  in the past five years, made any unlawful contributions to any candidate for any political  office (or failed fully to disclose any contribution in violation of applicable law) or made  any contribution or other payment to any official of, or candidate for, any federal, state,  municipal, or foreign office or other person charged with similar public or quasi-public duty  in violation of any applicable law or of the character required to be disclosed in the  Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company  or any Subsidiary, or to the Company’s knowledge, any affiliate of any of them, on the  one hand, and the directors, officers and stockholders of the Company or any Subsidiary,  on the other hand, that is required by the Securities Act to be described in the Registration  Statement and the Prospectus that is not so described; (iii) no relationship, direct or  indirect, exists between or among the Company or any Subsidiary or any affiliate of them,  on the one hand, and the directors, officers, or stockholders of the Company or any  Subsidiary, on the other hand, that is required by the rules of FINRA to be described in  the Registration Statement and the Prospectus that is not so described; (iv) except as  described in the Registration Statement and the Prospectus, there are no material  outstanding loans or advances or material guarantees of indebtedness by the Company  or any Subsidiary to or for the benefit of any of their respective officers or directors or any  of the members of the families of any of them; (v) the Company has not offered, or caused  any placement agent to offer, Common Stock to any person with the intent to influence  unlawfully (A) a customer or supplier of the Company or any Subsidiary to alter the  customer’s or supplier’s level or type of business with the Company or any Subsidiary or  (B) a trade journalist or publication to write or publish favorable information about the  Company or any Subsidiary or any of their respective products or services, and (vi) neither  the Company nor any Subsidiary nor any director, officer, or employee of the Company  or any Subsidiary nor, to the Company’s knowledge, any agent, affiliate, or other person  acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of  any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended,  or any other applicable anti-bribery or anti-corruption law (collectively, “Anti-Corruption  Laws”), (B) promised, offered, provided, attempted to provide, or authorized the provision  of anything of value, directly or indirectly, to any person for the purpose of obtaining or  retaining business, influencing any act or decision of the recipient, or securing any  improper advantage; or (C) made any payment of funds of the Company or any Subsidiary  or received or retained any funds in violation of any Anti-Corruption Laws.  (pp) Status Under the Securities Act.  The Company was not and is not an ineligible  issuer as defined in Rule 405 under the Securities Act at the times specified in Rules 164  and 433 under the Securities Act in connection with the offering of the Placement Shares.  

 

      (qq) No Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer  Free Writing Prospectus, as of its issue date and as of each Applicable Time (as defined  in Section 23 below), did not, does not and will not include any information that conflicted,  conflicts or will conflict with the information contained in the Registration Statement or the  Prospectus, including any incorporated document deemed to be a part thereof that has  not been superseded or modified.  The foregoing sentence does not apply to statements  in or omissions from any Issuer Free Writing Prospectus based upon and in conformity  with written information furnished to the Company by the Agent specifically for use  therein.  (rr) No Conflicts.  Neither the execution of this Agreement, nor the issuance, offering or sale  of the Placement Shares, nor the consummation of any of the transactions contemplated  herein and therein, nor the compliance by the Company with the terms and provisions  hereof and thereof will conflict with, or will result in a breach of, any of the terms and  provisions of, or has constituted or will constitute a default under, or has resulted in or will  result in the creation or imposition of any lien, charge or encumbrance upon any property  or assets of the Company pursuant to the terms of any contract or other agreement to  which the Company may be bound or to which any of the property or assets of the  Company is subject, except (i) such conflicts, breaches or defaults as may have been  waived and (ii) such conflicts, breaches and defaults that would not have a Material  Adverse Effect; nor will such action result (x) in any violation of the provisions of the  organizational or governing documents of the Company, or (y) in any violation of the  provisions of any statute or any order, rule or regulation applicable to the Company or of  any Governmental Authority having jurisdiction over the Company, except where such  violation would not reasonably be expected to have a Material Adverse Effect.  (ss)  Sanctions.  (i) The Company represents that, neither the Company nor any of its  Subsidiaries (collectively, the “Entity”) or any director, officer, employee, agent, affiliate or  representative of the Entity, is a government, individual, or entity (in this paragraph (ss),  “Person”) that is, or is owned or controlled by a Person that is:  (A)  the subject of any sanctions administered or enforced by the U.S.  Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United  Nations Security Council, the European Union, Her Majesty’s Treasury, or other  relevant sanctions authorities, including, without limitation, designation on  OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s  Foreign Sanctions Evaders List (as amended, collectively, “Sanctions”), nor  (B)  located, organized or resident in a country or territory that is the subject  of Sanctions that broadly prohibit dealings with that country or territory (including,  without limitation, Cuba, the so-called Donetsk People’s Republic, Iran, the so- called Luhansk People’s Republic, North Korea, Syria, and the Crimea Region of  Ukraine) (the “Sanctioned Countries”).   (ii)  The Entity represents and covenants that it will not, directly or indirectly, use  the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to  any subsidiary, joint venture partner or other Person:  

 

      (A)  to fund or facilitate any activities or business of or with any Person or  in any country or territory that, at the time of such funding or facilitation, is the  subject of Sanctions or is a Sanctioned Country; or  (B)  in any other manner that will result in a violation of Sanctions by any  Person (including any Person participating in the offering, whether as underwriter,  advisor, investor or otherwise).   (iii)  The Entity represents and covenants that, except as detailed in the Registration  Statement and the Prospectus, for the past 5 years, it has not knowingly engaged in, is not now  knowingly engaging in, and will not engage in, any dealings or transactions with any Person, or  in any country or territory, that at the time of the dealing or transaction is or was the subject of  Sanctions or is or was a Sanctioned Country.  

 

      (tt) Stock Transfer Taxes.  On each Settlement Date, all stock transfer or other taxes (other  than income taxes) which are required to be paid in connection with the sale and transfer  of the Placement Shares to be sold hereunder will be, or will have been, fully paid or  provided for by the Company and all laws imposing such taxes will be or will have been  fully complied with in all material respects.  (uu) Compliance with Laws.  The Company and each of its Subsidiaries are in  compliance with all applicable laws, regulations and statutes (including all environmental  laws and regulations) in the jurisdictions in which it carries on business, except where  non-compliance of such law, regulation or statute would not reasonably be expected to  have a Material Adverse Effect; the Company has not received a written notice of non- compliance, nor knows of, nor has reasonable grounds to know of, any facts that could  give rise to a notice of non-compliance with any such laws, regulations and statutes, and  is not aware of any pending change or contemplated change to any applicable law or  regulation or governmental position, in each case that would materially adversely affect  the business of the Company or the business or legal environment under which the  Company operates.   (vv) Statistical and Market-Related Data.  The statistical, demographic and market- related data included in the Registration Statement and Prospectus are based on or  derived from sources that the Company believes to be reliable and accurate in all material  respects or represent the Company’s good faith estimates that are made on the basis of  data derived from such sources.  (ww) Cyber Security.  Except as may be included or incorporated by reference in the  Registration Statement and the Prospectus, (x) to the Company’s knowledge, there has  been no material security breach or other material compromise of any of the Company’s  information technology and computer systems, networks, hardware, software, data  (including the data of their respective customers, employees, suppliers, vendors and any  third party data maintained by or on behalf of them), equipment or technology  (collectively, “IT Systems and Data”) and (y) the Company has not been notified of, and  have no knowledge of any event or condition that would reasonably be expected to result  in, any material security breach or other material compromise to their IT Systems and  Data; (ii) the Company is presently in compliance with all applicable laws or statutes and  all judgments, orders, rules and regulations of any court or arbitrator or governmental or  regulatory authority, published policies and contractual obligations relating to the privacy  and security of IT Systems and Data and to the protection of such IT Systems and Data  from unauthorized use, access, misappropriation or modification, except as would not, in  the case of this clause (ii), individually or in the aggregate, result in a Material Adverse  Effect; and (iii) the Company has implemented backup and disaster recovery technology  consistent with industry standards and practices.  (xx) Emerging Growth Company Status.  From the time of the initial filing of the  Company’s first registration statement with the Commission through the date hereof, the  Company has been and is an “emerging growth company,” as defined in Section 2(a) of  the Securities Act (an “Emerging Growth Company”).  

 

       Any certificate signed by an officer of the Company and delivered to  the Agent or to counsel for the Agent pursuant to or in connection with this Agreement  shall be deemed to be a representation and warranty by the Company, as applicable, to  the Agent as to the matters set forth therein.     7. COVENANTS OF THE COMPANY.  THE COMPANY COVENANTS AND AGREES WITH  THE AGENT THAT:  

 

      (a) Registration Statement Amendments.  After the date of this Agreement and during any  period in which a Prospectus relating to any Placement Shares is required to be delivered  by the Agent under the Securities Act (including in circumstances where such requirement  may be satisfied pursuant to Rule 172 under the Securities Act or similar rule), (i) the  Company will notify the Agent promptly of the time when any subsequent amendment to  the Registration Statement, other than documents incorporated by reference, has been  filed with the Commission and/or has become effective or any subsequent supplement to  the Prospectus has been filed and of any request by the Commission for any amendment  or supplement to the Registration Statement or Prospectus or for additional information,  (ii) the Company will prepare and file with the Commission, promptly upon the Agent’s  reasonable request, any amendments or supplements to the Registration Statement or  Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable in  connection with the distribution of the Placement Shares by the Agent (provided,  however, that the failure of the Agent to make such request shall not relieve the Company  of any obligation or liability hereunder, or affect the Agent’s right to rely on the  representations and warranties made by the Company in this Agreement and provided,  further, that the only remedy the Agent shall have with respect to the failure to make such  filing shall be to cease making sales under this Agreement until such amendment or  supplement is filed); (iii) the Company will not file any amendment or supplement to the  Registration Statement or Prospectus (except for documents incorporated by reference)  relating to the Placement Shares or a security convertible into the Placement Shares  unless a copy thereof has been submitted to the Agent within a reasonable period of time  before the filing and the Agent has objected thereto in good faith on reasonable grounds  and in writing two (2) Business Days (provided, however, that (A) the failure of the Agent  to make such objection shall not relieve the Company of any obligation or liability  hereunder, or affect the Agent’s right to rely on the representations and warranties made  by the Company in this Agreement and (B) the Company has no obligation to provide the  Agent any advance copy of such filing or to provide the Agent an opportunity to object to  such filing, if such filing does not name the Agent and does not reference the transactions  contemplated hereunder; and provided, further, that the only remedy the Agent shall have  with respect to the failure by the Company to obtain such consent shall be to cease  making sales under this Agreement) and the Company will furnish to the Agent at the time  of filing thereof a copy of any document that upon filing is deemed to be incorporated by  reference into the Registration Statement or Prospectus, except for those documents  available via EDGAR; and (iv) the Company will cause each amendment or supplement  to the Prospectus to be filed with the Commission as required pursuant to the applicable  paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be  incorporated therein by reference, to be filed with the Commission as required pursuant  to the Exchange Act, within the time period prescribed (the determination to file or not file  any amendment or supplement with the Commission under this Section 7(a), based on  the Company’s reasonable opinion or reasonable objections, shall be made exclusively  by the Company); provided, however, that the Company may delay any such amendment  or supplement if, in the reasonable judgment of the Company, it is in the best interests of  the Company to do so. Until such time as the Company shall have corrected such  misstatement or omission or effected such compliance, the Company shall not notify the  Agent to resume the offering of Placement Shares.  

 

      (b) Notice of Commission Stop Orders.  The Company will advise the Agent, promptly after  it receives notice or obtains knowledge thereof, of the issuance or threatened issuance  by the Commission of any stop order suspending the effectiveness of the Registration  Statement, of the suspension of the qualification of the Placement Shares for offering or  sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such  purpose; and it will promptly use its commercially reasonable efforts to prevent the  issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.   The Company will advise the Agent promptly after it receives any request by the  Commission for any amendments to the Registration Statement or any amendment or  supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional  information related to the offering of the Placement Shares or for additional information  related to the Registration Statement, the Prospectus or any Issuer Free Writing  Prospectus.  (c) Delivery of Prospectus; Subsequent Changes.  During any period in which a Prospectus  relating to the Placement Shares is required to be delivered by the Agent under the  Securities Act with respect to the offer and sale of the Placement Shares, (including in  circumstances where such requirement may be satisfied pursuant to Rule 172 under the  Securities Act or similar rule), the Company will comply with all requirements imposed  upon it by the Securities Act, as from time to time in force, and to file on or before their  respective due dates all reports and any definitive proxy or information statements  required to be filed by the Company with the Commission pursuant to Sections 13(a),  13(c), 14, 15(d) or any other provision of or under the Exchange Act.  If the Company has  omitted any information from the Registration Statement pursuant to Rule 430B under the  Securities Act, it will use its commercially reasonable efforts to comply with the provisions  of and make all requisite filings with the Commission pursuant to said Rule 430B and to  notify the Agent promptly of all such filings.  If during such period any event occurs as a  result of which the Prospectus as then amended or supplemented would include an  untrue statement of a material fact or omit to state a material fact necessary to make the  statements therein, in the light of the circumstances then existing, not misleading, or if  during such period it is necessary to amend or supplement the Registration Statement or  Prospectus to comply with the Securities Act, the Company will promptly notify the Agent  to suspend the offering of Placement Shares during such period and the Company will  promptly amend or supplement the Registration Statement or Prospectus (at the expense  of the Company) so as to correct such statement or omission or effect such  compliance; provided, however, that the Company may delay any such amendment or  supplement if, in the reasonable judgment of the Company, it is in the best interests of  the Company to do so. Until such time as the Company has corrected such statement or  omission or effected such compliance, the Company shall not notify the Agent to resume  the offering of Placement Shares.  (d) Listing of Placement Shares.  Prior to the date of the first Placement Notice, the Company  will use its commercially reasonable efforts to cause the Placement Shares to be listed  on the Exchange.  

 

      (e) Delivery of Registration Statement and Prospectus.  The Company will furnish to the  Agent and its counsel (at the expense of the Company) copies of the Registration  Statement, the Prospectus (including all documents incorporated by reference therein)  and all amendments and supplements to the Registration Statement or Prospectus that  are filed with the Commission during any period in which a Prospectus relating to the  Placement Shares is required to be delivered under the Securities Act (including all  documents filed with the Commission during such period that are deemed to be  incorporated by reference therein), in each case as soon as reasonably practicable and  in such quantities as the Agent may from time to time reasonably request and, at the  Agent’s request, will also furnish copies of the Prospectus to each exchange or market  on which sales of the Placement Shares may be made; provided, however, that the  Company shall not be required to furnish any document (other than the Prospectus) to  the Agent to the extent such document is available on EDGAR.  (f) Earning Statement.  The Company will make generally available to its security holders as  soon as practicable, but in any event not later than 15 months after the end of the  Company’s current fiscal quarter, an earning statement covering a 12-month period that  satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act; provided, that  the Company will be deemed to have furnished such statement to its security holders to  the extent it is available on EDGAR.  (g) Use of Proceeds.  The Company will use the Net Proceeds as described in the Prospectus  in the section entitled “Use of Proceeds.”  

 

      (h) Notice of Other Sales.  Without the prior written consent of the Agent, the Company will  not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or  otherwise dispose of any Common Stock (other than the Placement Shares offered  pursuant to this Agreement) or securities convertible into or exchangeable for Common  Stock, warrants or any rights to purchase or acquire, Common Stock during the period  beginning on the fifth (5th) Trading Day immediately prior to the date on which any  Placement Notice is delivered to the Agent hereunder and ending on the fifth (5th) Trading  Day immediately following the final Settlement Date with respect to Placement Shares  sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated  or suspended prior to the sale of all Placement Shares covered by a Placement Notice,  the date of such suspension or termination); and will not directly or indirectly in any other  “at the market” or continuous equity transaction offer to sell, sell, contract to sell, grant  any option to sell or otherwise dispose of any Common Stock (other than the Placement  Shares offered pursuant to this Agreement) or securities convertible into or exchangeable  for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior  to the sixtieth (60th) day immediately following the termination of this Agreement by the  Company; provided, however, that such restrictions will not be required in connection with  the Company’s issuance or sale of (i) Common Stock, options to purchase Common  Stock or Common Stock issuable upon the exercise of options, or any other awards  (including performance awards, restricted stock units or restricted shares), pursuant to  any employee or director stock option or benefits plan, stock ownership plan or dividend  reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its  dividend reinvestment plan) of the Company whether now in effect or hereafter  implemented, (ii) Common Stock issuable upon conversion of securities or the exercise  of warrants, options or other rights or awards in effect or outstanding, and disclosed in  filings by the Company available on EDGAR or otherwise in writing to the Agent, (iii)  Common Stock, or securities convertible into or exercisable for Common Stock, offered  and sold in privately negotiated transactions to vendors, customers, strategic partners or  potential strategic partners or hereby, provided that the aggregate number of shares  issued pursuant to this clause (iii) shall not exceed five percent (5%) of the total number  of Common Stock outstanding immediately prior to giving effect to such sale or issuance;  and (iv) Common Stock or securities convertible into or exchangeable for shares of  Common Stock as consideration for mergers, acquisitions, other business combinations  or strategic alliances occurring after the date of this Agreement which are not issued for  capital raising purposes.  (i) Change of Circumstances.  The Company will, at any time during the pendency of a  Placement Notice, advise the Agent promptly after it shall have received notice or  obtained knowledge thereof, of any information or fact that would alter or affect in any  material respect any opinion, certificate, letter or other document required to be provided  to the Agent pursuant to this Agreement.  (j) Due Diligence Cooperation.  The Company will cooperate with any reasonable due  diligence review conducted by the Agent or its representatives in connection with the  transactions contemplated hereby, including, without limitation, providing information and  making available documents and senior corporate officers, during regular business hours  and at the Company’s principal offices, as the Agent may reasonably request.  

 

      (k) Required Filings Relating to Placement of Placement Shares.  The Company shall  disclose, in its quarterly reports on Form 10-Q and in its annual report on Form 10-K to  be filed by the Company with the Commission from time to time, the number of the  Placement Shares sold through the Agent under this Agreement, and the net proceeds  to the Company from the sale of the Placement Shares pursuant to this Agreement during  the relevant quarter or, in the case of an Annual Report on Form 10-K, during the fiscal  year covered by such Annual Report and the fourth quarter of such fiscal year. To the  extent that the filing of a prospectus supplement with the Commission with respect to the  placement of Placement Shares becomes required under Rule 424(b) under the  Securities Act, the Company agrees that on such dates as the Securities Act shall require,  the Company will (i) file a prospectus supplement with the Commission under the  applicable paragraph of Rule 424(b) under the Securities Act (each and every filing date  under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, within the  relevant period, the amount of Placement Shares sold through the Agent, the Net  Proceeds to the Company and the compensation payable by the Company to the Agent  with respect to such Placement Shares (provided that the Company may satisfy its  obligations under this Section 7(k)(i) by making a filing in accordance with the Exchange  Act including such information), and (ii) deliver such number of copies of each such  prospectus supplement to each exchange or market on which such sales were effected  as may be required by the rules or regulations of such exchange or market.  (l) Representation Dates; Certificate.  (1) On or prior to the date of the first Placement  Notice and (2) each time the Company:  (i) files the Prospectus relating to the Placement Shares or amends or  supplements (other than a prospectus supplement relating solely to an offering of  securities other than the Placement Shares) the Registration Statement or the  Prospectus relating to the Placement Shares by means of a post-effective  amendment, sticker, or supplement but not by means of incorporation of  documents by reference into the Registration Statement or the Prospectus  relating to the Placement Shares;     (ii) files an annual report on Form 10-K under the Exchange Act  (including any Form 10-K/A containing amended financial information or a  material amendment to the previously filed Form 10-K);      (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or       (iv) files a current report on Form 8-K containing amended financial  information (other than information “furnished” pursuant to Items 2.02 or 7.01 of  Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to  the reclassification of certain properties as discontinued operations in  accordance with Statement of Financial Accounting Standards No. 144) under  the Exchange Act (each date of filing of one or more of the documents referred to  in clauses (i) through (iv) shall be a “Representation Date”);  

 

       the Company shall furnish the Agent (but in the case of clause (iv) above only if the  Agent reasonably determines that the information contained in such Form 8-K is  material) with a certificate dated the Representation Date, in the form and substance  reasonably satisfactory to the Agent and its counsel, substantially similar to the form  previously provided to the Agent and its counsel, modified, as necessary, to relate to the  Registration Statement and the Prospectus as amended or supplemented.  The  requirement to provide a certificate under this Section 7(l) shall be automatically waived  for any Representation Date occurring at a time during which no Placement Notice is  pending or a Suspension is in effect, which waiver shall continue until the earlier to  occur of the date the Company delivers instructions for the sale of Placement Shares  hereunder (which for such calendar quarter shall be considered a Representation Date)  and the next occurring Representation Date for which the requirement to provide a  certificate under this Section 7(l) is not waived pursuant to the terms thereof.   Notwithstanding the foregoing, if the Company subsequently decides to sell Placement  Shares following a Representation Date when the Company relied on such waiver and  did not provide the Agent with a certificate under this Section 7(l), then before the  Company delivers the instructions for the sale of Placement Shares or the Agent sells  any Placement Shares pursuant to such instructions, the Company shall provide the  Agent with a certificate in conformity with this Section 7(l) dated as of the date that the  instructions for the sale of Placement Shares are issued.       (m)Legal Opinion.  (1) On or prior to the date of the first Placement Notice  and (2) within five  (5) Trading Days of each Representation Date (other than pursuant to Section 7(l)(iii))  with respect to which the Company is obligated to deliver a certificate pursuant to Section  7(l) for which no waiver is applicable and excluding the date of this Agreement, the  Company shall cause to be furnished to the Agent a written opinion and negative  assurance letter of Orrick, Herrington & Sutcliffe LLP (“Company Counsel”), or other  counsel reasonably satisfactory to the Agent, in form and substance reasonably  satisfactory to the Agent and its counsel, substantially similar to the form previously  provided to the Agent and its counsel, modified, as necessary, to relate to the Registration  Statement and the Prospectus as then amended or supplemented; provided, however,  the Company shall be required to furnish to the Agent no more than one opinion and  negative assurance letter hereunder per calendar quarter; provided, further, that in lieu of  such opinions or negative assurance letters for subsequent periodic filings under the  Exchange Act, counsel may furnish the Agent with a letter (a “Reliance Letter”) to the  effect that the Agent may rely on a prior opinion or negative assurance letter, as the case  may be, delivered under this Section 7(m) to the same extent as if it were dated the date  of such letter (except that statements in such prior opinion shall be deemed to relate to  the Registration Statement and the Prospectus as amended or supplemented as of the  date of the Reliance Letter).  

 

      (n) Comfort Letter.  (1) On or prior to the date of the first Placement Notice and (2) within five  (5) Trading Days of each Representation Date with respect to which the Company is  obligated to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable  and excluding the date of this Agreement, the Company shall cause its independent  registered public accounting firm to furnish the Agent letters (the “Comfort Letters”), dated  the date the Comfort Letter is delivered, which shall meet the requirements set forth in  this Section 7(n); provided, that if requested by the Agent, the Company shall cause a  Comfort Letter to be furnished to the Agent within ten (10) Trading Days of the date of  occurrence of any material transaction or event requiring the filing of a Current Report on  Form 8-K containing material financial information (including the restatement of the  Company’s financial statements).  The Comfort Letter from the Company’s independent  registered public accounting firm shall be in a form and substance satisfactory to the  Agent, (i) confirming that they are an independent registered public accounting firm within  the meaning of the Securities Act and the Public Company Accounting Oversight Board  (PCAOB), (ii) stating, as of such date, the conclusions and findings of such firm with  respect to the financial information and other matters ordinarily covered by accountants’  “comfort letters” to underwriters in connection with registered public offerings (the first  such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any  information that would have been included in the Initial Comfort Letter had it been given  on such date and modified as necessary to relate to the Registration Statement and the  Prospectus, as amended and supplemented to the date of such letter.  (o) Market Activities; Compliance with Regulation M.  The Company will not, directly or  indirectly, (i) take any action designed to cause or result in, or that constitutes or would  reasonably be expected to constitute, the stabilization or manipulation of the price of any  security of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid  for, or purchase Common Stock in violation of Regulation M, or pay anyone any  compensation for soliciting purchases of the Placement Shares other than the Agent.  (p) Investment Company Act.  The Company will conduct its affairs in such a manner so as  to reasonably ensure that neither it nor any of its Subsidiaries will be or become, at any  time prior to the termination of this Agreement, required to register as an “investment  company,” as such term is defined in the Investment Company Act.  (q) No Offer to Sell.  Other than an Issuer Free Writing Prospectus approved in advance by  the Company and the Agent in its capacity as agent hereunder, neither the Agent nor the  Company (including its agents and representatives, other than the Agent in its capacity  as such) will make, use, prepare, authorize, approve or refer to any written  communication (as defined in Rule 405 under the Securities Act), required to be filed with  the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement  Shares hereunder.  

 

      (r) Blue Sky and Other Qualifications.  The Company will use its commercially reasonable  efforts, in cooperation with the Agent, to qualify the Placement Shares for offering and  sale, or to obtain an exemption for the Placement Shares to be offered and sold, under  the applicable securities laws of such states and other jurisdictions (domestic or foreign)  as the Agent may designate and to maintain such qualifications and exemptions in effect  for so long as required for the distribution of the Placement Shares (but in no event for  less than one year from the date of this Agreement); provided, however, that the Company  shall not be obligated to file any general consent to service of process or to qualify as a  foreign corporation or as a dealer in securities in any jurisdiction in which it is not so  qualified or to subject itself to taxation in respect of doing business in any jurisdiction in  which it is not otherwise so subject.  In each jurisdiction in which the Placement Shares  have been so qualified or exempt, the Company will file such statements and reports as  may be required by the laws of such jurisdiction to continue such qualification or  exemption, as the case may be, in effect for so long as required for the distribution of the  Placement Shares (but in no event for less than one year from the date of this  Agreement).  (s) Sarbanes-Oxley Act.  The Company and the Subsidiaries will maintain and keep accurate  books and records reflecting their assets and maintain internal accounting controls in a  manner designed to provide reasonable assurance regarding the reliability of financial  reporting and the preparation of financial statements for external purposes in accordance  with GAAP and including those policies and procedures that (i) pertain to the maintenance  of records that in reasonable detail accurately and fairly reflect the transactions and  dispositions of the assets of the Company, (ii) provide reasonable assurance that  transactions are recorded as necessary to permit the preparation of the Company’s  consolidated financial statements in accordance with GAAP, (iii) that receipts and  expenditures of the Company are being made only in accordance with management’s  and the Company’s directors’ authorization, and (iv) provide reasonable assurance  regarding prevention or timely detection of unauthorized acquisition, use or disposition of  the Company’s assets that could have a material effect on its financial statements.  The  Company and the Subsidiaries will maintain such controls and other procedures,  including, without limitation, those required by Sections 302 and 906 of the Sarbanes- Oxley Act, and the applicable regulations thereunder that are designed to ensure that  information required to be disclosed by the Company in the reports that it files or submits  under the Exchange Act is recorded, processed, summarized and reported, within the  time periods specified in the Commission’s rules and forms, including, without limitation,  controls and procedures designed to ensure that information required to be disclosed by  the Company in the reports that it files or submits under the Exchange Act is accumulated  and communicated to the Company’s management, including its principal executive  officer and principal financial officer, or persons performing similar functions, as  appropriate to allow timely decisions regarding required disclosure and to ensure that  material information relating to the Company or the Subsidiaries is made known to them  by others within those entities, particularly during the period in which such periodic reports  are being prepared.  

 

      (t) Secretary’s Certificate; Further Documentation.  Prior to the date of the first Placement  Notice, the Company shall deliver to the Agent a certificate of the Secretary of the  Company and attested to by an executive officer of the Company, dated as of such date,  certifying as to (i) the Certificate of Incorporation of the Company, (ii) the Bylaws of the  Company, (iii) the resolutions of the Board of Directors or a duly authorized committee of  the Board of Directors of the Company authorizing the execution, delivery and  performance of this Agreement and the issuance of the Placement Shares and (iv) the  incumbency of the officers duly authorized to execute this Agreement and the other  documents contemplated by this Agreement.  Within five (5) Trading Days of each  Representation Date, the Company shall have furnished to the Agent such further  information, certificates and documents as the Agent may reasonably request.  (u) Emerging Growth Company Status.  The Company will promptly notify the Agent if the  Company ceases to be an Emerging Growth Company at any time during the term of this  Agreement.  

 

      8. PAYMENT OF EXPENSES.  THE COMPANY WILL PAY ALL EXPENSES INCIDENT TO  THE PERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT, INCLUDING  (I) THE PREPARATION AND FILING OF THE REGISTRATION STATEMENT,  INCLUDING ANY FEES REQUIRED BY THE COMMISSION, AND THE PRINTING OR  ELECTRONIC DELIVERY OF THE PROSPECTUS AS ORIGINALLY FILED AND OF EACH  AMENDMENT AND SUPPLEMENT THERETO, IN SUCH NUMBER AS THE AGENT  SHALL DEEM NECESSARY, (II) THE PRINTING AND DELIVERY TO THE AGENT OF  THIS AGREEMENT AND SUCH OTHER DOCUMENTS AS MAY BE REQUIRED IN  CONNECTION WITH THE OFFERING, PURCHASE, SALE, ISSUANCE OR DELIVERY OF  THE PLACEMENT SHARES, (III) THE PREPARATION, ISSUANCE AND DELIVERY OF  THE CERTIFICATES, IF ANY, FOR THE PLACEMENT SHARES TO THE AGENT,  INCLUDING ANY STOCK OR OTHER TRANSFER TAXES AND ANY CAPITAL DUTIES,  STAMP DUTIES OR OTHER DUTIES OR TAXES PAYABLE UPON THE SALE, ISSUANCE  OR DELIVERY OF THE PLACEMENT SHARES TO THE AGENT, (IV) THE FEES AND  DISBURSEMENTS OF THE COUNSEL, ACCOUNTANTS AND OTHER ADVISORS TO  THE COMPANY, (V) THE FEES AND EXPENSES OF THE AGENT INCLUDING BUT NOT  LIMITED TO THE FEES AND EXPENSES OF THE COUNSEL TO THE AGENT, (A)  PAYABLE IN AN AMOUNT NOT TO EXCEED $125,000 IN CONNECTION WITH THE  EXECUTION OF THIS AGREEMENT, (B) PAYABLE IN CONNECTION WITH EACH  REPRESENTATION DATE WITH RESPECT TO WHICH THE COMPANY IS OBLIGATED  TO DELIVER A CERTIFICATE PURSUANT TO SECTION 7(L) FOR WHICH NO WAIVER  IS APPLICABLE AND EXCLUDING THE DATE OF THIS AGREEMENT, IN AN AMOUNT  NOT TO EXCEED $20,000 PER CALENDAR QUARTER, AND (C) IN AN AMOUNT NOT  TO EXCEED $25,000 FOR EACH PROGRAM “REFRESH” (FILING OF A NEW  REGISTRATION STATEMENT, PROSPECTUS OR PROSPECTUS SUPPLEMENT  RELATING TO THE PLACEMENT SHARES AND/OR AN AMENDMENT OF THIS  AGREEMENT) EXECUTED PURSUANT TO THIS AGREEMENT, (VI) THE  QUALIFICATION OR EXEMPTION OF THE PLACEMENT SHARES UNDER STATE  SECURITIES LAWS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 7(R)  HEREOF, INCLUDING FILING FEES, BUT EXCLUDING FEES OF THE AGENT’S  COUNSEL, (VII) THE PRINTING AND DELIVERY TO THE AGENT OF COPIES OF ANY  PERMITTED FREE WRITING PROSPECTUS AND THE PROSPECTUS AND ANY  AMENDMENTS OR SUPPLEMENTS THERETO IN SUCH NUMBER AS THE AGENT  SHALL DEEM NECESSARY, (VIII) THE PREPARATION, PRINTING AND DELIVERY TO  THE AGENT OF COPIES OF THE BLUE SKY SURVEY, (IX) THE FEES AND EXPENSES  OF THE TRANSFER AGENT AND REGISTRAR FOR THE COMMON STOCK, (X) THE  FILING AND OTHER FEES INCIDENT TO ANY REVIEW BY FINRA OF THE TERMS OF  THE SALE OF THE PLACEMENT SHARES INCLUDING THE FEES OF THE AGENT’S  COUNSEL (SUBJECT TO THE CAP, SET FORTH IN CLAUSE (V) ABOVE), AND (XI) THE  FEES AND EXPENSES INCURRED IN CONNECTION WITH THE LISTING OF THE  PLACEMENT SHARES ON THE EXCHANGE.  

 

      9. CONDITIONS TO THE AGENT’S OBLIGATIONS.  THE OBLIGATIONS OF THE AGENT  HEREUNDER WITH RESPECT TO A PLACEMENT WILL BE SUBJECT TO THE  CONTINUING ACCURACY AND COMPLETENESS OF THE REPRESENTATIONS AND  WARRANTIES MADE BY THE COMPANY HEREIN (OTHER THAN THOSE  REPRESENTATIONS AND WARRANTIES MADE AS OF A SPECIFIED DATE OR TIME),  TO THE DUE PERFORMANCE BY THE COMPANY OF ITS OBLIGATIONS HEREUNDER,  TO THE COMPLETION BY THE AGENT OF A DUE DILIGENCE REVIEW  SATISFACTORY TO IT IN ITS REASONABLE JUDGMENT, AND TO THE CONTINUING  SATISFACTION (OR WAIVER BY THE AGENT IN ITS SOLE DISCRETION) OF THE  FOLLOWING ADDITIONAL CONDITIONS:  (a) Registration Statement Effective.  The Registration Statement shall have become  effective and shall be available for the (i) resale of all Placement Shares issued to the  Agent and not yet sold by the Agent and (ii) sale of all Placement Shares contemplated  to be issued by any Placement Notice.  (b) No Material Notices.  None of the following events shall have occurred and be continuing:  (i) receipt by the Company of any request for additional information from the Commission  or any other federal or state Governmental Authority during the period of effectiveness of  the Registration Statement, the response to which would require any post-effective  amendments or supplements to the Registration Statement or the Prospectus, which  amendments or supplements have not, as of the time of such Placement, been made;  (ii) the issuance by the Commission or any other federal or state Governmental Authority  of any stop order suspending the effectiveness of the Registration Statement or the  initiation of any proceedings for that purpose; (iii) receipt by the Company of any  notification with respect to the suspension of the qualification or exemption from  qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or  threatening of any proceeding for such purpose; or (iv) the occurrence of any event that  makes any statement of a material fact made in the Registration Statement or the  Prospectus or any document incorporated or deemed to be incorporated therein by  reference untrue or that requires the making of any changes in the Registration  Statement, the Prospectus or documents so that, in the case of the Registration  Statement, it will not contain an untrue statement of a material fact or omit to state any  material fact required to be stated therein or necessary to make the statements therein  not misleading and, that in the case of the Prospectus, it will not contain an untrue  statement of a material fact or omit to state a material fact required to be stated therein  or necessary to make the statements therein, in the light of the circumstances under which  they were made, not misleading, which changes have not, as of the time of such  Placement, been made.  (c) No Misstatement or Material Omission.  The Agent shall not have advised the Company  that the Registration Statement or Prospectus, or any amendment or supplement thereto,  contains an untrue statement of fact that in the Agent’s reasonable opinion is material, or  omits to state a fact that in the Agent’s reasonable opinion is material and is required to  be stated therein or is necessary to make the statements therein not misleading.  

 

      (d) Material Changes.  Except as contemplated in the Prospectus, or disclosed in the  Company’s reports filed with the Commission, there shall not have been any material  adverse change in the authorized capital stock of the Company or any Material Adverse  Effect or any development that would reasonably be expected to cause a Material  Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the  Company’s securities (other than asset backed securities) by any rating organization or  a public announcement by any rating organization that it has under surveillance or review  its rating of any of the Company’s securities (other than asset backed securities), the  effect of which, in the case of any such action by a rating organization described above,  in the reasonable judgment of the Agent (without relieving the Company of any obligation  or liability it may otherwise have), is so material as to make it impracticable or inadvisable  to proceed with the offering of the Placement Shares on the terms and in the manner  contemplated in the Prospectus.  (e) Legal Opinions.  The Agent shall have received the opinion of Company Counsel required  to be delivered pursuant to Section 7(m) on or before the date on which such delivery of  such opinion is required pursuant to Section 7(m).  (f) Comfort Letter.  The Agent shall have received the Comfort Letter required to be delivered  pursuant to Section 7(n) on or before the date on which such delivery of such Comfort  Letter is required pursuant to Section 7(n).  (g) Representation Certificate.  The Agent shall have received the certificate required to be  delivered pursuant to Section 7(l) on or before the date on which delivery of such  certificate is required pursuant to Section 7(l).  (h) No Suspension.  Trading in the Common Stock shall not have been suspended on the  Exchange and the Common Stock shall not have been delisted from the Exchange.  (i) Other Materials.  On each date on which the Company is required to deliver a certificate  pursuant to Section 7(l), the Company shall have furnished to the Agent such appropriate  further information, opinions, certificates, letters and other documents as the Agent may  reasonably request.  All such opinions, certificates, letters and other documents will be in  compliance with the provisions hereof.  (j) Securities Act Filings Made.  All filings with the Commission required by Rule 424 under  the Securities Act to have been filed prior to the issuance of any Placement Notice  hereunder shall have been made within the applicable time period prescribed for such  filing by Rule 424.  (k) Approval for Listing.  The Placement Shares shall either have been (i) approved for listing  on the Exchange, subject only to notice of issuance, or (ii) the Company shall have filed  an application for listing of the Placement Shares on the Exchange at, or prior to, the  issuance of any Placement Notice and the Exchange shall have reviewed such  application and not provided any objections thereto.  

 

      (l) FINRA.  If applicable, FINRA shall have raised no objection to the terms of this offering  and the amount of compensation allowable or payable to the Agent as described in the  Prospectus.   (m)No Termination Event.  There shall not have occurred any event that would permit the  Agent to terminate this Agreement pursuant to Section 12(a).  10. INDEMNIFICATION AND CONTRIBUTION.  (a) Company Indemnification.  The Company agrees to indemnify and hold  harmless the Agent, its affiliates and their respective partners, members, directors, officers,  employees and agents and each person, if any, who controls the Agent or any affiliate within the  meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:   (i) against any and all loss, liability, claim, damage and expense  whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or  alleged untrue statement of a material fact contained in the Registration Statement (or any  amendment thereto), or the omission or alleged omission therefrom of a material fact required to  be stated therein or necessary to make the statements therein not misleading, or arising out of any  untrue statement or alleged untrue statement of a material fact included in any related Issuer Free  Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission  or alleged omission therefrom of a material fact necessary in order to make the statements therein,  in the light of the circumstances under which they were made, not misleading;  (ii) against any and all loss, liability, claim, damage and expense  whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement  of any litigation, or any investigation or proceeding by any Governmental Authority, commenced  or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or  any such alleged untrue statement or omission; provided that (subject to Section 10(d) below) any  such settlement is effected with the written consent of the Company, which consent shall not  unreasonably be delayed or withheld; and  (iii) against any and all expense whatsoever, as incurred (including the  reasonable and documented fees and disbursements of counsel), reasonably incurred in  investigating, preparing or defending against any litigation, or any investigation or proceeding by  any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any  such untrue statement or omission, or any such alleged untrue statement or omission (whether or  not a party), to the extent that any such expense is not paid under (i) or (ii) above,   provided, however, that this indemnity agreement shall not apply to any loss, liability,  claim, damage or expense to the extent arising out of any untrue statement or omission  or alleged untrue statement or omission made solely in reliance upon and in conformity  with the Agent Information (as defined below).     (b) Agent Indemnification.  The Agent agrees to indemnify and hold harmless  the Company and its directors and each officer of the Company who signed the Registration  Statement, and each person, if any, who controls the Company within the meaning of Section 15  of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim,  

 

      damage and expense described in the indemnity contained in Section 10(a), as incurred, but only  with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in  the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or  supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement  thereto) in reliance upon and in conformity with information relating to the Agent and furnished  to the Company in writing by the Agent expressly for use therein.  The Company hereby  acknowledges that the only information that the Agent has furnished to the Company expressly for  use in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus (or any  amendment or supplement thereto) are the statements set forth in the ninth and tenth paragraphs  under the caption “Plan of Distribution” in the Prospectus (the “Agent Information”).  (c) Procedure.  Any party that proposes to assert the right to be indemnified  under this Section 10 will, promptly after receipt of notice of commencement of any action against  such party in respect of which a claim is to be made against an indemnifying party or parties under  this Section 10, notify each such indemnifying party of the commencement of such action,  enclosing a copy of all papers served, but the omission so to notify such indemnifying party will  not relieve the indemnifying party from (i) any liability that it might have to any indemnified party  otherwise than under this Section 10 and (ii) any liability that it may have to any indemnified party  under the foregoing provision of this Section 10 unless, and only to the extent that, such omission  results in the forfeiture of substantive rights or defenses by the indemnifying party.  If any such  action is brought against any indemnified party and it notifies the indemnifying party of its  commencement, the indemnifying party will be entitled to participate in and, to the extent that it  elects by delivering written notice to the indemnified party promptly after receiving notice of the  commencement of the action from the indemnified party, jointly with any other indemnifying party  similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the  indemnified party, and after notice from the indemnifying party to the indemnified party of its  election to assume the defense, the indemnifying party will not be liable to the indemnified party  for any other legal expenses except as provided below and except for the reasonable costs of  investigation subsequently incurred by the indemnified party in connection with the defense.  The  indemnified party will have the right to employ its own counsel in any such action, but the fees,  expenses and other charges of such counsel will be at the expense of such indemnified party unless  (1) the employment of counsel by the indemnified party has been authorized in writing by the  indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of  counsel) that there may be legal defenses available to it or other indemnified parties that are  different from or in addition to those available to the indemnifying party, (3) a conflict or potential  conflict exists (based on advice of counsel to the indemnified party) between the indemnified party  and the indemnifying party (in which case the indemnifying party will not have the right to direct  the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has  not in fact employed counsel to assume the defense of such action or counsel reasonably  satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice  of the commencement of the action; in each of which cases the reasonable fees, disbursements and  other charges of counsel will be at the expense of the indemnifying party or parties.  It is  understood that the indemnifying party or parties shall not, in connection with any proceeding or  related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and  other charges of more than one separate firm (plus local counsel) admitted to practice in such  jurisdiction at any one time for all such indemnified party or parties.  All such fees, disbursements  and other charges will be reimbursed by the indemnifying party promptly as they are incurred.  An  

 

      indemnifying party will not, in any event, be liable for any settlement of any action or claim  effected without its written consent.  No indemnifying party shall, without the prior written consent  of each indemnified party, settle or compromise or consent to the entry of any judgment in any  pending or threatened claim, action or proceeding relating to the matters contemplated by this  Section 10 (whether or not any indemnified party is a party thereto), unless such settlement,  compromise or consent (1) includes an express and unconditional release of each indemnified  party, in form and substance reasonably satisfactory to such indemnified party, from all liability  arising out of such litigation, investigation, proceeding or claim and (2) does not include a  statement as to or an admission of fault, culpability or a failure to act by or on behalf of any  indemnified party.  (d) Settlement Without Consent if Failure to Reimburse.  If an indemnified  party shall have requested an indemnifying party to reimburse the indemnified party for reasonable  fees and expenses of counsel for which it is entitled to be reimbursed under this Section 10, such  indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by  Section 10(a)(ii) effected without its written consent if (1) such settlement is entered into more  than 45 days after receipt by such indemnifying party of the aforesaid request, (2) such  indemnifying party shall have received notice of the terms of such settlement at least 30 days prior  to such settlement being entered into and (3) such indemnifying party shall not have reimbursed  such indemnified party in accordance with such request prior to the date of such settlement.  (e) Contribution.  In order to provide for just and equitable contribution in  circumstances in which the indemnification provided for in the foregoing paragraphs of this  Section 10 is applicable in accordance with its terms but for any reason is held to be unavailable  or insufficient from the Company or the Agent, the Company and the Agent will contribute to the  total losses, claims, liabilities, expenses and damages (including any investigative, legal and other  expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,  suit or proceeding or any claim asserted) to which the Company and the Agent may be subject in  such proportion as shall be appropriate to reflect the relative benefits received by the Company on  the one hand and the Agent on the other hand.  The relative benefits received by the Company on  the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the  total net proceeds from the sale of the Placement Shares (before deducting expenses) received by  the Company bear to the total compensation received by the Agent from the sale of Placement  Shares on behalf of the Company.  If, but only if, the allocation provided by the foregoing sentence  is not permitted by applicable law, the allocation of contribution shall be made in such proportion  as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but  also the relative fault of the Company, on the one hand, and the Agent, on the other hand, with  respect to the statements or omission that resulted in such loss, claim, liability, expense or damage,  or action in respect thereof, as well as any other relevant equitable considerations with respect to  such offering.  Such relative fault shall be determined by reference to, among other things, whether  the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a  material fact relates to information supplied by the Company or the Agent, the intent of the parties  and their relative knowledge, access to information and opportunity to correct or prevent such  statement or omission.  The Company and the Agent agree that it would not be just and equitable  if contributions pursuant to this Section 10(e) were to be determined by pro rata allocation or by  any other method of allocation that does not take into account the equitable considerations referred  to herein.  The amount paid or payable by an indemnified party as a result of the loss, claim,  

 

      liability, expense, or damage, or action in respect thereof, referred to above in this Section 10(e)  shall be deemed to include, for the purpose of this Section 10(e), any legal or other expenses  reasonably incurred by such indemnified party in connection with investigating or defending any  such action or claim to the extent consistent with Section 10(c) hereof.  Notwithstanding the  foregoing provisions of this Section 10(e), the Agent shall not be required to contribute any amount  in excess of the commissions received by it under this Agreement and no person found guilty of  fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be  entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.   For purposes of this Section 10(e), any person who controls a party to this Agreement within the  meaning of the Securities Act, any affiliates of the Agent and any officers, directors, partners,  employees or agents of the Agent or any of its affiliates, will have the same rights to contribution  as that party, and each director of the Company and each officer of the Company who signed the  Registration Statement will have the same rights to contribution as the Company, subject in each  case to the provisions hereof.  Any party entitled to contribution, promptly after receipt of notice  of commencement of any action against such party in respect of which a claim for contribution  may be made under this Section 10(e), will notify any such party or parties from whom  contribution may be sought, but the omission to so notify will not relieve that party or parties from  whom contribution may be sought from any other obligation it or they may have under this Section  10(e) except to the extent that the failure to so notify such other party materially prejudiced the  substantive rights or defenses of the party from whom contribution is sought.  Except for a  settlement entered into pursuant to the last sentence of Section 10(c) hereof, no party will be liable  for contribution with respect to any action or claim settled without its written consent if such  consent is required pursuant to Section 10(c) hereof.   

 

      11. REPRESENTATIONS AND AGREEMENTS TO SURVIVE DELIVERY.  THE  INDEMNITY AND CONTRIBUTION AGREEMENTS CONTAINED IN SECTION 10 OF  THIS AGREEMENT AND ALL REPRESENTATIONS AND WARRANTIES OF THE  COMPANY HEREIN OR IN CERTIFICATES DELIVERED PURSUANT HERETO  SHALL SURVIVE, AS OF THEIR RESPECTIVE DATES, REGARDLESS OF (I) ANY  INVESTIGATION MADE BY OR ON BEHALF OF THE AGENT, ANY CONTROLLING  PERSONS, OR THE COMPANY (OR ANY OF THEIR RESPECTIVE OFFICERS,  DIRECTORS, EMPLOYEES OR CONTROLLING PERSONS), (II) DELIVERY AND  ACCEPTANCE OF THE PLACEMENT SHARES AND PAYMENT THEREFOR OR  (III) ANY TERMINATION OF THIS AGREEMENT.  12. TERMINATION.  (a) The Agent may terminate this Agreement, by notice to the Company, as hereinafter  specified at any time (1) if there has been, since the time of execution of this  Agreement or since the date as of which information is given in the Prospectus,  any change, or any development or event involving a prospective change, in the  condition, financial or otherwise, or in the business, properties, earnings, results  of operations or prospects of the Company and its Subsidiaries considered as one  enterprise, whether or not arising in the ordinary course of business, which  individually or in the aggregate, in the sole judgment of the Agent is material and  adverse and makes it impractical or inadvisable to market the Placement Shares or  to enforce contracts for the sale of the Placement Shares, (2) if there has occurred  any material adverse change in the financial markets in the United States or the  international financial markets, any outbreak of hostilities or escalation thereof or  other calamity or crisis or any change or development involving a prospective  change in national or international political, financial or economic conditions, in  each case the effect of which is such as to make it, in the judgment of the Agent,  impracticable or inadvisable to market the Placement Shares or to enforce  contracts for the sale of the Placement Shares, (3) if trading in the Common Stock  has been suspended or limited by the Commission or the Exchange, or if trading  generally on the Exchange has been suspended or limited, or minimum prices for  trading have been fixed on the Exchange, (4) if any suspension of trading of any  securities of the Company on any exchange or in the over-the-counter market shall  have occurred and be continuing, (5) if a major disruption of securities settlements  or clearance services in the United States shall have occurred and be continuing,  or (6) if a banking moratorium has been declared by either U.S. Federal or New York  authorities.  Any such termination shall be without liability of any party to any other  party except that the provisions of Section 8 (Payment of Expenses), Section 10  (Indemnification and Contribution), Section 11 (Representations and Agreements  to Survive Delivery), Section 17 (Governing Law and Time; Waiver of Jury Trial) and  Section 18 (Consent to Jurisdiction) hereof shall remain in full force and effect  notwithstanding such termination.  If the Agent elects to terminate this Agreement  as provided in this Section 12(a), the Agent shall provide the required notice as  specified in Section 13 (Notices).   

 

      (b) The Company shall have the right, by giving ten (10) days notice as hereinafter  specified to terminate this Agreement in its sole discretion at any time after the  date of this Agreement.  Any such termination shall be without liability of any party  to any other party except that the provisions of Section 8, Section 10, Section 11,  Section 17 and Section 18 hereof shall remain in full force and effect  notwithstanding such termination.   (c) The Agent shall have the right, by giving ten (10) days’ notice as hereinafter  specified to terminate this Agreement in its sole discretion at any time after the  date of this Agreement.  Any such termination shall be without liability of any party  to any other party except that the provisions of Section 8, Section 10, Section 11,  Section 17 and Section 18 hereof shall remain in full force and effect  notwithstanding such termination.   (d) This Agreement shall remain in full force and effect unless terminated pursuant to  Sections 12(a), (b), or (c) above or otherwise by mutual agreement of the parties;  provided, however, that any such termination by mutual agreement shall in all  cases be deemed to provide that Section 8, Section 10, Section 11, Section 17 and  Section 18 shall remain in full force and effect.  (e) Any termination of this Agreement shall be effective on the date specified in such  notice of termination; provided, however, that such termination shall not be  effective until the close of business on the date of receipt of such notice by the  Agent or the Company, as the case may be.  If such termination shall occur prior  to the Settlement Date for any sale of Placement Shares, such Placement Shares  shall settle in accordance with the provisions of this Agreement.  13. NOTICES.  ALL NOTICES OR OTHER COMMUNICATIONS REQUIRED OR  PERMITTED TO BE GIVEN BY ANY PARTY TO ANY OTHER PARTY PURSUANT  TO THE TERMS OF THIS AGREEMENT SHALL BE IN WRITING, UNLESS  OTHERWISE SPECIFIED, AND IF SENT TO THE AGENT, SHALL BE DELIVERED  TO:   Cantor Fitzgerald & Co.   499 Park Avenue  New York, NY 10022  Attention: Capital Markets  Facsimile: (212) 307-3730      And with a copy (which shall not constitute notice) to:    Cantor Fitzgerald & Co.   499 Park Avenue  New York, NY 10022  Attention: General Counsel  Facsimile: (212) 829-4708      

 

        with a copy to:      Cooley LLP    55 Hudson Yards    New York, NY 10001-2157    Attention: Daniel I. Goldberg, Esq.    Facsimile: (212) 479-6275  and if to the Company, shall be delivered to:  Volta Inc.  155 De Haro Street  San Francisco, CA 94103  Attention: Michelle Kley  Telephone: (415) 271-3713  WITH A COPY TO:  Orrick, Herrington & Sutcliffe LLP  222 Berkeley Street, Suite 2000  Boston, MA 02116  Attention: Albert Vanderlaan  Telephone: (617) 880-2219  Each party to this Agreement may change such address for notices by sending to the parties to this  Agreement written notice of a new address for such purpose.  Each such notice or other communication  shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an  original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a  Business Day, on the next succeeding Business Day, (ii) by Electronic Notice as set forth in the next  paragraph, (iii) on the next Business Day after timely delivery to a nationally-recognized overnight  courier and (iv) on the Business Day actually received if deposited in the U.S. mail (certified or registered  mail, return receipt requested, postage prepaid).  For purposes of this Agreement, “Business Day” shall  mean any day on which the Exchange and commercial banks in the City of New York are open for  business.    An electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of  this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover.   Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives  verification of receipt by the receiving party.  Any party receiving Electronic Notice may request and  shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”) which  shall be sent to the requesting party within ten (10) days of receipt of the written request for  Nonelectronic Notice.  

 

      14. SUCCESSORS AND ASSIGNS.  THIS AGREEMENT SHALL INURE TO THE BENEFIT  OF AND BE BINDING UPON THE COMPANY AND THE AGENT AND THEIR  RESPECTIVE SUCCESSORS AND THE PARTIES REFERRED TO IN SECTION 10  HEREOF.  REFERENCES TO ANY OF THE PARTIES CONTAINED IN THIS  AGREEMENT SHALL BE DEEMED TO INCLUDE THE SUCCESSORS AND  PERMITTED ASSIGNS OF SUCH PARTY.  NOTHING IN THIS AGREEMENT,  EXPRESS OR IMPLIED, IS INTENDED TO CONFER UPON ANY PARTY OTHER  THAN THE PARTIES HERETO OR THEIR RESPECTIVE SUCCESSORS AND  PERMITTED ASSIGNS ANY RIGHTS, REMEDIES, OBLIGATIONS OR LIABILITIES  UNDER OR BY REASON OF THIS AGREEMENT, EXCEPT AS EXPRESSLY  PROVIDED IN THIS AGREEMENT.  NEITHER PARTY MAY ASSIGN ITS RIGHTS OR  OBLIGATIONS UNDER THIS AGREEMENT WITHOUT THE PRIOR WRITTEN  CONSENT OF THE OTHER PARTY; PROVIDED, HOWEVER, THAT THE AGENT  MAY ASSIGN ITS RIGHTS AND OBLIGATIONS HEREUNDER TO AN AFFILIATE  THEREOF WITHOUT OBTAINING THE COMPANY’S CONSENT, SO LONG AS  SUCH AFFILIATE IS A REGISTERED BROKER DEALER, UPON WRITTEN NOTICE  TO THE COMPANY.  15. ADJUSTMENTS FOR STOCK SPLITS.  THE PARTIES ACKNOWLEDGE AND AGREE  THAT ALL SHARE-RELATED NUMBERS CONTAINED IN THIS AGREEMENT  SHALL BE ADJUSTED TO TAKE INTO ACCOUNT ANY STOCK SPLIT, STOCK  DIVIDEND OR SIMILAR EVENT EFFECTED WITH RESPECT TO THE PLACEMENT  SHARES.  

 

      16. ENTIRE AGREEMENT; AMENDMENT; SEVERABILITY; WAIVER.  THIS  AGREEMENT (INCLUDING ALL SCHEDULES AND EXHIBITS ATTACHED  HERETO AND PLACEMENT NOTICES ISSUED PURSUANT HERETO)  CONSTITUTES THE ENTIRE AGREEMENT AND SUPERSEDES ALL OTHER PRIOR  AND CONTEMPORANEOUS AGREEMENTS AND UNDERTAKINGS, BOTH  WRITTEN AND ORAL, AMONG THE PARTIES HERETO WITH REGARD TO THE  SUBJECT MATTER HEREOF.  NEITHER THIS AGREEMENT NOR ANY TERM  HEREOF MAY BE AMENDED EXCEPT PURSUANT TO A WRITTEN INSTRUMENT  EXECUTED BY THE COMPANY AND THE AGENT.  IN THE EVENT THAT ANY ONE  OR MORE OF THE PROVISIONS CONTAINED HEREIN, OR THE APPLICATION  THEREOF IN ANY CIRCUMSTANCE, IS HELD INVALID, ILLEGAL OR  UNENFORCEABLE AS WRITTEN BY A COURT OF COMPETENT JURISDICTION,  THEN SUCH PROVISION SHALL BE GIVEN FULL FORCE AND EFFECT TO THE  FULLEST POSSIBLE EXTENT THAT IT IS VALID, LEGAL AND ENFORCEABLE,  AND THE REMAINDER OF THE TERMS AND PROVISIONS HEREIN SHALL BE  CONSTRUED AS IF SUCH INVALID, ILLEGAL OR UNENFORCEABLE TERM OR  PROVISION WAS NOT CONTAINED HEREIN, BUT ONLY TO THE EXTENT THAT  GIVING EFFECT TO SUCH PROVISION AND THE REMAINDER OF THE TERMS  AND PROVISIONS HEREOF SHALL BE IN ACCORDANCE WITH THE INTENT OF  THE PARTIES AS REFLECTED IN THIS AGREEMENT. NO IMPLIED WAIVER BY A  PARTY SHALL ARISE IN THE ABSENCE OF A WAIVER IN WRITING SIGNED BY  SUCH PARTY. NO FAILURE OR DELAY IN EXERCISING ANY RIGHT, POWER, OR  PRIVILEGE HEREUNDER SHALL OPERATE AS A WAIVER THEREOF, NOR SHALL  ANY SINGLE OR PARTIAL EXERCISE THEREOF PRECLUDE ANY OTHER OR  FURTHER EXERCISE THEREOF OR THE EXERCISE OF ANY RIGHT, POWER, OR  PRIVILEGE HEREUNDER.  17. GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL.  THIS AGREEMENT  SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS  OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF  CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY  TIME.  EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY  JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS  AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  

 

      18. CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS  TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS  SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE  ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY  TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY  WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,  ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF  ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN  AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR  PROCEEDING IS IMPROPER.  EACH PARTY HEREBY IRREVOCABLY WAIVES  PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED  IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF  (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH  PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS  AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD  AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.  NOTHING  CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO  SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  19. COUNTERPARTS.  THIS AGREEMENT MAY BE EXECUTED IN TWO OR MORE  COUNTERPARTS, EACH OF WHICH SHALL BE DEEMED AN ORIGINAL, BUT ALL  OF WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME INSTRUMENT.   COUNTERPARTS MAY BE DELIVERED VIA FACSIMILE, ELECTRONIC MAIL  (INCLUDING ANY ELECTRONIC SIGNATURE COVERED BY THE U.S. FEDERAL  ESIGN ACT OF 2000, UNIFORM ELECTRONIC TRANSACTIONS ACT, THE  ELECTRONIC SIGNATURES AND RECORDS ACT OR OTHER APPLICABLE LAW,  E.G., WWW.DOCUSIGN.COM) OR OTHER TRANSMISSION METHOD AND ANY  COUNTERPART SO DELIVERED SHALL BE DEEMED TO HAVE BEEN DULY AND  VALIDLY DELIVERED AND BE VALID AND EFFECTIVE FOR ALL PURPOSES.   20. CONSTRUCTION.  THE SECTION AND EXHIBIT HEADINGS HEREIN ARE FOR  CONVENIENCE ONLY AND SHALL NOT AFFECT THE CONSTRUCTION HEREOF.  REFERENCES HEREIN TO ANY LAW, STATUTE, ORDINANCE, CODE,  REGULATION, RULE OR OTHER REQUIREMENT OF ANY GOVERNMENTAL  AUTHORITY SHALL BE DEEMED TO REFER TO SUCH LAW, STATUTE,  ORDINANCE, CODE, REGULATION, RULE OR OTHER REQUIREMENT OF ANY  GOVERNMENTAL AUTHORITY AS AMENDED, REENACTED, SUPPLEMENTED  OR SUPERSEDED IN WHOLE OR IN PART AND IN EFFECT FROM TIME TO TIME  AND ALSO TO ALL RULES AND REGULATIONS PROMULGATED THEREUNDER.   

 

      21. PERMITTED FREE WRITING PROSPECTUSES.  THE COMPANY REPRESENTS,  WARRANTS AND AGREES THAT, UNLESS IT OBTAINS THE PRIOR WRITTEN  CONSENT OF THE AGENT (WHICH CONSENT SHALL NOT BE UNREASONABLY  WITHHELD, CONDITIONED OR DELAYED), AND THE AGENT REPRESENTS,  WARRANTS AND AGREES THAT, UNLESS IT OBTAINS THE PRIOR WRITTEN  CONSENT OF THE COMPANY (WHICH CONSENT SHALL NOT BE  UNREASONABLY WITHHELD, CONDITIONED OR DELAYED), IT HAS NOT MADE  AND WILL NOT MAKE ANY OFFER RELATING TO THE PLACEMENT SHARES  THAT WOULD CONSTITUTE AN ISSUER FREE WRITING PROSPECTUS, OR THAT  WOULD OTHERWISE CONSTITUTE A “FREE WRITING PROSPECTUS,” AS  DEFINED IN RULE 405, REQUIRED TO BE FILED WITH THE COMMISSION.  ANY  SUCH FREE WRITING PROSPECTUS CONSENTED TO BY THE AGENT OR BY THE  COMPANY, AS THE CASE MAY BE, IS HEREINAFTER REFERRED TO AS A  “PERMITTED FREE WRITING PROSPECTUS.”  THE COMPANY REPRESENTS AND  WARRANTS THAT IT HAS TREATED AND AGREES THAT IT WILL TREAT EACH  PERMITTED FREE WRITING PROSPECTUS AS AN “ISSUER FREE WRITING  PROSPECTUS,” AS DEFINED IN RULE 433, AND HAS COMPLIED AND WILL  COMPLY WITH THE REQUIREMENTS OF RULE 433 APPLICABLE TO ANY  PERMITTED FREE WRITING PROSPECTUS, INCLUDING TIMELY FILING WITH  THE COMMISSION WHERE REQUIRED, LEGENDING AND RECORD KEEPING.   FOR THE PURPOSES OF CLARITY, THE PARTIES HERETO AGREE THAT ALL  FREE WRITING PROSPECTUSES, IF ANY, LISTED IN EXHIBIT 21 HERETO ARE  PERMITTED FREE WRITING PROSPECTUSES.  22. ABSENCE OF FIDUCIARY RELATIONSHIP.  THE COMPANY ACKNOWLEDGES  AND AGREES THAT:  (a) the Agent is acting solely as agent in connection with the public offering of the  Placement Shares and in connection with each transaction contemplated by this  Agreement and the process leading to such transactions, and no fiduciary or  advisory relationship between the Company or any of its respective affiliates,  stockholders (or other equity holders), creditors or employees or any other party,  on the one hand, and the Agent, on the other hand, has been or will be created in  respect of any of the transactions contemplated by this Agreement, irrespective of  whether or not the Agent has advised or is advising the Company on other matters,  and the Agent has no obligation to the Company with respect to the transactions  contemplated by this Agreement except the obligations expressly set forth in this  Agreement;   (b) it is capable of evaluating and understanding, and understands and accepts, the  terms, risks and conditions of the transactions contemplated by this Agreement;  (c) neither the Agent nor its affiliates have provided any legal, accounting, regulatory  or tax advice with respect to the transactions contemplated by this Agreement and  it has consulted its own legal, accounting, regulatory and tax advisors to the extent  it has deemed appropriate;  

 

      (d) it is aware that the Agent and its affiliates are engaged in a broad range of  transactions which may involve interests that differ from those of the Company  and the Agent and its affiliates have no obligation to disclose such interests and  transactions to the Company by virtue of any fiduciary, advisory or agency  relationship or otherwise; and  (e) it waives, to the fullest extent permitted by law, any claims it may have against the  Agent or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty  in connection with the sale of Placement Shares under this Agreement and agrees  that the Agent and its affiliates shall not have any liability (whether direct or  indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim  or to any person asserting a fiduciary duty claim on its behalf or in right of it or the  Company, employees or creditors of Company.  23. DEFINITIONS.  AS USED IN THIS AGREEMENT, THE FOLLOWING TERMS HAVE  THE RESPECTIVE MEANINGS SET FORTH BELOW:  “Applicable Time” means (i) each Representation Date, (ii) the time of each sale of any  Placement Shares pursuant to this Agreement and (iii) each Settlement Date.  “Governmental Authority” means (i) any federal, provincial, state, local, municipal, national or  international government or governmental authority, regulatory or administrative agency,  governmental commission, department, board, bureau, agency or instrumentality, court, tribunal,  arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any  political subdivision of any of the foregoing.  “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in  Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission  by the Company, (2) is a “road show” that is a “written communication” within the meaning of  Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from  filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or  of the offering that does not reflect the final terms, in each case in the form filed or required to be  filed with the Commission or, if not required to be filed, in the form retained in the Company’s  records pursuant to Rule 433(g) under the Securities Act Regulations.    “Rule 164,” “Rule 172,” “Rule 405,” “Rule 415,” “Rule 424,” “Rule 424(b),” “Rule 430B,”  and “Rule 433” refer to such rules under the Securities Act Regulations.  All references in this Agreement to financial statements and schedules and other information that  is “contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all  other references of like import) shall be deemed to mean and include all such financial  statements and schedules and other information that is incorporated by reference in the  Registration Statement or the Prospectus, as the case may be.  All references in this Agreement to the Registration Statement, the Prospectus or any amendment  or supplement to any of the foregoing shall be deemed to include the copy filed with the  Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing  Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not  required to be filed with the Commission) shall be deemed to include the copy thereof filed with  the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to  

 

      the Prospectus shall include, without limitation, any supplements, “wrappers” or similar  materials prepared in connection with any offering, sale or private placement of any Placement  Shares by the Agent outside of the United States.  [Signature Page Follows]  

 

      If the foregoing correctly sets forth the understanding between the Company and the Agent,  please so indicate in the space provided below for that purpose, whereupon this letter shall  constitute a binding agreement between the Company and the Agent.  Very truly yours,  VOLTA INC.        By:    Name: Vincent T. Cubbage   Title: Interim Chief Executive Officer    ACCEPTED as of the date first-above written:  CANTOR FITZGERALD & CO.         By:    Name: [•]    Title: [•]      

 

      SCHEDULE 1    __________________________  Form of Placement Notice  __________________________    From:   Volta Inc.  To:  Cantor Fitzgerald & Co.  Attention:  [•]  Subject:  Placement Notice  Date:  [•], 20[•]  Ladies and Gentlemen:  Pursuant to the terms and subject to the conditions contained in the Sales Agreement between  Volta Inc., a Delaware corporation (the “Company”) and Cantor Fitzgerald & Co. (the  “Agent”), dated September 23, 2022, the Company hereby requests that the Agent sell up to [•]  of the Company’s common stock, par value $0.0001 per share, at a minimum market price of  $[•] per share, during the time period beginning [month, day, time] and ending [month, day,  time].       

 

      SCHEDULE 2    __________________________  Compensation  __________________________    The Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this  Agreement, an amount up to 3.0% of the aggregate gross proceeds from each sale of Placement  Shares.       

 

      SCHEDULE 3    __________________________  Notice Parties  __________________________    The Company  Michelle Kley (michelle.kley@voltacharging.com)  The Agent  Sameer Vasudev (svasudev@cantor.com)   With copies to:    CFCEO@cantor.com    

 

      SCHEDULE 4    __________________________  Subsidiaries  __________________________  Incorporated by reference to Exhibit 21 of the Company’s most recently filed Form 10-K as  applicable. 

 

      Form of Representation Date Certificate Pursuant to Section 7(l)  The undersigned, the duly qualified and elected Executive Vice President, Chief Legal  Officer and Secretary, of Volta Inc., a Delaware corporation (the “Company”), does hereby  certify in such capacity and on behalf of the Company, pursuant to Section 7(l) of the Sales  Agreement, dated September 23, 2022 (the “Sales Agreement”), between the Company and  Cantor Fitzgerald & Co., that to the best of the knowledge of the undersigned:  (i) The representations and warranties of the Company in Section 6 of the Sales Agreement   are true and correct on and as of the date hereof with the same force and effect as if expressly  made on and as of the date hereof, except for those representations and warranties that speak  solely as of a specific date and which were true and correct as of such date; provided, however,  that such representations and warranties also shall be qualified by the disclosure included or  incorporated by reference in the Registration Statement and Prospectus; and   (ii) The Company has complied with all agreements and satisfied all conditions on its part  to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.     Capitalized terms used herein without definition shall have the meanings given to such  terms in the Sales Agreement.    VOLTA INC.    By:     Name:  Michelle Kley   Title:  Executive Vice President, Chief Legal  Officer and Secretary     Date: [•]     

 

        Exhibit 21  Permitted Free Writing Prospectus  None.EX-10.1

 Exhibit 10.1 

Notwithstanding anything herein to the contrary, the liens and security interests granted to the Agent (as defined below) pursuant to this Agreement (as
defined below) and the exercise of any right or remedy by the Agent or any Lender (as defined below) hereunder is subject to the limitations and provisions contained in the Subordination Agreement (as defined below). In the event of any conflict
between the terms of the Subordination Agreement and the terms of this Agreement or any other Loan Document, the terms of the Subordination Agreement shall govern. 

Execution Version 

SPARTA MERGER SUB I LLC, 

SPARTA MERGER SUB II LLC, 

SPARTA MERGER SUB I INC., 

SPARTA MERGER SUB II INC., 

STEWARD ACCOUNTABLE CARE NETWORK, LLC, 

STEWARD NATIONAL CARE NETWORK, LLC, 

AS BORROWERS 
 CAJ
LENDING LLC, 
 AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, 

AND 
 CAJ LENDING LLC,
AND 
 DEERFIELD PARTNERS, L.P., 

LENDERS 
 LOAN AND
SECURITY AGREEMENT 

 This LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into
as of November 10, 2022, by and among CAJ Lending LLC, a Delaware limited liability company, as administrative agent and collateral agent (the “Agent” or “CAJ”), Lenders a party hereto and, (i) pre-Merger, SPARTA MERGER SUB I LLC (“Merger LLC I”), SPARTA MERGER SUB II LLC (“Merger LLC II”), SPARTA MERGER SUB
I INC. (“Merger Sub I”), SPARTA MERGER SUB II INC. (“Merger Sub II”), STEWARD ACCOUNTABLE CARE NETWORK, LLC (“SACN”) and STEWARD NATIONAL CARE NETWORK,
LLC (“SNCN”), as the initial borrowers (each a “Pre-Merger Borrower” and collectively, the “Pre-Merger
Borrowers”), and (ii) post-Merger, SACN and SNCN, as borrowers (each a “Post-Merger Borrower” and collectively, the “Post-Merger Borrowers”), Merger LLC I and Merger LLC II, as guarantors (each a
“Guarantor” and collectively, the “Guarantors”). 
 RECITALS 

SACN Holdco Inc. (“SACN Holdco”) is the direct parent of SACN; 

SNCN Holdco Inc. (“SNCN Holdco”) is the direct parent of SNCN; 

SACN and SNCN are the owners and holder of certain accounts receivable referred to as the “2022 Net
Pre-Closing Medicare AR” as otherwise described and defined in the Merger Agreement (defined below); 

Pursuant to that certain Agreement and Plan of Merger (“Merger Agreement”) dated May 31, 2022, the closing of which is
to be consummated contemporaneously herewith (the “Merger Effective Time”), the following actions (the “Merger”), among other actions not pertinent to this Agreement, shall occur: 

Merger Sub I shall merge with and into SACN Holdco Inc.; 

Merger Sub II shall merge with and into SNCN Holdco Inc.; 

Immediately thereafter, 

SACN Holdco shall merge with and into Merger LLC I; 

SNCN Holdco shall merger with and into Merger LLC II; 

Merger LLC I will contribute this Agreement and the obligations in connection with this Agreement to SACN and thereafter be released of any
and all obligations hereunder as a Borrower; 
 Merger LLC II will contribute this Agreement and the obligations in connection with this
Agreement to SNCN thereafter be released of any and all obligations hereunder as a Borrower; 
 SACN shall change its name to CareMax
Accountable Care Network, LLC; 
 SNCN shall change its name to CareMax National Care Network, LLC; and 

The foregoing shall be referred to hereinafter as the “Transaction.” 

This Agreement sets forth the terms on which Lenders will advance a term loan funded on the Closing Date (as defined below) to Borrowers and
Borrowers will repay the amounts owing to Lenders. 

 AGREEMENT 

The parties agree as follows: 

1.    DEFINITIONS AND CONSTRUCTION. 

1.1    Definitions. As used in this Agreement, the following terms shall have the following definitions: 

“Accounts” means all presently existing and hereafter arising accounts, contract rights, payment intangibles, and all other
forms of obligations owing to Borrowers arising out of the Collateral and Borrowers’ Books relating to any of the foregoing. 

“Administrative Fee” has the meaning assigned in Section 2.5(a)(iii). 

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any
Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 

“Agent” has the meaning assigned in the preamble hereof. 

“Agreement” has the meaning assigned in the preamble hereof. 

“Applicable Percentage” means, with respect to any Lender, a percentage equal to a fraction, the numerator of which is the
aggregate outstanding principal amount of the Term Loans of such Lender, and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Lenders. 

“Borrower” or “Borrowers”, individually or collectively as the context may require, means (i) pre-Merger, the Pre-Merger Borrowers and (ii) post-Merger, the Post-Merger Borrowers. 

“Borrowers’ Books” means all of Borrowers’ books and records including: ledgers; records concerning Borrowers’
assets or liabilities, the Collateral, business operations, or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Business” means owning and operating an accountable care organization that participates in the Program. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of New York are
authorized or required to close. 
 “Buyer” means the “Buyer” as defined in the Merger Agreement. 

“CAJ” has the meaning assigned to such term in the introductory paragraph hereof. 

“CAJ Agent Resignation Date” has the meaning assigned to such term in Section 13.10(h). 

“CEO Employment Agreement” means that certain Executive Employment Agreement, dated as of December 13, 2021, by and
between Carlos de Solo and Managed Healthcare Partners, L.L.C. 
 “Change in Control” means a transaction in which
(i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of a sufficient number of shares of all classes of stock then outstanding of Borrower or Ultimate Parent ordinarily
entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the board of directors or similar governing body of Borrower or Ultimate Parent, as the case may be, who did not have such
power before such transaction or (ii) Ultimate Parent ceases to directly or indirectly own and control all of the voting rights associated with 100% of the outstanding stock of the Borrowers. 

  
 2 

 “Closing Date” means the date of this Agreement. 

“CMS” means the Center for Medicare and Medicaid Services. 

“Code” means the New York Uniform Commercial Code. 

“Collateral” means the property described on Exhibit A attached hereto. 

“Collateral Assignment” means the Collateral Assignment of Rights with respect to the Merger Agreement, duly executed and
delivered by Buyer, as assignor, to Agent, as assignee, for the benefit of the Secured Parties, and acknowledged by the Seller Parties (as defined in the Merger Agreement). 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to (a) any indebtedness, lease, dividend, letter of credit, or other obligation of another; (b) any obligations with respect to undrawn letters of credit, corporate credit cards, or merchant services issued or provided
for the account of that Person; and (c) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency exchange rates, or commodity prices; provided, however, that the
term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of
the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by Agent in good faith; provided, however, that such
amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Contribution Share” has the meaning assigned in Section 14.10. 

“Control Agreement” means a control agreement, restricted account agreement or similar agreement or document, in each case in
form and substance satisfactory to the Agent and entered into for the purpose of perfecting a security interest in favor of Agent, on behalf of the Secured Parties, in each deposit account of any Borrower that constitutes a Specified MSSP Deposit
Account, effective to grant “control” (within the meaning of Articles 8 and 9 under the applicable UCC) over such account to Agent (for the benefit of the Secured Parties). 

“Credit Extension” means the Term Loan Advance by Lenders to the Borrowers hereunder on the Closing Date. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 

“Event of Default” has the meaning assigned in Article 8. 

“Excess Payment” has the meaning assigned in Section 14.10. 

“Federal Healthcare Program” means any “federal health care program” as defined in 42 U.S.C. §1320a-7b(f) (including Medicare, Medicare Advantage, state Medicaid programs (including state Medicaid waiver and Managed Medicaid programs), TRICARE, state CHIP programs, and similar or successor programs)
and any other health care or payment program administered or financed in whole or in part by any domestic federal, state or local government and any successor program to any of the above. 

“Fixed Rate” means twelve percent (12.00%), per annum. 

“GAAP” means generally accepted accounting principles as in effect from time to time. 

  
 3 

 “Governmental Authority” means any: (a) nation, state, county, city,
district or other similar jurisdiction; (b) federal, state, local or foreign government; (c) governmental or quasi-governmental authority (including any governmental agency, branch, commission, professional board, accrediting body, fiscal
intermediary or administrative contractor, bureau, instrumentality, department, official, entity, court or tribunal); or (d) body or other Person entitled by applicable law (or by contract with the parties) to exercise any arbitrative,
administrative, executive, judicial, legislative, police, regulatory or taxing authority or power. 
 “Guaranteed
Obligations” has the meaning assigned in Section 14.1. 
 “Guarantor Pro Rata Share” has the meaning assigned
in Section 14.10. 
 “Guaranty” has the meaning assigned in Section 14.2 

“Guarantors” individually or collectively as the context may require, has the meaning assigned in the preamble. 

“Health Care Laws” mean any and all laws applicable to the Business relating to the regulation of the healthcare industry,
including: (a) licensure and permit requirements for individuals and facilities; (b) applicable laws regarding fee-splitting and the sharing of revenues from Payment Programs; (c) applicable
laws regarding claims processing, billing and submission of false or fraudulent claims, and the prohibition on reassignment of claims under Payment Programs; (d) Titles XVIII, XIX and XXI of the Social Security Act and other applicable laws
pertaining to Medicare and Medicaid; (e) the Ethics in Patient Referrals Act, 42 U.S.C. §1395nn (the “Stark Law”) and the rules and regulations promulgated thereunder; (f) HIPAA and laws pertaining to medical
documentation, medical record retention; (g) applicable laws governing Federal Healthcare Programs; (h) applicable laws pertaining to fraud and abuse, prohibitions against kickbacks, and improper referrals, including the Civil False Claims
Act, 31 U.S.C. §§3729 et seq., and the Program Fraud Civil Remedies Act of 1986 (31 U.S.C. §3801, et seq.), the Criminal False Claims Act, 18 U.S.C. §287 and the False Statements Relating to Health Care Matters Act, 18 U.S.C.
§1035, the Health Care Fraud Act, 18 U.S.C. §1347, and the provisions of 42 U.S.C. §1320a-7, 7a, and 7b, et. seq.; (i) the Patient Protection and Affordable Care Act, Public Law 111-148; (j) 42 C.F.R. Part 425; (k) applicable laws regarding quality and safety (including patient safety and reporting of abuse), background checks, adequacy of medical care, documentation of medical necessity,
and informed consent to treatment; (l) applicable laws pertaining to the employment of professionals by non-professionals, the practice of medicine, and the ownership and operation of medical practices;
(m) applicable laws governing referrals and relationships between referral sources and referral recipients; (n) applicable laws pertaining to patient brokering, advertising and marketing of healthcare services and subcontracting for
services; (o) applicable laws governing the hiring of employees or acquisition of services or supplies from Persons excluded from participation in Federal Healthcare Program; (p) the Medicare Prescription Drug, Improvement and
Modernization Act of 2003 and the Controlled Substances Act (21 U.S.C. 801, et seq.); and (q) all other laws issued by any Governmental Authority concerning matters similar to those above that are applicable to the Business. 

“HIPAA” means, collectively (a) the Health Insurance Portability and Accountability Act of 1996, Pub. L. No. 104-191 (“HIPAA”), the privacy standards adopted by the U.S. Department of Health and Human Services (“HHS”) as they may be amended from time to time, 45 C.F.R. parts 160 and 164,
subparts A and E, the security standards adopted by HHS as they may be amended from time to time, 45 C.F.R. parts 160, 162, and 164, subpart C, and the privacy provisions (Subtitle D) of the Health Information Technology for Economic and Clinical
Health Act, Division A, Title XIII of Pub. L. 111-5, as codified at 42 U.S.C. Sections 1320d through d-9, and its and their implementing regulations, rules, and orders,
and (b) any other applicable laws concerning the privacy or security of personal health information, including, if applicable, state health information privacy and security laws and state data breach notification laws. 

  
 4 

 “Indebtedness” means (a) all indebtedness for borrowed money or the
deferred purchase price of property or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures, or similar
instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 
 “Insolvency Proceeding”
means any proceeding commenced by or against any person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or
informal moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Insolvent” means not Solvent. 

“Investment” means any beneficial ownership of (including stock, partnership interest, or other securities) any Person, or
any loan, advance, or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and
the regulations thereunder. 
 “Lender” or “Lenders”, individually or collectively as the context may
require, have the meaning assigned in the preamble hereof. 
 “Lender Expenses” means all: reasonable costs or expenses
(including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; all the actual costs and expenses of creating, perfecting, recording,
maintaining and preserving Liens in favor of Agent, for the benefit of Lenders, including filing and recording fees, expenses and taxes, stamp or documentary taxes and search fees in respect of the Collateral or the Liens under the Loan Documents;
and Agent’s and Lenders’ reasonable attorneys’ fees and expenses incurred in amending, enforcing, or defending the Loan Documents (including fees and expenses of appeal), incurred before, during, and after an Insolvency Proceeding,
whether or not suit is brought. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest, or
other encumbrance. 
 “Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrowers, the
Collateral Assignment, the Subordination Agreement and any other agreement entered into in connection with this Agreement, all as amended, restated, extended, supplemented or otherwise modified from time to time. 

“Material Adverse Effect” means a material adverse effect on (a) the operations, business, or financial condition of
Borrowers and their Subsidiaries taken as a whole, (b) the ability of Borrowers to repay the Obligations or otherwise perform their obligations under the Loan Documents, or (c) Borrowers’ interest in, or the value, perfection, or
priority of Agent’s security interest in the Collateral. 
 “Medicare Shared Savings Receivables” means the accounts
receivable of the Borrowers attributable to the Medicare Shared Savings Program existing immediately prior to the Merger Effective Time, for the year ended 2022. 

“Obligations” means all debt, principal, interest, Lender Expenses, and other amounts owed to any Lender by Borrower pursuant
to this Agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing
from Borrower to others that a Lender may have obtained by assignment or otherwise. 

  
 5 

 “OID” has the meaning assigned in Section 2.5(a)(ii). 

“Patents” means all patents, patent applications, and like protections, including without limitation improvements, divisions,
continuations, renewals, reissues, extensions, and continuations-in-part of the same. 

“Payment Programs” means Federal Healthcare Programs and any other managed care contract, participation agreement or other
billing arrangements with insurance providers or other third party payors, including health maintenance organizations, preferred provider organizations, prepaid plans, accountable care organization, and health care service plans. 

“Periodic Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated
to pay to Lenders pursuant to the terms and provisions of any instrument or agreement now or hereafter in existence between Borrower and Lenders. 

“Permitted Indebtedness” means: 

(a)    Indebtedness of Borrower in favor of Lenders arising under this Agreement or any other Loan Document; 

(b)    Indebtedness existing on the Closing Date and disclosed in the Schedule; 

(c)    Indebtedness secured by a lien described in clause (c) of the defined term “Permitted Liens,”
provided that (i) such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed One Hundred Thousand Dollars ($100,000) in the
aggregate at any given time; 
 (d)    Senior Debt; and 

(e)    Subordinated Debt. 

“Permitted Investment” means: 

(a)    Investments existing on the Closing Date disclosed in the Schedule; and 

(b)    (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any
agency or any state thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) certificates of deposit maturing no more than one
(1) year from the date of investment therein issued by a Lender, and (iv) a Lender’s money market accounts. 

“Permitted Liens” means the following: 

(a)    any Liens existing on the Closing Date and disclosed in the Schedule or arising under this Agreement or the other
Loan Documents; 
 (b)    Liens for taxes, fees, assessments, or other governmental charges or levies, either not
delinquent or being contested in good faith by appropriate proceedings, provided that the same have no priority over any of Agent’s security interests; 

(c)    Liens (i) upon or in any equipment which was not financed by Lenders acquired or held by Borrower or any of
its Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, or (ii) existing on such equipment at the time of its acquisition, provided that the
Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment; 

  
 6 

 (d)    Liens pursuant to the Senior Debt; and 

(e)    Liens incurred in connection with the extension, renewal, or refinancing of the indebtedness secured by Liens of
the type described in clauses (a) through (d) above, provided that any extension, renewal, or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended,
renewed, or refinanced does not increase. 
 “Person” means any individual, sole proprietorship, partnership, limited
liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity, or governmental agency. 

“Program” means the CMS Medicare Shared Savings Program. 

“Pro Rata Share” means, as of any date of determination, with respect to a Lender’s obligation to make a Loan and
receive payments of principal, interest, fees, costs, and expenses with respect thereto, the percentage obtained by dividing (x) the aggregate outstanding principal amount of such Lender’s Loans by (y) the aggregate outstanding
principal amount of all Loans held by all Lenders. 
 “Reg W Affiliate” means an “affiliate” as such term is set
forth in Section 23A(b)(1) of the Federal Reserve Act (12 USC 371c). 
 “Required Lenders” means, at any time, a
Lender or Lenders having outstanding Term Loans representing a majority of the sum of the total outstanding Term Loans at such time; provided, that if there are two or fewer Lenders at any time, then Required Lenders shall mean all Lenders.

 “Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial
Officer and the Controller of each Borrower. 
 “Schedule” means the schedule of exceptions attached hereto and approved by
Lenders. 
 “Secured Parties” has the meaning assigned to such term in Section 13.12. 

“Senior Debt” means the obligations of (a) CareMax, Inc., a Delaware corporation (the “Ultimate
Parent”), the indirect parent of the Borrowers and (b) each direct or indirect domestic subsidiary of the Ultimate Parent that is or becomes a “Loan Party” (under and as defined therein) pursuant to that certain Credit
Agreement, dated as of May 9, 2022, among the Ultimate Parent, its subsidiaries, lenders and issuing banks a party thereto and Jefferies Finance LLC as administrative agent and collateral agent (the “Senior Agent”), as the same
may be amended from time to time. 
 “Solvent” means, with respect to the Borrowers, that the Borrowers are able to pay
debts (including trade debts) as they mature; the fair saleable value of Borrowers’ assets (including goodwill minus disposition costs) exceeds the fair value of their liabilities; and Borrowers are not left with unreasonably small capital
after the transactions contemplated by the Loan Agreement. 
 “Specified Merger Representations” means the representations
and warranties made by the “Companies” pursuant to Sections 4.04, 4.05, 4.06, 4.09, 4.10, 4.11, 4.17, 4.19, 4.23 and 4.24 of the Merger Agreement. 

“Specified MSSP Deposit Account” means each deposit account maintained by any Borrower at any depository bank for the
purposes of receiving payments in respect of the Medicare Shared Savings Receivables. 

  
 7 

 “Subordinated Debt” means any debt incurred by Borrower that is
subordinated to the debt owing by Borrower to Lenders on terms acceptable to Lenders (and identified as being such by Borrower and Lenders). 

“Subordination Agreement” means that certain Subordination Agreement, dated on or about the date hereof, by and between the
Senior Agent and Agent and acknowledged and agreed to by the Borrowers. 
 “Subsidiary” means any corporation, company, or
partnership in which (a) any general partnership interest or (b) more than fifty percent (50%) of the stock or other units of ownership which by the terms thereof has the ordinary voting power to elect the Board of Directors, managers, or
trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 

“Term Loan” means an aggregate principal amount of Thirty-Five Million Five Hundred and Nine Thousand Seven Hundred and
Sixty-Four Dollars ($35,509,764.00). 
 “Term Loan Advance” means the cash advance by Lenders to the Borrowers on the
Closing Date under Section 2.1(a). 
 “Term Loan Maturity Date” means the earlier to occur of
(a) November 30, 2023 and (b) three (3) Business Days after Borrower received payment from the United States Department of Health and Human Services for the Medicare Shared Savings Receivables. 

“Transfer” has the meaning assigned in Section 7.1. 

“Transferred Guarantors” has the meaning assigned in Section 14.9. 

1.2    Accounting Terms. All accounting terms not specifically defined herein shall be construed in
accordance with GAAP, and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include the notes and schedules thereto. 

2.    LOAN AND TERMS OF
PAYMENT. 
 2.1    Credit Extension. 

Borrowers promise to pay to Lenders, in lawful money of the United States of America, the aggregate unpaid principal amount of the Term Loan
made by Lenders to Borrowers hereunder. Borrowers shall also pay interest on the unpaid principal amount of the Credit Extension at rates in accordance with the terms hereof. 

(a)    Term Loan. 

(i)    Term Loan. Subject to and upon the terms and conditions of this Agreement, on the Closing Date, each
of Lenders agrees, severally but not jointly, to make the principal amount of the Term Loan set forth next to such Lender’s name on Schedule 2.1 to Borrowers. The Term Loan shall be fully funded on the Closing Date. Interest shall accrue from
the Closing Date at the rate and shall be paid as specified in Section 2.3. The Term Loan, once repaid, may not be reborrowed. Borrower may prepay the Term Loan in whole or in part without penalty or premium. Each such prepayment shall be paid
to Lenders in accordance with their respective Applicable Percentages. 
 (ii)    Advance Request Form.
On or prior to the Closing Date, Borrowers shall notify the Agent (who shall notify Lenders) (which notice shall be irrevocable) by electronic mail of its request for the funding of the Term Loan on the Closing Date. Such notice shall be in a form
reasonably acceptable to the Lenders. The notice shall be signed by a Responsible Officer or its designee. 

  
 8 

 2.2    Joint and Several Liability. 

(a)    All Obligations of Borrowers under this Agreement and the other Loan Documents shall be joint and several
obligations of each Borrower, including principal, interest, fees, prepayment premiums (if any), expenses, reimbursements and indemnification obligations and other amounts, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest, fees, and expenses that accrue after the commencement by or against any one Borrower of any proceeding under the United States Bankruptcy Code,
or any similar laws in any other jurisdictions, regardless of whether such interest, fees, and expenses are allowed or allowable in whole or in part as a claim in such proceeding. 

(b)    Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but
also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including any Obligations arising under this
Section 2.2), it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among them. 

(c)    Subject to the terms and conditions of the Subordination Agreement, if and to the extent that any Borrower shall
fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event the other Borrowers will make such payment with respect to, or
perform, such Obligation until such time as all of the Obligations are paid in full. 
 (d)    Subject to the terms and
conditions of the Subordination Agreement, Obligations of each Borrower under the provisions of this Section 2.2 constitute the absolute and unconditional, full recourse Obligations of each Borrower enforceable against each
Borrower and secured by the Collateral, irrespective of the validity, regularity or enforceability of the provisions of this Agreement (other than this Section 2.2(d)) or any other circumstances whatsoever. 

(e)    Except as otherwise expressly provided in this Agreement or any other Loan Document, each Borrower hereby waives
notice of acceptance of its joint and several liability, notice of any Term Loans made under or pursuant to this Agreement, notice of the occurrence of any unmatured Event of Default, Event of Default, or of any demand for any payment under this
Agreement, notice of any action at any time taken or omitted by Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by applicable law, all
demands, notices and other formalities of every kind in connection with this Agreement (except as otherwise provided in this Agreement or any other Loan Document). Each Borrower’s joint and several obligations hereunder shall be unconditional
irrespective of any extension or postponement of the time for the payment of any of the Obligations, the acceptance of any partial payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action
or acquiescence by Agent or Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by Agent
or Lenders in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of the Obligations or the addition, substitution or release, in whole or in part,
of any Borrower. Without limiting the generality of the foregoing, each Borrower’s joint and several obligations hereunder shall be unconditional irrespective of any other action or delay in acting or failure to act on the part of any Agent or
Lender with respect to the failure by any Borrower to comply with any of its respective Obligations, including, without limitation, any Agent’s or Lender’s failure strictly or diligently to assert any right or to pursue any remedy or to
comply 

  
 9 

 
fully with applicable laws or regulations, which might, but for the provisions of this Section 2.2 afford grounds for terminating, discharging or relieving any Borrower,
in whole or in part, from any of its Obligations under this Section 2.2, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the Obligations of each Borrower under
this Section 2.2 shall not be discharged except by performance and then only to the extent of such performance. The Obligations of each Borrower under this Section 2.2 shall not be diminished or
rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any other Borrower or Agent or Lender. 

(f)    Each Borrower represents and warrants to Agent and Lenders that such Borrower is currently informed of the
financial condition of Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower further represents and warrants to Agent and Lenders that such
Borrower has read and understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue to keep informed of Borrowers’ financial condition and of all other circumstances which bear upon
the risk of nonpayment or nonperformance of the Obligations. 
 (g)    Subject to the terms and conditions of the
Subordination Agreement, the provisions of this Section 2.2 are made for the benefit of Agent, and Lenders, and their respective successors and assigns, and may be enforced by it or them from time to time against any or all
Borrowers as often as occasion therefor may arise and without requirement on the part of Agent, Lenders, or any of their successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower
or to exhaust any remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this
Section 2.2 shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is
rescinded or must otherwise be restored or returned by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.2 will forthwith be reinstated in
effect, as though such payment had not been made. 
 (h)    Each Borrower hereby agrees that it will not enforce any of
its rights of contribution or subrogation against any other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Agent or Lenders with respect to any of the Obligations
or any collateral security therefor until such time as all of the Obligations have been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to any payments to any Agent or Lenders hereunder are hereby
expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations and, in the event of any insolvency,
bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in
cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor. 

(i)    Each Borrower hereby agrees that after the occurrence and during the continuance of any Event of Default, such
Borrower will not demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the Obligations shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower
shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for Agent, and such Borrower shall deliver any such amounts to Agent for application to
the Obligations. 

  
 10 

 2.3    Interest Rates, Payments, and Calculations. 

(a)    Interest Rates. 

(i)    Term Loan. Except as set forth in Section 2.3(b), outstanding Term Loans shall bear interest at
a rate equal to the Fixed Rate. 
 (b)    Payment; Discounts; Late Fee; Default Rate. 

(i)    Interest Payment. On the Closing Date, Borrowers shall pay to Lenders by wire transfer, all interest
at the Fixed Rate earned from the Closing Date up to and including November 30, 2023, which interest shall be fully earned, due and payable in one lump sum on the Closing Date (the “Closing Date Interest Payment”). All interest
payable hereunder shall be paid in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of setoff or counterclaim or otherwise be affected by any claim or dispute relating to any other matters, and shall be in
addition to payment of Fees and the reimbursement of Lender Expenses set forth in Section 2.5 below. Agent, Lenders and Borrowers acknowledge and agree that the Closing Date Interest payment is being paid to Lenders on the Closing Date and such
amounts do not reflect the amount of any additional interest (if applicable) accrued and owing during the term of this Agreement, as of the Term Loan Maturity Date or thereafter, whether in respect of Section 2.3(b)(iii), Section 13.1 or
otherwise, which such interest shall be paid in-kind and capitalized to principal monthly in arrears. 

(ii)    [Reserved]. 

(iii)    All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event
of Default, at a rate equal to four percentage points (4.00%) above the interest rate applicable immediately prior to the occurrence of the Event of Default. 

(c)    Payments. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and
such interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions or other charges to the end that Lenders will receive the entire amount of any
Obligations payable hereunder, regardless of source of payment. Borrowers shall in all events pay the remaining outstanding principal balance of the Term Loan in full on the Term Loan Maturity Date. 

(d)    Computation. All interest chargeable under the Loan Documents shall be computed on the basis of a three
hundred sixty (360)-day year for the actual number of days elapsed. 

2.4    Pro Rata Treatment. All aggregate principal and interest payments shall be apportioned ratably among
the Lenders (in accordance with their respective Pro Rata Shares) and applied thereto and payments of fees and expenses (other than fees or expenses that are for Agent’s separate account, after giving effect to any agreements between Agent and
individual Lenders) shall be apportioned ratably among the Lenders in accordance with their respective Pro Rata Shares. All payments shall be remitted to Agent and all such payments, and all proceeds of Collateral received by Agent, shall be applied
as follows: 
 (a)    first, to pay any fees and Lender Expenses then due to Agent under the Loan Documents,
until paid in full, 
 (b)    second, to pay any fees and Lender Expenses then due to the Lenders under the Loan
Documents, on a ratable basis, until paid in full, 
 (c)    third, ratably to pay interest due in respect of
the Loans until paid in full, 

  
 11 

 (d)    fourth, so long as no Event of Default has occurred and
is continuing, to pay the then due and owing principal balance of all Loans until paid in full, 
 (e)    fifth,
to pay any other Obligations then due and owing, until paid in full, and 
 (f)    sixth, to Borrowers or such
other Person entitled thereto under applicable law. 
 2.5    Fees. Borrowers shall pay to Lenders the
following: 
 (a)    Facility Fee; OID. 

(i)    Facility Fee. On the Closing Date, a Facility Fee equal to three percent (3.00%) of the aggregate
principal amount of the Term Loan, to each Lender based on its Applicable Percentage; 

(ii)    OID. The Borrowers and Lenders agree that: (A) the Term Loans are debt for federal income
tax purposes; and (B) the Term Loans of each Lender constitute a single debt instrument for purposes of Sections 1271 through 1275 and 1281 of the Code and the Treasury Regulations thereunder and such debt instrument is described in Treasury
Regulations Section 1.1272-1(c)(2) and therefore is governed by the rules set out in Code Section 1.1272-1(a)(2)(c); 

(iii)    Administrative Fee. The Borrowers agrees to pay to the Agent, for its own account, an
administrative fee in an amount equal to $25,000 for each fiscal quarter (the “Administrative Fee”). On the Merger Effective Time, Borrowers shall pay to Lenders by wire transfer, the Administrative Fee for the period beginning
on the date of the Merger Effective Time up to and including November 30, 2023; provided, that if CAJ ceases to be the Agent at any time prior to the Term Loan Maturity Date, then CAJ shall remit to the successor agent an amount
equal to (x) the Administrative Fee paid on the Closing Date multiplied by (y) the number of days from and including the CAJ Agent Resignation Date through and including November 30, 2023 divided by (z) 385 days. 

(iv)    Fees Generally. The Borrowers agree that once paid, the fees or any part thereof payable hereunder
shall not be refundable under any circumstances. All fees payable hereunder shall be paid in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of setoff or counterclaim or otherwise be affected by any claim or
dispute relating to any other matters, and shall be in addition to the reimbursement of Lender Expenses set forth in paragraph (b) below. 

(b)    Lender Expenses. On the Closing Date, all Lender Expenses incurred through the Closing Date, including
reasonable attorneys’ fees and expenses (including the reasonable and documented fees, charges and disbursements of one primary outside counsel for the Agent and one primary outside counsel for each Lender taken separately), in connection with
the preparation, negotiation, execution, delivery and administration of this Agreement and any other credit documents, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), and, after the Closing Date pay promptly and in any event within three (3) Business Days after written demand therefor, all Lender Expenses, including reasonable attorneys’ fees and expenses
(including the reasonable and documented fees, charges and disbursements of one primary outside counsel for the Agent and one primary outside counsel for each Lender taken separately), as and when they are incurred by Lenders. 

2.6    Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7,
shall continue in full force and effect for so long as any Obligations remain outstanding. Notwithstanding termination, Agent’s Lien on the Collateral shall remain in effect for so long as any Obligations are outstanding. 

  
 12 

 3.    CONDITIONS OF
LOANS. 
 3.1    Conditions Precedent to Effectiveness. The effectiveness
of the Loan Documents is subject to the condition precedent that Lenders shall have received, in form and substance satisfactory to Lenders, the following: 

(a)    this Agreement duly executed and delivered by each party hereto; 

(b)    a certificate of the Secretary of the Borrowers and the Guarantors with respect to existence, good standing as of
a recent date, incumbency and resolutions authorizing the execution and delivery of the Loan Documents to which such Person is a party, the borrowing contemplated hereunder, the grants of security interest in the Collateral hereunder and under the
Collateral Assignment, and authorizing a guarantee of the Obligations hereunder, in each case certified by an appropriate officer of such Borrower or such Guarantor, as applicable, as of the Closing Date, which certificate states that the
resolutions thereby certified have not been amended, modified, revoked or rescinded and are in full force and effect; 

(c)    a certificate of the Secretary of the Ultimate Parent with respect to existence, good standing as of a recent
date, incumbency and resolutions authorizing the execution and delivery of the Collateral Assignment and authorizing the grants of security interest thereunder, in each case certified by an appropriate officer of the Ultimate Parent, as of the
Closing Date, which certificate states that the resolutions thereby certified have not been amended, modified, revoked or rescinded and are in full force and effect; 

(d)    [reserved]; 

(e)    [reserved]; 

(f)    a consent and amendment from the Senior Agent authorizing the transactions contemplated hereunder; 

(g)    the Subordination Agreement duly executed and delivered by each Person party thereto; 

(h)    UCC searches and other Lien searches as Lenders shall request; 

(i)    a UCC-1 Financing Statement against Ultimate Parent as debtor and Agent as
secured party with respect to the collateral specified in the Collateral Assignment; 

(j)    UCC-1 Financing Statements against each Borrower as debtor and Agent as
secured party with respect to the collateral specified on Exhibit A hereto; 
 (k)    the Merger shall have been
consummated in accordance in all material respects with the terms of the Merger Agreement, without any amendment or waiver of any material condition or provision thereof except as approved by Lenders; 

(l)    a certificate of a responsible officer attaching a true, complete and correct copy of the Merger Agreement; 

(m)    payment in cash in full of all Fees and Lender Expenses then due specified in Section 2.5 hereof; 

  
 13 

 (n)    a certificate of the Chief Financial Officer, other Responsible
Officer or authorized signatory acting in such capacity of the Borrowers stating that, after giving effect to the Merger and the transactions contemplated hereby, the Borrowers are Solvent; 

(o)    the representations and warranties contained in Article 5 shall be true and correct in all material respects
on and as of Closing Date (other than representations and warranties that specify that they are as of a prior date, which shall be true and correct in all material respects on and as of such prior date), and no unmatured Event of Default or Event of
Default shall have occurred and be continuing, or would exist after giving effect to the closing of the Loan Documents; 

(p)    timely receipt by Agent of the Advance Request Form as provided in Section 2.1, including a funds flow
memorandum; 
 (q)    (i) an executed Certificate of Beneficial Ownership and (ii) all outstanding documentation
and other information about each Borrower, each Guarantor and the Ultimate Parent required under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 

(r)    Borrowers have confirmed that the Transaction will occur (and the Transaction shall occur) contemporaneously with
the Term Loan Advance on the Closing Date; 
 (s)    Agent shall have received (i) evidence of the existence of
each Specified MSSP Deposit Account maintained by any Borrower, free and clear of all Liens, and (ii) evidence that such Borrower has directed the United States Department of Health and Human Services to make all payments in respect of the
Medicare Shared Savings Receivables into such Specified MSSP Deposit Account; and 
 (t)    such other documents, and
completion of such other matters, as Lenders may reasonably deem necessary or appropriate. 

4.    CREATION OF SECURITY
INTEREST. 
 4.1    Grant of Security Interest. Borrower grants and
pledges to Agent, for the benefit of the Secured Parties, a continuing security interest in all presently existing and hereafter acquired or arising Collateral and the proceeds thereof in order to secure prompt repayment of any and all Obligations
and in order to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the Schedule, such security interest constitutes a valid, first priority security interest in the presently
existing Collateral, and will constitute a valid, first priority security interest in Collateral acquired after the date hereof. 

4.2    Delivery of Additional Documentation Required. Borrower shall from time to time execute and deliver
to the Agent, at the request of the Agent, all financing statements, and other documents that Agent may reasonably request, in form satisfactory to the Agent, to perfect and continue the perfection of Agent’s (for the benefit of the Secured
Parties) security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Within thirty (30) days after the Closing Date, each Borrower shall have delivered a fully executed
Control Agreement to Agent in respect of each Specified MSSP Deposit Account in form and substance satisfactory to the Agent. 

4.3    Right to Inspect. Any Lender (through any of its officers, employees, or agents) shall have the
right, upon reasonable prior notice, from time to time during Borrower’s usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof
and to check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

  
 14 

 5.    REPRESENTATIONS AND
WARRANTIES. 
 Borrower represents and warrants as follows: 

5.1    Due Organization and Qualification. Borrower and each Subsidiary is (a) a corporation or limited
liability company duly existing under the laws of its state of incorporation or formation and (b) is qualified and licensed to do business in (i) its jurisdiction of organization and (ii) any state in which the conduct of its business
or its ownership of property requires that it be so qualified, except in the case of clause (b)(ii) where the failure to be so qualified and licensed would not reasonably be expected to have a Material Adverse Effect. 

5.2    Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are
within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any law or any provision contained in Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an event of
default under any agreement to which Borrower is a party or by which Borrower is bound. Borrower is not in default under any material agreement to which it is a party or by which it is bound. The Borrower has all requisite organizational power and
authority to own and operate its properties, to carry on its business as now conducted and proposed to be conducted, to enter into each Loan Document to which it is a party and to incur the Obligations, grant liens and security interests in the
Collateral and consummate the transactions contemplated by the Loan Documents. 
 5.3    No Prior
Encumbrances. Borrower has good and marketable title to the Collateral, free and clear of Liens, except for Permitted Liens. 

5.4    Specified Merger Representations. No event or circumstances exist in connection with any of the
Specified Merger Representations with respect to the Collateral that could reasonably be considered to have a Material Adverse Effect. 

5.5    Name; Location of Chief Executive Office. Except as disclosed in Schedule 5.5, no Borrower done
business under any name other than that specified in the Recitals or on the signature page hereof. The legal name, organizational identification number, jurisdiction of formation and chief executive office address for each Borrower is set forth on
Schedule 5.5. 
 5.6    Litigation. Except as set forth in the Schedule, there are no actions or
proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which an adverse decision could have a Material Adverse Effect. 

5.7    Solvency; Payment of Debts. Borrowers are Solvent. 

5.8    Regulatory Compliance. Borrower and each Subsidiary have met the minimum funding requirements of
ERISA with respect to any employee benefit plans subject to ERISA, and no event has occurred resulting from Borrower’s failure to comply with ERISA that could result in Borrower’s incurring any material liability. Borrower is not an
“investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the
business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has complied with all of the provisions of the
Federal Fair Labor Standards Act. Borrower has not violated any statutes, laws, ordinances, or rules applicable to it, violation of which could have a Material Adverse Effect. 

  
 15 

 5.9    Environmental Condition. Except as disclosed in the
Schedule, none of Borrower’s or any Subsidiary’s properties or assets has ever been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous owners or operators, in the disposal of, or to produce, store,
handle, treat, release, or transport, any hazardous waste or hazardous substance other than in accordance with applicable law; to the best of Borrower’s knowledge, none of Borrower’s properties or assets has ever been designated or
identified in any manner pursuant to any environmental protection statute as a hazardous waste or hazardous substance disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any environmental
protection statute has attached to any revenues or to any real or personal property owned by Borrower or any Subsidiary; and neither Borrower nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection
Agency or any other federal, state, or other governmental agency concerning any action or omission by Borrower or any Subsidiary resulting in the releasing, or otherwise disposing of hazardous waste or hazardous substances into the environment. 

5.10    Taxes. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be
filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein. 

5.11    Subsidiaries. Borrower does not own any stock, partnership interest, or other equity securities of
any Person, except for Permitted Investments. 
 5.12    Government Consents. Borrower and each Subsidiary
have obtained all material consents, approvals, and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as
currently conducted. 
 5.13    Specified MSSP Deposit Accounts. Each Borrower has good and marketable
title to the Specified MSSP Deposit Accounts, free and clear of Liens other than Liens in favor of the Agent for the benefit of the Secured Parties. Each Borrower has identified the Specified MSSP Deposit Accounts owned by such Borrower on Schedule
5.13 into which payments in respect of the Medicare Shared Savings Receivables are or shall be made. 

5.14    Compliance with Health Care Laws. 

(a)    Each Borrower and each Subsidiary has operated in compliance in all material respects with all applicable Health
Care Law, and (ii) no Borrower or Subsidiary has received any notice of any material violation or alleged material violation of, or any citation for material noncompliance with all applicable Health Care Law. No Borrower, Subsidiary nor, to the
knowledge of the Borrower, any of their respective employees, contracts or agents have received any written notice from any Governmental Authority of any actual or threatened investigation, inquiry, or administrative or judicial action, hearing, or
enforcement proceeding by any Governmental Authority, against any Borrower or Subsidiary regarding any material violation of all applicable Health Care Law. No Borrower or Subsidiary is currently a party to, or bound by, any order or corporate
integrity agreement with any Governmental Authority concerning such Person’s non-compliance with any applicable Health Care Laws. 

(b)    Each Borrower and Subsidiary has (i) all material licenses, consents, certificates, permits, authorizations,
accreditations, approvals, registrations, qualifications and other rights from, and has made all declarations and filings with, all applicable Governmental Authorities (each, an “Authorization”) necessary to participate and received
shared savings from the Program and (ii) not received written notice that any Governmental Authority is considering limiting, suspending or revoking any such Authorization. Each Borrower and Subsidiary is in compliance in all material respects
with the terms and conditions of all such Authorizations. 

  
 16 

 (c)    Each of SACN and SNCN: (i) participates in the Medicare
program as an accountable care organization in the Program, (ii) has been at all times and is currently in compliance in with the requirements set forth in 42 C.F.R. Part 425, and any guidance promulgated by pursuant to the Program and
(iii) has at all times and is currently in compliance with each Program Participation Agreement that each such entity has entered into with the Program, as well as each provider agreement with providers participating in the Program. Each
Borrower and each Subsidiary has repaid all amounts owed to the Program, or any amounts owed by any Borrower or Subsidiary, as applicable, to any participant participating in the Program. Each Borrower and each applicable Subsidiary has billing,
coding, and documentation practices that are in compliance with applicable Health Care Laws and has complied with obligations, billing procedures and reimbursement requirements with respect to the Program. Each Borrower and each applicable
Subsidiary’s risk adjustment documentation and coding practices are consistent with applicable Program requirements, and no Borrower and no applicable Subsidiary has received any written notification from CMS that such risk adjustment
documentation or coding practices are not in compliance Program requirements. No Borrower and no Subsidiary has received any notice of overpayments or recoupments from CMS with respect to the Program amounting to more than $25,000, individually or
in the aggregate. 
 (d)    Each Borrower and Subsidiary has timely, accurately and completely filed all material
reports, returns, data and other information required by CMS under the Program and has paid all sums heretofore due with respect to such reports and return. There are no material written documentation requests made by CMS with respect to the Program
to which a Borrower or Subsidiary has not responded and no denials of claims are currently being appealed by any Borrower or Subsidiary. 

(e)    No Borrower, Subsidiary or any of such Borrower’s or Subsidiary’s employees, officers, directors,
members or managers or independent contractors, are excluded from participation in Medicare, Medicaid, or any other government programs, are listed on the excluded individuals list published by the Office of Inspector General of the Department of
Health and Human Services (the “OIG”) (https://exclusions.oig.hhs.gov/) or on the “List of Parties Excluded from Federal Procurement and Nonprocurement Programs” on the website of the United States General Services
Administration (http://www.arnet.gov/epls/). Each Borrower and Subsidiary screens all employees prior to the employment start date and all independent contractors prior to the commencement date of the contractual relationship and at regular
intervals thereafter against the List of Excluded Individuals and Entities maintained by the OIG, state Medicaid exclusion lists, and the System for Awards Management Excluded Parties List System. 

(f)    No Borrower or Subsidiary has presented or caused to be presented to any Governmental Authority any claim for
payment for an item or service in violation of, or that would be the basis for liability under, the False Claims Act, 31 U.S.C. § 3729 – 3733, any similar state false claims act, the Civil Monetary Penalties Law, 42 U.S.C. §§ 1320a-7a and 1320a-7b, the Program Fraud Civil Remedies Act, 31 U.S.C. §§ 3801-3812. 

(g)    (i) There has been no material data breach affecting any Borrower or Subsidiary; (ii) no Borrower or
Subsidiary is currently investigating or assessing a material privacy or security incident that could be found to be a data breach, and (iii) each Borrower and Subsidiary is, and at all relevant times has been, or prior to commencing
operations, will be, in compliance in all material respects with HIPAA and the terms of applicable written agreements and privacy and security policies applicable to such Borrower or Subsidiary. 

5.15    Full Disclosure. No representation, warranty, or other statement made by Borrower in any certificate
or written statement furnished to any Lender or Agent contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading. 

  
 17 

 5.16    Medicare Shared Savings Receivable
Projection. All projections of the total amount of the Medicare Shared Savings Receivables delivered by or on behalf of the Borrowers to Agent, including the projections delivered by or on behalf of Borrowers on or prior to the Closing
Date, represent the Borrower’s good faith estimate of the expected amount of the Medicare Shared Savings Receivables and is based on an good faith analysis performed by an independent third-party expert and assumptions believed by the Borrower
to be fair and reasonable in light of current market conditions. 
 6.    AFFIRMATIVE
COVENANTS. 
 Until the Obligations in respect of all Loan Documents have been paid in full, Borrowers
covenant and agree with the Lenders that they shall do all of the following: 
 6.1    Good Standing.
Borrower shall maintain its and each of its Subsidiaries’ corporate existence and good standing in its jurisdiction of incorporation or organization and shall maintain qualification in each jurisdiction in which it is required under applicable
law, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals, and agreements, the
loss of which would reasonably be expected to have a Material Adverse Effect. 
 6.2    Government
Compliance. Borrower shall meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply,
with all statutes, laws, ordinances, and government rules and regulations to which it is subject, noncompliance with which would reasonably be expected to have a Material Adverse Effect. 

6.3    Notices. As soon as possible and in any event within three (3) calendar days after becoming
aware of the occurrence or existence of an Event of Default hereunder, Borrower shall deliver to Agent (who shall distribute to Lenders) a written statement of a Responsible Officer setting forth details of the Event of Default and the action which
Borrower has taken or proposes to take with respect thereto. Borrowers shall notify Agent promptly of each of the following (and in no event later than three (3) calendar days): 

(a)    the occurrence or existence of any unmatured Event of Default or Event of Default; 

(b)    any dispute, litigation, investigation, other Proceeding or suspension which may exist at any time between any
Borrower or any Subsidiary which would (i) reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect; (ii) in which the amount of damages claimed is $250,000 (or its equivalent in another
currency or currencies) or more, or (iii) that seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the performance of this Agreement or any other Loan Document; 

(c)    any Material Adverse Effect; 

(d)    any material change in accounting policies or financial reporting practices by any Borrower or any Subsidiary that
has or will have an impact on the Medicare Shared Savings Receivables; and 
 (e)    the occurrence of any of the
following facts, events or circumstances, existing, pending or threatened; in which case, the Borrower shall promptly and within ten (10) days of Agent’s or any Lender’s request, provide Agent with written notice summarizing such
facts, events or circumstances, together with such non-privileged supporting data and information as shall be necessary to fully explain to Agent and Lenders the scope and nature of the fact, event or
circumstance, and thereafter shall provide to Agent, within ten (10) days of Agent’s or any Lender’s request, such additional non-privileged information as Agent or such Lender shall request
regarding such disclosure: 

  
 18 

 (f)    that any Borrower or any Subsidiary hereafter receives written
notice of any civil or criminal investigations, inquiries or audits involving and/or related to its compliance with applicable Health Care Laws; or 

(g)    any charges of material violations of any Program Participation Agreement, involving any Borrower or any
Subsidiary, as applicable to the operation of such Person’s business, that would reasonably be expected to result in suspension or revocation of such Borrower’s or Subsidiary’s applicable license or ability to participate in the
Program. 
 Each notice pursuant to this Section 6.3 shall set forth details of the occurrence referred to therein, and, if applicable, state what
action the Borrowers propose to take with respect thereto and at what time. Each notice shall describe with particularity any and all clauses or provisions of this Agreement or other Loan Document that have been breached or violated. 

6.4    Collateral. Borrower shall keep all Collateral in good and marketable condition, free from all
material defects except for which adequate reserves have been made. 
 6.5    Taxes. Borrower shall make,
and shall cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Agent, on demand, appropriate
certificates attesting to the payment or deposit thereof; and Borrower will make, and will cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but
not limited to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Agent with proof satisfactory to Agent indicating that Borrower or a Subsidiary has made such
payments or deposits; provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by
Borrower. 
 6.6    Insurance. Borrower shall also maintain insurance relating to Borrower’s
business, ownership, and use of the Collateral in amounts and of a type that are customary to businesses similar to Borrower’s. Upon Agent’s request, Borrower shall deliver to Agent certified copies of such policies of insurance and
evidence of the payments of all premiums therefor. 
 6.7    Further Assurances. At any time and from time
to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Agent to effect the purposes of this Agreement. 

6.8    Compliance with Laws; Health Care Laws. 

(a)    Without limiting or qualifying Section 6.8(a) above or any other provision of this Agreement, each Borrower
and Subsidiary shall comply in all material respects with all Health Care Laws applicable to the Program (including, without limitation, the requirements set forth in 42 C.F.R. Part 425). 

(b)    Each Borrower and Subsidiary will maintain in all material respects all records required to be maintained by CMS
under any Health Care Law applicable to the Program. 

  
 19 

 (c)    The Borrowers and Subsidiaries will: 

(i)    except to the extent it would not reasonably be expected to result in a material liability to the
Borrowers, keep in full force and effect all Authorizations necessary to participate in and receive shared savings from the Program; 

(ii)    promptly furnish or cause to be furnished to Agent (in such form as may be reasonably required by Agent)
copies of all non-privileged, reports, pleadings and other material communications received or prepared by a Borrower or Subsidiary relating to any matter that would reasonably be expected to lead to the loss,
revocation or suspension (or threatened loss, revocation or suspension) of any material Authorization or of any material qualification of any Borrower or Subsidiary necessary to participate in the Program or to receive the Medicare Shared Savings
Receivables; 
 (iii)    promptly furnish or cause to be furnished to Agent notice of all material fines or
penalties imposed by any Government Authority under any applicable Health Care Laws applicable to the Program against any Borrower or Subsidiary in excess of $50,000; and 

(iv)    use their best efforts to not use the services of, in any capacity, any person who is excluded from
participation in Medicare, Medicaid or any other Federal Health Care Program. 
 6.9    Assurance of
Collection of the Medicare Shared Savings Receivables. Borrowers shall and shall cause each of their Subsidiaries to take all such actions necessary to assure, grant, preserve, protect, achieve, and confirm the receipt and collection
of the Medicare Shared Savings Receivables in compliance with the applicable Healthcare Laws.

6.10    Representations and Warranties. Each representation or warranty made by any Borrower herein or
in any other Loan Document shall remain true and correct in all material respects (without duplication of any materiality qualifier contained therein) for so long as any Obligations remain outstanding, except to the extent that such representation
or warranty expressly relates to an earlier date (in which event such representations and warranties shall have been true and correct in all material respects (without duplication of any materiality qualifier contained therein)) as of such earlier
date. 
 7.    NEGATIVE COVENANTS. 

Until the Obligations in respect of all Loan Documents have been paid in full, Borrowers covenant and agree with the Lenders that they shall
not do any of the following: 
 7.1    Dispositions. Convey, sell, lease, transfer, or otherwise dispose
of (collectively, a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any Collateral, other than: (a) Transfers of non-exclusive licenses and similar arrangements for the
use of the property of Borrower or its Subsidiaries in the ordinary course of business; or (b) Transfers of worn-out or obsolete property which was not financed by Lenders. 

7.2    Change in Business; Change in Control or Executive Office. Engage in any business, or permit any of
its Subsidiaries to engage in any business, other than the businesses currently engaged in by Borrower and any business similar or related thereto, or a reasonable extension thereof; or suffer or permit a Change in Control; or without twenty
(20) days’ prior written notification to Agent, relocate its chief executive office or state of incorporation or change its legal name; or without the Agent’s prior written consent, change the date on which its fiscal year ends; in
each such case without the prior written consent of Agent (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding anything in this Section 7.2 to the contrary, the Post-Merger Borrowers may change their legal
name without prior written notification to Agent immediately following consummation of the Transaction; provided that after such legal name change, the Post-Merger Borrowers shall promptly execute and deliver such further instruments and take such
further action as may reasonably be requested by Agent. 

  
 20 

 7.3    Merger Agreement. Cause the Merger Agreement to be
amended or modified in any matter that would materially diminish or impair Buyer’s rights in Section 1.11. 

7.4    Indebtedness. Create, incur, assume, or be or remain liable with respect to any Indebtedness, or
permit any Subsidiary so to do, other than Permitted Indebtedness, or enter into or remain liable under any agreement containing terms providing for a cash payment or payment in-kind to be made to the
purchaser or purchasers thereunder, the return of any purchase price to the purchaser or purchasers thereunder or any similar payment or payments, other than Permitted Indebtedness. 

7.5    Encumbrances. Create, incur, assume, or suffer to exist any Lien with respect to the Collateral other
than Permitted Liens. Create, incur, assume, or suffer to exist any Lien with respect to any Specified MSSP Deposit Account, other than any Lien created pursuant to a Control Agreement in favor of the Agent. 

7.6    Distributions. Utilize any Collateral or the proceeds thereof to pay any dividends or make any other
distribution or payment on account of or in redemption, retirement, or purchase of any capital stock. 

7.7    Investments. Directly or indirectly acquire or own, or make any Investment in or to any Person, or
permit any of its Subsidiaries so to do, other than Permitted Investments; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to
Borrower. 
 7.8    Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s
length transaction with a non-affiliated Person. Without the prior written consent of Lenders, no part of the proceeds of the Term Loans may be used (a) to purchase any asset or securities (i) issued
by any Reg W Affiliate of Lender, (ii) in respect of which, and during any period when, any Reg W Affiliate of a Lender has acted as an underwriter, (iii) sold by any Reg W Affiliate of a Lender acting as a principal, (iv) if the
transaction would otherwise result in a violation of Regulation W issued by the Board of Governors of the Federal Reserve System of the United States, as may be amended from time to time, or (v) if the transaction would not comply with 12
C.F.R. 223.16; (b) to pay, in whole or in part, directly or indirectly, any loan made by any Reg W Affiliate of a Lender; or (c) for the benefit of, or to transfer such proceeds to, any Reg W Affiliate of a Lender. 

7.9    Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its
Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt without Lenders’ prior written consent. 

7.10    Compliance. Become an “investment company” or be controlled by an “investment
company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or
use the proceeds of the Term Loans for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act
or violate any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or the priority of the Agent’s Lien on the Collateral, or permit any of its Subsidiaries to do any of the
foregoing. 

  
 21 

 7.11    Negative Pledge. Enter into any contractual
obligation that permits the Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any charge, pledge, Lien or other encumbrance upon any Specified MSSP Deposit Account. 

8.    EVENTS OF DEFAULT. 

Any one (1) or more of the following events shall constitute an event of default by Borrower under this Agreement (each an “Event
of Default”). 
 8.1    Payment Default. If Borrower fails to pay, when due, principal of the
Term Loan (whether at stated maturity, on demand, upon acceleration or otherwise), or within three (3) days of when due, interest, Fees or any other part of the Obligations; 

8.2    Covenant Default. 

(a)    If Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article
7 of this Agreement; or 
 (b)    If Borrower fails or neglects to perform or observe any other material term,
provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under such other term, provision, condition, or covenant that
can be cured, has failed to cure such default within ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that, if the default cannot by its nature be cured within the ten (10)-day period or cannot after diligent attempts by Borrower be cured within such ten (10)-day period, and such default is likely to be cured within a reasonable time,
Borrower shall have an additional reasonable period (which shall not in any case exceed ten (10) days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event
of Default; 
 8.3    Material Adverse Effect. If there occurs a Material Adverse Effect; 

8.4    Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a
writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver, or Person acting in a similar capacity and such attachment, seizure, writ or distress warrant, or levy has not been removed, discharged, or rescinded
within ten (10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon
any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or
by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event
is stayed or an adequate bond has been posted pending a good faith contest by Borrower; 

8.5    Insolvency. If Borrower becomes Insolvent, or if an Insolvency Proceeding is commenced by Borrower,
or if an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within thirty (30) days; 

8.6    Other Agreements. If there is a default or other failure to perform in any agreement to which
Borrower is a party or by which it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of One Hundred Thousand Dollars ($100,000) or which would
reasonably be expected to have a Material Adverse Effect other than in connection with the Senior Debt; 

  
 22 

 8.7    Judgments. If a judgment or judgments for the
payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) other than in connection with the Senior Debt shall be rendered against Borrower and shall remain unsatisfied and unstayed for a
period of ten (10) days; 
 8.8    Misrepresentations. If any material misrepresentation or material
misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to the Agent or any Lender by any Responsible Officer pursuant to this Agreement or to induce any Lender or Agent to enter into
this Agreement or any other Loan Document; 
 8.9    Change in Control. A Change in Control shall occur;
or 
 8.10    Validity of Loan Documents. The validity of any Loan Document shall be contested by any
Borrower, any Guarantor or the Ultimate Parent or any of their respective Subsidiaries, or any applicable law shall purport to render any material provision of any Loan Document invalid or unenforceable or shall purport to prevent or materially
delay the performance or observance by any Borrower, any Guarantor or the Ultimate Parent or any of their respective Subsidiaries of the Obligations. 

9.    AGENTS’ RIGHTS AND
REMEDIES. 
 9.1    Rights and Remedies. Upon the occurrence and during
the continuance of (a) an Event of Default under Section 8.5 automatically or (b) any other Event of Default, Agent, acting at the direction of the Required Lenders (other than with respect to an Event of Default solely resulting due
to the occurrence of a Change in Control, in which case the Agent will act at the direction of any Lender), without notice, demand or presentment, do any one (1) or more of the following, all of which are authorized by Borrower: 

(a)    Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
immediately due and payable (provided that, upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due and payable without any action by Agent); 

(b)    Cause Buyer’s rights and remedies in Section 1.11 to be enforced; 

(c)    Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any
other agreement between Borrower, Agent and Lenders; 
 (d)    Settle or adjust disputes and claims directly with
account debtors for amounts, upon terms, and in whatever order that Agent reasonably considers advisable; 

(e)    Make such payments and do such acts as Agent considers necessary or reasonable to protect its security interest in
the Collateral. Borrower agrees to assemble the Collateral if Agent so requires, and to make the Collateral available to Agent as Agent may designate. Borrower authorizes Agent to enter the premises where the Collateral is located, to take and
maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Agent’s determination appears to be prior or superior to its security interest and to pay all
expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Agent a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of
Agent’s rights or remedies provided herein, at law, in equity, or otherwise; 

  
 23 

 (f)    Set off and apply to the Obligations any and all
(i) balances and deposits of Borrower held by Agent, or (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Agent; 

(g)    Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the
manner provided for herein) the Collateral. Agent is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name,
trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection
with Agent’s exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to the Secured Parties’ benefit; 

(h)    Dispose of the Collateral by way of one (1) or more contracts or transactions, for cash or on terms, in such
manner, and at such places (including Borrower’s premises) as Agent determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Agent deems appropriate; 

(i)    Agent may credit bid and purchase at any public sale; and 

(j)    Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by
Borrower. 
 9.2    Power of Attorney. Effective only upon the occurrence and during the
continuance of an Event of Default, Borrower hereby irrevocably appoints Agent (and any of Agent’s designated officers or employees) as Borrower’s true and lawful attorney to: (a) send requests for verification of Accounts or notify
account debtors of Agent’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Agent’s possession; (c) sign Borrower’s name on any
invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and
adjust all claims under and decisions with respect to Borrower’s policies of insurance; and (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Agent determines
to be reasonable. In addition, Borrower hereby irrevocably appoints Agent (and any of Agent’s designated officers, or employees) to file, in its sole discretion, one (1) or more financing or continuation statements and amendments thereto,
relative to any of the Collateral. The appointment of Agent as Borrower’s attorney in fact, and each and every one of Agent’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully
repaid and performed and Lenders’ obligation to provide Credit Extensions hereunder is terminated. 

9.3    Accounts Collection. At any time after the occurrence of an Event of Default, Agent may notify any
Person owing funds to Borrower of Agent’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Agent, receive in trust all payments as Agent’s trustee, and
immediately deliver such payments to Agent in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4    Lender Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to
third persons or entities, as required under the terms of this Agreement, Agent may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such reserves under a loan
facility in Section 2.1 as Agent deems necessary to protect Lenders from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.6 of this Agreement, and take any action
with respect to such policies as Agent deems 

  
 24 

 
reasonably prudent. Any amounts so paid or deposited by Agent shall constitute Lender Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate
hereinabove provided, and shall be secured by the Collateral. Any payments made by Agent shall not constitute an agreement by Agent to make similar payments in the future or a waiver by Agent of any Event of Default under this Agreement. 

9.5    Lender’s Liability for Collateral. So long as Agent complies with reasonable lending practices,
Agent and Lenders shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in
the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage, or destruction of the Collateral shall be borne by Borrower. 

9.6    Remedies Cumulative. Agent and Lenders’ rights and remedies under this Agreement, the Loan
Documents, and all other agreements shall be cumulative. Agent and Lenders shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Agent or Lenders of one right or remedy
shall be deemed an election, and no waiver by Agent or Lenders of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Agent or Lenders shall constitute a waiver, election, or acquiescence by it. No waiver by
Agent or Lenders shall be effective unless made in a written document signed on behalf of Agent or Lenders and then shall be effective only in the specific instance and for the specific purpose for which it was given. 

9.7    Demand; Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Agent or Lenders on which
Borrower may in any way be liable. 
 10.    NOTICES. All notices, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon receipt when sent via U.S. mail,
first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon receipt, when sent by electronic mail with receipt confirmed by non-automatic means; (c) upon
receipt when sent via a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email
address indicated below. Any Lender or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Article 10. 

 

			
	If to Borrower:	  	 c/o CareMax Holdings, LLC
 1000 NW 57
Court, Suite 400
 Miami. FL 33126
 Attn: General Counsel

EMAIL:
  

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

DLA Piper LLP (US)
 200 S. Biscayne Boulevard, Suite 2500

Miami, FL 33131
 Attn: Joshua M. Samek, Esq.

EMAIL:

  
 25 

			
	If to Agent:	  	 c/o CareMax Holdings, LLC
 1000 NW 57
Court, Suite 400
 Miami. FL 33126
 Attn: Carlos de Solo

EMAIL:

		
	With a copy to Lenders:	  	 c/o CareMax Holdings, LLC
 1000 NW 57
Court, Suite 400
 Miami. FL 33126
 Attn: Carlos de Solo

EMAIL:
  

c/o Deerfield Management Company, L.P.
 345 Park Avenue South,
12th Floor
 New York, NY 10010
 Attn: David J. Clark

Email:
  

with a copy to:
  

Katten Muchin Rosenman LLP
 525 W. Monroe Street

Chicago, Illinois 60661
 Attn: Mark D. Wood, Esq.

Email:

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in writing
in the foregoing manner given to the other. 
 11.    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 12.    JURISDICTION
AND JURY TRIAL WAIVER. 

12.1    Borrower hereby irrevocably consents that any suit, legal action or proceeding against Borrower or any of
its properties with respect to any of the rights or obligations arising directly or indirectly under or relating to this Agreement or any other Loan Document may be brought in any jurisdiction, including, without limitation, any New York State or
United States Federal Court located in the Southern District of New York, as Agent and Lenders may elect, and by execution and delivery of this Agreement, Borrower hereby irrevocably submits to and accepts with regard to any such suit, legal action,
or proceeding, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Borrower hereby irrevocably consents to the service of process in any such suit, legal action, or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to Borrower at its address set forth herein. The foregoing shall not limit the right of Agent or Lenders to serve process in any other manner
permitted by law or to bring any suit, legal action, or proceeding or to obtain execution of judgment in any other jurisdiction. 

  
 26 

 12.2    Borrower hereby irrevocably waives any objection which
Borrower may now or hereafter have to the laying of venue of any suit, legal action, or proceeding arising directly or indirectly under or relating to this Agreement or any other Loan Document in any state or federal court located in any
jurisdiction, including without limitation, any state or federal court located in the Southern District of New York chosen by Agent and Lenders in accordance with this Article 12 and hereby further irrevocably waives any claim that a court located
in the Southern District of New York is not a convenient forum for any such suit, legal action, or proceeding. 

12.3    Borrower hereby irrevocably agrees that any suit, legal action, or proceeding commenced by Borrower with
respect to any rights or obligations arising directly or indirectly under or relating to this Agreement or any other Loan Document (except as expressly set forth therein to the contrary) shall be brought exclusively in any New York State or United
States Federal Court located in the Southern District of New York. 
 12.4    Borrower hereby waives any defense
or claim based on marshaling of assets or election or remedies or guaranties. 
 12.5    Borrower, Agent and
Lenders (by its acceptance of this Agreement) hereby irrevocably waive all right to trial by jury in any action, proceeding, or counterclaim arising out of or relating to any obligation of Borrower or this Agreement or any other Loan Document. 

13.    GENERAL PROVISIONS. 

13.1    Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective
successors and permitted assigns of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrowers without Lenders’ prior written consent, which consent may be granted or withheld in
Lenders’ sole discretion; provided that if Carlos de Solo no longer serves as the Chief Executive Officer of the Ultimate Parent (other than as a result of termination by the Ultimate Parent for Cause (as defined in the CEO Employment
Agreement) or by Carlos de Solo other than for Good Reason (as defined in the CEO Employment Agreement)), then upon the written request of Carlos de Solo (the date such request is delivered, the “CEO Assignment Request Date”),
Borrowers shall use their commercially reasonable efforts to assign the amount of the Obligations owed to CAJ on the CEO Assignment Request Date (such Obligations, the “CEO Assignment Obligations”), and if the Borrowers are not able
to assign the CEO Assignment Obligations within sixty (60) days of the CEO Assignment Request Date, then the Fixed Rate on all Loans (for the avoidance of doubt, whether such Loans are held by CAJ or any other Lender) will increase by five
percent (5.00%) from the CEO Assignment Request Date (including, for the avoidance of doubt, retroactively) until the date such CEO Assignment Obligations are paid in full. 

13.2    Indemnification. Borrower shall defend, indemnify, and hold harmless Agent and Lenders and their
officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Lender Expenses
in any way suffered, incurred, or paid by Agent or Lenders as a result of or in any way arising out of, following, or consequential to transactions between Agent, Lenders and Borrower whether under this Agreement, or otherwise (including without
limitation reasonable attorneys’ fees and expenses), except for losses caused by Agent and/or Lenders’ gross negligence or willful misconduct. 

13.3    [Reserved]. 

  
 27 

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

13.5    Amendments in Writing; Integration. Neither this Agreement nor the Loan Documents can be amended or
terminated orally. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and the Loan Documents, if any, are merged into this Agreement and
the Loan Documents. None of the terms or provisions of this Agreement may be waived, altered, modified, or amended, except as the Required Lenders may consent thereto in writing duly signed for and on their behalf; provided that no such waiver,
amendment, or consent shall, unless in writing and signed by all of the Lenders affected thereby and Borrowers, do any of the following: 

(a)    increase or extend the commitment or Loans of any Lender; 

(b)    postpone or delay any date fixed by this Agreement or any other Loan Document for any payment of principal,
interest, fees, or other amounts due hereunder or under any other Loan Document; 
 (c)    reduce the principal of, or
the rate of interest on, any Loan or other extension of credit hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document; 

(d)    change the Pro Rata Share that is required to take any action hereunder; 

(e)    amend or modify this Section or any provision of this Agreement providing for consent or other action by all
Lenders; 
 (f)    release Agent’s Lien in and to any of the Collateral; 

(g)    amend any of the provisions of Section 2.4; 

(h)    amend any of the provisions of Section 13.10; 

(i)    change the definition of “Required Lenders” or “Pro Rata Share”; 

(j)    contractually subordinate any of the Agent’s Liens (other than pursuant to the Subordination Agreement); 

(k)    release any Borrower or Guarantor from any obligation for the payment of money; or 

(l)    amend any of the provisions of Section 13.1. 

13.6    Counterparts/Acceptance. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one (1) and the same Agreement. Each Lender hereby
acknowledges and agrees that this Agreement has been executed and accepted by such Lender in the State of New York. 

13.7    Survival. All covenants, representations, and warranties made in this Agreement shall
continue in full force and effect so long as any Obligations remain outstanding or Lenders have any obligation to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Agent and/or Lenders with respect to the expenses,
damages, losses, costs, and liabilities described in Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Agent and/or Lenders have run. 

  
 28 

 13.8    Disclosure. The Borrowers shall ensure that, not
later than 8:30 a.m., New York City time, on November 14, 2022, the Ultimate Parent shall file a Current Report on Form 8-K disclosing this Agreement and the transactions contemplated hereby and including
as exhibits thereto, this Agreement (including schedules and exhibits hereto) and the agreements entered into in connection herewith, in each case without redaction. 

13.9    Patriot Act Notice. Agent and Lenders notify Borrower that, pursuant to the requirements of the USA
Patriot Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), it is required to obtain, verify, and record information that identifies Borrower,
which information includes names and addresses and other information that will allow Lenders to identify Borrower in accordance with the Patriot Act. 

13.10    Appointment of Agent. 

(a)    Appointment and Authorization. Each Lender hereby irrevocably appoints, designates and authorizes the Agent
to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall the Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any
other Loan Document or otherwise exist against the Agent. Notwithstanding anything herein or in any Note to the contrary, no Lender shall enforce any, nor exercise any, of his, her or its rights as a Lender or as a lender to, or creditor of,
Borrower in respect of the Loan made by him, her or it hereunder or in respect of the Note issued to him, her or it hereunder, in each case without the prior written consent of the Agent. The Agent may execute any of its duties under this Agreement
or any other Loan Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any
agent or attorney in fact that it selects with reasonable care. 
 (b)    Liability of the Agent. Neither the
Agent nor any of it representatives shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document (except for its own gross negligence or willful
misconduct), or (ii) be responsible in any manner to any of Lenders for any recital, statement, representation or warranty made by Borrower or any subsidiary or affiliate thereof (each a “Credit Party”), any officer thereof
contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any other Loan Document, or
for the value of any collateral or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Credit Party or any other party to any Loan Document to perform its
obligations hereunder or thereunder. Neither the Agent nor any of its representatives shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of,
this Agreement or any other Loan Document, or to inspect the properties, books or records of any Credit Party. The Agent shall have no obligation whatsoever to any Lender or any other Person to assure that any collateral exists or is owned by any
Credit Party or is cared for, protected or insured or has been encumbered or that any liens granted to the Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority.

  
 29 

 (c)    Reliance by the Agent. The Agent shall be entitled to
rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile or telephone message, statement or other document or conversation believed by it to be genuine and to
have been signed, sent or made by the proper person or entity, and upon advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts selected by the Agent. The Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its
satisfaction by Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or consent of Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of Lenders. 

(d)    Notice of Default. The Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default, unless the Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. The
Agent shall take such action with respect to such Default or Event of Default as shall be requested by Lenders in accordance with Section 8; provided, however, that unless and until the Agent shall have received any such request, the Agent may
(but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interest of Lenders. 

(e)    Credit Decision. Each Lender expressly acknowledges that neither the Agent nor any of its representatives
has made any representation or warranty to it and that no act by the Agent hereinafter taken, including any review of the affairs of any Credit Party and its Subsidiaries shall be deemed to constitute any representation or warranty by the Agent to
any Lender. Each Lender represents to the Agent that it has, independently and without reliance upon the Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business,
prospects, operations, Property, financial and other condition and creditworthiness of the Credit Parties and their Subsidiaries, and all applicable bank regulatory laws relating to the transactions contemplated thereby, and made its own decision to
enter into this Agreement and extend credit to Borrower hereunder. 
 (f)    Indemnification of Agent. Whether
or not the transactions contemplated hereby shall be consummated, upon demand therefor Lenders shall indemnify the Agent (to the extent not reimbursed by or on behalf of the Credit Parties and without limiting the obligation of the Credit Parties to
do so), ratably from and against any and all losses of any kind whatsoever which may at any time (including at any time following the repayment of the Loans hereunder and the termination or resignation of the Agent) be imposed on, incurred by or
asserted against the Agent as Agent in any way relating to or arising out of this Agreement, any other Loan Document or any document contemplated by or referred to herein or the transactions contemplated hereby or thereby or any action taken or
omitted by the Agent under or in connection with any of the foregoing. In addition, each Lender shall reimburse the Agent upon demand for its ratable share of any costs or out of pocket expenses (including attorney’s fees and expenses) incurred
by the Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein to the extent that the Agent is not reimbursed for such expenses by or on behalf of Borrower. Without limiting the generality of the foregoing, if
the Internal Revenue Service or any other governmental authority of the United States or other jurisdiction asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate
form was not delivered, was not properly executed, or because such Lender failed to notify the 

  
 30 

 
Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify the Agent fully for all
amounts paid, directly or indirectly, by the Agent as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section 13.10, together with all
related costs and expenses (including attorney’s fees and expenses). The obligation of Lenders in this Section 13.10 shall survive the payment of all obligations of Borrower hereunder. 

(g)    Agent and Lenders in Individual Capacity. Agent and Lenders, each in its individual capacity (and not in
its capacity as “Agent” or “Lender” hereunder, as the case may be) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking,
trust, financial advisory or other business with the Credit Parties and their Subsidiaries and Affiliates and without notice to or consent of Lenders. With respect to the loans hereunder, CAJ Lending LLC, shall have the same rights and powers under
this Agreement as any other Lender and may exercise the same as though it were not the Agent, and the terms “Lender” and “Lenders” shall include CAJ Lending LLC, in its individual capacity. 

(h)    Successor Agent to CAJ. Notwithstanding anything to the contrary set forth in this Agreement, CAJ,
in its capacity as Agent, shall resign as Agent promptly (the “CAJ Agent Resignation Date”) following the CEO Assignment Request Date. If CAJ resigns as Agent under this Agreement, then so long as Deerfield Partners. L.P. holds any
outstanding Obligations, Deerfield Partners, L.P. shall have the power to appoint a successor Agent in its sole discretion. If no successor Agent has accepted appointment as Agent by the CAJ Agent Resignation Date, CAJ’s resignation or removal
as Agent shall nevertheless thereupon become effective, and the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as Deerfield Partners, L.P. appoints a successor Agent. 

13.11    Reinstatement. This Agreement shall remain in full force and effect and continue to be effective
should any petition or other proceeding be filed by or against Borrower for liquidation or reorganization, should Borrower become Insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver,
receiver and manager, or trustee be appointed for all or any significant part of Borrower’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any
part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a fraudulent preference reviewable transaction or otherwise, all as though such
payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored, or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored, or returned. 
 13.12    Independent Nature of Secured Parties. Notwithstanding
anything to the contrary contained herein, the obligations of Agent and each Lender (collectively, the “Secured Parties” and each, a “Secured Party”) under the Loan Documents are several and not joint with the
obligations of any other Secured Party, and no Secured Party shall be responsible in any way for the performance of any of the obligations of any other Secured Party under the Loan Documents. Each Secured Party shall be responsible only for its own
representations, warranties, agreements and covenants under the Loan Documents. The decision of each Secured Party to acquire the Term Loans pursuant to the Loan Documents has been made by such Secured Party independently of any other Secured Party
and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Borrowers, Guarantors or
any of their Subsidiaries that may have been made or given by any other Secured Party or by any agent, attorney, advisor, representative or employee of any other Secured Party, and no Secured Party or any of its agents, attorneys, advisors,
representatives or employees shall have any liability to any other Secured Party (or any other Person) relating to or arising from any such information, materials, statements or opinions. Nothing contained in the Loan Documents, and no action taken
by any Secured Party pursuant 

  
 31 

 
hereto or thereto (including a Secured Party’s acquisition of Obligations or Term Loans at the same time as any other Secured Party), shall be deemed to constitute the Secured Parties as,
and each of the Borrowers and the Guarantors acknowledges and agrees that the Secured Parties do not thereby constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Secured Parties are
in any way acting in concert or as a group with respect to such Obligations or the transactions contemplated by any of the Loan Documents, and no Borrower shall assert any contrary position. 

13.13    No Fiduciary Relationship. Each Borrower and Guarantor acknowledges and agrees that (a) each
Secured Party is acting at arm’s length from the Borrowers and Guarantors with respect to this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby; (b) no Secured Party will, by virtue of this
Agreement or any of the other Loan Documents or any transaction contemplated hereby or thereby, be (nor, to their knowledge, otherwise is) an Affiliate of, or have any agency, tenancy or joint venture relationship with, any Borrower or any
Guarantor; (c) no Secured Party has acted, or is or will be acting, as a financial advisor to, or fiduciary (or in any similar capacity) of, or has any fiduciary or similar duty to, any Borrower or any Guarantor with respect to, or in
connection with, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby, and each Borrower and Guarantor agree not to assert, and hereby waives, to the fullest extent permitted under applicable law, any
claim that any Secured Party has any fiduciary duty to such party; (d) any advice given by a Secured Party or any of its representatives or agents in connection with this Agreement and the other Loan Documents and the transactions contemplated
hereby and thereby is merely incidental to such Secured Party’s performance of its obligations hereunder and thereunder (including, in the case of each of Lenders, its issuance of the Term Loans); and (e) the Borrowers’ and
Guarantors’ decision to enter into the Loan Documents has been based solely on the independent evaluation by such persons and their representatives. 

13.14    Equitable Relief. Each Borrower and Guarantor recognizes that in the event Borrowers fail to pay,
perform, observe, or discharge any or all of the Obligations, any remedy at law may prove to be inadequate relief to Agent or Lenders. Each Borrower and Guarantor therefore agree that Agent or any Lender, if Agent or such Lender so requests, shall
be entitled to temporary and permanent injunctive relief and any other equitable relief in any such case without the necessity of proving actual damages and without the necessity of posting bond or other security. 

13.15    Subordination Agreement. Notwithstanding anything herein to the contrary, the liens and security
interests granted to the Agent pursuant to this Agreement and the exercise of any right or remedy by the Agent or any Lender hereunder is subject to the limitations and provisions contained in the Subordination Agreement. In the event of any
conflict between the terms of the Subordination Agreement and the terms of this Agreement or any other Loan Document, the terms of the Subordination Agreement shall govern. 

14.    GUARANTY. 

14.1    The Guarantee. Subject to the terms and conditions of the Subordination Agreement, the Guarantors
hereby, jointly and severally, guarantee, as primary obligors and not merely as sureties to each Secured Party and their respective successors and assigns, the prompt payment and performance in full when due (whether at stated maturity, by required
prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy
or insolvency petition under Title 11 of the United States Code) on the Credit Extensions and all other Obligations (such obligations being herein collectively called the “Guaranteed Obligations”). Subject to the terms and
conditions of the Subordination Agreement, the Guarantors hereby jointly and severally agree that if the Borrower or any other Guarantor(s) shall fail to pay in full when due (whether at stated maturity,

  
 32 

 
by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension
of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

14.2    Obligations Unconditional. The obligations of the Guarantors under Section 14.01 shall
constitute a guaranty of payment and performance and not of collection and to the fullest extent permitted by applicable law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity,
regularity or enforceability of the Loan Documents or the Guaranteed Obligations under this Agreement or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security
for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (other than payment in full of the Guaranteed
Obligations). Without limiting the generality of the foregoing and subject to applicable law, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain
absolute, irrevocable and unconditional under any and all circumstances as described above: 
 The obligations of the Guarantors under
Section 14.01 shall constitute a guaranty of payment and performance and not of collection and to the fullest extent permitted by applicable law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value,
genuineness, validity, regularity or enforceability of the Loan Documents or the Guaranteed Obligations under this Agreement or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other
guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (other than payment in full of
the Guaranteed Obligations). Without limiting the generality of the foregoing and subject to applicable law, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder
which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 

(i)    at any time or from time to time, without notice to the Guarantors, the time for any performance of
or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(ii)    any of the acts mentioned in any of the provisions of this Agreement or any other agreement or
instrument referred to herein or therein, including any exercise of remedies, shall be done or omitted; 

(iii)    the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed
Obligations shall be amended or modified in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or, respectively, therein shall be amended or waived in any respect or any other guarantee of any
of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 

(iv)    any Lien or security interest granted to, or in favor of, any Secured Party as security for any of
the Guaranteed Obligations shall fail to be valid, perfected or to have the priority required under the Loan Documents or is avoided or set aside as a preference, fraudulent conveyance or otherwise; 

  
 33 

 (v)    the release of any other Guarantor pursuant to
the Loan Documents; 
 (vi)    any renewal, extension or acceleration of, or any increase in the amount
of the Guaranteed Obligations, or any amendment, supplement, modification or waiver of, or any consent to departure from, the Loan Documents; or 

(vii)    any failure or omission to assert or enforce or agreement or election not to assert or enforce,
delay in enforcement, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under any Loan Documents, at law, in equity or
otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations. 

The Guarantors hereby expressly waive, to the extent permitted by law, diligence, presentment, demand of payment, protest and all notices
whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against Borrower or any Guarantor under this Agreement or any other agreement or instrument referred to herein or therein, or against any other
person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by law, any and all notice of the modifications, creation, renewal, extension, waiver, termination or accrual of
any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon the guarantee in this Article XIV (the “Guaranty”) or acceptance of the Guaranty, and the Guaranteed Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between Borrower and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon
this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment and performance without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time
to time held by the Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against
Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. Each payment required to
be made hereunder shall be made without setoff or counterclaim in immediately available funds. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and their
respective successors and assigns, and shall inure to the benefit of the Secured Parties, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations
outstanding. 
 14.3    Reinstatement. The obligations of the Guarantors under this Article XIV shall be
automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or any Guarantor in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed
Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 

14.4    Subrogation; Subordination. Each Guarantor hereby agrees that until the payment in full of the
Guaranteed Obligations it shall subordinate and not exercise any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 14.01, whether by subrogation,
continuation, indemnification or otherwise, against Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Guarantor owing to another Guarantor shall be
subordinated to such Guarantor’s Guaranteed Obligations in the manner evidencing such Indebtedness; provided that upon the payment and satisfaction in full of all Guaranteed Obligations (other than contingent indemnity obligations), without any
further action by any person, the Guarantors shall be automatically subrogated to the rights of the Agent and Lenders to the extent of any payment hereunder. 

  
 34 

 14.5    Remedies. Subject to the terms and conditions of
the Subordination Agreement, the Guarantors jointly and severally agree that, as between the Guarantors and Lenders, the Obligations of the Borrower under this Agreement and other Loan Documents may be declared to be forthwith due and payable as
provided in Article IX (and shall be deemed to have become automatically due and payable in the circumstances provided in Article IX) for purposes of Section 14.01, notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such Obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such Obligations being deemed to have become automatically due and payable), such Obligations (whether
or not due and payable by Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 14.01. 

14.6    Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this
Article XIV constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right
to bring a motion-action under New York CPLR Section 3213. 
 14.7    Continuing Guarantee. The
guarantee in this Article XIV is a continuing guarantee of payment and performance, and shall apply to all Guaranteed Obligations whenever arising. 

14.8    General Limitation on Guaranteed Obligations. In any action or proceeding involving any state
corporate, limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other applicable law affecting the rights of creditors generally, if the obligations of any
Guarantor under Section 14.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 14.01, then,
notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, or any other person, be automatically limited and reduced to the highest amount (after giving effect to the rights
of subrogation and contribution established in Section 14.04 and Section 14.10 respectively) that is valid and enforceable, not void or voidable and not subordinated to the claims of other creditors as determined in such action or
proceeding. 
 14.9    Release of Guarantors. If in compliance with the terms and provisions of the Loan
Documents, all of the equity interests or all or substantially all of the assets of any Guarantor are sold or otherwise transferred (a “Transferred Guarantor”) to a person or persons (other than the Borrower or any other Guarantor)
then such Transferred Guarantor shall, upon the consummation of such sale or transfer, be immediately and automatically released from its obligations under this Agreement and the other Loan Documents, and so long as Borrower shall have previously
provided the Agent such certifications or documents as the Agent shall reasonably request, the Agent shall take such actions as are necessary or reasonably requested to effect each release described in this Section 14.09 in accordance with the
relevant provisions of the Loan Documents. 
 14.10    Right of Contribution. 

(a)    The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess Payment (as defined
below), such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Guarantor under this
Section 14.10 shall be subordinate and subject in right of payment to the Guaranteed Obligations until such time as the payment 

  
 35 

 
in full of the Guaranteed Obligations, and none of the Guarantors shall exercise any right or remedy under this Section 14.10 against any other Guarantor until such time as the payment in
full of the Guaranteed Obligations. For purposes of this Section 14.10, (x) “Excess Payment” shall mean the amount paid by any Guarantor in excess of its Guarantor Pro Rata Share of any Obligations, (y) “Guarantor Pro
Rata Share” shall mean, for any Guarantor in respect of any payment of the Obligations, the ratio (expressed as a percentage) as of the date of such payment of the Obligations of (i) the amount by which the aggregate present fair
salable value of all of its assets exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, un-matured, and un-liquidated
liabilities, but excluding the Obligations of such Guarantor) to (ii) the amount by which the aggregate present fair salable value of its assets of all Guarantors exceeds the amount of all of the debts and liabilities (including contingent,
subordinated, un-matured, and un-liquidated liabilities, but excluding the Obligations of the Guarantor) of the Guarantors; and (z) “Contribution Share”
shall mean, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio (expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all
of its assets exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, un-matured, and un-liquidated liabilities, but
excluding the Obligations of such Guarantor) to (ii) the amount by which the aggregate present fair salable value of all assets of the Guarantors other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities
(including contingent, subordinated, un-matured, and un-liquidated liabilities, but excluding the Obligations of the Guarantors) of the Guarantors other than the maker
of such Excess Payment. Nothing in this Section 14.10 shall require any Guarantor to pay its Contribution Share of any Excess Payment in the absence of a demand therefor by the Guarantor that has made the Excess Payment. Without limiting the
foregoing in any manner, it is the intent of the parties hereto that as of any date of determination, no Contribution Share of any Guarantor shall be greater than the maximum amount of the claim which could then be recovered from such Guarantor
under this Section 14.10 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar
statute or common law. 
 (b)    This Section 14.10 is intended only to define the relative rights of the
Guarantors and nothing set forth in this Section 14.10 is intended to or shall impair the Obligations of the Borrower or the Guaranteed Obligations of the Guarantors, jointly and severally, to pay any amounts and perform any Obligations or
Guaranteed Obligations, as applicable, as and when the same shall become due and payable or required to be performed in accordance with the terms of this Agreement or any other Loan Document, as the case may be. Nothing contained in this
Section 14.10 shall limit the liability of the Borrower to pay the Credit Extensions and accrued interest, fees and expenses with respect thereto for which Borrower shall be primarily liable. 

(c)    The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute
assets of the Guarantors to which such contribution and indemnification is owing. 
 (d)    The rights of any
indemnified Guarantor against the other Guarantors under this Section 14.10 shall be exercisable upon, but shall not be exercisable prior to, the payment in full of the Obligations. 

[Signature Page Follows] 

  
 36 

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

			
	 
 

 

   

	 	 SPARTA MERGER SUB I LLC
  

SPARTA MERGER SUB II LLC
  

SPARTA MERGER SUB I INC.
  

SPARTA MERGER SUB II INC.
  

By: /s/ Carlos de
Solo                                        

  
 Name: Carlos de Solo

 
 Title: Chief Executive Officer

 [Signature Page to Loan and Security Agreement] 

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

			
	 
 

 

   

 
	 	 STEWARD ACCOUNTABLE CARE NETWORK, LLC
  

By: /s/ Carlos de
Solo                                        

  
 Name: Carlos de Solo

 
 Title: Authorized Signatory

 
 STEWARD NATIONAL CARE NETWORK, LLC

 
 By: /s/ Carlos de
Solo                                        

  
 Name: Carlos de Solo

 
 Title: Authorized Signatory

  
 2 

 SOLELY FOR PURPOSES OF
SECTIONS 13.12, 13.13, 13.14 AND ARTICLE 14 
  

			
		 	SPARTA MERGER SUB I LLC
		
		 	SPARTA MERGER SUB II LLC
		
		 	By: /s/ Carlos de
Solo                                        

		
	  	 	Name: Carlos de Solo
		
		 	Title: Chief Executive Officer

  
 3 

 
			
		 	CAJ LENDING LLC, AGENT AND LENDER
		
		 	By: /s/ Carlos de
Solo                                    
		
	  	 	Name: Carlos de Solo
		
		 	Title: Authorized Signatory

 [Signature Page to Loan and Security Agreement] 

 
			
		 	 DEERFIELD PARTNERS, L.P.,
 as a
Lender
  
 By: Deerfield Mgmt, L.P., its General Partner

By: J.E. Flynn Capital, LLC, its General Partner
  

By: /s/ David
Clark                                    

 
 Name: David Clark

 
 Title: Authorized Signatory

		
		 	    Address:
		 	    c/o Deerfield Management Company, L.P.
		 	    345 Park Avenue South, 12th Floor
		 	    New York, NY 10010
		 	    Attn: David J. Clark
	  	 	    Email:
		
		 	    with a copy to:
		
		 	    Katten Muchin Rosenman LLP
		 	    525 W. Monroe Street
		 	    Chicago, Illinois 60661
		 	    Attn: Mark D. Wood, Esq.
		 	    Email:

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 
  

			
	DEBTOR:	  	[STEWARD ACCOUNTABLE CARE NETWORK, LLC][ STEWARD NATIONAL CARE NETWORK, LLC]
		
	SECURED PARTY:	  	[    ]

 COLLATERAL DESCRIPTION ATTACHMENT 

TO LOAN AND SECURITY AGREEMENT 

All of the following personal property of each Borrower (herein referred to as “Borrower” or “Debtor”) whether presently
existing or hereafter created or acquired, and wherever located: 
 the Medicare Shared Savings Receivables and any and all proceeds
thereof, and all of each Debtor’s books and records with respect to any of the foregoing, and any and all proceeds thereof, including, without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any
right to payment. All terms above have the meanings given to them in the New York Uniform Commercial Code, as amended or supplemented from time to time. 

“Medicare Shared Savings Program” means the alternative payment model known as the Medicare shared savings program for accountable care
organizations, or any successor or similar model, implemented by the United States Department of Health and Human Services Centers for Medicare and Medicaid Services. 

“Medicare Shared Savings Receivables” means the accounts receivable of the Borrower attributable to the Medicare Shared Savings Program existing
immediately prior to the Merger Effective Time, for the year ended 2022. 
 Exhibit A 

 SCHEDULE 2.1 

TERM LOAN COMMITMENTS 
  

			
	 Lender
	 	 Term Loan Commitment

	CAJ Lending LLC	 	$25,509,764.00
	Deerfield Partners, L.P.	 	$10,000,000.00
	Total	 	$35,509,764.00

 Attachment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]