Document:

Waiver and Fifth Amendment to Credit Agreement

 Exhibit 10.25 
 WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 
 This WAIVER AND FIFTH AMENDMENT
TO CREDIT AGREEMENT (this “Agreement”) is made as of August 23, 2012 and entered into by and among Diamond Foods, Inc., (the “Borrower”), the Subsidiaries of the Borrower identified on the signature pages
hereto as guarantors (collectively, the “Guarantors”), Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), and the lenders party hereto (collectively, the
“Lenders”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (defined below). 
 RECITALS 
 A. The Loan Parties, the Lenders and the Administrative Agent
have entered into that certain Credit Agreement dated as of February 25, 2010 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which the Lenders have agreed to make the Loans and
other extensions of credit, all upon the terms and conditions set forth in the Credit Agreement. 
 B. Kettle Foods, Inc. is
party to a lease of certain equipment dated May 1, 2011 (the “Kettle US Lease”). The Kettle US Lease was initially classified as an operating lease for accounting purposes. The Loan Parties and their advisors have since
concluded that the Kettle US Lease should have been classified as a capital lease. 
 C. Certain Events of Default have occurred
and, in certain cases, are continuing as a result of the Kettle US Lease. Specifically, Events of Default may exist or have existed as a result of (i) the Loan Parties’ exceeding of the aggregate amount of Indebtedness permitted under
Section 7.03(e) of the Credit Agreement from and after May 1, 2011 as a result of the Kettle US Lease, (ii) the Loan Parties’ having made, or been deemed to make, representations regarding the absence of Defaults notwithstanding
the foregoing Defaults, and (iii) the Loan Parties’ failure to notify the Administrative Agent and the Lenders of the foregoing Defaults (collectively, the “Acknowledged Events of Default”). 

D. The Loan Parties have requested that the Required Lenders and the Administrative Agent permanently waive the Acknowledged Events of
Default and agree to certain amendments to the Credit Agreement. 
 E. The Required Lenders and the Administrative Agent are
willing to agree to such waiver and amendments subject to the terms and conditions set forth in this Agreement. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows: 

1. Existing Defaults. Each of the Loan Parties acknowledges that the Acknowledged Events of Default have occurred and are
continuing. 
 2. Waiver. Subject to the other terms and conditions of this Agreement, the Administrative Agent and the
Required Lenders hereby permanently waive the Acknowledged Events of Default as well as the right to exercise any rights or remedies that the Administrative Agent or any Lender has or may have had exclusively with respect thereto. This waiver is
limited solely to the Acknowledged Events of Default, and nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any
other Loan Documents or under applicable law. Nothing herein shall modify or affect the obligations of 

  
 1 

 
the Loan Parties to comply with the terms of the Credit Agreement as amended hereby and the other Loan Documents from and after the date hereof. 

3. Amendments to the Credit Agreement. The Administrative Agent, the Required Lenders and the Borrower agree to amend and restate
the proviso at the end of Section 7.03(e) with the following: 
 “; provided, however, that the aggregate amount of all
such Indebtedness at any one time outstanding pursuant to this clause (e) shall not exceed $31,000,000, which amount shall be reduced to $25,000,000 from and after December 31, 2013.” 

4. Conditions Precedent. This Agreement shall become effective upon the date of satisfaction of each of the following conditions
(such date, the “Fifth Amendment Effective Date”): 
 (a) the Administrative Agent shall have
received duly executed counterparts of this Agreement from the Borrower, each of the Guarantors and Lenders constituting Required Lenders; 
 (b) the Administrative Agent shall have received a duly executed, corresponding amendment to and waiver under the Oaktree Loan in form reasonably acceptable to the Administrative Agent; and 

(c) the Borrower shall have paid to the Administrative Agent for the pro rata benefit of each of the Lenders that execute
this Agreement on or before 3:00 p.m. E.T. on August 22, 2012, an amendment fee in an aggregate amount equal to $100,000. 

5. Estoppel, Acknowledgement and Reaffirmation. Each of the Loan Parties acknowledges and confirms that as of August 8, 2012,
the aggregate principal amount of the Term Loan Facility was $219,090,909.09, the aggregate principal amount outstanding under the Revolving Credit Facility was $202,796,078.43 (which amount includes the aggregate principal amount of $2,800,000.00
in respect of all Letters of Credit), and the aggregate principal amount of the Swing Line Loan was $0.00, which amounts constitute valid and subsisting obligations of the Loan Parties to the Lenders that are not subject to any credits, offsets,
defenses, claims, counterclaims or adjustments of any kind. The Borrower hereby (i) acknowledges its obligations under the Loan Documents, (ii) reaffirms that each of the Liens created and granted pursuant to the Loan Documents is valid,
subsisting, perfected and of the priority required pursuant to the Loan Documents and (iii) acknowledges that this Agreement shall in no manner impair or otherwise adversely affect such Liens. 

6. Representations and Warranties. Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that
(a) each Loan Party has the legal power and authority to execute and deliver this Agreement; (b) the officers of each Loan Party executing this Agreement have been duly authorized to execute and deliver the same and bind each Loan Party
with respect to the provisions hereof; (c) the execution and delivery hereof by each Loan Party and the performance and observance by each Loan Party of the provisions hereof do not violate or conflict with any organizational document of any
Loan Party or any law applicable to any Loan Party or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against any Loan Party; (d) Wimbledon Acquisition
LLC and Diamond Foods Brazil Holding LLC are Subsidiaries of the Borrower that do not constitute Material Subsidiaries; (e) except with respect to the Acknowledged Events of Default, no Default or Event of Default exists under the Credit
Agreement, nor will any occur immediately after the execution and delivery of this Agreement or by the performance or observance of any provision hereof; (f) no Loan Party is aware of any claim or offset against, or defense or counterclaim to,
any Loan Party’s obligations or liabilities under the Credit 

  
 2 

 
Agreement or any other Loan Document; (g) this Agreement and each document executed by each Loan Party in connection herewith constitute valid and binding obligations of the applicable Loan
Party in every respect, enforceable in accordance with their terms; and (h) all representations and warranties made by such Loan Party and contained in this Agreement or any other Loan Document to which it is a party are true and correct in all
material respects (other than such representations and warranties that are untrue or otherwise inaccurate solely and directly as a result of the Acknowledged Events of Default) on and as of the date of this Agreement to the same extent as though
made on and as of such date, except to the extent that any thereof expressly relate to an earlier date. 
 7. Further
Assurances. Each of the parties hereto agrees to execute and deliver, or to cause to be executed and delivered, all such instruments as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this
Agreement. 
 8. Release. Each Loan Party hereby waives and releases the Administrative Agent and the Lenders and their
respective directors, officers, employees, agents, attorneys, affiliates and subsidiaries (each a “Releasee”) from any and all claims, offsets, defenses and counterclaims, known and unknown, that any Loan Party may have as of the
date of this Agreement based upon, relating to, or arising out of the Obligations and related transactions in any way. Each Loan Party intends the foregoing release to cover, encompass, release and extinguish, among other things, all claims and
matters that might otherwise be reserved by California Civil Code Section 1542, which provides as follows: 
 “A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the
debtor.” 
 Notwithstanding the foregoing, this Section 8 shall not constitute a release of the performance by the Administrative
Agent or any Lender after the date hereof of their respective express obligations under the Loan Documents. 
 9. Covenant
Not to Sue. Each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at
law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any claim released, remised and discharged by such Loan Party pursuant to Section 8 above. If any Loan Party or any of its successors, assigns or
other legal representations violates the foregoing covenant, such Loan Party, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such
violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation. 
 10. Payment of Fees
and Expenses. The Loan Parties shall reimburse the Administrative Agent and each Lender for all fees and expenses of the Administrative Agent and each Lender, in accordance with the terms and conditions of the Credit Agreement, (including
without limitation, all reasonable fees and expenses of counsel to the Administrative Agent and counsel to each Lender) incurred in connection with the Loan Documents, including without limitation this Agreement. 

11. Loan Documents Unaffected. Except as otherwise specifically provided herein, all provisions of the Credit Agreement and the
other Loan Documents shall remain in full force and effect and be unaffected hereby. The parties hereto acknowledge and agree that this Agreement constitutes a “Loan Document” under the terms of the Credit Agreement. 

  
 3 

 12. No Other Promises or Inducements. There are no promises or inducements that have
been made to any party hereto to cause such party to enter into this Agreement other than those that are set forth in this Agreement. This Agreement has been entered into by the Borrower and each Guarantor freely, voluntarily, with full knowledge,
and without duress, and, in executing this Agreement, neither the Borrower nor any Guarantor is relying on any other representations, either written or oral, express or implied, made to the Borrower or any Guarantor by the Administrative Agent. The
Borrower and each Guarantor agrees that the consideration received by the Borrowers under this Agreement has been actual and adequate. 
 13. No Course of Dealing. Each Loan Party acknowledges and agrees that, (a) this Agreement is not intended to, nor shall it, establish any course of dealing between the Loan Parties, the
Administrative Agent and the Lenders that is inconsistent with the express terms of the Credit Agreement or any other Loan Document, (b) notwithstanding any course of dealing between the Loan Parties, the Administrative Agent and the Lenders
prior to the date hereof, except as set forth herein, the Lenders shall not be obligated to make any Loan, except in accordance with the terms and conditions of this Agreement and the Credit Agreement, and (c) except with respect to the
Acknowledged Events of Default, neither the Administrative Agent nor any Lender shall be under any obligation to forbear from exercising any of its rights or remedies upon the occurrence of any Default or Event of Default. Nothing herein modifies
the agreements among the Administrative Agent and the Lenders with respect to the exercise of their respective rights and remedies under the terms of the Credit Agreement. 
 14. No Waiver of Rights. No waiver shall be deemed to be made by any party hereunder of any of its rights hereunder unless the same shall be in writing signed on behalf of such party. 

15. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 16. Entire Agreement. This Agreement sets forth the entire agreement and understanding among the parties as to the
subject matter hereof and merges and supersedes all prior discussions, agreements, and undertakings of every kind and nature among them with respect to the subject matter hereof. 

17. Counterparts. This Agreement may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts and by facsimile signature, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. 

18. Severability Of Provisions; Captions; Attachments. Wherever possible each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. The captions to Sections and subsections herein are inserted for convenience only and
shall be ignored in interpreting the provisions of this Agreement. 
 19. JURY TRIAL WAIVER. EACH OF THE UNDERSIGNED, TO
THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG THEM, OR ANY OF THEM, ARISING OUT OF, IN CONNECTION WITH, RELATED TO OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION 

  
 4 

 
WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
 [Signature pages follow.] 

  
 5 

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

									
	BORROWER:	 		 	DIAMOND FOODS, INC.
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
	GUARANTORS:	 		 	KETTLE FOODS HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
		 		 	KETTLE FOODS, INC.
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
		 		 	DFKA, LTD.
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
		 		 	LION/STOVE LUXEMBOURG INVESTMENT 2 S.A.R.L.
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

			
		 		 	DFKA HOLDINGS LIMITED (F/K/A LION/STOVE HOLDINGS, LIMITED)
				
		 		 	By:	 	 /s/ Brian J. Driscoll

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Ken Puro

		 	Name: Ken Puro
		 	Title: Vice President

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 

 
			
	BANK OF AMERICA, N.A.,
	as L/C Issuer and a Lender
		
	By:	 	 /s/ Thomas E. Brown

		 	Name: Thomas E. Brown
		 	Title: Senior Vice President

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 

 
					
	1st Farm Credit Services, PCA,
	as a Lender
		
	By:	 	 /s/ Corey J. Waldinger

		 	Name:	 	 Corey J. Waldinger

		 	Title:	 	 Vice President, Capital Markets

	
	Bank of the West, A California State Banking Corporation as a Lender
		
	By:	 	 /s/ Dennis Boesen

		 	Name:	 	 Dennis Boesen

		 	Title:	 	 Vice President

	
	Barclays Bank PLC as a Lender
		
	By:	 	 /s/ Ronnie Glenn

		 	Name:	 	 Ronnie Glenn

		 	Title:	 	 Vice President

	
	 COMPASS BANK,
 as a
Lender

		
	By:	 	 /s/ Mark Sunderland

		 	Name:	 	 Mark Sunderland

		 	Title:	 	 Senior Vice President

	
	 CoBank, ACB,
 as a
Lender

		
	By:	 	 /s/ Ronald P. Seigley

		 	Name:	 	 Ronald P. Seigley

		 	Title:	 	 Senior Vice President

	
	 FARM CREDIT SERVICES OF AMERICA, PCA,
 as a Lender

		
	By:	 	 /s/ Brian Frevert

		 	Name:	 	 Brian Frevert

		 	Title:	 	 Vice President

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 

 
					
	 FARM CREDIT WEST, PCA,
 as a Lender

		
	By:	 	 /s/ Ben Madonna

		 	Name:	 	 Ben Madonna

		 	Title:	 	 Vice President

	
	 GreenStone Farm Credit Services. ACA/FLCA,
 as a Lender

		
	By:	 	 /s/ Jeff Pavlik

		 	Name:	 	 Jeff Pavlik

		 	Title:	 	 Vice President

	
	 HSBC Bank USA, NATIONAL ASSOCIATION
 as a Lender

		
	By:	 	 /s/ Reginald Z. Burt

		 	Name:	 	 Reginald Z. Burt

		 	Title:	 	 Vice President

	HSBC Bank USA, National Association
	
	 Israel Discount Bank of New York,
 as a Lender

		
	By:	 	 /s/ Richard Miller

		 	Name:	 	 Richard Miller

		 	Title:	 	 First Vice President

	
	 BANK OF MONTREAL,

as a Lender

		
	By:	 	 /s/ Katherine K. Robinson

		 	Name:	 	 Katherine K. Robinson

		 	Title:	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A,
 as a Lender

		
	By:	 	 /s/ Alex Rogin

		 	Name:	 	 Alex Rogin

		 	Title:	 	 Vice President

	
	 Key Bank
 as a
Lender

		
	By:	 	 /s/ Larry T. Burke

		 	Name:	 	 Larry T. Burke

		 	Title:	 	 S.V.P.

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT 

  

					
	 Northwest Farm Credit Services,

as a Lender

		
	By:	 	 /s/ Brandon Stacey

		 	Name:	 	 Brandon Stacey

		 	Title:	 	 VP - Credit

	
	 United FCS, PCA d/b/a FCS Commercial Finance Group,

as a Lender

		
	By:	 	 /s/ Lisa Caswell

		 	Name:	 	 Lisa Caswell

		 	Title:	 	 Vice President

  

WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENTEX-10.1

 EXHIBIT 10.1 
 FOURTEENTH AMENDMENT TO FIRST AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT

 THIS FOURTEENTH AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (herein called this
“Amendment”) made as of the 29th day of October, 2012 by and between Priority Fulfillment Services, Inc. (“Borrower”) and Comerica Bank (“Bank”), 
 W I T N E S S E T H: 
 WHEREAS, Borrower and Bank have entered into that certain
First Amended and Restated Loan and Security Agreement dated as of December 29, 2004 (as from time to time amended or modified, the “Original Agreement”) for the purposes and consideration therein expressed, pursuant to which Bank
became obligated to make loans to Borrower as therein provided; and 
 WHEREAS, Borrower and Bank desire to amend the Original
Agreement for the purposes set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein and in the Original Agreement, in consideration of the loans which may hereafter be made by Bank to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto do hereby agree as follows: 
 ARTICLE I. 

Definitions and References 
 § 1.1 Terms Defined in the Original Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the
same meanings whenever used in this Amendment. 
 § 1.2 Other Defined Terms. Unless the context otherwise requires,
the following terms when used in this Amendment shall have the meanings assigned to them in this §1.2: 

“Amendment” means this Fourteenth Amendment to First Amended and Restated Loan and Security Agreement.

 “Loan Agreement” means the Original Agreement as amended hereby 

ARTICLE II. 

Amendment to Original Agreement 
 § 2.1 Definitions. The definitions of “Maximum Equipment Line Availability” and “Tranche B Availability End Date” in Exhibit A to the Original Agreement are hereby amended
in their entirety to read as follows: 
 “Maximum Equipment Line Availability” means that the aggregate Equipment
Advances under Tranche A and Tranche B cannot exceed $3,000,000. 

 “Tranche B Availability End Date” means January 5, 2013. 

§ 2.2 Credit Extensions. The sentence in Section 2.1(f)(ii) of the Original Agreement that currently reads as follows:

 Any Equipment Advances that are outstanding under Tranche B on the Tranche B Availability End Date shall be payable in 30
equal monthly installments of principal, plus all accrued interest, beginning on November 15, 2012, and continuing on the same day of each month thereafter through April 15, 2015, at which time all amounts due in connection with Tranche B
Equipment Advance made under this Section 2.1(f) shall be immediately due and payable. 
 is hereby amended in its entirety to read as
follows: 
 Any Equipment Advances that are outstanding under Tranche B on the Tranche B Availability End Date shall be payable
in 28 equal monthly installments of principal, plus all accrued interest, beginning on January 15, 2013, and continuing on the same day of each month thereafter through April 15, 2015, at which time all amounts due in connection with
Tranche B Equipment Advance made under this Section 2.1(f) shall be immediately due and payable. 
 ARTICLE III. 

Conditions of Effectiveness 
 § 3.1 Effective Date. This Amendment shall become effective as of the date first above written when and only when Bank shall have received, at Bank’s office (i) a counterpart of this
Amendment executed and delivered by Borrower, and (ii) the attached Consent and Agreement executed and delivered by Guarantor. 
 ARTICLE IV. 
 Representations and Warranties 

§ 4.1 Representations and Warranties of Borrower. In order to induce Bank to enter into this Amendment, Borrower represents
and warrants to Bank that: 
 (a) The representations and warranties contained in Article 5 of the Original
Agreement are true and correct at and as of the time of the effectiveness hereof, except to the extent such representations or warranties relate to an earlier date in which case such representation or warranty shall be true and correct as of such
earlier date or as otherwise disclosed to the Bank in writing. 
 (b) Borrower is duly authorized to execute and
deliver this Amendment and is and will continue to be duly authorized to borrow and to perform its obligations under the 

  
 2 

 
Loan Agreement. Borrower has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the performance of the obligations of Borrower
hereunder. 
 (c) The execution and delivery by Borrower of this Amendment, the performance by Borrower of its
obligations hereunder and the consummation of the transactions contemplated hereby do not and will not conflict with any provision of law, statute, rule or regulation or of the organizational documents of Borrower, or of any material agreement,
judgment, license, order or permit applicable to or binding upon Borrower, or result in the creation of any lien, charge or encumbrance upon any assets or properties of Borrower. Except for those which have been duly obtained, no consent, approval,
authorization or order of any court or governmental authority or third party is required in connection with the execution and delivery by Borrower of this Amendment or to consummate the transactions contemplated hereby. 

(d) When duly executed and delivered, each of this Amendment and the Loan Agreement will be a legal and binding instrument
and agreement of Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency and similar laws applying to creditors’ rights generally and by principles of equity applying to creditors’ rights generally.

 ARTICLE V. 
 Miscellaneous 
 § 5.1 Ratification of Agreements. The Original
Agreement as hereby amended is hereby ratified and confirmed in all respects. Any reference to the Loan Agreement in any Loan Document shall be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Bank under the Loan Agreement or any other Loan Document nor constitute a waiver of any provision of the Loan
Agreement or any other Loan Document. 
 § 5.2 Survival of Agreements. All representations, warranties, covenants
and agreements of Borrower herein shall survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of the Advances, and shall further survive until all of the Obligations are
paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower hereunder or under the Loan Agreement to Bank shall be deemed to constitute representations and warranties by, or agreements and covenants
of, Borrower under this Amendment and under the Loan Agreement. 
 § 5.3 Loan Documents. This Amendment is a Loan
Document, and all provisions in the Loan Agreement pertaining to Loan Documents apply hereto. 
 § 5.4 Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of California and any applicable laws of the United States of America in all respects, including construction, validity and performance. 

  
 3 

 § 5.5 Counterparts. This Amendment may be separately executed in counterparts
and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. 
 THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 
 [Remainder of this page intentionally left blank]

  
 4 

 IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

  

			
	PRIORITY FULFILLMENT SERVICES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COMERICA BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Fourteenth Amendment – Signature Page] 

 CONSENT AND AGREEMENT 

PFSWEB, INC., a Delaware corporation, hereby consents to the provisions of this Amendment and the transactions contemplated herein, and
hereby ratifies and confirms the Guaranty dated as of December 29, 2004, made by it for the benefit of Bank, and agrees that its obligations and covenants thereunder are unimpaired hereby and shall remain in full force and effect. 

 

			
	PFSWEB, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Consent and Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]