Document:

Exhibit

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
	
			
	 
	 
	 

	Principal Amount: $120,000.00 
Purchase Price: $100,000.00
	 
	Issue Date: September 10, 2018 

PROMISSORY NOTE
FOR VALUE RECEIVED, ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (hereinafter called “Borrower”), hereby promises to pay to BAYBRIDGE CAPITAL FUND, LP, a Delaware limited partnership, or its assigns (the “Holder” and together with the Borrower, the “Parties”) or order, without demand, the sum of One Hundred Twenty Thousand Dollars ($120,000) (“Principal Amount”), and to pay interest on the unpaid principal balance hereof at the rate of twelve percent (12%) (the “Interest Rate”) per annum, accruing thereon from the date of receipt by the Borrower attached hereto as Annex I and maturing on March 10, 2019 (the “Maturity Date”) together with all accrued and unpaid interest thereon, fees incurred or other amounts owing hereunder, all as set forth below in this Promissory Note (this “Note”), if not sooner paid. All payments due hereunder shall be made in lawful money of the United States of America and such payments shall be applied to amounts owing under the Note by Holder, in its sole discretion. 
This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.  
The following terms shall apply to this Note:

ARTICLE I
GENERAL PROVISIONS
1.1     Payment Grace Period. The Borrower shall have a five (5) day grace period to pay any monetary amounts due under this Note, after which grace period a default interest rate of eighteen percent (18%) per annum shall apply from the due date thereof until the same is paid (“Default Interest”).  

1.2    Original Issue Discount. The Borrower acknowledges that the Principal Amount of this Note exceeds the Purchase Price (as set forth above) for this Note and that such excess is an original issue discount and shall be fully earned and charged to the Borrower upon the execution of this Note, and shall be paid to the Holder as part of the outstanding principal balance as set forth in this Note.

1.3    Application of Payments. The Borrower acknowledges that the payments made in connection with this Note shall be applied first to collection expenses (including all attorneys’ fees and expenses), if any, thereafter to amounts due hereunder other than principal and interest, thereafter to Interest and finally to Principal Amount all in the Holder’s sole discretion.

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1.4    Change of Control. In the event of (i) any transaction or series of related transactions (including any reorganization, merger or consolidation) by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Borrower, by contract or otherwise) that results in the transfer of 33% or more of the outstanding voting power of the Borrower, (ii) the Borrower merges into or consolidates with any other Person, or any Person merges into or consolidates with the Borrower and, after giving effect to such transaction, the stockholders of the Borrower immediately prior to such transaction own less than 66% of the aggregate voting power of the Borrower or the successor entity of such transaction, or (iii) a sale of all or substantially all of the assets of the Borrower to another person or entity, this Note shall be automatically due and payable in full, immediately. The Borrower will give the Holder not less than twenty (20) business days prior written notice of the occurrence of any events referred to in this Section 1.4.

1.5    Miscellaneous. The Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed.  Principal and interest on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated in lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s instructions upon receipt of written notice thereof.
  
ARTICLE II
REPRESENTATIONS AND WARRANTIES

  2.         Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants to the Holder that:
 
         (a)           The Borrower’s Common Stock is registered under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”);
 
(b)           The Borrower is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such reports); 

(c)    Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.  Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act.  Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business.  None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally.  Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted;

(d)         Litigation.  There is no claim, legal action, suit, arbitration, investigation or other proceeding pending, or to the knowledge of the Borrower, threatened against or relating to the Borrower or its assets.  Neither the Borrower nor any of its assets are subject to any outstanding judgment, order, writ, injunction or decree of any Governmental Authority. There is currently no investigation or review by any 

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Governmental Authority with respect to the Borrower pending or, to the knowledge of the Borrower, threatened, nor has any Governmental Authority notified the Borrower of its intention to conduct the same;
(e)         SEC Matters.  To the knowledge of the Borrower, neither the Borrower, nor any current or past officer or director of the Borrower has ever been sanctioned, disciplined, fined, and/or imprisoned for any violations of any securities laws of the United States or any other jurisdiction.

ARTICLE IV
CERTAIN COVENANTS
  
3.1    Exchange Listing, Existence.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to obtain such consents, approvals and authorizations, if any, and satisfy all conditions that such Exchange may impose on the listing of the Common Stock and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

3.2    No Integration.  Neither the Borrower nor any of its affiliates (as defined in Rule 501(b) of Regulation D of the Securities Act (“Regulation D”)) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Note in a manner that would require registration of the Note under the Securities Act.

3.3    Shell Company Status.  The Borrower is not now, and has not, prior to the date of this Note, been a “shell company” as such term is defined in Rule 12b-2 of the Exchange Act.

3.4    Public Information.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to satisfy all conditions to be in compliance and satisfy the current public information requirement under Rule 144(c), more specifically with Rule 144(c)(1), and otherwise without restriction or limitation pursuant to Rule 144, and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding.

3.5    DTCC Eligibility.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action to remain DTCC-eligible and not have its eligibility revoked or “chilled” by the Depository Trust Company (“DTC”) or any similar program hereafter adopted performing substantially the same function.

3.6    Legal Action Notice.  The Borrower shall promptly report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Fifty Thousand Dollars ($50,000) or more.

3.7    Other Financial Information.  The Borrower shall deliver budgets, sales projections, operating plans and other financial information reasonably requested by the Holder. 

3.8    Change in Nature of Business.  So long as the Borrower shall have any obligation under this Note, the Borrower shall not make, or permit any of its Subsidiaries to make, any material change in the nature 

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of its business as described in the Borrower’s most recent annual report filed on Form 10-K with the SEC. The Borrower shall not modify its corporate structure or purpose.

ARTICLE IV
EVENT OF DEFAULT
The occurrence of any of the following events of default (“Event of Default”) shall, at the option of the Holder hereof, make all sums of principal and interest then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable, upon demand, without presentment, or grace period, all of which hereby are expressly waived, except as set forth below:
4.1     Failure to Pay Principal. The Borrower fails to pay any principal, interest, or other sum due under this Note whether on demand, at maturity, upon acceleration, Change of Control or otherwise;
4.2     Breach of Covenant. The Borrower or any Subsidiary of Borrower breaches any material covenant or other material term or condition of this Note in any material respect and such breach, if subject to cure, continues for a period of five (5) business days after written notice to the Borrower or any such Subsidiary of Borrower from the Holder.
4.3     Breach of Representations and Warranties. Any material representation or warranty of the Borrower or any Subsidiary of Borrower made herein, in any statement or certificate given in writing pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect as of the date made and as of the Issue Date.
4.4    Liquidation. Any dissolution, liquidation or winding up of Borrower or any operating Subsidiary of Borrower or any substantial portion of its business.
4.5     Cessation of Operations. Any cessation of operations by Borrower or any operating Subsidiary of Borrower for a period of 30 consecutive days.
4.6     Maintenance of Assets. The failure by Borrower or any Subsidiary of Borrower to protect, defend and maintain validity and enforceability of any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).
4.7     Receiver or Trustee. The Borrower or any Subsidiary of Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed.
4.8    Judgments.   Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any of its property or other assets for more than Fifty Thousand Dollars $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.
4.9    Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any law for the relief of debtors shall be instituted by the Borrower or any Subsidiary of Borrower or any such proceeding shall be instituted against the Borrower or any Subsidiary of Borrower, which proceedings are not, within sixty (60) days after institution thereof, discharged or stayed pending appeal.
4.10    Delisting. An event resulting in the Borrower’s Common Stock no longer being quoted on the Over-The-Counter Bulletin Board (the “OTCBB”); failure to comply with the requirements for continued quotation on the OTCBB for a period of five (5) consecutive trading days; or notification from the OTCBB 

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that the Borrower is not in compliance with the conditions for such continued quotation and such non-compliance continues for five (5) days following such notification. If the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets,” then any event or failure of the Borrower’s Common Stock to be listed as “Pink Current Information” for trading or quotation for five (5) or more consecutive days.
4.11     DTC Eligible. An event resulting in the Borrower’s Common Stock no longer being eligible to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC system; failure to comply with the requirements for continued DTC eligibility for a period of seven (7) consecutive trading days; or notification from DTC that the Borrower is not in compliance with the conditions for such continued DTC eligibility and such non-compliance continues for seven (7) days following such notification  
4.12    Stop Trade. An SEC or judicial stop trade order or Principal Market trading suspension with respect to the Borrower’s Common Stock that lasts for seven (7) or more consecutive trading days.
4.13    Failure to Deliver Replacement Note. Borrower’s failures to timely deliver, if required, a replacement Note.
4.14    Financial Statement Restatement. A restatement of any financial statements filed by the Borrower with the Securities and Exchange Commission for any date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement would, by comparison to the unrestated financial statements, have constituted a Material Adverse Effect.
4.15    Reverse Splits. The Borrower effectuates a reverse split of its Common Stock without five (5) business days prior written notice to the Holder.

4.16    Misrepresentations.  Borrower or any representative acting for Borrower makes any representation, warranty, or other statement now or later in this Note or in any writing delivered to the Holder or to induce the Holder to enter this Note, and such representation, warranty, or other statement is incorrect or contains any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements or facts contained herein or therein not misleading in any material respect in light of the circumstances under which they were made.

4.17    Other Note Default.  A default by the Borrower or the occurrence of an Event of Default under any Other Note issued by the Borrower.

4.18    Failure to Timely File Borrower’s Financial Reports.  The Borrower fails to timely file all reporting required under the Securities Exchange Act of 1934, as amended, filed with the Securities and Exchange Commission or if, the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets” then, the Borrower’s failure to timely file all reports required to be filed by it with OTC Markets, Inc. f/k/a “Pink Sheets” whereby the Borrower either (i) fails to be reported as “Pink Current Information” designated company, or (ii) is reported as “No Inside.”

4.19      Default Under The Note.   An Event of Default has occurred and is continuing under this Note, then, upon the occurrence and during the continuation of any Event of Default specified in Section 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, or 4.18, at the option of the Holder exercisable through the delivery of written notice to the Borrower by such Holder (the “Default Notice”), and upon the occurrence of an Event of Default specified in Section 4.9, the Notes shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any other amounts owed to the Holder pursuant to this Note (the then outstanding principal amount of this Note to the 

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date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, any and all legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

ARTICLE V
MISCELLANEOUS
5.1     Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver, election, or acquiescence thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available provided for by law, or in equity.
5.2     Demand Waiver.  Borrower hereby waives:(i) demand, notice of default, delinquency or dishonor, notice of payment and nonpayment, notice of any default, notice of acceleration, nonpayment at maturity, notice of costs, expenses and losses and interest thereon, notice of late charges; (ii) all defenses and pleas on the grounds of any release, compromise, settlement, extension, or extensions of the time of payment or any due date under this Note, in whole or in part, whether before or after maturity and with or without notice; and (iii) diligence in taking any action to collect any sums owing under this Note or in proceeding against any the rights and interests in and to properties securing payment of this Note such as, but not limited to, the renewal of accounts, documents, instruments, chattel paper, and guarantees held by the Holder on which Borrower is liable. 
5.3    Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, electronic mail (email), or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the first business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:
(i) if to Borrower, to:
Ascent Solar Technologies, Inc.
12300 N. Grant Street
Thornton, CO  80241
Attn: Victor Lee, CEO 
Fax: (720) 872-5077
With a copy to:
James H. Carroll, Esq.
Faegre Baker Daniels LLP
1470 Walnut Street

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Boulder, CO  80302
(ii) if to the Holder, to:
BayBridge Capital Fund, LP
Attn: Investment Manager
Fax: 
5.4    Amendment Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented in writing, then as so amended or supplemented.
5.5    Assignability. The Holder, without consent from or notice to anyone, may at any time assign the Holder’s rights in this Note, the Borrower’s obligations under this Note, or any part thereof. This Note shall be binding upon the Borrower and their respective legal representatives, heirs and its successors, and shall inure to the benefit of the Holder and its successors, assigns, heirs, administrators and transferees. The Borrower may not assign its obligations under this Note.
5.6    Cost of Collection. Borrower shall pay to the Holder, on demand and if demanded, prior to any conclusion of any action related hereto, the amount of any and all expenses, including, without limitation, attorneys’ fees, appellate attorney’s fees, legal costs and expenses, as well as collection agency fees and costs, any of which the Holder, whether or not the Holder agrees to dismiss an action upon payment of sums allegedly due, obtains substantially the relief sought or may incur in connection with (a) enforcement or collection of this Note following an Event of Default; (b) exercise or enforcement of any the rights, remedies or powers of the Holder hereunder or with respect to any or all of the obligations under this Note upon breach or threatened breach; or (c) failure by Borrower to perform and observe any agreements of Borrower contained herein.
5.7    Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by either party against the other concerning the transactions contemplated by this Note must be brought only in the civil or state courts of New York or in the federal courts located in the State and county of New York. Both parties and the individual signing this Note on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs at both the trial and appellate level. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this Note in any other jurisdiction. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was executed apart from this Note.

5.8     Waiver of Jury Trial.TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND THE HOLDER EACH HEREBY KNOWINGLY, VOLUNTARILY, 

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INTENTIONALLY AND IRREVOCABLY WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF OR BETWEEN ANY PARTY HERETO, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THE BORROWER AGREES AND CONSENTS TO THE GRANTING TO HOLDER OF RELIEF FROM ANY STAY ORDER WHICH MIGHT BE ENTERED BY ANY COURT AGAINST HOLDER AND TO ASSIST HOLDER IN OBTAINING SUCH RELIEF.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS NOTE.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. THE BORROWER’S REASONABLE RELIANCE UPON SUCH INDUCEMENT IS HEREBY ACKNOWLEDGED. 

5.9          Certain Amounts.   Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty. To the extent it may lawfully do so, the Borrower hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Holder in order to enforce any right or remedy under this Note.  

5.10    Usury Savings Clause.   Borrower and Holder intend to contract in compliance with all state and federal usury laws governing the loan evidenced by this Note. Holder and Borrower agree that none of the terms of this Note shall be construed to require payment of interest at a rate in excess of the maximum interest rate allowed by any applicable state, federal or foreign usury laws. If Holder receives sums which constitute interest that would otherwise increase the effective interest rate on this Note to a rate in excess of that permitted by any applicable law, then all such sums constituting interest in excess of the maximum lawful rate shall at Holder’s option either be credited to the payment of principal or returned to Borrower. 

Notwithstanding any provision in this Note to the contrary, the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law.  In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the Borrower had specifically designated such excess sums to be so applied to the reduction of the principal balance then outstanding, and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as interest, rather than accept such sums as a prepayment of the principal balance then outstanding.  It is the intention of the parties that the Borrower does not intend or expect to pay, nor does the Holder intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.  

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5.11    Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum rate permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum rate permitted by applicable law, any payments in excess of such maximum rate shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower, the manner of handling such excess to be at the Holder’s election.

5.12    Further Assurances.  At any time or from time to time after the date hereof, the Parties agree to cooperate with each other and, at the request of any other Party, to execute and deliver any further instruments or documents and to take all such further action as the other Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder. 

5.13      Remedies.   The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required. 

5.14    No Impairment.  The Borrower will not, by amendment of its Articles of Incorporation or By-Laws or other organizational document, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder under this Note against impairment or dilution.

5.15    Substitute Notes.  Upon (i) receipt by the Borrower of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation hereof, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Borrower in customary form, or (ii) the request of the Holder of this Note upon surrender hereof, the Borrower shall execute and deliver in lieu hereof, a new Note or Notes, payable to the order of the Holder or such persons as the Holder may request and in a principal amount equal to the unpaid principal amount hereof, which shall be dated and bear interest from the date to which interest has theretofore been paid hereon.  Each such Note shall in all other respects be in the same form and be treated the same as this Note and all references herein to this Note shall apply to each such Note. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office of the Borrower, for a new Note or Notes representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

5.16    Absolute Obligation.  No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of, accrued interest, Default Amounts, or damages as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.  This Note is a direct, unconditional and secured debt obligation of the Borrower.  

5.17    Relationship.  The relationship of the parties to this Note is determined solely by the provisions of this Note. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

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5.18    Entire Agreement.  This Note and any instruments and agreements to be executed pursuant to this Note, sets forth the entire agreement and understanding of the Parties with respect to its subject matter of this Note and supersedes, merges and replaces all prior and contemporaneous understandings, discussions and negotiations, oral or written, regarding the same subject matter which shall remain in full force and effect and may not be altered or modified, except in writing and signed by the party to be charged thereby, and supersedes any and all previous discussions between the parties relating to the subject matter thereof.

5.19    Counterparts.  This Note may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when this Note has been signed by the Borrower and delivered to any other party, it being understood that all parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission, by email in “portable document format” (“.pdf”), electronic signature or other similar electronic means intended to preserve the original graphic and pictorial appearance of this Note, such signature shall have the same effect as physical delivery of the paper document bearing original signature and create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof.

5.20    Counsel. The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given a reasonable opportunity to do so.

5.21    Headings. The headings in this Note are for convenience of reference only and shall not affect the interpretation of this Note.

[ Signatures on Following Pages ]

Page 10 of 11
            

IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be signed in its name by an authorized officer as of the first date written above.

ASCENT SOLAR TECHNOLOGIES, INC.
  

By:  

Name: Victor Lee
Title: CEO

ANNEX I 

WIRE LEDGER 

	
								
	 
	Date
	 
	 
	Wire Amount
	 

	 
	6/29/2018
	 
	 
	$10,000
	 

	 
	8/14/2018
	 
	 
	$12,500
	 

	 
	8/22/2018
	 
	 
	$10,000
	 

	 
	8/24/2018
	 
	 
	$7,500
	 

	 
	8/31/2018
	 
	 
	$8,000
	 

	 
	9/6/2018
	 
	 
	$27,000
	 

	 
	9/7/2018
	 
	 
	$25,000
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

Page 11 of 11EX-10.1

 Exhibit 10.1 

INCREMENTAL ASSUMPTION AGREEMENT 

AND AMENDMENT NO. 7 

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 7 (this “Agreement”) dated as of September 13, 2018 relating to the
Credit Agreement dated as of February 2, 2015 (as amended by the Incremental Assumption Agreement and Amendment No. 1, dated May 19, 2015, the Incremental Assumption Agreement and Amendment No. 2, dated February 1, 2016, the
Incremental Assumption Agreement and Amendment No. 3, dated May 27, 2016, the Incremental Assumption Agreement and Amendment No. 4, dated January 19, 2017, Amendment No. 5, dated August 8, 2017, and the Incremental
Assumption Agreement and Amendment No. 6, dated January 5, 2018, and as further amended, restated, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”, and as
amended by this Agreement, the “Amended Credit Agreement”) among PRESIDIO HOLDINGS INC. (“Holdings”), PRESIDIO IS LLC (as successor to Presidio IS Corp.) (“Intermediate Holdings”), PRESIDIO LLC (as
successor of Presidio, Inc.) and PRESIDIO NETWORKED SOLUTIONS LLC (as successor of Presidio Networked Solutions, Inc.), as borrowers (collectively, the “Borrowers”), certain subsidiaries of Holdings, as Subsidiary Loan Parties, the
Lenders party thereto from time to time and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders. 

RECITALS: 
 WHEREAS, the
Borrowers have (or the Borrower Representative on behalf thereof has) requested Incremental Term Loans in an aggregate principal amount of $160,000,000 (the “2018 Incremental Term Loan”) pursuant to Section 2.21(a) of
the Credit Agreement, the Net Proceeds of which will be used to fund on or about the 2018 Incremental Effective Date a cash dividend to Presidio, Inc. (“Parent”) (such cash dividend, the “Permitted Dividend”) (which
proceeds Parent will use to fund the repurchase of shares of its common stock from certain holders thereof) and to pay fees, costs and expenses in connection therewith, and that the Credit Agreement be amended to reflect the foregoing, including by
increasing the aggregate principal amount of the Term Loans under the Credit Agreement to reflect the incurrence of such 2018 Incremental Term Loan; and 

WHEREAS, the entity listed on Schedule I hereto (the “Incremental Term Lender”) has agreed, on the terms and
conditions set forth herein and in the Amended Credit Agreement, to provide the amount of the 2018 Incremental Term Loan set forth opposite its name under the heading “Incremental Term Loan Commitment” on Schedule I hereto (the
“Incremental Term Loan Commitment”). 
 NOW, THEREFORE, the parties hereto therefore agree as follows: 

SECTION 1.    Defined Terms; References. Capitalized terms used in this Agreement and
not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Agreement becomes
effective, refer to the Amended Credit Agreement. 

 SECTION 2.    2018 Incremental Term Loan.
 
 (a)    Subject to the terms and conditions set forth herein, the Incremental Term Lender agrees to make the
2018 Incremental Term Loan to the Borrowers on the 2018 Incremental Effective Date (as defined below) in a principal amount not to exceed its Incremental Term Loan Commitment. Unless previously terminated, the Incremental Term Loan Commitment shall
terminate on the earlier of (i) the funding of the 2018 Incremental Term Loan and (ii) 5:00 p.m., New York City time, on September 13, 2018. 

(b)    With effect from the 2018 Incremental Effective Date, the 2018 Incremental Term Loan shall be a “Term B
Loan” and the Incremental Term Lender shall be a Lender with an outstanding Term B Loan. 
 (c)    Except for any
amounts net funded from the 2018 Incremental Term Loan, the 2018 Incremental Term Loan shall have the same terms as the Term B Loans. 

SECTION 3.    Certain Consents and Agreements. 

(a)    The parties hereto hereby agree that, for all purposes under the Amended Credit Agreement and the other Loan
Documents, (i) the Incremental Term Loan Commitment will constitute Commitments, Term B Loan Commitments and Incremental Commitments, (ii) the 2018 Incremental Term Loan will constitute Loans, Term Loans and Incremental Term Loans,
(iii) the Incremental Term Lender will be a Lender, a Term Facility Lender and an Incremental Term Lender and (iv) the 2018 Incremental Term Loan and the Term Loans funded under the Credit Agreement prior to the 2018 Incremental Effective
Date shall collectively constitute one and the same Class of Term Loans. 
 (b)    The parties hereto hereby agree
that, notwithstanding anything in the Credit Agreement to the contrary, 
  

	 	(i)	 the initial Interest Period with respect to the 2018 Incremental Term Loan shall commence on the 2018
Incremental Effective Date and end on the date(s) necessary (as determined by the Administrative Agent) to ensure that such 2018 Incremental Term Loan is included in the same Class as the Term Loans funded under the Credit Agreement immediately
prior to the 2018 Incremental Effective Date; and 

  

	 	(ii)	 the Administrative Agent is hereby authorized to take all actions as it may reasonably deem to be necessary to
ensure that the 2018 Incremental Term Loan is included in the same Class as the Term Loans funded under the Credit Agreement prior to the 2018 Incremental Effective Date and the Administrative Agent shall be authorized to mark the Register
accordingly to reflect the amendments and adjustments set forth herein. 

  
 2 

 (c)    Each of the Borrowers and the other Loan Parties hereby consents
to the provisions of this Section 3. 
 SECTION 4.    Amendments to Credit
Agreement. 
 (a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in
appropriate alphabetical order: 
 “2018 Incremental Assumption Agreement” means the Incremental Assumption Agreement and
Amendment No. 7, dated as of September 13, 2018 among the Borrowers, Intermediate Holdings, Holdings, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“2018 Incremental Effective Date” means the first date when each of the conditions under Section 6 of the 2018
Incremental Assumption Agreement have been met. 
 (b)    The following definitions are hereby amended and restated in
their entirety to read as follows: 
 “Term B Loans” shall mean (a) the term loans made by the Lenders to the
Borrowers pursuant to Section 2.01(a) and the Refinancing and Incremental Assumption Agreement, and (b) any Incremental Term Loans in the form of Term B Loans made by the Incremental Term Lenders to the Borrowers pursuant to
Section 2.01(c), including the Incremental Term Loans made pursuant to the 2018 Incremental Assumption Agreement. 

(c)    Section 2.10(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(i) the Borrowers shall repay Term B Loans (including the Incremental Term Loan made on the 2018 Incremental Effective Date) on the
last day of each March, June, September and December of each year (commencing on the last day of the first full fiscal quarter of the Borrowers after the Refinancing and Incremental Effective Date) and on the applicable Term Facility Maturity Date
or, if any such date is not a Business Day, on the next preceding Business Day (each such date being referred to as a “Term B Loan Installment Date”), in an aggregate principal amount of such Term B Loans equal to (A) in the
case of quarterly payments due prior to the applicable Term Facility Maturity Date, the amount set forth opposite the applicable date in the table below, and (B) in the case of such payment due on the applicable Term Facility Maturity Date, an
amount equal to the then unpaid principal amount of such Term B Loans outstanding; 
  

			
	Amortization Period	 	Amount
	September 30, 2018	 	$0.00
	December 31, 2018	 	$0.00

  
 3 

			
	March 31, 2019	 	$0.00
	June 30, 2019	 	$0.00
	September 30, 2019	 	$0.00
	December 31, 2019	 	$0.00
	March 31, 2020	 	$0.00
	June 30, 2020	 	$0.00
	September 30, 2020	 	$0.00
	December 31, 2020	 	$0.00
	March 31, 2021	 	$0.00
	June 30, 2021	 	$0.00
	September 30, 2021	 	$0.00
	December 31, 2021	 	$0.00
	March 31, 2022	 	$0.00
	June 30, 2022	 	$562,926.59
	September 30, 2022	 	$2,209,038.06
	December 31, 2022	 	$2,209,038.06
	March 31, 2023	 	$2,209,038.06
	June 30, 2023	 	$2,209,038.06
	September 30, 2023	 	$2,209,038.06
	December 31, 2023	 	$2,209,038.06

 (d)    Section 3.12 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “(a) The Borrowers will use the proceeds of the Revolving Facility Loans and Swingline Loans, and may request
the issuance of Letters of Credit, solely for general corporate purposes (including, without limitation, to finance a portion of the Transactions, for permitted acquisitions (including Permitted Business Acquisitions), to repay Closing Date
Refinanced Indebtedness and to pay Transaction Expenses); provided the amount of Revolving Facility Loans incurred on the Closing Date shall not exceed $25,000,000, (b) the Borrowers used the proceeds of the Term B Loans made on the Closing
Date to finance a portion of the Transactions, to repay Closing Date Refinanced Indebtedness and for the payment of Transaction Expenses, (c) the Borrowers used the proceeds of the Term B Loans made on the Refinancing and Incremental Effective
Date to (i) make a voluntary prepayment in full of the balance of the aggregate principal amount of the Term B Loans outstanding on the Refinancing and Incremental Effective Date, but prior to giving effect to the Refinancing and Incremental
Assumption Agreement, (ii) redeem, discharge or otherwise retire all of the outstanding Senior Unsecured Notes, and (iii) pay fees, expenses, premium and interest in connection with the foregoing, and (d) the Borrowers will use the
proceeds of the Term B Loans made on the 2018 Incremental Effective Date to pay a cash dividend to Presidio, Inc. and to pay fees, costs and expenses in connection with the transactions relating thereto.” 

  
 4 

 SECTION 5.    Representations of the
Borrowers. The Borrowers represent and warrant that: 
 (a)    the representations and warranties set forth in the
Loan Documents are true and correct in all material respects on and as of the 2018 Incremental Effective Date after giving effect hereto with the same effect as though made on and as of such date, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

(b)    no Event of Default or Default has occurred and is continuing on and as of the 2018 Incremental Effective Date
after giving effect hereto and to the extension of credit requested to be made on the 2018 Incremental Effective Date; 

(c)    immediately after giving effect to the transactions contemplated hereunder on the 2018 Incremental Effective Date,
(i) the fair value of the assets of Holdings and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of Holdings and its Subsidiaries on a
consolidated basis; (ii) the present fair saleable value of the property of Holdings and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of Holdings and its
Subsidiaries on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) Holdings and its Subsidiaries on a consolidated
basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) Holdings and its Subsidiaries on a consolidated basis will not have
unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the 2018 Incremental Effective Date; and 

(d)    as of the 2018 Incremental Effective Date, immediately after giving effect to the consummation of the transactions
contemplated hereunder, Holdings does not intend to, and Holdings does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be
received by it or any such Subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 

SECTION 6.    Conditions. This Agreement shall become effective as of the first date
(the “2018 Incremental Effective Date”) when each of the following conditions shall have been satisfied: 

(a)    the Administrative Agent (or its counsel) shall have received from each Loan Party, the Incremental Term Lender
and the Administrative Agent (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include facsimile or electronic transmission of a
signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 
 (b)    the
Administrative Agent shall have received any required notice of borrowing of Incremental Term Loans pursuant to Section 2.03 of the Credit Agreement; provided, that such notice of borrowing shall be delivered in accordance with the time
periods specified in Section 2.03 of the Credit Agreement or such shorter period as the Administrative Agent may agree; 

  
 5 

 (c)    the representations and warranties set forth in Section 5
above shall be true and correct as of the 2018 Incremental Effective Date; 
 (d)    the Administrative Agent shall
have received a certificate, dated the 2018 Incremental Effective Date and executed by any Financial Officer of the Borrowers, confirming the accuracy of the representations and warranties set forth in Section 5 above; 

(e)    the Administrative Agent shall have received, on behalf of itself and the Incremental Term Lender, a favorable
written opinion of (A) Wachtell, Lipton, Rosen & Katz, as New York and Delaware special counsel for the Loan Parties, and (B) McGuireWoods LLP, as Florida and Georgia counsel for the Loan Parties, in each case (i) dated the
2018 Incremental Effective Date, (ii) addressed to the Administrative Agent and the Incremental Term Lender and (iii) in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to
this Agreement as the Administrative Agent shall reasonably request; 
 (f)    the Administrative Agent shall have
received customary closing certificates and documentation consistent with those delivered on the Refinancing and Incremental Effective Date and such additional customary documents and filings as the Administrative Agent may reasonably require to
assure that the 2018 Incremental Term Loan contemplated hereby is secured by the Collateral ratably with the existing Term B Loans and Revolving Facility Loans; 

(g)    the Permitted Dividend shall be made on or about the 2018 Incremental Effective Date; 

(h)    any fees and reasonable
out-of-pocket expenses (including reasonable fees, charges and disbursements of Latham & Watkins LLP) owing by the Borrowers to the Administrative Agent, the
Incremental Term Lender and Citibank, N.A. (the “Lead Arranger”) and invoiced prior to the date hereof shall have been paid in full (in the case of any such fees and reasonable out-of-pocket expenses incurred in connection with this Agreement or the 2018 Incremental Term Loan, subject to any agreed-upon limits contained in any letter agreement with the Administrative Agent or the
Lead Arranger, as applicable, or their affiliates entered into in connection with this Agreement or the 2018 Incremental Term Loan); 

(i)    the Administrative Agent shall have received at least three (3) Business Days prior to the 2018 Incremental
Effective Date all documentation and other information required by Section 3.25(a) of the Credit Agreement, to the extent such information has been requested not less than ten (10) Business Days prior to the 2018 Incremental Effective
Date; and 
 (j)    entry into this Agreement and the incurrence of the 2018 Incremental Term Loans on the 2018
Incremental Effective Date does not violate, conflict with or result in a breach of, the Credit Agreement, including Section 2.21 thereof. 

  
 6 

 SECTION 7.    Waivers. Solely in
connection with the borrowing of the 2018 Incremental Term Loan on the 2018 Incremental Effective Date, each party hereto hereby waives any required request for or notice of the 2018 Incremental Term Loan pursuant to Section 2.21 of the Credit
Agreement. 
 SECTION 8.    Lead Arranger. The Loan Parties and the
Lenders party hereto agree that from and after the 2018 Incremental Effective Date, the Lead Arranger in respect of the 2018 Incremental Term Loan, shall be entitled to the privileges, indemnification, immunities and other benefits afforded to the
Arrangers pursuant to Sections 9.04 and 9.05 of the Amended Credit Agreement and, except as otherwise agreed to in writing by the Borrowers, Holdings and the Administrative Agent, shall have no duties, responsibilities or liabilities in such
capacity with respect to this Agreement, the Amended Credit Agreement or any other Loan Document. 

SECTION 9.    Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to any principle of conflicts of law that could require the application of any other law. 

SECTION 10.    Confirmation of Guaranties and Security Interests. By signing this
Agreement, each Loan Party hereby confirms that (i) the obligations of such Loan Party under the Amended Credit Agreement (including with respect to the 2018 Incremental Term Loan) and the other Loan Documents (x) are entitled to the
benefits of the guarantees and the security interests set forth or created in the Collateral Agreement and the other Loan Documents and (y) constitute Loan Obligations and (ii) notwithstanding the effectiveness of the terms hereof, the
Collateral Agreement and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects. Each Loan Party ratifies and confirms that all Liens granted, conveyed, or assigned to
any Agent by such Loan Party pursuant to each Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Loan Obligations as increased hereby. 

SECTION 11.    Consent. Each Borrower and the Administrative Agent (to the extent
required by the Amended Credit Agreement) hereby consent to the assignment by the Incremental Term Lender of the 2018 Incremental Term Loan held by the Incremental Term Lender on 2018 Incremental Effective Date; provided, that each such
Borrower consents to such assignment only to the extent that (i) the amount and relevant assignee of each such assignment has been disclosed by the Incremental Term Lender to such Borrower on or prior to the date hereof and (ii) such
assignment is made within 90 days of the date hereof. 
 SECTION 13.    Counterparts. This Agreement
may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart to this Agreement by facsimile or
electronic transmission shall be as effective as delivery of a manually signed original. 

SECTION 14.    Miscellaneous. This Agreement shall constitute a Loan Document for all
purposes of the Amended Credit Agreement. The Borrowers shall pay all reasonable fees, costs and expenses of the Administrative Agent as agreed to between the parties incurred in connection with the negotiation, preparation and execution of this
Agreement and the 
  

  
 7 

 
transactions contemplated hereby (in the case of any such fees and reasonable out-of-pocket expenses incurred in
connection with this Agreement or the 2018 Incremental Term Loan, subject to any agreed-upon limits contained in any letter agreement with the Administrative Agent or its affiliates entered into in connection with this Agreement or the 2018
Incremental Term Loan). The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan Documents. Nothing contained in this Agreement shall be construed as substitution or novation of the obligations outstanding under the Credit Agreement or the other Loan
Documents, which shall remain in full force and effect, except to any extent modified hereby. 
 [Remainder of Page Intentionally Left
Blank] 

  
 8 

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

					
	 PRESIDIO HOLDINGS INC.

	 PRESIDIO IS LLC

	 PRESIDIO LLC

	 PRESIDIO NETWORKED SOLUTIONS LLC

	 PRESIDIO TECHNOLOGY CAPITAL, LLC

	PRESIDIO NETWORKED SOLUTIONS GROUP, LLC
	 RED SKY SOLUTIONS, LLC

		
	 By:
	 	 /s/ Neil Johnston

		 	  

		 	 Name:
	 	Neil Johnston
		 	 Title:
	 	Executive Vice President and Chief Financial Officer, and Assistant Secretary
	
	 3RD AVE. CREATIVE MARKETING & BRANDING LLC

	
	 By: Presidio Networked Solutions LLC, as Sole Member

		
	 By:
	 	 /s/ Neil Johnston

		 	  

		 	 Name:
	 	Neil Johnston
		 	 Title:
	 	Executive Vice President and Chief Financial Officer, and Assistant Secretary

 [Signature Page to Incremental Assumption Agreement and Amendment No. 7] 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent

		
	 By:
	 	 /s/ John D. Toronto

		 	  

		 	 Name:  John D. Toronto

Title:   Authorized Signatory

		
	 By:
	 	 /s/ Michael Del Genio

		 	  

		 	 Name:  Michael Del Genio

Title:   Authorized Signatory

 [Signature Page to Incremental Assumption Agreement and Amendment No. 7] 

 

 
			
	 CITIBANK, N.A., Incremental Term Lender

		
	By:	 	/s/ William J. Hughes
		 	  

		 	 Name:  William J. Hughes

Title:   Managing Director

 [Signature Page to Incremental Assumption Agreement and Amendment No. 7] 

 Schedule I 

INCREMENTAL TERM LOAN COMMITMENTS 
  

			
	 	 
	 Incremental Term Lender

 
	 	 Incremental Term Loan Commitment

 

	 	 
	 CITIBANK, N.A.

 
	 	 $160,000,000      

 

	 	 
	
Total
  
	 	
$160,000,000

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