Document:

EX-10.1

 Exhibit 10.1 

SIXTH AMENDMENT 

TO LOAN AND SECURITY AGREEMENT 

THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) entered into as of this 9th day of March, 2018 is by
and among MANITEX INTERNATIONAL, INC., a Michigan corporation (“Manitex International”), MANITEX, INC., a Texas corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER
EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and
Machinery Leasing”), and MANITEX, LLC, a Delaware limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, and Crane and Machinery Leasing, collectively,
the “Borrowers”), CIBC BANK, USA, formerly known as The PrivateBank and Trust Company (in its individual capacity, “CIBC Bank”), as administrative agent and sole lead arranger (in such capacity,
“Administrative Agent”), and the lenders party thereto (the “Lenders”). 
 W I T
N E S S E T H: 
 WHEREAS, Administrative Agent, Lenders, and Borrowers are party to that
certain Loan and Security Agreement dated as of July 20, 2016, as amended by that certain First Amendment to Loan and Security Agreement dated as of August 4, 2016, that certain Consent and Second Amendment to Loan and Security Agreement
dated as of September 30, 2016, that certain Third Amendment to Loan and Security Agreement dated as of November 8, 2016, that certain Fourth Amendment to Loan and Security Agreement dated as of February 10, 2017, and that certain
Fifth Amendment to Loan and Security Agreement dated as of April 26, 2017 (as amended hereby and as the same may be from time to time further amended, supplemented or otherwise modified, the “Agreement”); and 

WHEREAS, Administrative Agent, Lenders and Borrowers desire to enter into this Amendment to, among other items, (i) consent to the
intercompany loan utilizing proceeds of the Revolving Loan Commitment from Manitex International to The PM Group S.p.A., a company organized under the laws of Italy (“PM Group”), on or about December 20, 2017 in the amount of
$1,500,000 (the “Initial PM Group Loan”), (ii) waive certain Events of Default caused by the reclassification of certain revenue previously recognized in the fiscal year ended December 31, 2016 which has been moved to and
recognized in the fiscal year ended December 31, 2017, (iii) consent to the sale by Manitex International of all of its equity interests in ASV Holdings, Inc., a Delaware corporation (“ASV”) the proceeds of which will be
utilized to initially repay outstanding Revolving Loans and subsequently transfer all or a portion of such remaining proceeds to PM Group, structured as an additional equity investment or intercompany loan to PM Group by Manitex; and
(iv) otherwise amend the Agreement in accordance with the terms herein. 
 NOW, THEREFORE, for and in consideration of the premises and
mutual agreements herein contained and for the purposes of setting forth the terms and conditions of this Amendment, the parties, intending to be bound, hereby agree as follows: 

 1.    Incorporation of the Agreement. All capitalized terms which are
not defined hereunder shall have the same meanings as set forth in the Agreement, and the Agreement, to the extent not inconsistent with this Amendment, is incorporated herein by this reference as though the same were set forth in its entirety. To
the extent any terms and provisions of the Agreement are inconsistent with the amendments set forth in Section 2 below, such terms and provisions shall be deemed superseded hereby. Except as specifically set forth herein,
the Agreement shall remain in full force and effect and its provisions shall be binding on the parties hereto. 

2.    Consent and Waivers. Subject to the satisfaction of the conditions precedent set forth in
Section 4 hereof, and the covenants set forth in Section 5 hereof: 

(a)    Administrative Agent and the Lenders hereby waive any Default or Event of Default that may have occurred under
(i) Section 13.1, Section 13.2, Section 13.4, Section 13.6 or Section 13.9 of the Agreement as a result of the SVW
Transaction and the restatement of the consolidated financial statements of Manitex for the quarters ended March 31, June 30 and September 30, 2016, year ended December 31, 2016, and quarters ended March 31 and June 30,
2017 (the “Financial Restatement”), (ii) Section 13.6 with respect to the Initial PM Group Loan, (iii) Section 14.2 of the Agreement to the extent that such Financial
Restatement resulted in a failure by Manitex to achieve Adjusted EBITDA of at least $1,200,000 for the twelve month period ended December 31, 2016, (iv) Section 13.4 with respect to the sale by Manitex
International of all of its equity interests in ASV (the “ASV Sale”), the proceeds of which will be utilized to repay outstanding Revolving Loans, and (v) Section 13.6 with respect to an additional
Investment by Manitex International into PM Group to be structured as an intercompany loan; provided that no other Default or Event of Default exists and Borrowers have at least $5,000,000 of Excess Availability before and after giving effect to
such additional Investment utilizing proceeds from the ASV Sale (collectively, the “Waivers”). 

(b)    The foregoing Waivers are expressly limited to the transactions described above in this
Section 2 and shall not be deemed or otherwise construed to constitute a waiver of any other Default or Event of Default, whether or not similar to the transactions described above in this
Section 2. Administrative Agent and the Lenders have granted the Waivers set forth in this Section 2 in this particular instance and in light of the facts and circumstances that presently exist,
and the grant of such Waivers shall not constitute a course of dealing or impair Administrative Agent’s or any Lender’s right to withhold any similar waiver or otherwise declare any other Default or Event of Default in the future. 

3.    Amendment of the Agreement. 

(a)    The definition of the terms “EBITDA” and “Fixed Charges” appearing in
Section 1.1 of the Agreement are hereby amended and restated to read as follows: 
 EBITDA shall mean,
without duplication, with respect to any period, Borrowers’ (i) net income after Taxes for such period (excluding any after-tax gains or losses on the sale of assets (other than the sale of
Inventory in the ordinary course of business) and excluding other after-tax extraordinary gains or losses), plus (ii) taxes, plus (iii) Interest Expense (whether paid or accrued),
plus (iv) income tax expense (whether paid or accrued), plus (v) depreciation, plus (vi) amortization (including amortization of goodwill, debt issuance costs and amortization and any non-cash impairment of intangibles) for such period, plus 

  
 2 

 
(vii) upon approval by Administrative Agent, any fees, expenses or other costs incurred in connection with the sale of any Subsidiary, plus (viii) any other non-cash charges or gains which have been subtracted in calculating net income after Taxes for such period (including stock-based compensation), plus (ix) management fees received in cash not to exceed
$500,000 per Fiscal Year, plus (x) non-cash stock and other non-cash expenses approved by the Administrative Agent during the quarter incurred for the Fiscal
Year ended December 31, 2017 and (y) one-time extraordinary expenses in an amount not to exceed $675,000 incurred during the calendar quarter ended December 31, 2017. 

Fixed Charges shall mean for any period, without duplication, (i) all scheduled payments of principal paid in cash during the
applicable period with respect to all indebtedness of Borrowers, for borrowed money (excluding all principal payments made on indebtedness on the Closing Date), plus (ii) all scheduled payments of principal paid in cash during the applicable
period with respect to all Capital Lease obligations of Borrowers paid in cash, plus (iii) all scheduled payments of interest paid in cash during the applicable period with respect to all indebtedness of Borrowers for borrowed money including
Capital Lease obligations, plus (iv) all dividends or other distributions by Manitex to equityholders of Manitex during the applicable period, plus (v) payments during the applicable period paid in cash in respect of income or franchise
taxes of Borrowers. Notwithstanding the foregoing, all scheduled payments of interest set forth above shall exclude all interest payments incurred in connection with the SVW Transaction. 

(b)    The definition of the term “LIBOR Rate” appearing in Section 1.1 of the
Agreement is hereby amended by deleting the last sentence of such definition, which reads as follows: “If at any time the LIBOR Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.” 

(c)    The definition of the terms “Additional PM Group Investment”, “ASV”,
“Initial PM Group Loan”, “PM Group” and “SVW Transaction” are hereby added to Section 1.1 of the Agreement to read in their entirety as follows: 

Additional PM Group Investment shall mean that certain additional investment by Manitex International to PM Group, utilizing proceeds
from the sale by Manitex International of all of its equity interests in ASV; provided, however, that prior to making any such loan or other advance to PM Group, no Default or Event of Default shall have occurred and the Borrowers shall have at
least $5,000,000 of Excess Availability before and after giving effect to such loan or advance. 
 ASV means ASV Holdings, Inc., a
Delaware corporation. 
 Initial PM Group Loan means that certain Intercompany Loan from Manitex International to PM Group on or about
December 20, 2017 in the amount of $1,500,000. 
 PM Group means The PM Group S.p.A., a company organized under the laws of
Italy. 

  
 3 

 SVW Transaction means the net sale of approximately 29 cranes to S.V.W. Crane Equipment
Company which revenue was recognized in 2016 and subsequently deferred to match the final delivery dates of such cranes during the fiscal year ended 2017 resulting in a restatement of the Company’s financial statements for the fiscal year ended
2016. 
 (d)    Section 13.6(l) of the Agreement is hereby amended and restated to read as follows: 

(l)    Except with respect to the Initial PM Group Loan and the Additional PM Group Investment, Investments made by
Borrowers in any Foreign Subsidiary; provided that in each case, (i) no Default or Event of Default shall exist before and after giving effect to such Investment; (ii) the amount of such Investment shall not exceed $1,000,000 in the
aggregate; (iii) no more than one (1) Investment may be made in each calendar quarter; and (iv) each such Investment shall be returned to the applicable Borrower within sixty (60) days of the date each such Investment is made;

 4.    Delivery of Documents. The following documents and other items shall be delivered concurrently with this
Amendment: 
 (i)    this Amendment; 

(ii)    such other documents and certificates as Administrative Agent shall reasonably request; and 

(iii)    payment of an amendment fee of $50,000, which amount shall be fully earned, payable and non-refundable as of the date hereof. 
 5.    Representations, Covenants and
Warranties; No Default. Borrowers hereby represent and warrant to Administrative Agent as of the date hereof as follows: 

(a)    The execution and delivery of this Amendment and the performance by Borrowers of their obligations hereunder are
within Borrowers’ powers and authority, have been duly authorized by all necessary corporate action and do not and will not contravene or conflict with the organizational documents of Borrowers; 

(b)    The Agreement (as amended by this Amendment) and the other Loan Documents constitute legal, valid and binding
obligations enforceable in accordance with their terms by Administrative Agent against Borrowers, and Borrowers expressly reaffirm and confirm each of their obligations under the Agreement (as amended by this Amendment) and each of the other Loan
Documents. Borrowers further expressly acknowledge and agree that Administrative Agent has a valid, duly perfected, first priority and fully enforceable security interest in and lien against each item of Collateral except as otherwise set forth in
the Agreement. Borrowers agree that they shall not dispute the validity or enforceability of the Agreement (as it was stated before and after this Amendment) or any of the other Loan Documents or any of its respective obligations thereunder, or the
validity, priority, enforceability or extent of Administrative Agent’s security interest in or lien against any item of Collateral, in any judicial, administrative or other proceeding; 

  
 4 

 (c)    No consent, order, qualification, validation, license, approval or
authorization of, or filing, recording, registration or declaration with, or other action in respect of, any governmental body, authority, bureau or agency or other Person is required in connection with the execution, delivery or performance of, or
the legality, validity, binding effect or enforceability of, this Amendment; 
 (d)    The execution, delivery and
performance of this Amendment by Borrowers does not and will not violate any law, governmental regulation, judgment, order or decree applicable to Borrowers and does not and will not violate the provisions of, or constitute a default or any event of
default under, or result in the creation of any security interest or lien upon any property of Borrowers pursuant to, any indenture, mortgage, instrument, contract, agreement or other undertaking to which any Borrower is a party or is subject or by
which any Borrower or any of its real or personal property may be bound; 
 (e)    The representations, covenants and
warranties set forth in Section 11 of the Agreement shall be deemed remade as of the date hereof by Borrowers, except that any and all references to the Agreement in such representations and warranties shall be deemed to
include this Amendment. No Event of Default has occurred and is continuing and no event has occurred and is continuing which, with the lapse of time, the giving of notice, or both, would constitute such an Event of Default under the Agreement; and

 (f)    Manitex shall cause the net proceeds arising from the sale of any equity interests in ASV Holdings, Inc.
(successor in interest to A.S.V. LLC) to be used solely to repay any amounts then outstanding under the Loans, and to subsequently make an additional investment in the PM Group structured as an intercompany loan or additional equity investment. 

6.    Fees and Expenses. The Borrowers agree to pay on demand all costs and expenses of or incurred by
Administrative Agent, including, but not limited to, legal fees and expenses, in connection with the evaluation, negotiation, preparation, execution and delivery of this Amendment. 

7.    Effectuation. The amendments to the Agreement contemplated by this Amendment shall be deemed effective
immediately upon the full execution of this Amendment and without any further action required by the parties hereto. There are no conditions precedent or subsequent to the effectiveness of this Amendment. 

8.    Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, and all of which together shall constitute one and the same instrument. A facsimile or other electronic signature to this Amendment shall be deemed an original signature hereunder. 

[SIGNATURE PAGES FOLLOW] 

  
 5 

 Signature Page to Sixth Amendment to Loan and Security Agreement 

IN WITNESS WHEREOF, the parties hereto have duly executed this Sixth Amendment to Loan and Security Agreement as of the date first above
written. 
  

									
	BORROWERS:	 		 		 	MANITEX INTERNATIONAL, INC., a Michigan corporation
		 		 		 	MANITEX, INC., a Texas corporation
		 		 		 	MANITEX SABRE, INC., a Michigan corporation
		 		 		 	BADGER EQUIPMENT COMPANY, a Minnesota corporation
		 		 		 	CRANE AND MACHINERY, INC., an Illinois corporation
		 		 		 	CRANE AND MACHINERY LEASING, INC., an Illinois corporation
		 		 		 	MANITEX, LLC, a Delaware limited liability company
				
		 		 		 	By:        /s/ Steven K. Kiefer                    
		 		 		 	Name:  Steven K. Kiefer                          	 	
		 		 		 	Title:    President & COO                        	 	

 Signature Page to Sixth Amendment to Loan and Security Agreement 

 

							
	ADMINISTRATIVE AGENT AND LENDER:	 		 	CIBC BANK, USA, as Administrative Agent and a Lender
				
		 		 	By:	 	/s/ Todd Bernier
		 		 		 	Todd Bernier, Managing DirectorExhibit 4.1

 

Execution copy

ORIGINAL ISSUE DISCOUNT

SECURED DEMAND PROMISSORY NOTE

	Principal Amount:  $5,500,000	
 

	Purchase Price: $5,000,000	Original Issue Date: March 12, 2018

  

FOR VALUE RECEIVED, the undersigned, Yield Endurance, Inc., with offices located at 101 Hudson Street, 21st Floor, Jersey City, New Jersey 07302 (the “Borrower”), hereby promises to pay to the order of ___ (the “Holder”), on demand, in lawful currency of the United States of America, the principal amount of Five Million Five Hundred Thousand and 00/100 Dollars ($5,500,000) (the “Principal Sum”), or alternatively, as determined in the sole discretion of Borrower the Principal Sum paid in bitcoins as provided for in Section 2 hereof,  and interest on the unpaid portion of the Principal Sum, in accordance with the provisions of this secured demand promissory note (as may be amended from time-to-time, this “Note”):

 

1. Background.

(a) Original Issue Discount.  The principal amount of this Note is subject to an original issue discount in the amount of Five Hundred Thousand and 00/100 Dollars ($500,000); as a result, on or prior to the date hereof, the Holder shall or has delivered to the Borrower, or its assigns, cash in the amount of Five Million and 00/100 Dollars ($5,000,000) (the “Purchase Price”).

(b) Security Interest. As further consideration for Holder’s purchase of this Note, Holder will take a first priority lien security interest in the assets of the Borrower and Sport Endurance, Inc. (the “Guarantor”) pursuant to the terms set forth in the Security Agreement as defined below by and among Borrower, Guarantor and Holder.  Notwithstanding the security interest granted to Holder, the Borrower as the owner of the bitcoins delivered by the original Holder, may transfer the bitcoins to Madison Partners, LLC, a Delaware limited liability company, in accordance with the terms of that Confidential BTC Lending Program Participation Agreement of even date hereof by and between the Borrower and Madison Partners, LLC (the “BTC Lending Agreement”).

(c) Documents.  This Note has been issued pursuant to the terms of a note purchase agreement dated as of the Original Issue Date (the “Purchase Agreement”) and the ancillary documents executed in connection therewith, including, a security agreement (the “Security Agreement”) by and among the Borrower and the Holder, as amended from time to time (collectively with all other documents appurtenant to the sale of this Note, the “Transaction Documents”).  Terms not otherwise defined herein shall have the meanings ascribed to them in the Transaction Documents.

2. Maturity Date.  Unless retired earlier or unless the maturity hereof is sooner accelerated based on an Event of Default (as defined below), this Note shall mature and the principal sum due hereunder, shall become due and payable on demand by Holder thirty (30) days following receipt by Borrower of notice of maturity from Holder (30 days after demand, the “Maturity Date”) or an Event of Default, as defined herein. The Borrower shall pay all amounts 

-1-

owing under this Note in full on a continuing basis for so long as mutually agreed upon by Borrower and Holder.  On the Maturity Date, and in the event of pre-payment as provided herein, Borrower shall pay the Holder the amount as follows: (a) in the event that the value of bitcoin on the Maturity Date is less than the value of bitcoin on the Closing Date, the principal amount of this Note, plus interest, in cash, by wire transfer of immediately available funds; (b) in the event that the value of bitcoins on the Maturity Date is greater than or equal to the value of bitcoin on the Closing Date, the principal amount of this Note, plus interest, by return of the number of bitcoins delivered to Holder on the Closing Date, provided the total value shall equal or exceed all amounts due and owning under the Note, and any additional amounts owning under the Note in cash by wire transfer of immediately available funds.

3. Prepayment. This Note may be prepaid in whole or part at any time prior to the Maturity Date by Borrower in accordance with this Note; provided, however, that any payment (whether in the form of cash or bitcoin or any combination thereof) pursuant to this Note shall be applied first to interest that has become due pursuant to this Note and remains unpaid under Section 4 and then to the outstanding Principal Sum of this Note.

4. Interest Rate.  Interest shall accrue on the unpaid principal balance of this Note at a rate of ten (10%) percent per annum for the term of this Note, calculated on a 365/366 day year, as applicable; provided, however, that upon an Event of Default, interest shall accrue as provided in Section 7 hereof, and provided, further, if the Note is repaid on the Maturity Date in full, all interest shall be cancelled.

5. Security. All obligations under this Note shall be secured by a first priority lien interest in all assets of the Borrower and Guarantor, senior to any other indebtedness of the Borrower and Guarantor as provided in the Security Agreement. Notwithstanding anything to the contrary herein or in any other Transaction Documents, the Borrower may at any time transfer the bitcoins as contemplated by the BTC Lending Agreement

6. Maximum Interest Rate.  In no event shall any agreed to or actual charge, reserved or taken as an advance or forbearance by the Holder as consideration, exceed the maximum interest rate permitted by law applicable from time to time to this Note for the use or detention of money or for forbearance in seeking its collection; the Holder hereby waives any right to demand such excess.  If the interest provisions of this Note or any exactions provided for in this Note shall result at any time or for any reason in an effective rate of interest that transcends the maximum interest rate permitted by Illinois law (if any), then without further agreement or notice, the obligation to be fulfilled shall be automatically reduced to such limit and all sums received by the Holder in excess of those lawfully collectible as interest shall be applied against the Principal Sum of this Note immediately upon the Holder’s receipt thereof, with the same force and effect as though the Borrower had specifically designated such extra sums to be so applied to principal and the Holder had agreed to accept such extra payment(s) as a premium-free prepayment or prepayments.

7. Events of Default.  The entire unpaid principal balance of this Note and all other sums owing under this Note, shall at the option of the Holder become immediately due and payable after written notice to Borrower and providing a seven (7) day cure period upon the occurrence of any one or more of the following events (“Events of Default”):

-2-

(a) The failure of the Borrower to pay the principal, interest or other sum when due hereunder or under any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby, except, in the case of a failure to pay interest when and as due, in which case only if such failure remains uncured for a period of at least five (5) business days;

(b) The Borrower or any of its subsidiaries (the “Subsidiaries”) fails to honor any material obligation or otherwise breaches any representation, warranty, covenant or other material term or condition of any Transaction Document or other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby (including, without limitation, using the proceeds of the Note for any purpose other than as described in the Transaction Documents), except, in the case of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of five (5) calendar days;

(c) The bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the Borrower or any Subsidiary and, if instituted against the Borrower or any Subsidiary by a third party, shall not be dismissed within thirty (30) days of their initiation;

(d) The commencement by the Borrower or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Borrower or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action by the Borrower or any Subsidiary in furtherance of any such action or the taking of any action by any person to commence a UCC foreclosure sale or any other similar action under federal, state or foreign law;

(e) The entry by a court of (i) a decree, order, judgment or other similar document in respect of the Borrower or any Subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Borrower or any Subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect of the Borrower or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment or other similar document 

-3-

appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

(f) The Security Agreement and/or any related documents with respect to the security interest granted in this transaction shall for any reason fail or cease to create a separate valid and perfected and, except to the extent permitted by the terms hereof or thereof, a first priority lien on the Collateral in favor of each of the Secured Parties (as defined in the Security Agreement).

 (g) Any default by the Borrower under, or the occurrence of any event of default as defined in, any other material indebtedness owed by the Borrower or its Subsidiaries.

(h) A Transaction Document, including this Note, shall cease to be, or shall be asserted by the Borrower or any other obligor thereunder, not to be in full force and effect.

8. Rights and Remedies of Holder. The occurrence of any Event of Default shall allow the Holder, with or without notice to: (a) accelerate the maturity of this Note and demand immediate payment of all outstanding principal and accrued but unpaid interest therein, as well as all and other sums due hereunder, and (b) immediately exercise and pursue any rights, privileges, remedies and powers as provided herein or under law. The Holder’s rights, privileges, remedies and powers, as provided in this Note are cumulative and concurrent, and may be pursued singly, successively or together against the Borrower at the sole discretion of the Holder. Additionally, the Holder may resort to every other right or remedy available at law or in equity without first exhausting the rights and remedies contained herein, all in the Holder’s sole discretion.  The Holder’s delay in exercising or failure to exercise any rights or remedies to which the Holder may be entitled if any Event of Default occurs shall not constitute a waiver of any of the Holder’s rights or remedies with respect to that or any subsequent Event of Default, whether of the same or a different nature, nor shall any single or partial exercise of any right or remedy by the Holder preclude any other or further exercise of that or any other right or remedy.  No waiver of any right or remedy by the Holder shall be effective unless made in writing and signed by the Holder, nor shall any waiver on one occasion apply to any future occasion, but shall be effective only with respect to the specific occasion addressed in that signed writing.

9. Waiver and Consent.  To the fullest extent permitted by law, the Borrower hereby:  (a) waives demand, presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary to charge or hold the Borrower liable with respect to this Note; (b) waives any right to immunity or exemption of any property, wherever located, from garnishment, levy, execution, seizure or attachment prior to or in execution of judgment, or sale under execution or other process for the collection of debts; (c) submits to the jurisdiction of the state and federal courts as set forth in Section 12 below; (d) agrees that the venue of any such action or proceeding may be laid in as described in Section 12 below and waives any claim that the same is an inconvenient forum.  Until the Holder receives all sums due under this Note in 

-4-

immediately available funds, the Borrower shall not be released from liability with respect to this Note unless the Holder expressly releases the Borrower in a writing signed by the Holder.

10. Costs, Indemnities and Expenses.  In addition to the attorney’s fees incurred by the Holder in the amount of Two Thousand Five Hundred Dollars and 00/100 ($2,500) in connection with the preparation of the Purchase Agreement, this Note and the transactions contemplated thereby, the Borrower agrees to pay all filing fees and similar charges and all costs incurred by the Holder in preparation of and collecting or securing or attempting to collect or secure this Note, including reasonable attorneys’ fees, whether or not involving litigation and/or appellate, administrative or bankruptcy proceedings. In addition to the payment of the documentary stamp taxes due on this Note, the Borrower agrees to pay any applicable intangible taxes or other taxes (except for federal or state income or franchise taxes based on the Holder’s net income) which may now or hereafter apply to this Note or any payment made in respect of this Note, and the Borrower agrees to indemnify and hold the Holder harmless from and against any liability, costs, attorney’s fees, penalties, interest or expenses relating to any such taxes, as and when the same may be incurred.

11. Order of Payments.  Except as otherwise required by law, payments received by the Holder hereunder shall be applied first against expenses and indemnities and next in reduction of the outstanding principal balance of this Note, except that during the continuance of any Event of Default, the Holder may apply such payments in any order of priority determined by the Holder in its exclusive judgment. Upon the satisfaction of the payment of the Principal Sum of this Note, Holder hereby releases and discharges Borrower from any and all claims, demands, liabilities, suits or damages, whether known or unknown, of any type or nature, whether past, present, or future, including, but not limited to those claims arising from or in any way related to the Note.

12. Governing Law.  This Note shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois.  EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF, AND VENUE IN, ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION LOCATED IN COOK COUNTY, STATE OF ILLINOIS, SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS NOTE AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREIN, AND HEREBY WAIVES, AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT HEREOF, THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPLICABLE OR THAT THIS NOTE MAY NOT BE ENFORCED IN OR BY SAID COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION SHALL BE HEARD AND DETERMINED IN SAID COURTS.  THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE.

13. Notice.  Any notices, requests, demands and other communications required or permitted to be given hereunder shall be given in writing and shall be deemed to have been duly given when delivered by hand, five (5) days following the date of deposit in the United States mail, by registered or certified mail, postage prepaid, return receipt requested, or on the delivery date 

-5-

shown on a written verification of delivery provided by a reputable private delivery service, if addressed to the mailing address as set forth in the preamble to this Note or such other address as last provided to the sender by the addressee in accordance with this Section.

14. Assignability.  This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and its successors and assigns. Borrower may not delegate any of its obligations, or assign any of its rights, under this Note without the prior written consent of Holder.

15. Amendment Provision.  The term “Note” and all references thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented.

16. Severability. If any part of this Note is adjudged illegal, invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of this Note that can be given effect without such provision.

 

 

[Signature Page Follows]

-6-

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

Yield Endurance, Inc.

		By:	
                                                                                   

Name:  David Lelong

		Title:	
President and CEO

-7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]