Document:

Document

Exhibit 10.3

TERRA INCOME FUND 6, INC.
550 Fifth Avenue, 6th Floor New York, New York 10036
September 27, 2022 

  
  Eagle Point Credit Management LLC, as Agent
and each Lender signatory hereto 600 Steamboat Road, Suite 202
Greenwich, CT 06830 Ladies and Gentlemen:
Reference is made to (i) the Credit Agreement, dated as of April 9, 2021 (including all annexes, exhibits and schedules thereto, the “Existing Credit Agreement” and as amended hereby and as may be amended, restated, amended and restated, replaced, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Terra Income Fund 6, Inc., a Maryland corporation (the “Initial Borrower”), certain funds and accounts managed by Eagle Point Credit Management LLC (“Eagle Point”), as lenders (in such capacity, collectively, the “Lenders”) and Eagle Point as the administrative agent and collateral agent for the Lenders (in such capacity, the “ Agent”), (ii) the Form S-4 Registration Statement of Terra Property Trust, Inc., as filed with the Securities and Exchange Commission on June 24, 2022 (as amended on July 13, 2022, the “TPT S-4”) and (iii) the Proxy Statement/Prospectus, as filed by the Initial Borrower with the Securities and Exchange Commission and mailed to stockholders of the Initial Borrower on dated July 25, 2022 (the “Proxy Statement”). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement.

The Initial Borrower has entered into the Agreement and Plan of Merger, dated as of May 2, 2022 (the “Merger Agreement”), by and among Terra Property Trust, Inc., a Maryland corporation (“TPT”), the Initial Borrower, Terra Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of TPT (“ Ultimate Borrower”), Terra Income Advisors, LLC, a Delaware limited liability company, and Terra REIT Advisors, LLC, a Delaware limited liability company. Pursuant to the Merger Agreement, and subject to the satisfaction of the closing conditions set forth therein, the Initial Borrower will merge with and into the Ultimate Borrower (the “Merger”), with the Ultimate Borrower continuing as the surviving entity of the Merger. A copy of the Merger Agreement is attached to the TPT S-4, which describes in further detail the transactions contemplated by the Merger Agreement. The Proxy Statement notified the stockholders of the Initial Borrower that, among other things, the Initial Borrower’s board of directors, based on the recommendation of an independent special committee, has approved the Merger.

1.    Waiver and Consent.

The Initial Borrower hereby requests that the Agent and Lenders agree to (i) waive their rights pursuant to Section 2(d)(ii) of the Credit Agreement to receive an offer to repay
			
	

the Loans and all other Obligations under the Credit Agreement in full as of the date of the Merger, and (ii) waive Section 6(m) (Transactions with Affiliates) of the Credit Agreement, solely to the extent the Merger and the related transactions would constitute a breach thereof and for no other purpose (such request by the Initial Borrower under clauses (i) and (ii), collectively, the “Requested Waiver”).

Subject to the satisfaction of the conditions set forth in Section 5 below, the Agent and the undersigned Lenders, constituting all of the Lenders under the Credit Agreement, hereby (A) agree to the Requested Waiver and (B) notwithstanding any other terms or provisions set forth in the Credit Agreement or any other Transaction Document, consent to the Merger and the assumption and assignment by the Ultimate Borrower of all obligations, covenants and agreements of the Initial Borrower under the Credit Agreement and the other Transaction Documents.
2.    Notice Regarding Status as a BDC and REIT.

In connection with the transactions contemplated by the Merger Agreement, the Initial Borrower intends to withdraw its election to be treated as a business development company under the Investment Company Act, as more fully described in the TPT S-4 (the “BDC Election Withdrawal”). The Initial Borrower hereby notifies the Agent in accordance with Section 5(i) (Compliance with Investment Company Act) of the Credit Agreement that the Initial Borrower will approve the BDC Election Withdrawal prior to the consummation of the Merger, and at such time the Initial Borrower will no longer be regulated as a BDC under the Investment Company Act. The Agent hereby acknowledges receipt of the forgoing notice and waives the twenty (20) day notice period for such notice as set forth in Section 5(i) (Compliance with Investment Company Act) of the Existing Credit Agreement.

In addition, the Initial Borrower hereby notifies the Agent in accordance with Section 5(q) (Maintenance of REIT Status) of the Credit Agreement that, upon consummation of the Merger, the Ultimate Borrower will notqualify for taxation as a REIT and, accordingly, a REIT Status Termination Date will have occurred. The Agent hereby acknowledges receipt of the forgoing notice and waives the twenty (20) day notice period for such notice as set forth in Section 5(q) (Maintenance of REIT Status) of the Credit Agreement. For the avoidance of doubt, prior the effectiveness of the Merger, the Initial Borrower will, and after the effectiveness of the Merger, the Ultimate Borrower will, at all times during the term of the Credit Agreement maintain a pass-through tax status.

3.    Amendment.

On the Effective Date, Initial Borrower, the Agent and the Lenders, constituting all of the Lenders under the Credit Agreement, hereby agree that the Existing Credit Agreement shall be amended to:

(a)    delete the defined term “Scheduled Maturity Date” in its entirety and insert the following in lieu thereof:
			
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“Scheduled Maturity Date” means July 1, 2023, or if such day is not a Business Day, the immediately preceding Business Day.

(b)    (i) delete the definition of “Make Whole Premium” in its entirety, and (ii) delete Section 2(c) (Optional Prepayments of Loans) of the Credit Agreement in its entirety and insert the following in lieu thereof:

(c)    Optional Prepayments of Loans. The Borrower may voluntarily prepay any Loan, in whole or in part, together with all accrued but unpaid interest thereon, by irrevocable written notice to the Agent not later than 2:00 p.m. (New York time) at least thirty (30) days (but not more than sixty (60) days) prior to the proposed date of prepayment. Any such prepayment of a Loan shall be in a principal amount of at least $500,000 and an integral multiple of $100,000 in excess of such amount (or, if less, the entire principal amount thereof then outstanding). Prepayments in whole pursuant to this Section 2(c) shall not, in and of themselves, constitute a termination of this Agreement by the Borrower.

(c)    insert the parenthetical phrase “(or similar governing body)” immediately following each instance of the phrase “board of directors” in the Credit Agreement.

4.    Borrower Assignment and Assumption.

The Initial Borrower and the Ultimate Borrower hereby acknowledge and agree that concurrently with the effectiveness of the Merger, (a) the Initial Borrower will be merged within and into the Ultimate Borrower and the separate corporate existence of the Initial Borrower will thereupon cease, (b) the Ultimate Borrower, by operation of law and pursuant to the terms of the Merger Agreement, will be the surviving entity of the Merger and will unconditionally and irrevocably assume, and be deemed to have assumed, the due and punctual performance and observance of each term, covenant and condition applicable to the Initial Borrower as set forth in the Credit Agreement, as amended hereby, and the other Transaction Documents, (c) the validity and enforceability of all Liens and security interests heretofore granted, pursuant to and in connection with the Transaction Documents to the Agent, on behalf and for the benefit of the Lenders, as collateral security for the Obligations under the Transaction Documents (including, without limitation, after giving effect to this letter agreement) are ratified and reaffirmed by the Ultimate Borrower in accordance with their respective terms from and after the effectiveness of the Merger, and
(d)    all Liens and security interests, and all Collateral heretofore pledged as security for such Obligations, shall continue to be and remain Collateral for such Obligations from and after the effectiveness of the Merger, and (e) each reference to the “Borrower” and a “Grantor”, as applicable, in the Credit Agreement and the other Transaction Documents will be deemed to refer to the Ultimate Borrower.

The Ultimate Borrower hereby confirms and agrees that from and after the effectiveness of the Merger, the Credit Agreement, as amended by this letter agreement, and the other Transaction Documents are and will continue to be in full force and effect in accordance with their respective terms, are ratified and confirmed by the Ultimate
			
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Borrower in all respects, and constitute the legal, valid and binding obligations of the Ultimate Borrower, duly executed and enforceable against the Ultimate Borrower in all respects, subject to Debtor Relief Laws and general equity principles.

5.    Conditions to Effectiveness.

The effectiveness of this letter agreement, including the amendments set forth in Section 3 above, is subject to reasonable satisfaction, or waiver by the Agent, of the following conditions on or before the closing of the Merger (such date, the “Effective Date”):
(a)    the Agent shall have received (i) duly executed counterparts of this letter agreement by each party hereto, (ii) a customary secretary’s certificate of the Ultimate Borrower in substantially the same form as the secretary’s certificate delivered by the Initial Borrower to the Agent on the Closing Date, which shall include, for the avoidance of doubt, resolutions authorizing the Ultimate Borrower to enter into this letter agreement and consummate the assignment and assumption set forth in Section 4 above, (iii) a UCC- 3 financing statement amendment with respect to change in the debtor from the Initial Borrower to the Ultimate Borrower, and (iv) an opinion of Alston & Bird LLP to the effect that the borrower assignment and assumption pursuant to Section 4 above has been duly authorized by the Ultimate Borrower and is enforceable in accordance with its terms;

(b)    the Initial Borrower shall have paid (or caused to be paid) to the Agent (i) an amendment fee equal to $62,500 and (ii) all actual, reasonable and documented (in summary form) costs and expenses of the Agent incurred in connection with this letter agreement pursuant to Section 9(e)(ii) of the Credit Agreement and invoiced prior to the Effective Date; and

(c)    each of the representations and warranties contained in Section 6 below shall be true and correct in all material respects on and as of the Effective Date.

6.    Representations and Warranties.

The Initial Borrower represents and warrants to the Agent and each Lender that, as of the date of this letter agreement:
(a)    the representations and warranties of the Initial Borrower contained in Section 4 of the Existing Credit Agreement and the other Transaction Documents are true and correct in all material respects on and as of such date (except (x) to the extent any representation or warranty relates to an earlier date in which case such representation or warranty is true and correct in all material respects as of such earlier date and (y) any representation or warranty which is subject to any materiality qualifier shall be true and correct in all respects);

(b)    the Initial Borrower has taken all necessary action to authorize the execution, delivery and performance of this letter agreement and each of the other Transaction Documents to which it is a party;
			
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(c)    this letter agreement is the legally valid and binding obligation of the Initial Borrower, enforceable against each of the Initial Borrower in accordance with its terms, subject to Debtor Relief Laws and to general equity principles, and

(d)    as of the Effective Date after giving effect to this letter agreement, no Default or Event of Default has occurred and is continuing or would result from the transactions contemplated by this letter agreement.

7.    Reaffirmation of Obligations; Security Interests.

The Initial Borrower hereby (a) acknowledges and reaffirms its obligations owing to the Agent and each Lender under the Credit Agreement and each other Transaction Document to which it is a party, and (b) agrees that the Credit Agreement, the Security Agreement and each of the Transaction Documents to which it is a party is and shall remain in full force and effect and confirms that all Liens granted, conveyed or assigned to the Agent by the Initial Borrower pursuant to any Transaction 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 Obligations. The Initial Borrower hereby (i) further ratifies and reaffirms the validity and enforceability of all Liens and security interests heretofore granted, pursuant to and in connection with the Transaction Documents to the Agent, on behalf and for the benefit of the Lenders, as collateral security for the Obligations under the Transaction Documents (including, without limitation, after giving effect to this letter agreement) in accordance with their respective terms, and (ii) acknowledges that all Liens and security interests, and all Collateral heretofore pledged as security for such Obligations, continue to be and remain Collateral for such Obligations from and after the date hereof (including, without limitation, after giving effect to this letter agreement).

8.    Miscellaneous.

Except as expressly set forth herein, the execution, delivery and performance of this letter agreement shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Agent or any Lender under the Credit Agreement or any of the other Transaction Documents. On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Transaction Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this letter agreement. To the extent that any of the terms and conditions in any of the Transaction Documents shall contradict or be in conflict with any of the terms or conditions of the Credit Agreement after giving effect to this letter agreement, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

This letter agreement shall constitute a “Transaction Document” for all purposes under the Credit Agreement and the other Transaction Documents. Sections 9(o) (Counterparts; Integration), 9(q) (Severability), 9(r) (Governing Law), 9(s) (Jurisdiction)
			
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and 9(t) (Waiver of Jury Trial) of the Credit Agreement are hereby incorporated herein by reference mutatis mutandis.

[Remainder of Page Intentionally Blank]
			
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Please confirm your agreement to the foregoing by signing and returning this letter agreement to us.

Very truly yours,

TERRA INCOME FUND 6, INC., as the Initial Borrower

By:/s/ Gregory M. Pinkus     Name: Gregory M. Pinkus
Title: Chief Financial Officer

Acknowledged and agreed:

TERRA MERGER SUB, LLC, as the Ultimate Borrower

By:/s/ Gregory M. Pinkus     Name: Gregory M. Pinkus
Title: Chief Financial Officer

  Acknowledged and agreed by the Agent and each of 
  the Lenders:
  EAGLE POINT CREDIT MANAGEMENT,
  as the Agent

  By: /s/ Taylor Pine                                                
  Name: Taylor Pine
  Title: Director

			
	Terra/EP - Consent Letter and Amendment

EAGLE POINT DIF DELAWARE I LLC, as a
Lender

By: Eagle Point Credit Management LLC, its investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director

EP DIF CAYMAN I LP, as a Lender

By: Eagle Point Credit Management LLC, its investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director

WILTON REINSURANCE COMPANY, as a
Lender

By: Eagle Point Credit Management LLC, its investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director
			
	Terra/EP - Consent Letter and Amendment

 WILCAC LIFE INSURANCE COMPANY, as a
  Lender

  By: Eagle Point Credit Management LLC, its  
    investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director

  BLUECROSS BLUESHIELD OF TENNESSEE
  INC., as a Lender

  By: Eagle Point Credit Management LLC, its 
     investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director

  PCT PARTNERS LLC, as a Lender

  By: Eagle Point Credit Management LLC, its  
    investment advisor

By:/s/ Taylor Pine    
Name: Taylor Pine Title: Director

Terra/EP - Consent' Letter and AmendmentExhibit 10.1

 

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

 

PROMISSORY NOTE

 

August 30, 2022

 

Principal Amount: $25,000

 

Natural Order Acquisition Corp., a
Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Natural Order Sponsor LLC,
or its registered assigns or successors in interest (the “Payee”), the principal sum of fifty thousand dollars ($25,000)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made
by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from
time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal. The principal balance
of this Note shall be payable by the Maker on the earlier of: (i) the date on which Maker consummates its initial business
combination (the “Business Combination”) or (ii) the date that the winding up of the Maker is effective (such
date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker, without
premium or penalty. Under no circumstances shall any individual, including but not limited to any executive officer, director,
employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

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

 

3.
Optional Conversion.

 

(a) Upon
consummation of the Business Combination and at the Payee’s option, the Payee may elect, by written notice to the Maker, to convert
all or any portion of the Note into that number of warrants (the “Conversion Warrants”) to purchase a number of shares
of common stock, par value $0.0001, of the Maker equal to: (i) the portion of the principal amount of the Note being converted pursuant
to this Section 3, divided by (ii) $1.00. The Conversion Warrants shall be identical to the warrants issued by the Maker to the Payee
in a private placement upon consummation of Maker’s initial public offering (the “IPO”). The Conversion Warrants
and their underlying securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a share
dividend or share split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization,
shall be entitled to the registration rights set forth in Section 15 hereof.

 

     

     

    

 

(b) Upon
any complete or partial conversion of the principal amount of this Note (i) such principal amount shall be so converted and such
converted portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly
endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall
promptly deliver a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such
conversion and (iv) in exchange for all or any portion of the surrendered Note described in Section 3(a), Maker shall, at the
direction of Payee, deliver to Payee (or its members or their respective affiliates) (Payee or such other persons, the
“Holders”) the Conversion Warrants, which shall bear such legends as are required, in the opinion of counsel to
Maker or by any other agreement between Maker and the Payee and applicable state and federal securities laws.

 

(c) The
Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants
upon conversion of this Note pursuant hereto; provided, however, that the Payee shall pay any transfer taxes resulting from any transfer
requested by the Holders in connection with any such conversion.

 

(d) The
Conversion Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable
provisions of law.

 

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

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

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

 

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

 

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

 

6.
Remedies.

 

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

 

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

 

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

 

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

 

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

 

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

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

12. Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any
kind (“Claim”) in or to any distribution of or from the trust account (the “Trust Account”) established
in connection with Maker’s IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever; provided however that Maker, may, in its sole direction, repay the principal balance
of this Note out of the proceeds released to Maker from the Trust Account.

 

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

 

14. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this
Note.

 

[Signature page follows]

 

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

 

	 	NATURAL ORDER ACQUISITION CORP.
	 	 
	 	By:	/s/ John Ritacco
	 	Name: 	John Ritacco
	 	Title:	Chief Financial Officer

 

[SIGNATURE PAGE TO WORKING CAPITAL NOTE]

 

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ACKNOWLEDGED AND AGREED:

 

	NATURAL ORDER SPONSOR LLC	 
	 	 
	By:	/s/ Paresh Patel
	 
	Name: 	Paresh Patel
	 
	Title:	Member
	 

 

	By:	/s/ Sebastiano Cossia Castiglioni
	 
	Name: 	Sebastiano Cossia Castiglioni
	 
	Title:	Member
	 

 

[SIGNATURE PAGE TO WORKING CAPITAL NOTE]

 

 

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