Document:

EX-10.5

 Exhibit 10.5 

PROMISSORY NOTE 
  

			
	$12,000,000.00	  	New York, New York
		  	July 31, 2020

 FOR VALUE RECEIVED, ACRES CAPITAL CORP., a Delaware corporation, having its principal place of business
at 865 Merrick Avenue, Suite 200S, Westbury, New York 11590 (together with its successors and permitted assigns, “Borrower”), hereby promises to pay to the order of RCC REAL ESTATE, INC., a Delaware corporation, as payee,
having an address at c/o ACRES Capital, LLC, 865 Merrick Avenue, Suite 200S, Westbury, New York 11590 (together with its successors and assigns, “Lender”), or at such other place as the holder hereof may from time to time designate
in writing, the principal sum of Twelve Million and No/100 Dollars ($12,000,000.00) (the “Loan”), in lawful money of the United States of America with interest thereon to be computed from the date of this Promissory Note (this
“Note”) at the Interest Rate (or the Default Rate if applicable), and to be paid in accordance with the terms of this Note. Capitalized terms not defined below shall be defined as set forth on Exhibit A attached hereto. 

ARTICLE 1: PAYMENT TERMS 

Section 1.1 Interest Rate. 

(a) Interest Rate. Interest on the outstanding principal balance of the Loan shall accrue at the Interest Rate or as otherwise set forth
in this Note from (and including) the Closing Date to but excluding the date the Loan is paid in full, whether at maturity, upon acceleration, by prepayment or otherwise. 

(b) Interest Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the
actual number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Interest Rate (or the Default Rate if applicable) and a three hundred sixty (360) day year by (c) the outstanding principal balance of the
Loan. 
 (c) Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal balance of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to this Note, shall accrue interest at the Default Rate, calculated from the
date such payment was due without regard to any grace or cure periods contained herein. 
 Section 1.2 Loan Payment. 

(a) Monthly Debt Service Payments. Borrower shall pay to Lender (a) on September 1, 2020 and (b) on each Payment Date
thereafter, the Monthly Debt Service Payment Amount; provided that Borrower shall pay to Lender any interest that accrues at the Default Rate on demand. 

 (b) Payments Generally. For purposes of making payments hereunder, but not for
purposes of calculating Accrual Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately succeeding Business Day and with respect to payments of principal due on the
Maturity Date, interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and including the day immediately succeeding such Maturity Date. All amounts due under this Note shall be payable without setoff,
counterclaim, defense or any other deduction whatsoever, except as set forth in Article 5 hereof. 
 (c) Payment on Maturity Date.
Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due under this Note. 

(d) Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this Note shall be
made to Lender not later than 3:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or as otherwise directed by Lender, and any
funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

(e) Voluntary Prepayments. On any Business Day through the Maturity Date, Borrower may, at its option, prepay the Debt in full or in
part, provided that Borrower pays to Lender (A) all interest accrued and unpaid on the principal balance of this Note to be prepaid to and including the date of prepayment and (B) all other sums due at the time of such prepayment under
this Note. 
 (f) Extension of Maturity Date. Borrower shall have the option to extend the scheduled Maturity Date of the Loan for two
(2) successive terms of one (1) year each (each such option, an “Extension Option”). In order to exercise each such Extension Option, Borrower shall deliver to Lender written notice of such extension on or before the date
that is ten (10) days prior to the then applicable Maturity Date. The Maturity Date shall be extended pursuant to Borrower’s notice as aforesaid, provided that (a) no Event of Default shall be in existence on the then applicable Maturity
Date and (b) Borrower shall pay to Lender on or before the then applicable Maturity Date an extension fee equal to one half of one percent (0.5%) of the outstanding principal balance of the Loan as of such date. 

ARTICLE 2: DEFAULT AND ACCELERATION 

Section 2.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an
“Event of Default”): 
 (i) if any portion of the Debt shall not be paid within five (5) Business Days
after the due date thereof; provided, however, that, for the avoidance of doubt, if Lender exercises its offset rights set forth in Section 5.2 hereof with respect to any portion of the Debt, such offset shall
be deemed to cure any Default or Event of Default that would otherwise exist with respect to such portion of the Debt; 

	
	

  
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 (ii) if any representation or warranty made by Borrower herein, or in any
report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect (or, in the case of any representation or warranty already qualified by materiality,
in any respect), as of the date the representation or warranty was made; provided, however, if the materially false or misleading aspect of such representation or warranty was not intentionally made by Borrower and the materially false
or misleading aspect of such representation and warranty remains capable of being cured or corrected and has not had, and would not reasonably be expected to have, a material adverse effect on Borrower’s ability to perform its obligations under
this Note, Borrower shall have thirty (30) days to cause a cure or correction thereof following a senior officer of Borrower obtaining knowledge thereof; 

(iii) if Borrower shall make an assignment for the benefit of creditors; 

(iv) if a receiver, liquidator, trustee or similar official shall be appointed for Borrower or a substantial part of its
assets, or if Borrower shall be adjudicated bankrupt or insolvent, or if any petition for bankruptcy, reorganization, arrangement or other similar relief pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or
against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution or liquidation of Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not
consented to by Borrower upon the same not being discharged, stayed or dismissed within ninety 
 (90) days; 

(v) if Borrower shall attempt to assign its rights under this Note or any interest herein in contravention of this Note; 

(vi) if (A) Borrower assigns or otherwise transfers the Management Agreement (as defined below) in violation of the
Management Agreement without the consent of the Lender or Exantas REIT or (B) the Management Agreement is terminated pursuant to Section 13 or Section 15 of the Management Agreement; 

(vii) if Borrower shall continue to be in default under any of the other terms, covenants or conditions of this Note not
specified in clauses (i) to (vi) above, for ten (10) days after a senior officer of Borrower obtains knowledge thereof, in the case of any such default which can be cured by the payment of a sum of money, or, in the case of
any other default, for thirty (30) days after a senior officer of Borrower obtains knowledge thereof; provided, however, that if such non-monetary default is susceptible of cure but cannot reasonably be
cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty
(30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, such additional period not to exceed sixty (60) days; or 

	
	

  
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 (viii) if (x) Borrower shall fail to observe or perform any agreement
or condition relating to (A) any indebtedness for borrowed money or for the deferred purchase price of property or services (other than accounts payable incurred in the ordinary course of business and payable in accordance with customary trade
practices) or (B) that is evidenced by a note, bond, debenture or similar instrument, in the case of each of clauses (A) and (B) having an aggregate principal amount of more than $5,000,000
(“Indebtedness”) or contained in any instrument or agreement evidencing, securing or relating thereto (“Debt Documents”), or any other default occurs, the effect of which default is to cause, or to permit the holder
or holders or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) (“Holders”) to cause, with the giving of notice if required, such
Indebtedness to become due prior to its stated maturity and (y) any such Holder accelerates such Indebtedness prior to its stated maturity (or such Indebtedness is automatically accelerated pursuant to the terms of the related Debt Documents)
or exercises any other remedy available to such Holder under the related Debt Documents to collect on such Indebtedness. 
 (b) Upon the
occurrence of an Event of Default (other than an Event of Default described in clauses (iii) or (iv) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Note or at law or in equity,
Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or
avail itself of any or all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (iii) or (iv) above, the Debt and other obligations of Borrower hereunder shall immediately and automatically become
due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein to the contrary notwithstanding, and, to the extent permitted by applicable law, Lender may take any such actions,
without notice or demand (except to the extent otherwise expressly required hereunder), that Lender deems advisable to protect and enforce its rights against Borrower, and Lender may enforce or avail itself of any or all rights or remedies available
at law or in equity. 
 Section 2.2 Remedies. Upon the occurrence of an Event of Default, all or any one or more of the rights,
powers, privileges and other remedies available to Lender against Borrower under this Note executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all
or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any action for the enforcement of its rights and remedies hereunder. Any such actions taken by Lender shall be cumulative and concurrent and may be
pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights
and remedies of Lender permitted by law, equity or contract or as set forth herein. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one
action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until the Debt has been paid in full. 

	
	

  
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 Section 2.3 Remedies Cumulative; Waivers. The rights, powers and remedies of
Lender under this Note shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Note, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies
may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair
any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to
Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

ARTICLE 3: REPRESENTATIONS AND WARRANTIES 

Section 3.1 Borrower Representations. Borrower represents and warrants as of the date hereof that: 

(a) Organization. Borrower is validly existing and in good standing with requisite power and authority to own its assets and to transact
the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its businesses and operations. Borrower possesses all
rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its assets and to transact the businesses in which it is now engaged. 

(b) Proceedings. Borrower has the power and authority, and the legal right, to execute and deliver this Note and to perform its
obligations hereunder. Borrower has taken all necessary action to authorize the execution, delivery and performance of this Note. This Note has been duly executed and delivered by or on behalf of Borrower and constitutes the legal, valid and binding
obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (c) No Conflicts. The
execution, delivery and performance of this Note by Borrower will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, bylaws, certificate of incorporation or other organizational documents, partnership agreement, management agreement or
other agreement or instrument to which Borrower is a party or by which any of Borrower’s assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental
Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the
execution, delivery and performance by Borrower of this Note has been obtained and is in full force and effect. 

	
	

  
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 (d) Litigation. There are no actions, suits or proceedings at law or in equity by or
before any Governmental Authority or other agency now pending or threatened against or affecting Borrower, which actions, suits or proceedings, if determined against Borrower would reasonably be expected to materially and adversely affect the
ability of Borrower to perform its obligations under this Note. 
 (e) Solvency. Borrower has (a) not entered into this
transaction or executed this Note with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations hereunder. No petition in bankruptcy has been filed against Borrower
in the last seven (7) years, and in the last seven (7) years, Borrower has not made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. Borrower is not contemplating the filing of
a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition
against it or such constituent Persons. 
 (f) Enforceability. This note is enforceable by Lender (or any subsequent holder thereof)
in accordance with its respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. Except as set forth in Article 5
hereof, this Note is not subject to any right of rescission, set off, counterclaim or defense by Borrower, including the defense of usury, nor would the operation of any of the terms of this Note or the exercise of any right hereunder, render this
Note unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and Borrower has not asserted any right of rescission, set
off, counterclaim or defense with respect thereto. 
 (g) Sanctioned Person. (a) None of the funds or other assets of Borrower
constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person, with the result that the Loan is in violation of law; (b) no Sanctioned Person has any interest of any nature whatsoever in Borrower, with the
result that the Loan is in violation of law; and (c) none of the funds of Borrower have been derived from any unlawful activity with the result that the Loan is in violation of law. Borrower is not, and no director or officer of Borrower, or
any agent of Borrower that will act in any capacity in connection with or benefit from the Loan, is a Sanctioned Person or is currently the subject or target of any Sanctions with the result that the Loan is in violation of law. The Loan and the use
of proceeds of the Loan will not violate any Anti-Corruption Law or applicable Sanctions. 
 ARTICLE 4: BORROWER COVENANTS 

Section 4.1 Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its existence, and any rights, licenses, permits and franchises, which the failure to preserve would reasonably be expected to materially and adversely affect Borrower’s ability to perform its obligations
under this Note. There shall never be committed by Borrower any act or omission affording any Governmental Authority the right of forfeiture against any monies paid in performance of Borrower’s obligations under this Note. Borrower hereby
covenants not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. 

	
	

  
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 Section 4.2 Compliance with Law. Borrower shall comply with all statutes,
orders, rules and regulations of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, with which the failure to comply would reasonably be expected to materially and adversely affect
Borrower’s ability to perform its obligations under this Note. 
 Section 4.3 Sanctioned Person. Borrower has performed and
shall perform reasonable due diligence to insure that at all times throughout the term of the Loan, (a) none of the funds or other assets of Borrower constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned
Person, with the result that the Loan is in violation of law; (b) no Sanctioned Person has any interest of any nature whatsoever in Borrower, with the result that the Loan is in violation of law; and (c) none of the funds of Borrower have
been derived from, or are the proceeds of, any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the Loan is in violation of law. 

Section 4.4 Notice of Default. Borrower shall, promptly after a senior officer of Borrower becomes aware that a Default or an
Event of Default has occurred, notify Lender in writing of the nature and extent of such Default or Event of Default and the action, if any, it has taken or proposes to take with respect to such Default or Event of Default. 

Section 4.5 Restricted Payments. During the continuance of an Event of Default, Borrower shall not declare or make, directly or
indirectly, any Restricted Payment, or incur any new obligation (contingent or otherwise) to do so. 
 ARTICLE 5: RIGHTS OF OFFSET

 Section 5.1 Borrower Offset Right. Lender and Exantas REIT each hereby expressly agrees that, notwithstanding anything
herein to the contrary, (x) Borrower shall have the right to offset any amounts due and payable to Lender hereunder against any amounts due and payable to the Manager (as defined below) under that certain Fourth Amended and Restated Management
Agreement, dated as of the date hereof, by and among Exantas REIT, ACRES Capital, LLC, a New York limited liability company (together with its permitted assignees, the “Manager”), and Borrower (as amended, modified, amended and
restated and supplemented, the “Management Agreement”) and (y) Borrower may withhold payment of any amounts due and payable under this Note and apply such amounts against any fees and expense reimbursements otherwise owed to
Manager by Exantas REIT under the Management Agreement. 
 Section 5.2 Lender Offset Right. Each of Borrower and Manager hereby
expressly agrees that, notwithstanding anything in the Management Agreement to the contrary, during the continuance of an Event of Default hereunder, (x) Lender shall have the right to offset any amounts due and payable by Exantas REIT under
the Management Agreement against any amounts due and payable to Lender hereunder and (y) Exantas REIT may withhold payment of any fees and expense reimbursements otherwise owed under the Management Agreement and apply such fees and expenses
against any amounts due and payable by the Borrower pursuant to this Note, including any outstanding principal and any accrued and unpaid interest hereunder. 

  
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 ARTICLE 6: SAVINGS CLAUSE 

Notwithstanding anything to the contrary, (a) all agreements and communications between Borrower and Lender are hereby and shall
automatically be limited so that, after taking into account all amounts deemed interest, the interest contracted for, charged or received by Lender shall never exceed the Maximum Legal Rate, (b) in calculating whether any interest exceeds the
Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Borrower to Lender and (c) if through any contingency or event Lender receives or is deemed to
receive interest in excess of the Maximum Legal Rate, any such excess shall be deemed to have been applied toward payment of the principal of any and all then outstanding indebtedness of Borrower to Lender. 

ARTICLE 7: NO ORAL CHANGE 

This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part
of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

ARTICLE 8: WAIVERS 

Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand
for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind, except to the extent expressly
required hereunder. No release of any security or guaranty for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note made by agreement between Lender or
any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower (except to the extent expressly set forth in a written instrument executed by both Borrower and Lender), and any other
Person who may become liable for the payment of all or any part of the Debt, under this Note. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without
further notice or demand as provided for in this Note. If Borrower is a partnership, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals or entities comprising the partnership, and
the term “Borrower,” as used herein, shall include any alternate or successor partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Borrower” as used herein,
shall include any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. If Borrower is a limited liability company, the agreements herein contained shall remain in force and be
applicable, notwithstanding any changes in the members comprising the limited liability company, and the term “Borrower” as used herein, shall include any alternate or successor limited liability company, but any predecessor limited
liability company shall not thereby be released from any liability. 

  
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 ARTICLE 9: TRANSFER 

Without the prior written consent of Borrower, Lender may not assign, sell, convey, encumber, pledge, hypothecate, grant an option with
respect to, or otherwise transfer or dispose of a legal or beneficial interest, whether direct or indirect, in all or any portion of this Note or the Debt evidenced hereby, except to a direct or indirect wholly owned subsidiary of Exantas REIT, or
any successor to Exantas REIT by merger, conversion, consolidation or purchase of all or substantially all of Exantas REITs assets. 

Notwithstanding the foregoing, any Person into which Lender may be merged or converted, or any Person with which Lender may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which Lender shall be a party, or any Person, including Persons affiliated with Lender, to which Lender shall sell or otherwise transfer all or substantially all of its assets
shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Lender under this Note without the execution or filing of any document or any
further act on the part of the parties to this Note; provided that Lender shall at all times remain a direct or indirect wholly owned subsidiary of Exantas REIT, or any successor to Exantas REIT by merger, conversion, consolidation or purchase of
all or substantially all of Exantas REITs assets. After the effective date of any such merger, conversion, consolidation or transfer, all references in this Note to Lender shall be deemed to be references to such successor Person. 

Without the prior written consent of Lender, Borrower may not assign its rights and obligations under this Note. 

ARTICLE 10: GOVERNING LAW 

(A) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE
PROCEEDS OF THIS NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES
OF CONFLICT LAWS). TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER, MANAGER, EXANTAS REIT AND LENDER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
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 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, MANAGER, EXANTAS REIT OR
BORROWER ARISING OUT OF OR RELATING TO THIS NOTE MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5 1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER,
MANAGER, EXANTAS REIT AND LENDER EACH WAIVE ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER, MANAGER, EXANTAS REIT AND LENDER EACH HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. 
 ARTICLE 11: NOTICES 

Section 11.1 Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and
shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, and by telecopier or e-mail (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any
party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	  	RCC Real Estate, Inc.
		  	c/o Exantas Capital Corp.
		  	P. Sherrill Neff
		  	Quaker Bio Partners
		  	Cira Center
		  	2929 Arch Street
		  	Philadelphia, PA 19104
		  	E-mail: sherrill.neff@gmail.com
		
	With a copy to:    	  	Morrison & Foerster LLP
		  	250 W 55th Street
		  	New York, New York 10019
		  	Attention: Tracy A. Bacigalupo, Esq.
		  	E-mail: tbacigalupo@mofo.com

  
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	If to Borrower:	  	ACRES Capital Corp.
		  	865 Merrick Avenue, Suite 200S
		  	Westbury, New York 11590
		  	Attention: Jaclyn A. Jesberger, Esq.
		  	E-mail: jjesberger@acrescap.com
		
	With a copy to:	  	Cadwalader, Wickersham & Taft, LLP
		  	One World Financial Center
		  	New York, New York 10281
		  	Attention: Melissa C. Hinkle, Esq.
		  	Facsimile No.: (212) 504-6666
		  	E-mail: Melissa.Hinkle@cwt.com

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in
the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or in the case of telecopy,
upon sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming; or in the case of e-mail, upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement). 

ARTICLE 12: MISCELLANEOUS 

This Note and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall
survive the making by Lender of the Loan and the execution and delivery to Lender of this Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid. Whenever in this Note any of the parties hereto
is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this Note, by or on behalf of Borrower or Manager, shall inure to the benefit of the
legal representatives, successors and permitted assigns of Lender. All covenants, promises and agreements in this Note, by or on behalf of Lender or Exantas REIT, shall inure to the benefit of the legal representatives, successors and permitted
assigns of Borrower. 
 Notwithstanding any provision herein to the contrary (and this provision shall in all cases supersede all
contradictory provisions and agreements contained herein) no trustee, board member, officer, director, manager, member, employee or agent of Borrower (or any direct or indirect member, partner, limited partner, general partner, shareholder, or other
equity holder, or affiliate or subsidiary of Borrower) (collectively, the “Exculpated Parties”) shall be personally liable for any of the obligations of Borrower under this Note, and Lender, for itself and its successors and
assigns, irrevocably waives any and all rights to sue for, seek, or demand any such damages, money judgment, deficiency judgment or personal judgment against any of the Exculpated Parties under, by reason of, or in connection with, this Note. 

ARTICLE 13: JOINT AND SEVERAL 

If more than one Person has executed this Note as “Borrower,” the obligations of all such Persons hereunder shall be joint and
several. 

  
 -11- 

 ARTICLE 14: EXPENSES 

Upon ten (10) Business Days prior written notice and delivery of reasonable back-up documentation
evidencing same, Borrower shall reimburse Lender for all out-of-pocket costs, expenses, and fees (including expenses and fees of its outside legal counsel) actually
incurred by Lender in connection with the enforcement of Lender’s rights hereunder. 
 ARTICLE 15: SUBORDINATION 

Section 15.1 Subordination of Liabilities. Borrower, for itself, its successors and assigns, agrees, and Lender by its acceptance
hereof agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this Note is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of
all Senior Indebtedness pursuant to the terms and conditions of this Article 15. The provisions of this Article 15 shall constitute a continuing offer to all Oaktree Persons and Hamilton Lane Persons that, in reliance upon such
provisions, become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the Oaktree Persons and Hamilton Lane Persons that are holders of Senior Indebtedness, and such Oaktree Persons and Hamilton
Lane Persons that are holders are hereby made obligees hereunder, and they and/or each of them may proceed to enforce such provisions in accordance with the terms of the applicable Senior Indebtedness. 

Section 15.2 Borrower Not to Make Payments with Respect to the Debt in Certain Circumstances. Until all obligations in respect of
Senior Indebtedness have been paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness and all commitments to extend additional Senior Indebtedness thereunder have been terminated, Borrower shall not make any
payment on account of the Debt; provided that Borrower shall be entitled to pay to Lender the Monthly Debt Service Payment Amount in accordance with the terms hereof if, at the time of such payment, no (i) principal payment default in respect
of any Senior Indebtedness has occurred and is continuing or (ii) other default of any material term of the credit agreement, loan agreement or similar instrument governing any Senior Indebtedness has occurred and is continuing that permits
holders of such Senior Indebtedness to accelerate its maturity. Payments not made as a result of the proviso to the previous sentence shall be resumed, and Borrower shall promptly pay Lender all amounts not paid as a result of the previous sentence,
on the date on which such default is cured or waived and, if applicable, any such acceleration is rescinded or on the date on which the Senior Indebtedness under which a default existed is discharged or paid in full in cash or other payment
satisfactory to the holders of such Senior Indebtedness and all commitments to extend additional Senior Indebtedness thereunder is terminated. In the event that Borrower shall make or Lender shall receive any payment on account of the Debt at a time
when payment is not permitted by this Section 15.2, such payment shall be held by Lender and held in trust for the benefit of the holders of Senior Indebtedness and shall be paid promptly over to such holders of Senior
Indebtedness until such time as Borrower is permitted to pay Lender pursuant to the terms of the previous sentence. 

  
 -12- 

 Section 15.3 Subordination to Prior Payment of all Senior Indebtedness on
Dissolution, Liquidation or Reorganization of Borrower. Upon any distribution of assets of Borrower upon any total or partial dissolution, winding up, liquidation or reorganization of Borrower, the holders of all Senior Indebtedness shall first
be entitled to receive payment in full in cash or other payment satisfactory to the holders of such Senior Indebtedness of all Senior Indebtedness before Lender is entitled to receive any payment on account of the Debt. In the event that Borrower
shall make or Lender shall receive any payment or distribution of assets of Borrower on account of the Debt contrary to this Section 15.3, such payment or distribution shall be received by Lender and held in trust for the
benefit of the holders of Senior Indebtedness, for application to the payment of such Senior Indebtedness (any portion of the Senior Indebtedness that is repaid by the application of any such a payment or distribution, shall hereinafter be referred
to as the “Subrogated Indebtedness”) until all such Senior Indebtedness shall have been paid in full in cash or the holders of such Senior Indebtedness shall have received other payment satisfactory to the holders of such Senior
Indebtedness. 
 Section 15.4 Subordination Rights Not Impaired by Acts or Omissions of Borrower or Holders of Senior
Indebtedness. 
 (a) No right of any present or future holders of any Senior Indebtedness to enforce subordination as herein provided
shall be prejudiced or impaired by any act or failure to act on the part of Borrower or by any act or failure to act by any such holder, or by any noncompliance by Borrower with the terms and provisions of this Note, regardless of any knowledge
thereof which any such holder may have. The holders of the Senior Indebtedness may, without in any way affecting the obligations of Lender with respect hereto, in their absolute discretion, change the manner, place or terms of payment of, change or
extend the time of payment of, or renew or alter, any Senior Indebtedness or amend, modify or supplement any agreement or instrument governing or evidencing such Senior Indebtedness or any other document referred to therein, or exercise or refrain
from exercising any other of their rights under the Senior Indebtedness, all without notice to or assent from Lender. 
 (b) This Article
15 defines the relative rights of Lender and holders of Senior Indebtedness. Nothing herein shall (i) impair, as between Borrower and Lender, the obligation of Borrower, which is absolute and unconditional, to pay the Debt in accordance
with the terms hereof; (ii) affect the relative rights of Lender and creditors of Borrower other than their rights in relation to holders of Senior Indebtedness as expressly provided in this Article 15; (iii) affect that such non-payment shall be a Default or Event of Default in accordance with the terms hereof; or 
 (iv) prevent Lender or any
affiliate from exercising its available remedies hereunder or under any other agreement, subject to the rights of holders of Senior Indebtedness to receive payments and distributions as expressly provided by Section 15.2
and Section 15.3 hereof. 
 Section 15.5 Subrogation. After all applicable Senior Indebtedness is paid
in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, Lender shall be subrogated to the rights of holders of Senior Indebtedness to receive payments or distributions with respect to the Subrogated Indebtedness. A
payment or distribution made under this Article 15 to holders of any Senior Indebtedness that otherwise would have been made to Lender is not, as between Borrower and Lender, a payment by Borrower on the Senior Indebtedness. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 -13- 

 IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first above
written. 
  

			
	BORROWER:
	
	ACRES CAPITAL CORP.,
	    a Delaware corporation
		
	By:	 	 /s/ Mark Fogel

		 	Name: Mark Fogel
		 	Title:   President & CEO
	
	LENDER:
	
	RCC REAL ESTATE, INC.,
	    a Delaware corporation
		
	By:	 	 /s/ Shelle Weisbaum

		 	Name: Shelle Weisbaum
		 	Title:   Secretary

 [Signature Page to Promissory Note] 

 Solely for the purposes of Articles 5, 10 and 12 hereof. 

 

			
	ACRES CAPITAL, LLC,
	    Delaware limited liability company
		
	By:	 	 /s/ Mark Fogel

		 	Name: Mark Fogel
		 	Title:   President & CEO
	
	 EXANTAS CAPITAL CORP.,

    a Maryland corporation

		
	By:	 	 /s/ Shelle Weisbaum

		 	Name: Shelle Weisbaum
		 	Title:   Secretary

 EXHIBIT A 

DEFINED TERMS 

“Accrual Period” shall mean the period commencing on and including the first (1st) day of each calendar month during the term
of the Loan and ending on and including the final calendar date of such calendar month; provided, however, the initial Accrual Period shall commence on and include the Closing Date and shall end on and include August 31, 2020. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower from time to time
concerning or relating to bribery or corruption, including, if applicable, the United States Foreign Corrupt Practices Act of 1977 and the U.K. Bribery Act 2010, in each case, as amended, and the rules and regulations promulgated thereunder. 

“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New
York are not open for business. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have correlative meanings. 

“Closing Date” shall mean the date of the funding of the Loan. 

“Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Note together with all interest
accrued and unpaid thereon and all other sums due to Lender under this Note. 
 “Default” shall mean the occurrence of any
event hereunder which, absent the giving of notice or passage of time, or both, would be an Event of Default. 
 “Default
Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) three percent (3%) above the Interest Rate. 

“Exantas REIT” shall mean Exantas Capital Corp., a Maryland corporation. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Governmental Authority” shall mean any court, board, agency, commission, office or other authority of
any nature whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Hamilton Lane Person” means Hamilton Lane Advisors, L.L.C. (or any successor manager thereto) or any of its managed funds
and accounts or special purpose holding vehicles owned by such funds and accounts. 

 “Interest Rate” shall mean a fixed rate of interest equal to three percent
(3%) per annum. 
 “Maturity Date” shall mean July 31, 2026, as such date may be extended pursuant to the terms and
provisions of Section 1.2(f) hereof, or such other date on which the final payment of principal of this Note becomes due and payable as herein provided, whether at such stated maturity date, by declaration of acceleration,
or otherwise. 
 “Maximum Legal Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from
time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by this Note, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate
provisions of the Loan. 
 “Monthly Debt Service Payment Amount” shall mean an amount equal to the sum of (a) the
accrued and payable interest only on the outstanding principal balance of the Loan and (b) $25,000.00. 
 “Oaktree Person”
means Oaktree Capital Management, L.P. (or any successor manager thereto) or any of its managed funds and accounts or special purpose holding vehicles owned by such funds and accounts. 

“Payment Date” shall mean the first (1st) day of each calendar month
during the term of the Loan. 
 “Person” shall mean any individual, corporation, partnership, joint venture, limited
liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any equity interest of any entity, or any payment on account of (whether in cash, securities or other property) the purchase, redemption, retirement, acquisition, cancellation or termination of any such equity interest (including any sinking fund or
similar deposit), or on account of any return of capital to such entity’s shareholders, partners or members (or the equivalent entity thereof). 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any comprehensive or
country-wide Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list
of designated Persons maintained by a Sanctions Authority; (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned 50% or more, or otherwise controlled by, any such Person or Persons described in the
foregoing clauses (a) or (b). 
 “Sanctions” mean economic or financial sanctions or trade embargoes imposed,
restrictive measures enacted, administered or enforced from time to time by a Sanctions Authority. 

  
 -2- 

 “Sanctions Authority” means OFAC, the U.S. Department of State, the United
Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority. 

“Senior Indebtedness” means, as applicable, all obligations of Borrower under or in respect of certain credit facilities with
Oaktree Persons to which Borrower is a party on the date hereof, as such facilities shall be amended, restated or amended and restated from time to time; provided that such indebtedness in excess of the aggregate principal amount of $190,000,000
(the outstanding balance of such indebtedness as of the date hereof) shall not be Senior Indebtedness hereunder. 

  
 -3-Exhibit

EXHIBIT 10.1

CONSENT UNDER AND FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

THIS CONSENT UNDER AND FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of April 24, 2020, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), lenders party thereto (each of such lenders, together with its successors and permitted assigns, collectively, “Lender”), and SEASPINE HOLDINGS CORPORATION, a Delaware corporation (“Parent”), as Parent and as Guarantor, SEASPINE ORTHOPEDICS CORPORATION, a Delaware corporation (“SeaSpine Orthopedics“), SEASPINE, INC., a Delaware corporation (“SeaSpine Inc.”), ISOTIS, INC., a Delaware corporation (“IsoTis Inc.”), SEASPINE SALES LLC, a Delaware limited liability company (“SeaSpine Sales”), THEKEN SPINE, LLC, an Ohio limited liability company (“Theken Spine”), and ISOTIS ORTHOBIOLOGICS, INC., a Washington corporation (“IsoTis OrthoBiologics”; together with SeaSpine Orthopedics, SeaSpine Inc., IsoTis Inc., Theken Spine, and SeaSpine Sales are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”). Unless otherwise provided herein, capitalized terms used but not defined in this Amendment shall have the meanings that are set forth in the Credit Agreement referred to below.

RECITALS

A.Pursuant to that certain Amended and Restated  Credit Agreement dated as of  July 27, 2018, by and among Parent, Borrowers, Agent and Lender (as may be amended, restated, supplemented or otherwise modified from time to time, collectively, the “Credit Agreement”), Lender agreed to make available to Borrowers a secured revolving loan facility.

B.Borrowers have requested that Agent and Lender amend certain terms and conditions of the Credit Agreement, and Agent and Lender have so agreed subject to the terms and conditions hereof.

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Limited Consent. Subject to the terms and conditions contained herein, Agent and Lender hereby consent to the incurrence of PPP Debt (as hereinafter defined) by the Loan Parties.

2.Amendments. The Credit Agreement is hereby amended by amending and restating the following definitions in their entirety to read as follows:

(a)Section 1.1 of the Credit Agreement is hereby amended by adding the following new defined terms in appropriate alphabetical order therein to read as follows:

“AAPP” means the Accelerated and Advance Payments Program under the CARES Act, as amended (including any successor thereto), and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith 

1

or in implementation thereof, regardless of the date enacted, adopted, issued or implemented.

“CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act (Pub.L. No. 116-136), as amended (including any successor thereto), and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, regardless of the date enacted, adopted, issued or implemented.

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Agent and Administrative Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for United States dollar- denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement.

“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Administrative Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then- prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for United States dollar-denominated syndicated credit facilities at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing and frequency of determining rates and making payments of interest and other administrative matters) that Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the
administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark Replacement Date” means the earlier to occur of the following 

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events with respect to the LIBOR Rate:

(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or

(b)in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBOR Rate:

(a)a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate;

(b)a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or

(c)a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative.
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or the Required Lenders, as applicable, by notice to Administrative Borrower, Agent (in the case of such notice by the Required Lenders) and the Lenders.

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark 

3

Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 2.12(d)(iii) and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to Section 2.12(d)(iii).

“Early Opt-in Election” means the occurrence of:

(a)(i) a determination by Agent or (ii) a notification by the Required Lenders to Agent (with a copy to Administrative Borrower) that the Required Lenders have determined that United States dollar- denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.12(d)(iii) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and

(b)(i) the election by Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by Agent of written notice of such election to Administrative Borrower and the Lenders or by the Required Lenders of written notice of such election to Agent.

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

“Paycheck Protection Program” means Title I of the Coronavirus Aid, Relief and Economic Security Act (the Paycheck Protection Program), as amended (including any successor thereto), and all requests, rules, guidelines, requirements and directives thereunder or issued in
connection therewith or in implementation thereof, regardless of the date enacted, adopted, issued or implemented.

“PPP Permitted Purposes” means, with respect to the use of proceeds of any PPP Debt, the purposes set forth in Section 1106(b) of the Paycheck Protection Program and otherwise in compliance with all other provisions or requirements of the Paycheck Protection Program applicable in order for the entire amount of the PPP Debt to be eligible for forgiveness.

“PPP Debt” has the meaning ascribed thereto in clause (v) of the definition of “Permitted Indebtedness”.

“PPP Debt Documents” means any applications, loan documentation and other information submitted to the lender servicing the PPP Debt or any Governmental Authority (including the Small Business Administration) with respect to the PPP Debt.

“PPP Forgiveness Date” means five (5) Business Days after the date that the Loan Parties obtain a final determination by the lender of the PPP Debt in the exercise of its reasonable discretion (and, to the extent required, the Small Business Administration) (or such longer period as may be approved in writing by Agent) regarding the amount of PPP Debt, if any, that will be forgiven pursuant to the provisions of the Paycheck Protection Program.

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“PPP Unforgiven Debt” means that amount of the PPP Debt that has been determined by the lender of the PPP Debt in the exercise of its reasonable discretion (or the Small Business Administration) to be ineligible for forgiveness pursuant to the provisions of the Paycheck Protection Program; provided that PPP Debt (or the applicable portion thereof) is deemed PPP Unforgiven Debt if (a) the Loan Parties do not timely file an application for forgiveness or do not include any portion of the PPP Debt in an application for forgiveness, (b) any Loan Party gives notice to the Agent that the PPP Debt will be PPP Unforgiven Debt, or (c) the Agent obtains actual knowledge that the PPP Debt will be PPP Unforgiven Debt.

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

“Small Business Administration” means the U.S. Small Business Administration.

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

(b)    Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Health Care Laws” in its entirety to read as follows:

“Health Care Laws” means  all Requirements of Law relating to:
(a) fraud and abuse (including the following statutes, as amended, modified or supplemented from time to time and any successor statutes thereto and regulations promulgated from time to time thereunder: the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)), the Stark Law (42 U.S.C. § 1395nn and § 1395(q)), the civil False Claims Act (31 U.S.C.
§ 3729 et seq.), the federal health care program exclusion provisions (42
U.S.C. § 1320a-7), the Civil Monetary Penalties Act (42 U.S.C. § 1320a- 7a), and the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (Pub. L. No. 108-173)); (b) any Government Reimbursement Program; (c) the licensure or regulation of healthcare providers, suppliers, professionals, facilities or payors (including all statutes   and   regulations   administered   by  any   Regulatory Authority);
(d) the operation of any health care facility or the provision of, or payment for, items or supplies; (e) quality, safety certification and accreditation standards and requirements; (f) the billing, coding or submission of claims or   collection   of   accounts   receivable   or   refund   of   overpayments;

5

(g) HIPAA and Other Privacy Laws; (h) the billing, coding or submission of health care claims for reimbursement; (i) the practice of medicine and other health care professions or the organization of medical or professional entities; (j) fee-splitting prohibitions; (k) requirements for maintaining federal, state and local tax-exempt status of Borrower; (l) charitable trusts or charitable solicitation laws; (m) health planning or rate-setting laws, including laws regarding certificates of need and certificates of exemption;
(n) the CARES Act and any programs, loans and/or funds accessed and/or administered under the CARES Act; and (o) any and all other applicable federal, state or local health care laws, rules, codes, regulations, manuals, orders, ordinances, professional or ethical rules, administrative guidance and requirements, as the same may be amended, modified or supplemented from time to time.

(a)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Material Contract” in its entirety to read as follows:
“Material Contract” means, with respect to any Person, agreements and contracts required to be disclosed with respect to such Person under Item 15 of Form 10-K promulgated under the Exchange Act, as amended, including the PPP Debt Documents, the Transition Agreements and those set forth on Item B.10 of Exhibit P-1.

(b)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the last sentence of the definition of “Obligations” to read as follows:

Any reference in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding and for the avoidance of doubt shall not include any PPP Debt.

(c)Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Permitted Indebtedness” by (A) deleting “and” at the end of subsection (u) therein;
(B) making subsection (v) therein the new subsection (w); and (C) inserting the following new subsection (v) therein immediately preceding subsection (w) to read as follows:

(v) (i) unsecured  Indebtedness  in  an  aggregate  principal  amount not to exceed $7,173,100.00 advanced by (i) any Governmental Authority (including the Small Business Administration) or any other Person acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such Indebtedness under this clause (ii) is guaranteed by a Governmental Authority (including the Small Business Administration), in each case under this clause (v), pursuant to the Paycheck Protection Program (such unsecured Indebtedness, “PPP Debt”); provided that, unless otherwise approved by Agent, (A) no Event of Default shall have occurred and be continuing at the time of incurrence thereof, and (B) PPP Debt shall (1) be used by the Loan Parties and their Subsidiaries solely for PPP Permitted Purposes, including that no more than twenty five percent (25%) in the aggregate of such PPP Debt shall be used for purposes other than for eligible payroll costs as set forth under the Paycheck Protection Program or otherwise repaid to the lender of the PPP Debt, (2) have a maturity date not less than two (2) years after the date of incurrence of the PPP Debt, (3) bear interest at a rate not greater than one percent 

6

(1%) per annum, (4) not require any payments of principal during the first six (6) months following the date of the advance of the PPP Debt, and (5) otherwise have terms customary for loans made pursuant to the Paycheck Protection Program (taken as a whole), and (ii) PPP Unforgiven Debt; and

(d)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Qualified Cash” in its entirety to read as follows:
“Qualified Cash” means, as of any date of determination, the amount of unrestricted (other than customary account agreements) cash and Cash Equivalents of Parent, Borrowers and their Subsidiaries that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or Securities Account is the subject of a Control Agreement and is maintained by a branch office of the bank or securities intermediary located within the United States; provided, however, any proceeds received by Parent, any Borrower or any of their Subsidiaries in connection with the Paycheck Protection Program shall not constitute Qualified Cash.

(e)Section 2.12(d) of the Credit Agreement is hereby amended by adding the following new subsection (iii) immediately following subsection (ii) to read as follows:

		
	(i)
	Effect of Benchmark Transition Event.

(A)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent and Administrative Borrower may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Lenders and Administrative Borrower so long as Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 2.12(d)(iii) will occur prior to the applicable Benchmark Transition Start Date.

(B)Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

(C)Notices; Standards for Decisions and Determinations. Agent will promptly notify Administrative Borrower and the Lenders of
(1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark 

7

Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark
Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Agent or Lenders pursuant to this Section 2.12(d)(iii) including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.12(d)(iii).

(D)Benchmark Unavailability Period. Upon Administrative Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Administrative Borrower may revoke any request for a LIBOR Borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Administrative Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in any determination of the Base Rate.

(f)Section 4.27 of the Credit Agreement is hereby amended by adding the following new subsections (g), (h) and (i) in appropriate alphabetical order therein to read as follows:

(a)PPP Debt. All applications, documents and other information submitted to any Governmental Authority with respect to the PPP Debt shall be true and correct in all material respects. No Lender or any of its Affiliates is deemed an “affiliate” of any Loan Party or any of its Subsidiaries for any purpose related to the PPP Debt, including the eligibility criteria with respect thereto.

(b)CARES Act. Each Loan Party and each of its Subsidiaries acknowledges and agrees that (a) it has consulted its own legal and financial advisors with respect to all matters related to CARES Act, including PPP Debt (including eligibility criteria and conditions for forgiveness of such PPP Debt), the Paycheck Protection Program and the AAPP, as applicable, (b) it is responsible for making its own independent judgment with respect to any funds or loans received under the CARES Act, including the AAPP, the PPP Debt and the process leading thereto,  as applicable, and (c) it has not relied on Agent, any Lender or any of their respective Affiliates with respect to any of such matters.

(c)Compliance Under CARES Act. Each Loan Party and each of its Subsidiaries is in compliance in all material respects with the
CARES Act, including the Paycheck Protection Program and the AAPP, in each case to the extent applicable.

(g)Section 5 of the Credit Agreement is hereby amended by adding the following new Section 5.20 in appropriate numerical order therein to read as follows:

8

5.20    CARES Act.

(a)The Loan Parties shall provide to Agent (i) a copy of the Loan Parties’ application for PPP Debt promptly (and in any event within three (3) Business Days) upon submission thereof, and (ii) copies of the PPP Debt Documents promptly (and in any event within three (3) Business Days) upon execution and delivery thereof by the parties, together with a reasonably detailed written estimate of the amount of PPP Debt that the Loan Parties reasonably anticipate will be subject to forgiveness pursuant to the provisions of the Paycheck Protection Program.

(b)The Loan Parties shall timely (and, in any event, not later than thirty (30) days (or such longer period as may be agreed by Agent or as required by the lender of the PPP Debt) after the seven-week anniversary of the initial incurrence thereof) submit all applications and required documentation necessary or desirable for the lender of the PPP Debt and/or the Small Business Administration to make a determination regarding the amount of the PPP Debt that is eligible to be forgiven.

(c)The Loan Parties shall provide to Agent copies of any amendments, modifications, waivers, supplements or consents executed and delivered by any Loan Party with respect to PPP Debt promptly (and in any event within three (3) Business Days) upon execution and delivery thereof, and copies of any notices of default received by any Loan Party with respect to the PPP Debt, promptly (and in any event within three (3) Business Days) upon receipt thereof.

(d)The Loan Parties shall, to the extent not included in the foregoing clauses (b) or (c), promptly (and in any event within three
(3) Business Days) upon receipt or filing thereof, as applicable, provide to Agent copies of all material documents and applications with the applicable lender or any Governmental Authority relating to PPP Debt, including with respect to forgiveness of such PPP Debt.

(e)The Loan Parties shall, to the extent not included in the foregoing clauses (a), (b), (c) or (d), provide to Agent (1) copies of any applications and material documents (including any amendments, modifications, waivers, supplements or consents executed and delivered by any Loan Party in connection therewith), in each case, with respect to any loans or funds received under the CARES Act, promptly (and in any
event within three (3) Business Days) upon receipt or execution thereof, and (2) copies of any notices of default received by any Loan Party with respect to any loans or funds received under CARES Act, promptly (and in any event within three (3) Business Days) upon receipt thereof.

(f)The Loan Parties shall use the proceeds of the PPP Debt solely for PPP Permitted Purposes. Without limiting anything in the foregoing, the Loan Parties shall ensure that the proceeds of the PPP Debt are not used to repay other Indebtedness, and no more than twenty-five percent (25%) in the aggregate of such PPP Debt shall be used for purposes other than for eligible payroll costs as set forth 

9

under the Paycheck Protection Program.

(g)On the PPP Forgiveness Date, the Loan Parties shall deliver to Agent a certificate of an Authorized Person of the Loan Parties certifying as to the amount of the PPP Debt that will be forgiven pursuant to the provisions of the Paycheck Protection Program, together with reasonably detailed description thereof, all in form reasonably satisfactory to Agent.

(h)Each Loan Party agrees that it will not make any claim that Agent, any Lender or any of their respective Affiliates have rendered advisory services of any nature or respect in connection with any programs, funds or loans administered under the CARES Act, including the AAPP, PPP Debt, the Paycheck Protection Program or the process leading thereto.

(h)Section 6.6(a) of the Credit Agreement is hereby amended by adding the following new subsection (iv) therein in appropriate numerical order to read as follows:

(ii)notwithstanding anything to the contrary contained in this Agreement, make any prepayment on account of any portion of the PPP Debt without the prior written consent of Agent; provided, however, a Loan Party may prepay any portion of the PPP Debt so long as (i) both before and after giving effect to such prepayment the Total Liquidity of Parent, Borrower and their Subsidiaries is not less than $25,000,000, and
(ii) no Default or Event of Default has occurred or is continuing or would result from such prepayment, or

(i)Section 8 of the Credit Agreement is hereby amended by adding the following new Section 8.17 therein in appropriate numerical order to read as follows:

8.17 CARES Act. The occurrence of an event of default with respect to any programs, funds or loans under the CARES Act (including the AAPP, the Paycheck Protection Program, the PPP Debt and any PPP Debt Document, to the extent applicable), and with respect to the PPP Debt, or the occurrence of any event or condition that results in the PPP
Debt becoming due prior to its scheduled maturity or that enables or permits the holder or holders thereof to declare the PPP Debt to be due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity.

3.Reaffirmation of Security Interest. Loan Parties hereby confirm and agree that all security interests and liens granted to Agent continue to be perfected, first priority liens and remain in full force and effect and shall continue to secure the Obligations. All Collateral remains free and clear of any liens other than liens in favor of Agent and Permitted Liens. Nothing herein contained is intended to in any way impair or limit the validity, priority, and extent of Agent’s existing security interest in and liens upon the Collateral.

4.Effectiveness Conditions. This Amendment shall be effective upon completion of the following conditions precedent (all documents to be in form and substance satisfactory to Agent and Agent’s counsel):

10

		
	(a)
	Execution and delivery of this Amendment;

(b)Payment of all outstanding costs, fees and expenses associated with this Amendment, including without limitation, the costs, fees and expenses required under Section 6 hereof; and

		
	(c)
	Such additional documents, instruments and agreements as Agent shall

request.

5.Confirmation of Representations and Warranties. Each Loan Party hereby represents and warrants to Agent and Lender, on a joint and several basis, that, as of the date hereof:

(a)The representations and warranties set forth in the Credit Agreement and in the other Loan Documents, each as amended to date, are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as the date hereof, with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly refer to an earlier date, in which case they shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date.

(b)This Amendment and each other document delivered by it in connection herewith has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c)The execution, delivery and performance of this Amendment has been duly authorized by all requisite limited liability company, partnership or corporate action, as applicable, on the part of each Loan Party. This Amendment and each other document delivered by it in connection herewith has been duly authorized, executed and delivered to Agent by each Borrower and each is enforceable in accordance with its terms and is in full force and effect.

(d)No Default or Event of Default has occurred and is continuing on and as of the date hereof or would exist upon the consummation of the transactions contemplated by  this Amendment.

6.Costs and Fees. In consideration of Agent and Lender agreeing to amend the Credit Agreement, Borrowers shall be responsible for the payment of all reasonable fees of Agent’s outside counsel (internal and external) incurred in connection with the preparation of this Amendment and any related documents.

7.No Waiver or Novation. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided in this Amendment, operate as a waiver of any right, power or remedy of Agent or Lender, nor constitute a waiver of any provision of the Credit Agreement, the other Loan Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing defaults or Events of Default under the Credit Agreement or the other Loan Documents or any of Agent’s or Lender’s rights and remedies in respect of such defaults or Events of Default. This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement or the other Loan Documents. This Amendment cannot be amended 

11

without the prior written consent of Agent.

		
	8.
	Miscellaneous.

(a)Continuing Effect of Credit Agreement; Conflicts. Except as expressly modified pursuant hereto, no other changes or modifications to the Credit Agreement or the Loan Documents are intended or implied by this Amendment and in all other respects the Credit Agreement and the Loan Documents hereby are ratified, restated and confirmed by all parties hereto as of the date hereof. To the extent of conflict between the terms of this Amendment, the Credit Agreement and the Loan Documents, the terms of this Amendment shall govern and control.

(b)Further Assurances. At Loan Parties’ expense, the parties hereto shall execute and deliver such additional documents and take such further action as may be reasonably requested by any other party hereto to effectuate the provisions and purposes of this Amendment.

(c)Successors and Assigns. This Amendment shall be binding upon and  inure to the benefit of each of the parties hereto and their respective successors and assigns.

(d)Survival of Representations, Warranties and Covenants. All representations, warranties, covenants and releases of each Loan Party made in this Amendment or any other document furnished in connection with this Amendment shall survive the execution
and delivery of this Amendment, and no investigation by Agent or Lender, or any closing, shall affect the representations and warranties or the right of Agent and Lender to rely upon them.

(e)Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment.

(f)Reviewed by Attorneys. Each Loan Party hereby represents and warrants to Agent and Lender that it (a) understands fully the terms of this Amendment and the consequences of the execution and delivery of this Amendment, (b) has been afforded an opportunity to discuss this Amendment and have this Amendment reviewed by, such attorneys and other Persons as such Guarantor or any such Borrower may wish, and (c) has entered into this Amendment and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress or other coercion of any kind by any Person. The parties hereto acknowledge and agree that none of this Amendment or the other documents executed pursuant hereto shall be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Amendment and all of the other documents executed pursuant hereto or in connection herewith.

(g)Relationship. Each Loan Party hereby agrees that the relationship among Agent and Lender, on the one hand, and each Loan Party, on the other hand, is that of creditor and debtor and not that of partners or joint venturers. Neither this Amendment nor any of the other Loan Documents constitute a partnership agreement, or any other association among Agent and Lender, on the one hand, and each Loan Party, on the other hand. Each Loan Party acknowledges that Agent and Lender have acted at all times only as a creditor to each Loan  Party within the normal and usual scope of the activities normally undertaken by a creditor and in no event has Agent or Lender attempted to exercise any control over the Loan Parties or their respective businesses or affairs. Each Loan Party further acknowledges that Agent and Lender have not taken or failed to take any action under or in connection with its respective rights under the Credit Agreement and the Loan Documents that in any way or to any extent has interfered with or adversely affects any ownership of Collateral by any Loan Party.

12

(h)Acknowledgement and Reaffirmation. Except as expressly set forth herein, this Amendment (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of Agent and Lender under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and re- affirmed in all respects and shall continue in full force and effect. Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Loan Documents. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the date hereof, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Amendment”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement,
shall, unless expressly provided otherwise, refer to the Credit Agreement as amended by this Amendment. Each Loan Party hereby consents to this Amendment and confirm that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement as amended hereby.

(i)Release; No Action, Claims, Etc. In consideration of Agent’s and  Lender’s willingness to enter into this Amendment, each of the Loan Parties hereby releases and forever discharges Agent and Lender and each of Agent’s and Lender’s predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives and affiliates from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent arising in connection with the Loan Documents through the date of this Amendment, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Borrower may have or claim to have against Agent and/or Lender. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against Agent and/or Lender, or any of Agent’s and/or Lender’s officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

(j)Counterparts. This Amendment may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. Receipt by telecopy, facsimile or email  transmission  of  any executed  signature page to this Amendment shall constitute effective delivery of such signature page.

(k)Interpretation. Wherever possible, each provision of this  Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

(l)Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

(m)Entirety. This Amendment and the other Loan Documents embody the entire 

13

agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. This Amendment and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

(n)CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; BINDING EFFECT. THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; BINDING EFFECT SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.
[SIGNATURE PAGES FOLLOW]

14

(Signature Page to Consent Under and First Amendment to Amended and Restated Credit Agreement)

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date first written above.
	
		
	 
	PARENT AND GUARANTOR:

	 
	SEASPINE HOLDINGS CORPORATION, 
a Delaware corporation

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

	 
	BORROWERS:

	 
	SEASPINE ORTHOPEDICS CORPORATION, a Delaware corporation

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

	 
	SEASPINE, INC., a Delaware corporation

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

	 
	ISOTIS, INC., a Delaware corporation

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

	 
	SEASPINE SALES LLC, a Delaware limited liability company

	By:
	SeaSpine, Inc., its sole member

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

	 
	ISOTIS ORTHOBIOLOGICS, INC., 
a Washington corporation  

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

15

(Signature Page to Consent Under and First Amendment to Amended and Restated Credit Agreement)

	
		
	 
	THEKEN SPINE, LLC, an Ohio limited liability company

	By:
	SeaSpine Orthopedics Corporation, its sole member

	By:
	/s/ John Bostjancic

	 
	 John Bostjancic 
 Chief Financial Officer

16

(Signature Page to Consent Under and First Amendment to Amended and Restated Credit Agreement)

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

	
		
	 
	PARENT AND GUARANTOR:

	AGENT & A LENDER:
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association

	By:
	/s/ Rina Shinoda

	 
	Title: Authorized Signatory

17

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