Document:

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Exhibit 10.1
EXECUTION VERSION
THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
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PROMISSORY NOTE
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	Principal Amount: $300,000
	 
	Dated as of September 16, 2022

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Acropolis Infrastructure Acquisition Corp., a Delaware corporation (the “Maker”), promises to pay to the order of Acropolis Infrastructure Acquisition Sponsor, L.P., a Cayman Islands exempted limited partnership, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Three Hundred Thousand Dollars ($300,000) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. Maker and Payee are entering into this Note in connection with the ongoing working capital needs.
1. Principal. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) the date on which Maker consummates an initial business combination, or (ii) the liquidation of the Maker in accordance with its amended and restated certificate of incorporation (such earlier date, the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.
2. Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand Dollars ($300,000) in draw downs under this Note to be used for costs and expenses related to Maker’s operating expenses or initial business combination. Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a “Drawdown Request”), provided that each such Drawdown Request is duly authorized by an executive officer of Maker. Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000).
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Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
3. Interest. Interest shall accrue on the unpaid principal balance of this Note at a rate of 2.31% per annum.
4. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges, then to accrued interest thereon to the date of such payment and finally to the reduction of the unpaid principal balance of this Note.
5. Events of Default. The following shall constitute an event of default (“Event of Default”):
(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount and accrued interest due pursuant to this Note within five (5) business days of the Maturity Date.
(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.
6. Remedies.
(a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid interest and principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
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(b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.
7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.
9. Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered (i) personally or sent by first class registered or certified mail, overnight courier service, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the day of receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.
10. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
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provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement concurrent with the consummation of the IPO were deposited, as described in greater detail in the registration statement and prospectus relating to the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.
13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and Payee.
14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.
[Signature page follows]
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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.
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	Acropolis Infrastructure Acquisition Corp.

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	By:
	/s/ James Crossen

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	Name:
	James Crossen

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	Title:
	Chief Financial Officer, Chief
Accounting Officer and Secretary

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Accepted and agreed this 16th day of September, 2022
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Acropolis Infrastructure Acquisition Sponsor, L.P.
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 By: AP Caps II Holdings GP, LLC, its general partner 
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By: Apollo Principal Holdings III, L.P., its managing member 
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By: Apollo Principal Holdings III GP, Ltd., its general partner
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	By:
	/s/ James Elworth
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	Name:
	James Elworth
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	Title:
	Vice President
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DRAWDOWN REQUEST
Dated: September 16, 2022
Acropolis Infrastructure Acquisition 
Sponsor, L.P., as Payee under that certain 
Promissory Note referred to below
9 West 57th Street, 43rd Floor
New York, NY 10019
Ladies and Gentlemen:
The undersigned (the “Maker”), refers to the Promissory Note, dated as of September 16, 2022 (as amended, restated, modified and/or supplemented from time to time, the “Promissory Note”), made by the Maker in favor of Acropolis Infrastructure Acquisition Sponsor, L.P., and hereby gives you notice, irrevocably, pursuant to Section 9 of the Promissory Note, that the undersigned hereby requests a drawdown under the Promissory Note, and in that connection sets forth below the information relating to such borrowing (the “Borrowing”):
(i)The business day of the Borrowing is September 16, 2022.
(ii)The aggregate principal amount of the Borrowing is $300,000.00.
(iii)The proceeds from the Borrowing will be used as set forth in Section 2 of the Promissory Note.
The undersigned certifies that no Event of Default (as defined in the Promissory Note) has occurred and is continuing, or would result from such Borrowing or from the application of the proceeds thereof.
IN WITNESS WHEREOF, the undersigned hereby has executed this Drawdown Request as of the date first written above.
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	Very truly yours,

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	ACROPOLIS INFRASTRUCTURE

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	ACQUISITION CORP.

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	By:
	/s/ James Crossen

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	Name:
	James Crossen

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	Title:
	Chief Financial Officer

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​EX-10.1

  Exhibit 10.1

   

   

  LOAN MODIFICATION AGREEMENT AND

  REAFFIRMATION OF LOAN

[HERITAGE GLOBAL INC.; LOAN NO.:13880]

  This LOAN MODIFICATION AGREEMENT AND REAFFIRMATION OF LOAN (this “Agreement”) is made effective as of April 1, 2022 (“Reference Date”) by and between Heritage Global Inc., a Florida corporation (“Borrower”), and C3bank, National Association (“Lender”) with respect to the following facts:

  R E C I T A L S:

  A.On or about May 5, 2021, Lender entered into a Business Loan Agreement (as modified, the “Existing Loan Agreement”, as modified by this Agreement, the “Loan Agreement”) with Borrower whereby Lender agreed to make a revolving line of credit to Borrower in the maximum principal amount of Ten Million and No/100 Dollars ($10,000,000.00) (the “Loan”).  The Loan was evidenced by, among other things, (i) that certain Promissory Note dated May 5, 2021, from Borrower in favor of Lender in the original principal amount of Ten Million and No/100 Dollars ($10,000,000.00) (as the same may be amended, restated, modified or replaced from time to time, the “Note”), (ii) that certain Commercial Security Agreement dated May 5, 2021, by and among Borrower, Heritage Global Partners Inc., a California corporation (“HGP”), Heritage Global LLC, a Delaware limited liability company (“HG”), Equity Partners HG LLC, a Delaware limited liability company (“EPHG”), National Loan Exchange, an Illinois company (“NLEX”), Heritage Global Capital LLC, a Delaware limited liability company (“HGC”, together with HGP, HG, EPHG and NLEX, each a “Grantor” and collectively, the “Grantors”) and Lender (as the same heretofore may have been or hereafter may be amended, restated, supplemented, extended, renewed, replaced or otherwise modified from time to time, the “Security Agreement”), and (iii) Pledge and Security Agreement of even date hereof by and between Borrower and Lender (as the same heretofore may have been or hereafter may be amended, restated, supplemented, extended, renewed, replaced or otherwise modified from time to time, the “Pledge Agreement”);

  B.On or about August 9, 2021, EPHG, changed its name to Heritage ALT LLC.   Accordingly, all references to EPHG shall also reference Heritage ALT LLC. 

  C.This Agreement, the Existing Loan Agreement, the Note, the Security Agreement, the Pledge Agreement, and the Related Documents together with any other documents required by Lender to evidence or secure the Loan, and any and all amendments and modifications thereto, shall be collectively referred to as the “Loan Documents”.  Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement (or if not defined in the Loan Agreement, in the other Loan Documents); 

  D.At Borrower’s request, Lender has agreed to modify the Existing Loan Agreement and other Loan Documents, conditioned upon Borrower’s execution of and performance under this Agreement and the ratification and confirmation of the Loan and the Loan Documents, and of any and all such documents required by Lender and completion of such other acts or things reasonably 

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  requested by Lender.  

   

  AGREEMENT

  NOW, THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

  1.Recitals.  The recitals set forth above are hereby incorporated herein as true and correct.

  2.Confirmation of Loan.  Borrower hereby acknowledges and confirms Borrower’s obligations to Lender as set forth in the Loan Documents and reaffirms and restates each and every term, condition, provision, and waiver thereof.  There is no intention to otherwise modify, increase, reduce or alter the respective rights or obligations of Lender under the Loan Documents except as set forth herein.   Nothing in this Agreement shall be deemed to constitute Lender’s release of Borrower of any of its obligations under the Loan Documents.  

  3.Representations and Warranties.  Borrower hereby represents and warrants to Lender that: 

  a.This Agreement and the other Loan Documents represent valid and enforceable obligations against the Borrower.

  b.As of the date hereof, Borrower has no claims or defenses against Lender or any other person or entity which would or might affect (i) the enforceability of any provisions of the Loan Documents; or (ii) the collectability of sums advanced by Lender in connection with the Loan.

  c.The execution, delivery, and performance by Borrower of this Agreement and the Loan Documents have been duly authorized, are not in conflict with the terms of any organizational document of such Borrower and will not violate any law, rule, or order of any court or governmental agency or body to which Borrower is subject.  All representations and warranties contained in this Agreement, the Existing Loan Agreement and in any and all of the other Loan Documents are true and correct as of the date of this Agreement, and all such representations and warranties shall survive the execution of this Agreement.  

  d.As of the Reference Date, there is no uncured breach or default under the Loan Documents or any material agreement.  There have been no new material agreements entered into since the date of the closing of the Loan and no amendments, waivers, modifications or terminations of any material agreement have occurred, other than as stated herein.

  e.Borrower acknowledges that this modification does not guarantee any modification beyond this modification of Borrower’s obligations as detailed herein, and any such additional modification is subject to Lender’s written approval, in Lender’s sole discretion.

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  4.Additional Amendment to Loan Documents.  For avoidance of doubt, the Financial Covenants section in the Loan Agreement is hereby rewritten for clarity to the parties hereto that there are two categories of Financial Covenants, one is meant to resize the Loan, meaning used to calculate the maximum Loan amount at such date of determination, as determined by Lender in its sole discretion, and the others are to be maintained during the term of the Loan.  The Loan Documents are hereby modified as follows:

  a.Financial Covenants.  Page 3 of the Loan Agreement commencing at “The following financial covenants to be tested quarterly” through 
“Initial” on the same page of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

  “The following financial covenants shall be tested quarterly by Lender, in its sole discretion:

   

  Financial Covenants: 

   

  Equity and Liquidity: Borrower shall maintain  Equity (as defined below) of at least $25,000,000, and on its balance sheet Total Liquidity (as defined below) of at least $3,000,000. 

  “Total Liquidity” shall mean the sum of (a) cash, plus (b) cash equivalents, plus (c) remaining availability on the subject line of credit.

  “Equity” shall mean GAAP Total stockholder’s equity

   

  Debt to Equity Ratio: Borrower shall maintain a Debt to Equity Ratio that does not exceed .75x (calculated as Total Debt / Equity).  

  “Total Debt” shall mean total outstanding debt.

   

  Out of Debt Covenant: Borrower shall pay down the outstanding balance of the Loan to $5,000,000 for at least 30 days in a calendar year (non-consecutive).

   

  Dividends: Borrower shall not distribute any dividends during the term of the Loan, without Lender’s prior written approval.

   

  Banking Relationship: Borrower shall move one hundred percent (100.0%) of its primary banking relationship with Lender. Borrower shall maintain its primary demand deposit account (the account into which substantially all of Borrower’s receipts from operations are deposited and from which substantially all of Borrower’s disbursements are made) with Lender. Unless otherwise approved by Lender (which approval Lender shall not unreasonably withhold, condition or delay), Borrower and its subsidiaries shall maintain their primary demand deposit account relationship with Lender. 

   

  Financial Covenants Sizers. 

  The following financial covenants determine the maximum Loan Amount (individually, a “Sizer”, collectively the “Sizers”):

   

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  Debt to Current Asset Ratio: Borrower shall maintain a Total Debt to Total Current Assets (as defined below) ratio equal to or less than .75x.

  “Total Current Assets” shall mean the sum of (a) cash and equivalents, plus (b) account receivables, plus (b) inventory, plus (d) other current assets.

  Debt Service Coverage Ratio: Borrower shall maintain Debt Service Coverage Ratio (“DSCR”) of at least 1.30x (calculated as trailing 12-month EBITDA (as defined below) / company-wide trailing 12-month Debt Payments (as defined below)). 

  “EBITDA” shall mean the total earnings before interest taxes depreciation and amortization as reported in the borrower’s public SEC filings (i.e., 10-Q and 10-K), unadjusted.

  “Debt Payments” shall mean the sum of (a) the assumed debt service on the subject line calculated at the balance of $10,000,000, at the then-current interest rate due under the Note, and for the following amortization periods seven (7) years during year one (1), and five (5) years for the remainder of the term, plus (b) current portion of outstanding long-term debt of Borrower (not including the debt included in (a)), plus (c) interest expenses paid by the Borrower (not including that included in (a)).

   

  Debt to EBITDA Ratio: For year one (1) of the Loan term, Total Debt shall not exceed 2.5 times the trailing 12-month EBITDA. For year two (2) of the Loan term, and each year thereafter, Total Debt shall not exceed 2.0 times the trailing 12-month EBITDA.

   

  For avoidance of doubt, Lender shall use the Sizers to determine the then maximum Loan Amount (the “New Maximum Loan Amount”) at the then applicable calculation date, meaning that the New Maximum Loan amount shall reflect the amount of debt that could be supported by any given Sizer.  In the event the then outstanding Loan Amount exceeds the New Maximum Loan Amount, Borrower shall pay down the Loan in the amount equal to the then outstanding Loan Amount, minus the New Maximum Loan Amount (the “Required Paydown”).  Borrower shall pay to Lender the Required Paydown within three (3) days of Lender’s request.

   

  For illustrative purposes only, if Borrower does not meet the DSCR with $10,000,000.00 in trailing 12-month Debt Payments based on Borrower’s trailing 12-month EBITDA, then the maximum Loan Amount must be reduced to the amount that the trailing 12-month EBITDA could support at a DSCR of 1.30x.  

   

   

  b.Name change of Equity Partners HG LLC.  Effective August 1, 2021, Equity Partners HG LLC, changed its name to Heritage ALT LLC.  Accordingly, all references in the Loan Documents to Equity Partners HG LLC, are replaced with Heritage ALT LLC.

  c.From and after the Reference Date, any references in any Loan Documents to any of the Loan Documents shall mean such Loan Document, as modified by this Agreement.

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  5.No Other Modifications. Except as amended and/or modified by this Agreement, all of the obligations and other terms of the Existing Loan Agreement and other Loan Documents shall remain in full force and effect, unaltered and unchanged by this Agreement.  

  6.Conditions Precedent to Loan Modification.  The obligation of Lender to give effect to the modifications set forth herein is subject to the satisfaction of each of the following conditions precedent:

  a.Borrower as necessary and appropriate, shall execute, acknowledge and deliver to Lender: (i) such duly adopted consents and/or resolutions of Borrower and of such other entities as Lender may require, and naming the person(s) authorized to execute this Agreement on behalf of each such entity; and (ii) any further and additional documents as Lender may determine to be necessary or appropriate, including, without limitation, such documents as may be necessary or appropriate to insure the proper attachment, perfection and priority of Lender’s security interest in the Collateral.

  b.Intentionally Omitted;

  c.The representations and warranties contained in this Agreement, the Existing Loan Agreement and the other Loan Documents shall be true and correct, in all material respects, as of the effective date of this Agreement; and

  d.Lender shall be satisfied, in its sole discretion, that after giving effect to this Agreement no Event of Default shall exist and no event, circumstance or condition shall exist which, with notice or passage of time or both would be an Event of Default.

  7.Release of Claims by Borrower.  Except as expressly set forth herein, Borrower on its own behalf and on behalf of each of its respective agents, employees, representatives, affiliates, predecessors-in-interest, heirs, successors, and assigns (such persons and entities other than Borrower are referred to collectively as the “Other Releasors”), releases, discharges and acquits Lender and each of its assignees, members, investors and participants (if any), and each of its respective officers, directors, shareholders, agents, employees, affiliates, successors, and assigns (collectively, the “Released Parties”), of and from any and all rights, claims, demands, obligations, liabilities, indebtedness, breaches of contract, breaches of duty or any relationship, acts, omissions, misfeasance, malfeasance, causes of action, promises, damages, costs, losses and expenses of every kind, nature, description or character which exist or which could or may be claimed to exist, whether known or unknown, suspected or unsuspected, liquidated or unliquidated, claimed or unclaimed, whether based on contract, tort, breach of any duty, or other legal or equitable theory of recovery, each as though fully set forth herein at length (collectively, the “Claims”), which in any way arise out of, are connected with or relate to any or all of the following, existing or occurring as of or prior to the execution of this Agreement: (a) the Loan or the administration of the Loan, as well as any action or inaction of the Released Parties or any of them with respect to the Loan or the administration thereof; (b) any or all of the transactions which are the subject of or contemplated by any or all of the Loan Agreement or other Loan Documents; (c) the Collateral; or (d) any fact, matter, transaction or act or omission by any or all of the Released Parties and relating to the Loan, the Loan Documents, or the Collateral.

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  a. Waiver.  As to all matters being released by Borrower pursuant to this Section 7, Borrower, on its own behalf and on behalf of each of its respective Other Releasors, expressly waive any and all rights under Section 1542 of the California Civil Code and any and all rights under any similar statute, rule or regulation of any state or territory of the United States, and any and all rights under any similar statute, rule or regulation of the United States or any of its agencies.  Section 1542 of the California Civil Code provides as follows:

  “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THIS RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

  b.No Assignment.  Borrower, on its own behalf and on behalf of each of its respective Other Releasors, warrant and represent to Lender that Borrower and the Other Releasors have not sold, assigned, transferred, conveyed or otherwise disposed of any Claims that are the subject of this Section.

  c.Discovery of Unknown or Different Facts.  Borrower on its own behalf and on behalf of each of its respective Other Releasors, acknowledge and agree that the facts with respect to which the release of Claims contained in this Section is executed may hereafter be found to be different from the facts now believed by Borrower to be true, and Borrower on its own behalf and on behalf of each of their respective Other Releasors, expressly accept and assume the risk of such possible differences and agree that the release of Claims contained in this Section shall be and remain effective notwithstanding such differences in facts.  

  8.Intentionally Omitted.

  9.Effect of Agreement.  All of the representations, warranties, terms, and conditions of the Loan Documents remain unaltered and in full force and effect in accordance with their respective terms.  Borrower acknowledges that it has consulted with counsel and such other experts and advisors as they deem necessary in connection with the negotiation, execution and delivery of this Agreement, or have had an opportunity to so consult and have knowingly chosen not to do so.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, their respective successors and assigns.  No other person shall be entitled to claim any right or benefit hereunder, except the parties hereto.

  10.Severability.  In case any provision of this Agreement shall be invalid, illegal, or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  11.Counterparts; Validity.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument.  The failure of any party to execute this Agreement shall have no effect on its validity or enforceability as to or among the other parties.

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  12.Entire Agreement.  This Agreement and the Loan Documents are intended by the parties as the final expression of their agreement and therefore contain the entire agreement between the parties and supersede all prior understandings or agreements concerning the subject matter hereof.  This Agreement may only be amended in a writing signed by Lender and Borrower.

   

  [Remainder of page intentionally left blank; signature page follows]

   

   

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

  			
	BORROWER:
 
Heritage Global Inc., 
a Florida corporation
 
By: /s/ James Sklar  
Name: James Sklar
Its: Executive Vice President, General Counsel and Secretary
 
 
EPGH:
 
Heritage ALT LLC, a Delaware limited liability company
 
 
By:  /s/ James Sklar  
Name: James Sklar
Its: Executive Vice President, General Counsel and Secretary
 
 
	 
	LENDER:
 
C3bank,
National Association
 
 
By:  /s/ Andrew Meitzen
Name: Andrew Meitzen
Its: SVP/Chief Credit and Risk Officer
 

	 
	 
	 

   

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