Document:

Document

SIXTH AMENDMENT TO FORBEARANCE AGREEMENT

          This Sixth Amendment to Forbearance Agreement (“Agreement or “Sixth Amendment”) is made this 11th day of March, 2022, effective as of March 11, 2022, by and between UNIQUE FABRICATING NA, INC., a Delaware corporation (“US Borrower”), and UNIQUE-INTASCO CANADA, INC., a corporation organized under the laws of the province of British Columbia (“CA Borrower”, called together with US Borrower, the “Borrowers” and each of them referred to herein as a “Borrower”), UNIQUE FABRICATING, INC., a Delaware corporation (“Parent”), UNIQUE-CHARDAN, INC., a Delaware corporation, UNIQUE MOLDED FOAM TECHNOLOGIES, INC., a Delaware corporation, UNIQUE PRESCOTECH, INC., a Delaware corporation, UNIQUE FABRICATING REALTY, LLC a Michigan limited liability company, UNIQUE FABRICATING SOUTH, INC., a Michigan corporation, and UNIQUE-INTASCO USA, INC., a Michigan corporation (each a “Guarantor” and collectively the “Guarantors”), the financial institutions signatory hereto (individually a “Lender,” and collectively the “Lenders”), and CITIZENS BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Lenders (in such capacity, the “Agent”).

RECITALS:

Borrowers, Agent and the Lenders are party to an Amended and Restated Credit Agreement dated November 8, 2018, as amended by a Waiver and First Amendment to Credit Agreement and Loan Documents dated May 7, 2019, a Second Amendment to Credit Agreement and Loan Documents dated June 14, 2019, a Third Amendment to Credit Agreement and Loan Documents dated June 28, 2019, a Waiver and Fourth Amendment to Credit Agreement and Loan Documents dated July 16, 2019, a Fifth Amendment to Credit Agreement dated August 7, 2019, a Sixth Amendment to Credit Agreement dated April 3, 2020, a Seventh Amendment to Credit Agreement dated April 23, 2020 and an Eighth Amendment to Credit Agreement dated August 7, 2020 (as so amended and further amended by the Forbearance Agreement, as amended, the “Credit Agreement”), pursuant to which the Lenders have made certain Loans available to the Borrowers.

The Loans and the Borrowers’ obligations under the Credit Agreement are secured by, among other documents and instruments: (i) a first priority all-assets security interest granted by the US Borrower and the Guarantors to Agent pursuant to the terms and conditions of the Security Agreement dated April 29, 2016 as affirmed by a Consent and Reaffirmation of Security Agreement dated November 8, 2018 (the “Security Agreement”); (ii) a first priority all- assets security interest granted by the CA Borrower to Agent pursuant to the terms and conditions of the Security Agreement dated April 29, 2016 as affirmed by a Consent and Reaffirmation of Security Agreement dated November 8, 2018 (the “CA Security Agreement”); and (iii) the absolute and unconditional, joint and several Continuing Agreement of Guaranty and Suretyship dated April 29, 2016 of US Borrower and Guarantors, as affirmed by a Consent and Reaffirmation of, and Amendment to, Continuing Agreement of Guaranty and Suretyship dated November 18, 2018 (collectively the “Guaranty”).

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As a result of Specified Defaults, the Obligors and the Lenders entered into a Forbearance Agreement dated April 9, 2021 pursuant to which, the Lenders agreed to forbear on a limited basis from exercising their rights because of the Specified Defaults. The Obligors subsequently requested that the Agent and Lenders extend the Forbearance Period. Accordingly, the Obligors, Agent and Lenders entered into a First Amendment to Forbearance Agreement dated June 14, 2021 (the “First Amendment”). The Obligors then requested that the Lenders and Agent agree to certain further amendments to the Forbearance Agreement in connection with the issuance by the Borrower of additional equity securities. Accordingly, the Borrower and Agent, and Lenders entered into a Second Amendment to Forbearance Agreement dated September 21, 2021 (the “Second Amendment”). Subsequently a Specified Forbearance Termination Event occurred in that the Borrowers failed to meet the required Minimum Consolidated EBITDA Covenant set forth in Section 7(d) of the Credit Agreement. As a result, the Obligors requested that the Lenders forbear with respect to the Specified Forbearance Termination Event in addition to the Specified Events of Default and requested certain other modifications to the Forbearance Agreement. Accordingly, the Obligors, Lenders and Agent entered into a Third Amendment to Forbearance Agreement dated December 9, 2021 (the “Third Amendment”). Subsequently, a Second Specified Forbearance Termination Event occurred under the Forbearance Agreement in that the US Borrower failed to meet the minimum Liquidity for the period ended December 31, 2021. As a result, the Obligors requested that the Agent and Lenders waive US Borrower’s failure to meet the required minimum Liquidity for the period ended December 31, 2021. Accordingly, the Obligors, Lenders and Agent entered into a Fourth Amendment to Forbearance Agreement dated February 4, 2022 (the “Fourth Amendment”). Obligors requested that the Agent and Lenders extend the Forbearance Period from February 28, 2022 to March 11, 2022. Agent and Lenders were willing to do so. Accordingly, the Obligors, Agent and Lenders entered into a Fifth Amendment to Forbearance Agreement dated effective as of February 28, 2022 (the “Fifth Amendment”). Unless otherwise stated, all references herein to the Forbearance Agreement shall be to the Forbearance Agreement. as amended.

The Obligors now have requested that the Agent and Lenders extend the Forbearance Period from March 11, 2022 to May 30, 2022. The Agent and Lenders are willing to do so on the terms and conditions in this Sixth Amendment.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged the Obligors, Agent and Lenders hereby agree as follows:

1.RECITALS. The foregoing recitals of facts are true and accurate in all material respects and are incorporated into this Agreement and shall form a part of it. Capitalized terms used herein, but not defined herein, shall have the meaning ascribed to them in the Credit Agreement or the Forbearance Agreement, as applicable. “Forbearance Agreement” means the Forbearance Agreement dated April 9, 2021, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and this Sixth Amendment.

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2.PRECONDITIONS TO EFFECTIVENESS OF AGREEMENT. The effectiveness of the terms and provisions of this Agreement shall be subject to:

a.the receipt by the Agent of each of the following, in form and substance satisfactory to the Agent:

i.an original of this Agreement, duly authorized, executed and delivered by each of the Obligors;

ii.a certificate from an authorized officer of each Obligor that is not a natural person certifying, among other things, that attached are true and correct copies of: (i) a resolution of each Obligor authorizing the execution, delivery and performance of this Agreement, and the other documents and certificates to be delivered in connection herewith and (ii) the names, incumbency and certified signatures of those persons authorized on behalf of each Obligor to sign this Agreement and the other documents and certificates to be delivered in connection herewith;

iii.Obligors’ payment of all outstanding attorneys’ fees and expenses of counsel and financial advisors for the Agent and Lenders and all other fees and expenses payable pursuant to the Credit Agreement;

iv.Payment by the Obligors of all interest accrued but unpaid on the Loan, if any, any unpaid regularly scheduled principal payments required under the Loan Documents, if any; and

v.all financial information and financial reports due pursuant to the terms of the Loan Documents, or otherwise requested by the Agent in connection with the negotiation and preparation of this Agreement.

b.The occurrence of no other Default under the Loan Documents as of the date hereof (other than the Specified Defaults and the Specified Forbearance Termination Event).

3.ACKNOWLEDGMENT OF DEFAULT. Obligors hereby acknowledge, agree, and confirm that they are in default of their obligations under the Loan Documents because of the Specified Defaults and the Specified Forbearance Termination Event. Obligors further hereby acknowledge, confirm, and agree that as of the close of business on March 8, 2022, Obligors are indebted to the Lenders in respect of the Loans (including PIK interest), as follows:

a.With respect to the Revolving Credit and Swing Line Loan, the combined outstanding principal amount of Sixteen Million Sixty-Five Thousand One Hundred Ninety-Five and 45/100 ($16,065,195.445) Dollars, plus accrued and 
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unpaid interest in the combined amount of One Hundred Twenty-Seven Thousand Thirty-Two and 39/100 ($127,032.39) Dollars; and

b.With respect to the US Term Loan, the outstanding principal amount of Twenty Million Five Hundred Eight-Four Thousand Four Hundred Two and 93/100 ($20,584,402.93) Dollars, plus accrued and unpaid interest in the amount of Twenty-Eight Thousand Three Hundred Three and 56/100 ($28,303.56) Dollars; and

c.With respect to the CA Term Loan, the outstanding principal amount of Seven Million Five Hundred Twenty-Eight Thousand Four Hundred Ninety-Eight and 00/100 ($7,528,498.00) Dollars, plus accrued and unpaid interest in the amount of Ten Thousand Three Hundred Fifty-One and 69/100 ($10,351.69) Dollars; and

d.With respect to the CAPEX Loan, the outstanding principal amount of One Million Sixty-Seven Thousand Nine Hundred Forty-Five and 42/100 ($1,067,945.42) Dollars, plus accrued and unpaid interest in the amount of One Thousand Four Hundred Sixty-Eight and 99/100 ($1,468.99) Dollars.

4.FORBEARANCE PERIOD EXTENSION. The Forbearance Period set forth in Section 9 of the Forbearance Agreement is hereby extended from March 11, 2022 to May 30, 2022.

5.WEEKLY STATUS UPDATES. Commencing on March 16, 2022, and on each Wednesday thereafter during the Forbearance Period, in addition to Borrowers’ other reporting obligations under the Forbearance Agreement and other Loan Documents, the Borrowers shall provide the Agent and Lenders with a written status report on the financial condition, operating performance, and business operations, of the Obligors and development and implementation of process improvement actions contemplated by the Obligors to improve their financial and operational performance. Commencing March 17, 2022 and on each Thursday thereafter during the Forbearance Period, at a time acceptable to the Agent and Lenders, the Obligors shall convoke a conference telephone call (or other electronic communication meeting) with the Lenders and Financial Advisor to discuss such status report.

6.CASH FLOW.

a.Section 6(b) of the Third Amendment is hereby deleted and replaced with the following:

"(b)  Commencing with Wednesday, March 9, 2022 and on each Wednesday of each successive week through and including the week beginning May 30, 2022, the Obligors shall provide to the Agent a comprehensive statement of actual cash flow of the Obligors for the immediately preceding week (the “Cash Flow Statements”) and on a cumulative to-date basis from the period beginning February 14, 2022 through the end of such preceding week, said Cash Flow 
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Statements shall be prepared in a manner and form acceptable to Agent, on a consistent basis and include therewith a comparison of actual cash flow versus the projected cash flow according to the Projections, on a cumulative basis and for the preceding week, and an explanation of any significant deviations from the Projections;”

b.Section 7 of the Third Amendment is hereby deleted and replaced with the following:

The Obligors’ actual cumulative total cash disbursements reflected on the Cash Flow Statements shall not exceed the projected total cash disbursements for the same cumulative period as set forth on the cash projection schedule attached hereto as Exhibit A (the “Projections) by more than 15% at any time during the Forbearance Period. The foregoing covenant shall be tested weekly on a rolling basis during the Forbearance Period commencing March 9, 2022.

c.Exhibit A of the Third Amendment is hereby deleted and replaced with Exhibit A, attached hereto.

7.AGENT CONSULTANT. Counsel for the Agent and Lenders shall re-engage CM (as defined in the First Amendment to Forbearance Agreement), now known as Riveron RTS, LLC, as a financial consultant to counsel to assist counsel with its representation of the Agent and Lenders. The fees and expenses of the Financial Advisor shall be a reimbursable out-of-pocket expense of counsel and the Lenders and payable by the Obligors in accordance with the Credit Agreement and Section 15(b) of this Sixth Amendment.

8.BINDING EFFECT OF DOCUMENTS. Each Obligor hereby acknowledges, confirms and agrees that: (a) each of the Loan Documents, including the Forbearance Agreement, to which it is a party has been duly executed and delivered to the Agent or Lenders, as applicable by Obligors, and each is in full force and effect as of the date hereof (except to the extent any provision is superseded hereby), (b) the agreements and obligations of Obligors contained in such documents and in this Agreement constitute the legal, valid and binding obligations of Obligors, enforceable against them in accordance with their respective terms, and Obligors have no valid defense to the enforcement of such obligations, and (c) the Agent and Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and applicable law.

9.ACKNOWLEDGMENT RESERVATION OF RIGHTS. Obligors hereby acknowledge that the Agent, on behalf of the Lenders, is free to exercise its rights and remedies under the Loan Documents, applicable law or otherwise including acceleration of the Indebtedness as all such Indebtedness is payable on demand or subject to acceleration by reason of the Specified Defaults and the Specified Forbearance Termination Event. The Lenders have not waived, presently do not intend to waive and may never waive any or all remedies or prior acceleration and nothing contained herein or the transactions 
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contemplated hereby shall be deemed to constitute any such waiver, but the Agent and Lenders agree to forbear during the Forbearance Period from exercising their rights and remedies as a result of the Specified Defaults and the Specified Forbearance Termination Event so long as Obligors observe and perform each and every term, covenant and condition of the Forbearance Agreement.

10.REPRESENTATIONS, WARRANTIES AND COVENANTS. Obligors acknowledge and agree that each of the representations, warranties, waivers, and covenants made by or on behalf of any Obligor to the Agent or Lenders or undertaken by any Obligor to the Agent or Lenders Bank in the Forbearance Agreement are hereby restated, ratified and affirmed as of the date of this Agreement as if fully and completely restated herein.

11.NO NOVATION OR IMPAIRMENT OF SECURITY. As amended by the Forbearance Agreement, all the terms, covenants, conditions and warranties of the Credit Agreement and other Loan Documents shall continue in full force and effect. Neither this Sixth Amendment, nor the Forbearance Agreement nor any of the other amendments to the Loan Documents through the date hereof is intended to be and shall not constitute a substitution or novation of the Credit Agreement or of any of the other Loan Documents. Nothing contained in this Sixth Amendment nor any prior amendment of the Loan Documents shall (a) be construed as (i) invalidating or releasing any security or collateral now or hereafter held by Lenders for the Loan, or (ii) giving any person, other than the parties hereto, any right, remedy or claim under or in respect of this Sixth Amendment or any of the other Loan Documents, nor (b) impair the priority or perfection of the liens, rights or security interests in favor of Agent or Lenders under any of the Loan Documents.

12.RELEASE.

a.In consideration of Agent’s and Lenders’ agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Obligors, on behalf of themselves and each of their officers, employees, present and former shareholders, attorneys, agents, affiliates, subsidiaries, divisions, predecessors, successors, assigns, anyone acting on their behalf and other legal representatives (collectively referred to hereinafter as the “Releasors”), hereby absolutely, unconditionally and irrevocably release, remise and forever discharge Agent, each Lender and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, advisors, employees, agents and other representatives (collectively hereinafter referred to as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any or all of 
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the Releasors may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Agreement, including, without limitation, for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, the other Loan Documents, any of the Mortgage Documents or this Agreement or transactions thereunder or related thereto.

b.Obligors understand, acknowledge and agree that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

c.Obligors agree that no fact, event, circumstance, evidence, or transaction which could now be asserted, or which may hereafter be discovered shall affect in any manner the final, absolute, and unconditional nature of the release set forth above.

13.COVENANT NOT TO SUE. Releasors hereby absolutely, unconditionally and irrevocably, covenant and agree with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by Obligors pursuant to Section 12 above. If any or all of the Releasors violate the foregoing covenant, each Obligor and each of their successors, assigns and legal representatives, agree to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys' fees and costs incurred by any Releasee as a result of such violation.

14.INDEMNIFICATION. Each Obligor agrees to indemnify and hold Agent and each Lender and each of their directors, officers, employees, agents (including attorneys and other professionals providing advice in connection herewith) and Affiliates (each, an “Indemnified Person”) harmless from and against any and all claims, losses, damages, obligations, liabilities, penalties, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) of any kind or nature whatsoever, whether direct, indirect or consequential (collectively, “Indemnified Costs”), that may at any time be imposed on, incurred by or asserted against any such Indemnified Person as a result of, arising from or in any way relating to the preparation, execution, performance or enforcement of this Agreement or any agreements prepared, negotiated, executed or delivered in connection with the transactions contemplated hereby or any action, suit or proceeding (including any inquiry or investigation) by any Person, whether threatened or initiated, related to any of the foregoing, and in any case whether or not such Indemnified Person is a party to any such action, proceeding or suit or a subject of any such inquiry or investigation. All the foregoing Indemnified Costs of any Indemnified Person shall be paid or reimbursed jointly and several by the each of the Obligors, as and when incurred and upon demand.

15.FEES AND EXPENSES.
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a.As consideration for the agreements contained herein, the Obligors shall pay to Agent for the ratable benefit of the Lenders consenting to and executing this Amendment a fee in the amount equal to forty (40) basis points of the outstanding amount of the Loans, to wit: One Hundred Eighty Thousand Nine Hundred Eighty-Four and 16/100 ($180,984.16) Dollars, which fee is deemed earned and when paid is non-refundable. The Extension Fee shall be paid in two installments, the first of which in the amount of Ninety Thousand Four Hundred Ninety-Two and 08/100 ($90,492.08) Dollars shall be paid simultaneously with the execution of this Agreement, and the second of which in the amount of Ninety Thousand Four Hundred Ninety-Two and 08/100 ($90,492.08) Dollars shall be paid on or before the expiration of the Forbearance Period.

b.As additional consideration for the agreements contained herein, the Obligors absolutely and unconditionally agree to reimburse the Agent and Lenders, on demand at any time and as often as the occasion therefore may require, whether or not all or any of the transactions contemplated by this Agreement are consummated, all fees, costs, expenses and disbursements of the Agent and Lenders and any counsel, appraiser or financial consultant to any of them, if any, including the fee and expenses of Riveron RTS, LLC and the internally allocated cost of in-house counsel, in connection with the preparation, negotiation, execution, or delivery of this Agreement and administration of the Loan and any agreements delivered in connection with the transactions contemplated hereby and expenses which shall at any time be incurred or sustained by Agent as a consequence of or in any way in connection with the preparation, negotiation, execution, or delivery of this Agreement or the administration of the Loan and the enforcement, attempted enforcement or preservation of any rights or remedies under this Agreement, any of the Loan Documents and any agreements prepared, negotiated, executed or delivered in connection with the transactions contemplated hereby. Such fees and expenses shall constitute additional Indebtedness under the Loan Documents until paid notwithstanding any failure by the Obligors to comply with any other term of this Agreement. Upon the occurrence of a Forbearance Termination Event all unreimbursed expenses outstanding shall be paid forthwith by the Obligors.

16.MISCELLANEOUS.

a.Effect of this Agreement. This Agreement and the Loan Documents constitute and embody the entire agreement between the parties as to the Loans and the temporary forbearance contemplated by the Forbearance Agreement. Except as specifically set forth herein, no changes or modifications to the Loan Documents are intended or implied. To the extent of conflict between the terms of this Agreement and the other Loan Documents, the terms of this Agreement shall control. The parties acknowledge and agree that there are no agreements, 
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understandings, warranties, or representations among and between the parties except as set forth in this Agreement and the Loan Documents

b.Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may be necessary or desirable to effectuate the provisions and purposes of this Agreement.

c.Binding Effect. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns. Neither Borrowers nor any Guarantor shall assign any interest in this Agreement.

d.Survival of Representations and Warranties. All representations and warranties made in this Agreement or any other document furnished in connection with this Agreement shall survive the execution and delivery of this Agreement and the other documents, and no investigation by the Agent or any Lender or any closing shall affect the representations and warranties or the right of the Agent and Lenders to rely upon them.

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

f.Time of Essence. Time is of the essence with respect to Obligors’ obligations under this Agreement.

g.Reviewed by Attorneys. Each Obligor represents and warrants to the Lenders that it (a) understands fully the terms of this Agreement and the consequences of the execution and delivery of this Agreement, (b) has been afforded an opportunity to have this Agreement reviewed by, and to discuss this Agreement and any documents executed in connection herewith with, such attorneys and other persons as Obligors may wish, and (c) has entered into this Agreement 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. The parties hereto acknowledge and agree that neither this Agreement nor 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 Agreement and the other documents executed pursuant hereto or in connection herewith.

h.Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN, WITHOUT REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

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i.Consent to Jurisdiction and Venue. Each of the Obligors hereby irrevocably consents to the personal jurisdiction and venue of the state and federal courts located in Wayne County, Michigan, in any action, claim or other proceeding arising out of any dispute in connection with this Agreement or the Loan Documents, any rights or obligations hereunder, or the performance of such rights and obligations. Nothing in this Section shall affect the right of the Agent to serve legal process in any other manner permitted by applicable law or affect the right of the Agent to bring any action or proceeding against any of the Obligors or their properties in the courts of any other jurisdictions. Additionally, each of the Obligors, if elected by the Agent or Lenders as a remedy upon the occurrence of a Forbearance Termination Event, consent to and will refrain from interfering with the appointment of a Receiver to administer and operate any of the Obligors or any of their properties or assets.

j.Waiver of Jury Trial. EACH OF THE OBLIGORS, AGENT AND THE LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, AND AFTER AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, (A) WAIVE ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS, THE INDEBTEDNESS, ALL MATTERS CONTEMPLATED HEREBY AND DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND (B) AGREE NOT TO SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE, OR HAS NOT BEEN WAIVED. EACH OF THE OBLIGORS CERTIFIES THAT NEITHER AGENT NOR ANY LENDER NOR ANY OF THEIR REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR LENDERS WOULD NOT IN THE EVENT OF ANY SUCH PROCEEDING SEEK TO ENFORCE THIS WAIVER OR RIGHT TO TRIAL BY JURY.

k.Counterparts; Electronic Signature. 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. Delivery of an executed signature page counterpart hereof by telecopy, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic association of signatures and records on electronic platforms, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable 
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law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, any other similar state laws based on the Uniform Electronic Transactions Act or the Uniform Commercial Code, each as amended, and the parties hereto hereby waive any objection to the contrary, provided that (x) nothing herein shall require Agent to accept electronic signature counterparts in any form or format and (y) Agent reserves the right to require, at any time and at its sole discretion, the delivery of manually executed counterpart signature pages to this Agreement or any document signed in connection with this Agreement and the parties hereto agree to promptly deliver such manually executed counterpart signature pages.

l.Amendments. No change, addition to, amendment or modification of the terms of this Agreement shall be effective unless reduced to writing and executed by all the parties hereto.

m.Other Agreements. The parties understand and agree (i) that the consideration for this Agreement is contractual and not a mere recital, (ii) that neither this Agreement, nor any part thereof, shall be used or construed as an admission of liability on the part of the Agent or Lenders and that this Agreement shall not be admissible in any proceeding or cause of action as an admission of liability by the Agent or any Lender, and (iii) that this Agreement is knowing and voluntary and is executed without reliance on any statement or representation by the Agent or any Lender concerning the nature or extent of any claims, damages or legal liability therefore.

(Balance of Page Intentionally Blank)

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IN WITNESS WHEREOF, the Obligors and Lenders have executed this Sixth Amendment to Forbearance Agreement as of the day and year first-above written.

BORROWERS:

UNIQUE FABRICATING NA, INC. 

By:   /s/ Byrd Douglas Cain III                         
            Byrd Douglas Cain III
Title:    President

UNIQUE-INTASCO CANADA, INC.

By:   /s/ Byrd Douglas Cain III                          
            Byrd Douglas Cain III
Title:    President

 “Borrowers”  

UNIQUE FABRICATING, INC., a Delaware
corporation 

By:   /s/ Byrd Douglas Cain III                          
            Byrd Douglas Cain III
Title:    President

UNIQUE-CHARDAN, INC., a Delaware 
corporation, 

By:     /s/ Byrd Douglas Cain III                         
            Byrd Douglas Cain III
Title:    President

(Signatures Continued on Next Page)
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UNIQUE MOLDED FOAM TECHNOLOGIES,
 INC., a Delaware corporation, 

By:     /s/ Byrd Douglas Cain III                     
            Byrd Douglas Cain III
Title:    President

UNIQUE PRESCOTECH, INC., a Delaware 
corporation, 

By:     /s/ Byrd Douglas Cain III                       
            Byrd Douglas Cain III
Title:    President

UNIQUE FABRICATING REALTY, LLC a 
Michigan limited liability company, 

By:   /s/ Byrd Douglas Cain III                          
            Byrd Douglas Cain III
Title:    President

UNIQUE FABRICATING SOUTH, INC., a 
Michigan corporation, 

By:    /s/ Byrd Douglas Cain III                           
            Byrd Douglas Cain III
Title:    President

UNIQUE-INTASCO USA, INC., a Michigan 
corporation 

By:    /s/ Byrd Douglas Cain III                            
            Byrd Douglas Cain III
Title:    President

“Guarantors”

(Signatures Continued on Next Page)
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IN WITNESS WHEREOF, the Obligors and Lenders have executed this Sixth Amendment to Forbearance Agreement as of the day and year first-above written.

CITIZENS BANK, NATIONAL 
ASSOCIATION, as Agent and Lender

By:     /s/ Chelsea Brophy                              
            Chelsea Brophy 
Its:       Vice President

COMERICA BANK,
as Lender

By:                                                                  
            Jacob Villemure 
Its:       Vice President

FLAGSTAR BANK, FSB,
as Lender

By:     /s/ Kathryn Pothier-Hilt                         
            Kathryn Pothier-Hilt
Its:       First Vice President

KEYBANK NATIONAL ASSOCIATION,
as Lender

By:   /s/ Sally C. Barton                                     
            Sally C. Barton 
Its:       Senior Vice President
14EX-10.1

 Exhibit 10.1 

FIRST LOAN MODIFICATION AGREEMENT 

THIS FIRST LOAN MODIFICATION AGREEMENT (this “Agreement”) is entered into as of March 4, 2022 (the “Modification
Effective Date”), between REDWOOD MORTGAGE INVESTORS VIII, a California limited partnership (“Borrower”), and WESTERN ALLIANCE BANK, an Arizona corporation (“Lender”). Borrower and Lender are collectively
referred to herein as the “Parties”. 
 RECITALS 

A. Lender extended to Borrower a revolving loan (the “Loan”) in the original maximum principal amount of Ten Million and
no/100 Dollars ($10,000,000.00) pursuant to that certain Business Loan Agreement (Revolving Line of Credit and Term Loan Agreement), dated March 13, 2020 (as amended from time to time, the “Loan Agreement”), and evidenced by
that certain Promissory Note dated March 13, 2020 (as amended from time to time, the “Note”), executed by Borrower and payable to the order of Lender, in the original stated principal amount of up to Ten Million and no/100
Dollars ($10,000,000.00). 
 B. The Loan is secured by, among other things, that certain Pledge and Security Agreement, dated March 13,
2020 (the “Security Agreement”), made by Borrower in favor of Lender, which security interest is perfected by that certain UCC Financing Statement filed March 17, 2020, with the California Secretary of State, UCC Filing
No. 207768391194 (the “Financing Statement”). 
 C. The Loan is guaranteed by that certain Limited Guaranty dated
March 13, 2020 (the “Guaranty”), executed by Michael R. Burwell, an individual (“Guarantor”), in favor of Lender. 

D. The Note, Loan Agreement, Security Agreement, Financing Statement, Guaranty and all other agreements, documents, or instruments originally
evidencing, governing, securing, pertaining to, guaranteeing or otherwise relating to the Loan, as amended from time to time, are herein referred to as the “Loan Documents”. 

E. Borrower has requested that Lender modify the Loan and the Loan Documents as provided in this Agreement, and the Lender has agreed to such
modifications, subject to, and conditioned upon, the terms and conditions set forth herein. 
 F. Capitalized terms used in this Agreement
and not otherwise specifically defined shall have the meaning assigned to such terms in the Loan Documents. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the Recitals set forth above which are incorporated herein by reference, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 1. Acknowledgement of Debt.
Borrower declares and acknowledges, for the specific reliance and benefit of Lender that, as of the Modification Effective Date, (a) Borrower has no right, claim, defense or right of offset of any kind or in any amount with respect to this
Agreement, the Note, the Loan Agreement or any of the other Loan Documents, and (b) no amounts required to be paid by Borrower to Lender in connection with the execution and delivery of this Agreement shall be applied to or set off against the
principal balance of the Note. 

 2. Consent to Modification. In reliance upon the representations, warranties and covenants set forth
herein by Borrower, but subject to the satisfaction of the conditions in Section 5 below, Lender hereby consents to this Agreement as of the Modification Effective Date. Lender’s consent to this Agreement is not intended to be, and shall
not be construed as, a consent to any subsequent request or action which requires Lender’s consent pursuant to the terms of the Loan Documents. 
 3.
Borrower’s Reaffirmation of Obligations. As of the Modification Effective Date, Borrower hereby unconditionally confirms, ratifies and reaffirms the Loan and all of Borrower’s obligations under the Loan Agreement and all of the
other Loan Documents, as modified by this Agreement, and agrees to continue to keep, observe and comply with all covenants, obligations, terms and conditions therein. Borrower hereby confirms, ratifies and reaffirms, as of the Modification Effective
Date, all of the representations, warranties and covenants of Borrower contained in the Loan Documents, except to the extent expressly relating to a specific date. 

4. Modification of the Loan and Loan Documents. Subject to the satisfaction of all conditions set forth in Section 5 of this Agreement, as of the
Modification Effective Date, the Loan Documents will be modified and amended as follows: 
 4.1 Modifications of the Loan Agreement:

 (a) Exhibit E to the Loan Agreement is hereby amended and restated in its entirety with Schedule 1 attached hereto. 

(b) The definition of “Collateral Loan Note” in Section 1 of the Loan Agreement is hereby amended and restated in its entirety
as follows: 
 “‘Collateral Loan Note’ means the promissory note executed or to be executed by each Collateral Loan Obligor
to evidence a Collateral Loan, or a lost Note affidavit, in each case in form and content satisfactory to Lender in its reasonable opinion and judgment.” 

(c) The definition of “Commitment Term” in Section 1 of the Loan Agreement is hereby amended by replacing “March 13,
2022” with “March 13, 2024.” 
 (d) The definition of “Maturity Date” in Section 1 of the Loan Agreement is
hereby amended by replacing “March 13, 2022” with “March 13, 2024.” 
 (e) Section 4.1.2 of the Loan Agreement is hereby
amended by replacing “March 13, 2023” with “March 13, 2026.” 
 (f) Section 4.12 of the Loan Agreement is hereby amended
by replacing “March 13, 2023” with “March 13, 2026.” 

  
 2 

 (g) Section 6.5.7 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “6.5.7 Borrower shall cause Guarantor to furnish to Lender copies of all signed income tax returns (with all forms K-1 attached), together with any extensions, if applicable, of Guarantor within thirty (30) days after they are filed with the relevant taxing authorities, but in no event later than May 15 of each
calendar year; provided that, if Guarantor successfully obtains an extension, Borrower shall cause Guarantor to deliver a copy of such extension to Lender no later than May 15 of such calendar year and copies of all signed income tax returns
will thereafter be delivered to Lender within thirty days after they are filed with the relevant taxing authorities, but in no event later than November 15 of such calendar year. All such tax returns shall be prepared by an independent
certified public account acceptable to Lender and Guarantor in their reasonable discretion;” 
 (h) Section 9.15.1 of the Loan
Agreement is hereby amended and restated in its entirety as follows: 
 “9.15.1 All reasonable, third party attorneys’ fees and out-of-pocket expenses incurred by Lender in connection with the negotiation, preparation, execution, delivery, and administration of this Agreement and any other Loan
Document and any matter related thereto, including, but not limited to, any appraisal (including, the Appraisal) of the Collateral, and appraisal reviews of the Collateral (provided such review fees shall not exceed (a) $150.00 for a single-family
loan of up to four (4) units; and (b) $1,500.00 for all other commercial real estate loans, as applicable), as well as any Phase I, and if indicated, a Phase II environmental survey by a qualified environmental engineer indicating an absence of
environmental concerns in regard to the Underlying Collateral, satisfactory to Lender and its counsel;” 
 4.2 Modifications of the
Loan Agreement and the Guaranty: 
 (i) The notice addresses of Lender set forth in Section 9.4 of the Loan Agreement and
Section 13 of the Guaranty are hereby amended to read as follows: 
  

			
	 “To Lender:
	  	 WESTERN ALLIANCE BANK
 2701 East Camelback Road
Suite 110
 Phoenix, Arizona 85016
 Attn: Note Finance Dept.

Email: notefinancing@westernalliancebank.com

  
 3 

			
		  	  
 docs@westernalliancebank.com

		
	 With a copy to:
	  	 Ballard Spahr LLP
 One Summerlin, 1980 Festival
Plaza Drive, Suite 900
 Las Vegas, NV 89135
 Attn: Bruce F.
Johnson, Esq.
 Email: johnsonbf@ballardspahr.com”

 4.3 Modifications of the Note: 

(a) The “Maturity Date” as defined in the paragraph of the Note entitled “MATURITY DATE” is hereby amended by replacing
“March 13, 2022” with “March 13, 2024.” 
 (b) The paragraph of the Note entitled “INTEREST RATE” and the
paragraph immediately following such paragraph are hereby amended and restated in their entirety as follows: 
 “INTEREST RATE.
Except as provided in Section 4 below, the principal balance outstanding hereunder from time to time shall bear interest at the Note Rate. The Note Rate shall be equal to the greater of: (i) Ameribor Rate plus three
and one-quarter percent (3.25%), which interest rate shall change when and as the Ameribor Rate changes; or (ii) five percent (5.00%) per annum (the “Floor”). “Ameribor
Rate” means the 30 day American Interbank Offered Rate Term-30 Index (“Ameribor”) which is published for loans in United States Dollars by the American Financial Exchange and is
obtained by Lender from Bloomberg Financial Services Systems with the code AMBOR30T (or, if no longer available, any similar or successor publication selected by Lender). The Ameribor Rate shall initially be determined on the date of this Note and
shall thereafter be adjusted monthly on the first day of each calendar month to be the Ameribor determined by Lender to be in effect on such date. If Lender determines (which determination shall be conclusive absent manifest error) that either of
the following has occurred: (i) Ameribor ceases to exist or is no longer available; or (ii) a public announcement by the regulatory supervisor for the administrator of Ameribor, or a determination made by Lender, that Ameribor is no longer
representative, then commencing on the next reset date, the interest rate hereunder shall be replaced with such alternate base rate and spread (collectively, “Benchmark Replacement”) as Lender determines in its sole discretion to be
most comparable to the then-current interest rate. If the Benchmark Replacement as determined pursuant to this paragraph would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Note and the
other Loan Documents. 

  
 4 

 In connection with the implementation of a Benchmark Replacement, Lender 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 Borrower. “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes, such as changes to the
definitions of “Business Day,” “Interest Period,” or timing and frequency of determining rates and making payments of interest, that Lender decides may be appropriate to reflect the adoption and implementation of such Benchmark
Replacement and to permit the administration thereof in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any portion of such market practice is not administratively feasible or if Lender determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Lender decides is reasonably necessary in connection with the administration of this Note and the other Loan
Documents).” 
 (c) The second, third and fourth paragraphs of the section of the Note entitled “PRINCIPAL AND INTEREST
PAYMENTS” are hereby amended and restated in their entirety as follows: 
 “In the event the Loan is converted to the Term Loan
pursuant to Section 4.12 of the Loan Agreement, then: 
 (a) Commencing on April 1, 2024, and continuing on the same day of each
and every calendar month thereafter until the Maturity Date (as extended pursuant to Section 4.12 of the Loan Agreement), Borrower shall pay to Lender monthly installment payments of principal and interest in an amount sufficient to fully
amortize the outstanding principal balance of this Note over a one hundred twenty (120) month period (measured for a 120 month period commencing as of the Conversion Date), with interest calculated using the Note Rate; and 

  
 5 

 (b) In addition to the monthly installment payments of principal and interest, as set forth
in clause (a) above, commencing on June 1, 2024, and continuing on the last day of each March, June, September and December, Borrower shall pay to Lender quarterly installment payments of principal, each in an amount equal to twelve and one-half percent (12.50%) of the outstanding principal balance of this Note as of the Conversion Date.” 
 5.
Conditions Precedent to Effectiveness. Notwithstanding any other conditions that may be imposed upon Borrower by Lender in Lender’s sole discretion, this Agreement shall be effective only upon satisfaction of the following: 

(a) There shall be no Event of Default by Borrower or Guarantor under any of the Loan Documents. 

(b) Borrower and Guarantor shall sign and deliver to Lender this Agreement and such other documents and instruments as Lender shall reasonably
require to carry out the purpose of this Agreement. 
 (c) Borrower shall pay to Lender a fully earned and
non-refundable origination fee equal to Fifty Thousand and no/100 Dollars ($50,000.00). 
 (d)
Payment of any actual, out-of-pocket fees and costs of Lender in connection with the preparation, negotiation, administration and execution of this Agreement including,
but not limited to, reasonable attorneys’ fees, and other costs and fees of other professionals retained by Lender. 
 6. Effect of Modification; No
Novation. The Loan Documents are amended and modified as set forth in this Agreement. To the extent not expressly modified herein, all other terms of the Loan Documents shall remain in full force and effect and Borrower hereby expressly agrees
to be bound thereby. The terms and conditions of the Loan Documents, and the indebtedness evidenced thereby, are and will remain in full force and effect, as modified by this Agreement, and this Agreement shall not constitute a novation. All such
indebtedness shall continue to be secured by, among other things, the Loan Agreement (as the same may be modified or amended herein and from time to time). 

7. Borrower’s Representations and Warranties. Borrower represents and warrants to Lender that: (a) Borrower is a limited liability company,
organized and existing under the laws of the State of California, in good standing, and that Borrower has the full power and authority to make the agreements contained herein without the joinder or consent of any other party; (b) that the
person or persons signing this Agreement and all other documents related hereto, on behalf of Borrower has full authority to bind Borrower; and (c) the execution, delivery, and performance of this Agreement and of the other documents related
hereto will not contravene or constitute a default under any mortgage, deed of trust, loan agreement, indenture or other agreement to which Borrower is a party or by which Borrower or any of its property is bound. 

  
 6 

 8. Release, Settlement, Compromise, and Waiver of Other Claims. In consideration of the modification
of the Loan Documents as herein provided, Borrower hereby compromises, releases, waives, relinquishes, and forever discharges Lender, as well as Lender’s successors, assigns, agents, officers, directors, employees, attorneys, and
representatives, of and from any and all claims, demands, statutory and common law actions and causes of action of any and every kind or character, whether known or unknown, which Borrower may have against such persons or entities, arising out of or
with respect to any and all transactions relating to the Loan Documents occurring prior to the date hereof, including any loss, cost or damage, of any kind or character, arising out of or in any way connected with or in any way resulting from the
acts, actions or omissions of such persons or entities, including but not limited to any breach of fiduciary duty, breach of any duty of fair dealing, breach of confidence, breach of funding commitment, undue influence, duress, economic coercion,
conflict of interest, negligence, bad faith, malpractice, violations of the Racketeer Influenced and Corrupt Organizations Act, intentional or negligent infliction of mental distress, tortious interference with contractual relations, tortious
interference with corporate governance or prospective business advantage, breach of contract, deceptive trade practices, libel, slander, or conspiracy, but in each case only to the extent permitted by applicable law. 

9. Binding Effect. This Agreement shall be binding upon the Parties and their respective heirs, executors, administrators, successors, permitted
assigns and representatives. 
 10. Accuracy of Information. All written information provided by Borrower or Guarantor to Lender in furtherance of
the transactions contemplated by this Agreement or in or accompanying any loan application, financial statement, certificate, or other documents, and all other written information delivered by or on behalf of Borrower or Guarantor in connection with
this Agreement is correct and complete in all material respects as of the date of such information, and to Borrower’s knowledge, there are no omissions in any of the information that result in such information being materially incomplete,
incorrect, or misleading as of the date of such information. All financial statements (other than projections) where prepared in accordance with GAAP and accurately present the financial condition of Borrower and Guarantor. 

11. Ratification. Borrower hereby ratifies and affirms all of the Loan Documents to which it is a party and all of its respective agreements,
obligations, promises and waivers as made and agreed and contained therein, as modified by this Agreement, all of which shall remain in full force and effect. 

12. No Impairment of Lien; No Satisfaction. Nothing set forth herein shall affect the priority or extent of the lien of the Loan Agreement or any of
the other Loan Documents, nor, except as expressly set forth herein, release or change the liability of any party who may now be, or after the Modification Effective Date may become, liable, primarily or secondarily, under the Loan Documents. This
Agreement does not, and shall not be deemed or construed to, constitute the creation of new indebtedness or the satisfaction, discharge or extinguishment of the debt secured by the Loan Documents. 

13. Choice of Law/Venue. This Agreement shall be construed, governed by and venue shall be elected according to the laws and venue set forth in the
Loan Documents. 
 14. Severability. This Agreement is intended to be performed in accordance with and only to the extent permitted by applicable
law. If any provisions of this Agreement or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other
persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted by law. 

  
 7 

 15. Modification of this Agreement. No change or modification of this Agreement shall be valid unless
the same is in writing and signed by all the Parties. 
 16. Complete Agreement. This Agreement represents the complete agreement among the Parties
with regard to the subject matter hereof, and there are no representations, covenants, warranties, agreements or conditions, oral or written, between the Parties hereto with regard to the subject matter hereof not set forth in this Agreement. 

17. Headings. Section, paragraph or other headings contained in this Agreement are for reference purposes only and are not intended to affect in any
way the meaning or interpretation of this Agreement. 
 18. Counterparts. This Agreement may be executed in any number of counterparts, each of which
when taken together shall be deemed an original constituting one and the same document. 
 19. No Fiduciary Relationship. Borrower agrees that Lender
has no fiduciary or similar obligations to Borrower and that their relationship is strictly that of creditor and debtor. Nothing contained in this Agreement or in any of the other Loan Documents shall be deemed or construed to create a partnership,
joint venture or other association between Lender and Borrower. Lender shall not be in any way responsible or liable for the debts, losses, obligations or duties of Borrower with respect to the Collateral or otherwise by virtue of the Loan. 

20. Time of Essence. Time shall be of the essence with respect to this Agreement and each and every provision hereof. 

21. Supremacy Clause. It is hereby agreed that the terms and conditions of the Note, the Loan Agreement and the other Loan Documents, as amended,
modified and supplemented by this Agreement, shall remain in full force and effect and shall be binding upon Borrower. It is understood and agreed that in the event there are any conflicting or omitted provisions or variations between the terms,
conditions, rights or remedies in the Note, the Loan Agreement or any other Loan Document (other than this Agreement) and the terms of this Agreement, this Agreement shall prevail and control in each instance. A default under the terms and
conditions of this Agreement shall constitute an Event of Default under the other Loan Documents. 
 22. Further Assurances. Borrower shall cooperate
with Lender and shall execute and deliver, or cause to be executed and delivered, all such other documents and instruments, and shall take all such other action that Lender may reasonably request from time to time in order to accomplish and satisfy
the provisions and purposes of this Agreement, including such confirmations and/or corrective instruments as Lender may reasonably require. 
 23.
Consultation with Legal Counsel. Borrower acknowledges that it (a) has consulted with, or has had the opportunity to consult with, independent legal counsel of its choice prior to entering into this Agreement, (b) has reviewed this
Agreement in its entirety, (c) understands the effect of this Agreement, (e) enters into this Agreement freely and without duress or coercion; and (f) has not received any legal or tax advice from Lender or Lender’s legal counsel
in regard to the effect of the Agreement. 

  
 8 

 24. Post-Closing Expenses. In addition to, at Lender’s option, reimbursement of Lender for its
third-party fees, charges and expenses incurred by Lender (including the fees, charges and expenses of Lender’s legal counsel) incurred through the Modification Effective Date, Borrower agrees that it will, within ten (10) days after
request by Lender, reimburse Lender for any additional third-party fees, charges and expenses incurred by Lender (including the fees, charges and expenses of Lender’s legal counsel) in connection with this Agreement or the Loan subsequent to
the Modification Effective Date, including, without limitation, any such amounts incurred by Lender in the enforcement of this Agreement and the other Loan Documents and for inspections, appraisals, reports and assessments in connection therewith.
The reimbursement obligations under this Section shall survive any termination of this Agreement or any of the other Loan Documents. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

  
 9 

 IN WITNESS WHEREOF, the Parties have executed this First Loan Modification Agreement as of
the Modification Effective Date. 
  

			
	BORROWER:
	
	REDWOOD MORTGAGE INVESTORS VIII,
	a California limited partnership
		
	By:	 	 /s/ Michael R. Burwell

	Name:	 	Michael R. Burwell
	Title:	 	General Partner
	
	LENDER:
	
	WESTERN ALLIANCE BANK,
	an Arizona corporation
		
	By:	 	 /s/ Kenneth C. Hedberg

	Name:	 	Kenneth C. Hedberg
	Title:	 	Vice President

 [SIGNATURE PAGE TO FIRST LOAN MODIFICATION AGREEMENT] 

 CONSENT AND AGREEMENT OF GUARANTOR 

With respect to the FIRST LOAN MODIFICATION AGREEMENT dated as of March 4, 2022 (the “Agreement”) between REDWOOD MORTGAGE
INVESTORS VIII, a California limited partnership (“Borrower”), WESTERN ALLIANCE BANK, an Arizona corporation (“Lender”), the undersigned (“Guarantor”) agrees for the benefit of Lender as follows:

 1. Guarantor acknowledges (i) receiving a copy of and reading the Agreement, (ii) the accuracy of the Recitals in the
Agreement, and (iii) the effectiveness of (A) that certain Limited Guaranty dated March 13, 2020 (the “Guaranty”), by Guarantor for the benefit of Lender, as modified by the Agreement, (B) any other agreements,
documents or instruments evidencing or Loan executed by the Guarantor, as modified by the Agreement. The Guaranty and such other agreements, documents or instruments are collectively referred to as the “Guarantor Documents”. All
capitalized terms used herein and not otherwise defined shall have the meaning given to such terms in the Guaranty. 
 2. Guarantor consents
to the modification of the Loan Documents and all other matters as set forth in the Agreement. 
 3. Guarantor hereby compromises, releases,
waives, relinquishes, and forever discharges Lender, as well as Lender’s successors, assigns, agents, officers, directors, employees, attorneys, and representatives, of and from any and all claims, demands, statutory and common law actions and
causes of action of any and every kind or character, whether known or unknown, which Guarantor may have against such persons or entities, arising out of or with respect to any and all transactions relating to the Loan Documents occurring prior to
the date hereof, including any loss, cost or damage, of any kind or character, arising out of or in any way connected with or in any way resulting from the acts, actions or omissions of such persons or entities, including but not limited to any
breach of fiduciary duty, breach of any duty of fair dealing, breach of confidence, breach of funding commitment, undue influence, duress, economic coercion, conflict of interest, negligence, bad faith, malpractice, violations of the Racketeer
Influenced and Corrupt Organizations Act, intentional or negligent infliction of mental distress, tortious interference with contractual relations, tortious interference with corporate governance or prospective business advantage, breach of
contract, deceptive trade practices, libel, slander, or conspiracy, but in each case only to the extent permitted by applicable law. 
 4.
Guarantor hereby ratifies and affirms all of the Guarantor Documents and all of its respective agreements, obligations, promises and waivers as made and agreed and contained therein, as modified by the Agreement, all of which shall remain in full
force and effect. 
 5. Guarantor declares and acknowledges, for the specific reliance and benefit of Lender, that as of the date hereof,
Guarantor has no right, claim, defense or right of offset of any kind or in any amount with respect to the Guarantor Documents. 

 6. Guarantor hereby confirms, ratifies and reaffirms, as of the date hereof, all of the
representations, warranties and covenants of Guarantor contained in the Guarantor Documents, except to the extent expressly relating to a specific date. 

7. Guarantor shall cooperate with Lender and shall execute and deliver, or cause to be executed and delivered, all such other documents and
instruments, and shall take all such other action that Lender may reasonably request from time to time in order to accomplish and satisfy the provisions and purposes of this Consent and Agreement of Guarantor, including such confirmations and/or
corrective instruments as Lender may reasonably require. 
 8. Guarantor acknowledges that Guarantor (a) has consulted with, or has had
the opportunity to consult with, independent legal counsel of its choice prior to entering into this Consent and Agreement of Guarantor, (b) has reviewed the Agreement in its entirety and this Consent and Agreement of Guarantor,
(c) understands the effect of the Agreement and this Consent and Agreement of Guarantor, (d) enters into this Consent and Agreement of Guarantor freely and without duress or coercion; and (e) has not received any legal or tax advice
from Lender or Lender’s legal counsel in regard to the effect of this Consent and Agreement of Guarantor. 
 DATED as of the date of
Modification Effective Date in the Agreement. 
  

	
	GUARANTOR:
	
	 /s/ MICHAEL R. BURWELL

	MICHAEL R. BURWELL, an individual

 [SIGNATURE PAGE TO CONSENT AND AGREEMENT OF GUARANTOR] 

 SCHEDULE 1 

TO FIRST LOAN MODIFICATION AGREEMENT 

EXHIBIT E 
  

											
	 	  	 	  	Advance Sublimits ($000s)
	 Property Type Category
	  	 Advance Rate1

	  	Bridge /
Renovation	  	Ground-Up
Construction	  	Dwell
Time	  	 Maturity
Restriction

	 SFR Owner Occupied
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A
	 SFR Owner Occupied—Business
	  		  		  		  		  	
	 Purpose Loans Only
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A
	 SFR Investor (1-4)
	  	65% LTB / 50% LTV	  	$10,000	  	$0	  	24 Mos .	  	36 Mos .
	 SFR Rental Investor (1-4)2 
	  	65% LTB / 50% LTV	  	$10,000	  	$0	  	60 Mos .	  	360 Mos .
	 CRE Multi Family
	  	65% LTB / 50% LTV	  	$5,000	  	$0	  	36 Mos .	  	60 Mos .
	 CRE Mixed Use
	  	65% LTB / 50% LTV	  	$5,000	  	$0	  	36 Mos .	  	60 Mos .
	 CRE Office3 
	  	65% LTB / 50% LTV	  	$5,000	  	$0	  	36 Mos .	  	60 Mos .
	 CRE Retail
	  	65% LTB / 50% LTV	  	$5,000	  	$0	  	36 Mos .	  	60 Mos .
	 CRE Industrial4 
	  	65% LTB / 50% LTV	  	$5,000	  	$0	  	36 Mos .	  	60 Mos .
	 CRE Hospitality
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A
	 CRE Special Purpose
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A
	 Land
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A

  

	1 	 LTB based upon Note’s Unpaid Principal Balance. LTV based upon Bank Reviewed Appraisal.

	2	 SFR Investor Units (1-4) that are leased and income generating and non-owner occupied. 

	3 	 Includes CRE Office Condominiums. 

	4 	 Includes CRE Warehouse. 

  
 Schedule 1-1

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