Document:

Amended and Restated Letter of Credit Agreement

 Exhibit 10.1 
  
  
 INTERNET CAPITAL GROUP, INC. 
 ICG HOLDINGS, INC. 
 INTERNET CAPITAL GROUP OPERATIONS, INC. 
 AMENDED AND RESTATED LETTER OF CREDIT AGREEMENT 
  
  

 This AMENDED AND RESTATED LETTER OF CREDIT AGREEMENT is entered into as of December 18,
2009, by and between COMERICA BANK (“Bank”) and INTERNET CAPITAL GROUP, INC. (“ICG”), ICG HOLDINGS, INC. (“ICG Holdings”) and INTERNET CAPITAL GROUP OPERATIONS, INC. (“ICG Operations”)(ICG, ICG Holdings and
ICG Operations are sometimes referred to, individually, as a “Borrower” and collectively, as the “Borrowers”). 
 RECITALS 
 Borrowers and Bank are parties to that certain Letter of Credit Agreement dated as of
September 30, 2002 (as amended by that certain letter agreement dated as of October 15, 2003, that certain First Amendment to Letter of Credit Agreement dated as of October 20, 2003, that certain letter agreement dated as of
October 25, 2004, that certain letter agreement dated as of November 18, 2004, that certain Second Amendment to Letter of Credit Agreement dated as of December 15, 2004, that certain Third Amendment to Letter of Credit Agreement dated
as of December 15, 2005, that certain Fourth Amendment to Letter of Credit Agreement dated as of December 15, 2006, that certain Fifth Amendment to Letter of Credit Agreement dated as of December 7, 2007, and that certain Sixth
Amendment to Letter of Credit Agreement dated as of December 13, 2008, the “Original Letter of Credit Agreement”). Borrower and Bank wish to amend and restate the terms of the Original Letter of Credit Agreement. This Agreement sets
forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 
 AGREEMENT

 The parties agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION. 
 1.1 Definitions. As used in this
Agreement, the following terms shall have the following definitions: 
 “Affiliate” means, with respect to any
Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners,
and members. 
 “Application” has the meaning assigned in Section 2.1(b)(i). 
 “Bank Expenses” means all: reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in
connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses incurred in amending, enforcing or defending the Loan
Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or required to close. 
 “Change in Control” shall mean a transaction in which any “person” or “group” (within the meaning of
Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all
classes of stock then outstanding of ICG entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of a ICG, who did not have such power before such
transaction. 
 “Charter Documents” means, at to each Borrower, its certificate of incorporation and bylaws.

 “Closing Date” means the date of this Agreement. 
 “Code” means the California Uniform Commercial Code in effect from time to time. 
  

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 “Collateral” has the meaning assigned in Section 4.1. 
 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to (i) any indebtedness, dividend, letter of credit or other similar obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with
recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, issued or provided for the account of that Person; and (iii) all
obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designed to protect such Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Credit Extension” means each Letter of Credit issued by Bank for the benefit of one or more Borrowers hereunder. 
 “Daily Balance” means the amount of the Obligations owed at the end of a given day. 
 “Event of Default” means any one or more of the events specified in Article. 
 “GAAP” means generally accepted accounting principles as in effect from time to time. 
 “Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services,
including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations and
(d) all Contingent Obligations. 
 “Insolvency Proceeding” means any proceeding commenced by or against any
person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension
generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
 “Investment”
means any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 
 “Letters of Credit” has the meaning assigned in Section 2.1. 
 “Letters of Credit Fees” has the meaning assigned in Section 2.1. 
 “Letter of Credit Line”
means aggregate Credit Extensions of up to Ten Million Dollars ($10,000,000). 
 “Lien” means any mortgage, lien,
deed of trust, charge, pledge, security interest or other encumbrance. 
 “Loan Documents” means, collectively, this
Agreement, any letter of credit applications executed by any Borrower, and any other agreement entered into between any Borrower and Bank in connection with this Agreement, all as amended or extended from time to time. 
  

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 “Material Adverse Effect” means a material adverse effect on (i) the
business operations, condition (financial or otherwise) of the Borrower, taken as a whole, or (ii) the ability of the Borrower to repay the Obligations or otherwise perform their obligations under the Loan Documents, or (iii) the value of,
or priority of Bank’s security interests in the Collateral. 
 “Obligations” means all principal, interest, Bank
Expenses and other amounts owed to Bank by Borrower pursuant to any of the Loan Documents, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an
Insolvency Proceeding. 
 “Periodic Payments” means all installments or similar recurring payments that a Borrower
may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any of the Loan Documents. 
 “Permitted Indebtedness” means: 
 (a) Indebtedness of a Borrower in favor of Bank arising under this
Agreement or any other Loan Document; 
 (b) Indebtedness existing on the Closing Date and disclosed in the Schedule;

 (c) Subordinated Debt; 
 (d) Indebtedness incurred or assumed for purposes of financing all or a part of the cost of any fixed assets (including through capital leases); 
 (e) intercompany Indebtedness; 
 (f) Indebtedness under clause (iii) of the definition of Contingent Obligations in the ordinary course; and 
 (g) guaranties of Indebtedness permitted hereunder. 
 “Person” means
any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or
governmental agency. 
 “Portfolio Company” or “Portfolio Companies” means Persons in which a Borrower
proposes to make, or has made and retains, Investments. 
 “Prime Rate” means the variable rate of interest, per
annum, most recently announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available from Bank. 
 “Responsible Officer” means the each of the individuals or officers of each of the Borrowers listed on Schedule 1 attached hereto (as the same may be modified from time to time).

 “Revolving Facility” means the facility under which Borrower may request Bank to issue Letters of Credit, as
specified in Section 2.1 hereof. 
 “Revolving Maturity Date” means December 17, 2010. 
 “Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 
 “Subordinated Debt” means any debt incurred by a Borrower that is subordinated to the debt owing by such Borrower to Bank on
terms acceptable to Bank (and identified as being such by such Borrower and Bank). 
  

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 “Unused Facility Fees” has the meaning assigned to it in Schedule 2.4(b).

 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP
and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include the notes and schedules thereto. 
 2. LETTERS OF CREDIT AND TERMS OF PAYMENT. 
 2.1 Letters of Credit. Subject to and upon the terms and conditions of this Agreement, at any time prior to the Revolving Maturity Date, Bank agrees to issue or cause to be issued letters of credit
for the account of any of the Borrowers (each, a “Letter of Credit” and collectively, the “Letters of Credit”) in an aggregate outstanding face amount not to exceed the Letter of Credit Line. All Letters of Credit shall be, in
form and substance, acceptable to Bank in its reasonable discretion and shall be subject to the terms and conditions of Bank’s form of standby letter of credit application and agreement (the “Application”), which each Borrower hereby
agrees to execute. Bank’s fee for each Letter of Credit (“Letter of Credit Fees”) shall be equal to one half of one percent (0.5%) per annum, billed quarterly, in arrears, of the face amount of each Letter of Credit for which the
reimbursement obligation is secured by the Collateral (defined below) maintained by Bank. The obligation of each Borrower to reimburse Bank for drawings made under Letters of Credit shall be absolute, unconditional and irrevocable, and shall be
performed in accordance with the terms of this Agreement, the Applications, and such Letters of Credit. Borrower shall indemnify, defend, protect, and hold Bank harmless from any loss, cost, expense or liability, including, without limitation,
reasonable attorneys’ fees, arising out of or in connection with any Letters of Credit, other than as a result of the Bank’s gross negligence or willful misconduct. Borrower shall use the Letters of Credit to support the business
operations of Borrower and its Affiliates and obligations of the Portfolio Companies. 
 2.2 Payments. Bank shall, at its
option, charge all amounts due in connection with any Letter of Credit, all Bank Expenses, and all Periodic Payments against the Collateral and/or any of Borrower’s deposit accounts with Bank. Bank shall credit a wire transfer of funds, check
or other item of payment to such deposit account or Obligation as Borrowers specify. After the occurrence and during the continuance of an Event of Default, the receipt by Bank of any wire transfer of funds, check, or other item of payment shall be
immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented
for payment at which time such payment shall be applied to reduce the Obligations unconditionally. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon Pacific time shall be deemed
to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business
Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension. 
 2.3 Fees. Borrower shall pay to Bank the following: 
 (a) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, including reasonable attorneys’ fees and expenses and, after the Closing Date, all Bank Expenses,
including reasonable attorneys’ fees and expenses, as and when they become due. 
 (b) Unused Facility Fees. Within
ten (10) days of the last day of each fiscal quarter, a fee equal to one quarter of one percent (0.25%) of the difference between the Letter of Credit Line and the Average Daily Balance during such quarter (the “Unused Facility
Fees”), provided that Bank waives such fee for each quarter in which the Borrowers maintain an aggregate daily average deposit balance with Bank of at least $2,500,000 above the level required under Section 3.2(b). 
 2.4 Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, shall continue in full force
and effect for so long as any Obligations remain outstanding. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and
during the continuance of an Event of Default. Notwithstanding termination, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations are outstanding. Borrowers may terminate this Agreement upon satisfaction of all
outstanding Obligations (including Letters of Credit) and confirmation that Bank has no further obligation to make Credit Extensions hereunder. 
  

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 3. CONDITIONS OF LOANS. 
 3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this
Agreement; 
 (b) a certificate of the Responsible Officer of each Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Agreement; 
 (c) a copy of the Certificate of Incorporation of each Borrower,
certified by the Secretary of State of such Borrower’s incorporation; 
 (d) a good standing certificate for each
Borrower, issued by the Secretary of State of the state of such Borrower’s incorporation; 
 (e) payment of the fees and
Bank Expenses then due and payable as specified in Section 2.3 hereof; and 
 (f) such other documents, and completion of
such other matters, as Bank may reasonably deem necessary or appropriate. 
 3.2 Conditions Precedent to all Credit
Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
 (a) timely receipt by Bank of the Application as provided in Section 2.1(b)(i); 
 (b) the value of the Collateral equals or exceeds the amount of the proposed Credit Extension; and 
 (c) the
representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date of such Application and on the effective date of each Credit Extension as though made at and as of each such date,
and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit Extension. The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such
Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 
 4. CREATION OF SECURITY
INTEREST. 
 4.1 Grant of Security Interest. Borrower shall maintain (i) a deposit account with Bank,
(ii) one or more certificates of deposit issued by Bank, or (iii) other mutually acceptable forms of property in an amount equal to or greater than one hundred percent (100%) of the aggregate face amount of all outstanding Letters of
Credit. Such deposit account, certificate or certificates of deposit and property, together with all proceeds thereof, interest paid thereon, and substitutions therefor, and all accounts, securities, instruments, securities entitlements and
financial assets arising out of any of the foregoing, including without limitation Account No. 1892019207 maintained with Bank shall constitute the “Collateral”. Each Borrower grants and pledges to Bank a continuing security interest
in all presently existing and hereafter acquired or arising Collateral, in order to secure prompt repayment of any and all Obligations. Borrower authorizes Bank to execute and/or file such documents, and take such actions, as Bank determines
reasonable to perfect its security interest in the Collateral. Such security interest constitutes a valid, first priority security interest in the Collateral, and will constitute a valid, first priority security interest in the Collateral acquired
after the date hereof. Upon maturity of the Collateral in accordance with its terms, or in the event the Collateral otherwise becomes payable during the term of this Agreement, such maturity Collateral may be presented for payment, exchange, or
otherwise marketed by Bank on behalf of Borrower and the proceeds therefrom used to purchase a certificate of deposit issued by Bank in which Bank has a first priority security interest,

  

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provided that, as long as an Event of Default is not then continuing, Bank shall pay such proceeds to Borrower as long as the aggregate value of the Collateral that remains in an account with
Bank or an Affiliate of Bank in which Bank retains a first priority security interest is at least equal to one hundred percent (100%) of the aggregate face amount of the outstanding Letters of Credit. Subject to the preceding sentence, Bank
shall retain such successor collateral as Collateral securing the Obligations for so long as any Obligations are outstanding. 
 4.2 Delivery of Additional Documentation Required. Borrower shall from time to time execute and deliver to Bank, at the request of Bank, all Negotiable Collateral, all financing statements and other documents that Bank may reasonably
request, in form satisfactory to Bank, to perfect and continue the perfection of Bank’s security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. 
 4.3 Right to Inspect. Bank (through any of its officers, employees, or agents), at its expense, shall have the right, upon reasonable
prior notice, from time to time during Borrower’s usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test,
and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 
 5. REPRESENTATIONS AND WARRANTIES. 
 Each Borrower represents and warrants
as follows: 
 5.1 Due Organization and Qualification. Borrower is a corporation, duly existing under the laws of
Delaware and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property required that it be so qualified, except where the failure to be so qualified or licensed could not reasonably be
expected to result in a Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and
performance of the Loan Documents and the request for each Letter of Credit hereunder are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in any of
Borrowers’ Charter Documents, nor will they constitute an event of default under any material agreement to which Borrower is a party or by which Borrower is bound. Borrower is not in default under any material agreement to which it is a party
or by which it is bound, which default could reasonably be expected to result in a Material Adverse Effect. 
 5.3 No Prior
Encumbrances. Borrower has good and marketable title to the Collateral, free and clear of Liens (other than the Lien in favor of the Bank). 
 5.4 Charter Documents. On the Closing Date, each Charter Documents is in full force and effect in the form presented to the Bank. 
 5.5 Name; Location of Chief Executive Office. Borrower has not done business under any name other than that specified on the
signature page hereof or by notice delivered in accordance with this Agreement. The chief executive office of Borrower is located at the address indicated in Section 10 hereof or as updated in accordance with this Agreement. 
 5.6 Litigation. There are no actions or proceedings pending by or against Borrower before any court or administrative agency in which
an adverse decision could have a Material Adverse Effect, or a material adverse effect on Borrower’s interest or Bank’s security interest in the Collateral. 
 5.7 No Material Adverse Change in Financial Statements. All consolidated financial statements of ICG that Bank has received fairly present in all material respects ICG’s financial condition as
of the date thereof and ICG’s consolidated results of operations for the period then ended. There has not been a Material Adverse Effect since the date of the most recent of such financial statements submitted to Bank. 
 5.8 Solvency, Payment of Debts. Borrower is solvent and able to pay its debts (including trade debts) as they mature. 
  

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 5.9 Regulatory Compliance. Borrower is not an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the
purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has not violated any statutes, laws, ordinances or rules applicable to it, violation of
which could reasonably be expected to result in a Material Adverse Effect. 
 5.10 Taxes. Borrower has filed or caused to
be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein, except where the failure to file, pay or make adequate provision could not reasonably be expected to
result in a Material Adverse Effect. 
 5.11 Government Consents. Borrower has obtained all consents, approvals and
authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to obtain
such consents, approvals and authorizations, make such declarations or filings or give such notices could not reasonably be expected to result in a Material Adverse Effect. 
 5.12 Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement
furnished to Bank contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading in light of the circumstances in which they
were made (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods covered by any such
projections and forecasts may differ from the projected or forecasted results). 
 6. AFFIRMATIVE COVENANTS. 

Each Borrower covenants and agrees that, until payment in full of all outstanding Obligations, and for so long as Bank may have any
commitment to make a Credit Extension hereunder, such Borrower shall do all of the following: 
 6.1 Good Standing.
Borrower shall maintain its corporate existence in its jurisdiction of incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to result in a Material Adverse Effect. Borrower
shall maintain in force all licenses, approvals and agreements, the loss of which could reasonably be expected to result in a Material Adverse Effect. 
 6.2 Government Compliance. Borrower shall comply with all statutes, laws, ordinances and government rules and regulations to which it is subject, noncompliance with which could have a Material
Adverse Effect. 
 6.3 Financial Statements, Reports, Certificates. ICG shall deliver to Bank: 
 (a) as soon as available, but in any event within sixty (60) days after the last day of each fiscal quarter ending
March 31, June 30, and September 30, Form 10-Q filed or required to be filed with the Securities and Exchange Commission; 
 (b) as soon as available, but in any event within one hundred (100) days after the end of ICG’s fiscal year, Form 10-K filed or required to be filed with the Securities and Exchange Commission;

 (c) copies of all statements, reports and notices sent or made available generally by ICG to its security holders or to the
Securities and Exchange Commission or any other department or agency of the United States; 
 (d) with each filing delivered
under Section 6.3(a) or (b), a Compliance Certificate in substantially the form of Exhibit A attached hereto; 
  

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 (e) promptly upon receipt of notice thereof, a report of any legal actions pending or to
ICG’s knowledge threatened , against any Borrower that is reasonably likely to result in damages or costs to such Borrower of Five Million Dollars ($5,000,000) or more; and 
 (f) such other financial information as Bank may reasonably request from time to time. 
 6.4 Taxes. Each Borrower shall make, due and timely payment or deposit of all material federal, state, and local taxes, assessments,
or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate certificates attesting to the payment or deposit thereof; and each Borrower will make, timely payment or deposit of all material tax payments and
withholding taxes required of it by applicable laws, and will, upon request, furnish Bank with proof satisfactory to Bank indicating that Borrower has made such payments or deposits; provided that Borrower need not make any payment if the amount or
validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by such Borrower. 
 6.5 Insurance. Borrower shall maintain insurance relating to Borrower’s business in amounts and of a type that are customary to businesses similar to Borrower’s. All such policies of
insurance shall be in such form, with such companies and in such amounts as may be reasonably satisfactory to Bank. 
 6.6
Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 
 7. NEGATIVE COVENANTS. 
 Each Borrower covenants and agrees that, so long as any credit hereunder shall be available and until payment in full of the outstanding Obligations or for so long as Bank may have any commitment to make
any Credit Extensions, such Borrower will not do any of the following without the prior written consent of Bank: 
 7.1
Dispositions. Convey, sell, lease, transfer or otherwise dispose of (collectively, a “Transfer”) all or any part of the Collateral. 
 7.2 Change in Business; Change in Control or Executive Office. Engage in any business other than the businesses currently engaged in by Borrower and any business substantially similar or related
thereto (or incidental thereto); or cease to conduct business in the manner conducted by Borrower as of the Closing Date; or suffer or permit a Change in Control; or without thirty (30) days prior written notification to Bank, relocate its
chief executive office or state of formation; or without Bank’s prior written consent, change the date on which its fiscal year ends. 
 7.3 Mergers or Acquisitions. Merge or consolidate with or into any other business organization where the Borrower is not the surviving entity, or acquire all or substantially all of the capital
stock or property of another Person, other than Portfolio Companies. Notwithstanding the foregoing, this Section 7.3 shall not apply to (i) transactions in which all outstanding Obligations are satisfied in full concurrent with the closing
of that transaction, and any commitment by Bank to make any additional Credit Extensions is terminated, and (ii) cash investments into and acquisition of Portfolio Companies made in the ordinary course of such Borrower’s businesses.

 7.4 Indebtedness. Create, incur, assume or be or remain liable with respect to any Indebtedness other than Permitted
Indebtedness. 
 7.5 Encumbrances. Create, incur, assume or suffer to exist any Lien with respect to any of Collateral
(other than the Lien in favor of the Bank). 
 7.6 Transactions with Affiliates. Directly or indirectly enter into or
permit to exist any material transaction with any Affiliate of Borrower (other than any other Borrower) except for transactions that are in the ordinary course of such Borrower’s business, upon fair and reasonable terms that are no less
favorable to such Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 
  

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 7.7 Subordinated Debt. Make any payment in respect of any Subordinated Debt except in
compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 
 7.8 Compliance. Become an “investment company” or be controlled by an “investment company,” within the meaning of
the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit
Extension for such purpose. Fail to occur, fail to comply with the Federal Fair Labor Standards Act or violate any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or the
priority of Bank’s Lien on the Collateral. 
 8. EVENTS OF DEFAULT. 
 Any one or more of the following events shall constitute an Event of Default under this Agreement: 
 8.1 Payment Default. If a Borrower fails to pay, when due, any of the Obligations hereunder; 
 8.2 Covenant Default. If a Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in
Article 7 of this Agreement, or fails or neglects to perform, keep, or observe any other term, provision, condition, covenant, or agreement contained in this Agreement, in any of the Loan Documents, and as to any default under such other term,
provision, condition, covenant or agreement that can be cured, has failed to cure such default within twenty (20) days after Borrower receives notice thereof or any Responsible Officer of Borrower becomes aware thereof; 
 8.3 Borrower Composition. If a Borrower is dissolved or any action is taken to effect such dissolution, or if a Borrower’s existence is
otherwise terminated or any action is taken to effect such termination; 
 8.4 Material Adverse Effect. If any
circumstance occurs that could reasonably be expected to have a Material Adverse Effect; 
 8.5 Attachment. If any
portion of the Collateral is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress
warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or
if a judgment or other claim becomes a lien or encumbrance upon the Collateral, or if a notice of lien, levy, or assessment is filed of record with respect to any of the Collateral by the United States Government, or any department, agency, or
instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default
where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be required to be made during such cure period); 
 8.6 Insolvency or Bankruptcy. If a Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by a Borrower, or if an
Insolvency Proceeding is commenced against a Borrower and is not dismissed or stayed within thirty (30) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 
 8.7 Other Agreements. If there is a default or other failure to perform in any agreement to which a Borrower is a party or by which
it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Million Dollars ($2,000,000) or which could have a Material Adverse Effect;

 8.8 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of
at least Five Million Dollars ($5,000,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of such
judgment); 
  

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 8.9 Subordinated Debt. If Borrower makes any payment on account of Subordinated Debt,
except to the extent such payment is allowed under any subordination agreement entered into with Bank; or 
 8.10
Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this
Agreement or to induce Bank to enter into this Agreement or any other Loan Document; 
 9. BANK’S RIGHTS AND
REMEDIES. 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may,
at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrowers: 
 (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default
described in Section 8.6, all Obligations shall become immediately due and payable without any action by Bank); 
 (b)
Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank; 
 (c) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral. Borrower agrees to assemble the documents evidencing the Collateral if
Bank so requires, and to make such documents available to Bank as Bank may designate; 
 (d) Set off and apply to the
Obligations any and all (i) Collateral, (ii) balances and deposits of Borrower held by Bank, or (iii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 
 (e) Dispose of the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on
terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate; and 
 (f) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrowers. 
 9.2 Right of Setoff; Deposit Accounts. Upon and after the occurrence of an Event of Default, Bank is hereby authorized by each
Borrower, at any time and from time to time, (a) to set off against, and to appropriate and apply to the payment of, the Obligations and liabilities of the Borrower under the Loan Documents (whether matured or unmatured, fixed or contingent or
liquidated or unliquidated) any and all amounts owing by Bank to a Borrower (whether payable in U.S. Dollars or any other currency, whether matured or unmatured, and, in the case of deposits, whether general or special, time or demand and however
evidenced) and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against
any deposits so held as Bank in its sole discretion may elect. 
 9.3 Power of Attorney. Effective only upon the
occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) endorse Borrower’s name
on any checks or other forms of payment or security that may come into Bank’s possession; (b) dispose of any Collateral in accordance with Section 9.1; and (c) to file, in its sole discretion, one or more financing or
continuation statements and amendments thereto, relative to any of the Collateral without the signature of Borrower where permitted by law; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents
described in Section 4.2 regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is
irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions hereunder is terminated. 
  

 10 

 9.4 Bank Expenses. If a Borrower fails to pay any amounts or furnish any required
proof of payment due to third persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to a Borrower: (a) make payment of the same or any part thereof; or
(b) set up such reserves under a loan facility in Section 2.1 as Bank deems necessary to protect Bank from the exposure created by such failure. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately
due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver
by Bank of any Event of Default under this Agreement. 
 9.5 Bank’s Liability for Collateral. Bank shall not in any
way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof; or (d) any
act or default of any carrier, warehouseman, bailee, forwarding agency, or other person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 9.6 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be
cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of
Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and
then shall be effective only in the specific instance and for the specific purpose for which it was given. 
 9.7 Demand;
Protest. Each Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts,
documents, instruments, chattel paper, and guarantees at any time held by Bank on which a Borrower may in any way be liable. 
 10. NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this
Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or
sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 
  

					
	If to Borrower:	 		 	 c/o Internet Capital Group, Inc.
 c/o Internet Capital Group Operations, Inc.
 690 Lee Road, Suite 310
 Wayne, PA 19087
 Attn: Chief Financial Officer
 FAX: (610) 727-6901

			
		 		 	and
			
		 		 	 c/o ICG Holdings, Inc.
 56
W. Main Street, Suite 212A
 Christiana, DE 19702
 Attn: General Manager
 FAX: (302) 292-3972

			
	If to Bank:	 		 	 Comerica Bank
 m/c
7512
 39200 Six Mile Rd.
 Livonia, MI
48152
 Attn: National Documentation Services

  

 11 

							
		 	with a copy to:	 		 	 Comerica Bank
 1000 Winter
Street, Suite 3600
 Waltham, MA 02451
 Attn: William Schlosser
 FAX: (781) 487-5178

 The parties hereto may change the address at which they are to receive notices
hereunder, by notice in writing in the foregoing manner given to the other. A notice given to a party hereunder shall be effective regardless of whether a copy of such notice is given to any other Person. 
 11. CO-BORROWERS. 
 11.1 Primary Obligation. This Agreement is a primary and original obligation of each Borrower and shall remain in effect notwithstanding future changes in conditions, including any change of law or any invalidity or irregularity in
the creation or acquisition of any Obligations or in the execution or delivery of any agreement between Bank and any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as if all of all Credit Extensions were
advanced to such Borrower. Bank may rely on any certificate or representation made by any Borrower as made on behalf of, and binding on, all Borrowers, including without limitation Applications. 
 11.2 Enforcement of Rights. Borrowers are jointly and severally liable for the Obligations and Bank may proceed against one or more
of the Borrowers to enforce the Obligations without waiving its right to proceed against any of the other Borrowers. 
 11.3
Borrowers as Agents. Each Borrower appoints the other Borrower as its agent with all necessary power and authority to give and receive notices, certificates or demands for and on behalf of all Borrowers, and to apply to Bank on behalf of each
Borrower for Letters of Credit, any waivers and any consents. This authorization cannot be revoked, and Bank need not inquire as to each Borrower’s authority to act for or on behalf of Borrower. 
 11.4 Subrogation and Similar Rights. Notwithstanding any other provision of this Agreement or any other Loan Document, each Borrower
irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating the Borrower to the rights of Bank under the Loan Documents) to seek contribution, indemnification, or any other form of
reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by the Borrower with respect to the Obligations in connection with the Loan Documents or
otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by the Borrower with respect to the Obligations in connection with the Loan Documents or otherwise.
Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section 11.4 shall be null and void. If any payment is made to a Borrower in contravention of this Section 11.4, such Borrower shall
hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 
 11.5 Waivers of Notice. Except as otherwise provided in this Agreement, each Borrower waives notice of acceptance hereof; notice of the existence, creation or acquisition of any of the Obligations;
notice of an Event of Default; notice of the amount of the Obligations outstanding at any time; notice of intent to accelerate; notice of acceleration; notice of any adverse change in the financial condition of any other Borrower or of any other
fact that might increase the Borrower’s risk; presentment for payment; demand; protest and notice thereof as to any instrument; default; and all other notices and demands to which the Borrower would otherwise be entitled. Each Borrower waives
any defense arising from any defense of any other Borrower, or by reason of the cessation from any cause whatsoever of the liability of any other Borrower. Bank’s failure at any time to require strict performance by any Borrower of any
provision of the Loan Documents shall not waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance therewith. Each Borrower also waives any defense arising from any act or omission of Bank that changes the
scope of the Borrower’s risks hereunder. Each Borrower waives any right to assert against Bank any defense (legal or equitable), setoff, counterclaim, or claims that such Borrower individually may now or hereafter have against another Borrower
or any other Person liable to Bank with respect to the Obligations in any manner or whatsoever. 
  

 12 

 11.6 Subrogation Defenses. Each Borrower hereby waives any defense based on
impairment or destruction of its subrogation or other rights against any other Borrower and waives all benefits which might otherwise be available to it under California Civil Code Sections 2809, 2810, 2819, 2839, 2845, 2848, 2849, 2850, 2899, and
3433 and California Code of Civil Procedure Sections 580a, 580b, 580d and 726, as those statutory provisions are now in effect and hereafter amended, and under any other similar statutes now and hereafter in effect. 
 11.7 Right to Settle, Release. 
 (a) The liability of Borrowers hereunder shall not be diminished by (i) any agreement, understanding or representation that any of the Obligations is or was to be guaranteed by another Person or
secured by other property, or (ii) any release or unenforceability, whether partial or total, of rights, if any, which Bank may now or hereafter have against any other Person, including another Borrower, or property with respect to any of the
Obligations. 
 (b) Without notice to any Borrower and without affecting the liability of any Borrower hereunder, Bank may
(i) compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations with respect to a Borrower, (ii) grant other
indulgences to a Borrower in respect of the Obligations, (iii) modify in any manner any documents relating to the Obligations with respect to a Borrower, (iv) release, surrender or exchange any deposits or other property securing the
Obligations, whether pledged by a Borrower or any other Person, or (v) compromise, settle, renew, or extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or
other Person who is now or may hereafter be liable with respect to any of the Obligations. 
 11.8 Subordination. All
indebtedness of a Borrower now or hereafter arising held by another Borrower, other than Permitted Indebtedness, is subordinated to the Obligations and the Borrower holding the indebtedness shall take all actions reasonably requested by Lender to
effect, to enforce and to give notice of such subordination. 
 12. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

 This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without
regard to principles of conflicts of law. Each Borrower and Bank hereby submit to the jurisdiction of the state and Federal courts located in the County of Santa Clara, State of California for the purposes of this Agreement. THE UNDERSIGNED
ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS,
HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN
THE UNDERSIGNED PARTIES. 
 13. REFERENCE PROVISION. 
 13.1 In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect to proceed under this Judicial Reference
Provision. 
 13.2 With the exception of the items specified in Section 13.3, below, any controversy, dispute or claim
(each, a “Claim”) between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the “Loan Documents”), will be
resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”), or their successor sections, which shall constitute the exclusive remedy for the
resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference proceeding will be in the Superior Court in the County where the real property
involved in the action, if any, is located or in a County where venue is otherwise appropriate under applicable law (the “Court”). 
  

 13 

 13.3 The matters that shall not be subject to a reference are the following:
(i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of selfhelp remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or
ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This Agreement does not limit the right of any party to exercise or oppose any of the rights and
remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the
right of any party to a reference pursuant to this Agreement. 
 13.4 The referee shall be a retired Judge or Justice selected
by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his
or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. 
 13.5 The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested,
subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try
all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision. 
 13.6 The referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines
or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to “priority” in conducting discovery,
depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties
shall be submitted to the referee whose decision shall be final and binding. 
 13.7 Except as expressly set forth in this
Agreement, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the
reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the
referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the prevailing
party, the parties will equally share the cost of the referee and the court reporter at trial. 
 13.8 The referee shall be
required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference
proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation
motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such
decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final
judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different
judgment, which new trial, if granted, is also to be a reference proceeding under this provision. 
 13.9 If the enabling
legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The
arbitration will be conducted by a retired judge or Justice, in accordance with the California Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall
apply to any such arbitration proceeding. 
  

 14 

 13.10 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED
UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT
OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 
 14. GENERAL PROVISIONS. 
 14.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be
assigned by a Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to any Borrower to sell, transfer, negotiate, or
grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 
 14.2
Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the
transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower
whether under this Agreement, or otherwise (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s bad faith, gross negligence or willful misconduct. 
 14.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 
 14.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for
the purpose of determining the legal enforceability of any specific provision. 
 14.5 Amendments in Writing,
Integration. Neither this Agreement nor the Loan Documents can be amended or terminated orally. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of
this Agreement and the Loan Documents, if any, are merged into this Agreement and the Loan Documents. The Amendment and Assumption of Pledge Agreement dated as of July 30, 2002 between ICG Holdings and Bank, the Letter of Credit Application and
Security Agreement dated as of June 28, 2002 between ICG and Bank and the Letter of Credit issued for the benefit of Jamcracker’s Inc.’s landlord shall be deemed made under, and subject to, this Agreement. 
 14.6 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. 
 14.7 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation
to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 13.2 shall survive until all applicable statute of limitations
periods with respect to actions that may be brought against Bank have run. 
 14.8 Waiver. Bank and each Borrower hereby
acknowledge and agree that the Revolving Maturity Date of the Agreement was December 12, 2009, upon which date all Advances and all other amounts outstanding under the Agreement were due and payable (the “Loan Payment Event”). Bank
hereby waives the Loan Payment Event, in this instance only, provided, however, that such waiver does not constitute a waiver, amendment, or forbearance of Borrower’s obligation to pay the Advances and all other amounts outstanding under the
Agreement on the Revolving Maturity Date, as amended by this Amendment. Furthermore, Bank does not waive any other failure by Borrower to perform any of its obligations under the Agreement or any other Loan Document. 
  

 15 

 This waiver is not a continuing waiver with respect to any failure by Borrower to perform any obligation
under the Agreement or the other Loan Documents after the date of this Amendment, and Bank does not waive any obligations Borrower may have under the Agreement (as amended by this Amendment) or the other Loan Documents after the date of this
Amendment, in each case including, without limitation, Borrower’s obligation to repay the Advances and all other amounts outstanding under the Agreement on the Revolving Maturity Date, as amended by this Amendment. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. 
  

									
	INTERNET CAPITAL GROUP, INC.	  		 	INTERNET CAPITAL GROUP OPERATIONS, INC.
					
	By:	 	 /s/ Philip A. Rooney
	  		 	By:	 	 /s/ Philip A. Rooney

	Name:	 	 Philip A. Rooney
	  		 	Name:	 	 Philip A. Rooney

	Title:	 	 Vice President, Treasury & Tax
	  		 	Title:	 	 Vice President, Treasury & Tax

			
	ICG HOLDINGS, INC.	  		 	COMERICA BANK
					
	By:	 	 /s/ Philip A. Rooney
	  		 	By:	 	 /s/ William Schlosser

	Name:	 	 Philip A. Rooney
	  		 	Name:	 	 William B. Schlosser

	Title:	 	 Vice President
	  		 	Title:	 	 VP

  

 16Promissory Note

 Exhibit 4.1 
 DAIS ANALYTIC CORPORATION 
 10% Promissory Note 

  

			
	Issuance Date:	 	December 17, 2009
		
	    Principal Amount:	 	    One Million Dollars ($1,000,000)

 For value received, DAIS ANALYTIC
CORPORATION, a New York corporation (the “Maker”), hereby promises to pay to the order of Platinum Montaur Life Sciences, LLC, a Delaware limited liability company with an address of 152 West 57th Street, 54th Floor, New York, NY 10019 (together with its successors, representatives, and permitted assigns, the
“Holder”), in accordance with the terms hereinafter provided, the principal amount of ONE MILLION DOLLARS ($1,000,000), together with interest thereon. 
 All payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the
Holder at the address of the Holder first set forth above or at such other place as the Holder may designate from time to time in writing to the Maker or by wire transfer of funds to the Holder’s account, as requested by the Holder. The
outstanding principal balance of this Note, together with all accrued and unpaid interest, shall be due and payable in full on the date that is six months from the Issuance Date set forth above (the “Maturity Date”) or at such
earlier time as provided herein. 
 ARTICLE I 
 PAYMENT 
 Section 1.1 Interest. Beginning on
the date of this Note (the “Issuance Date”), the outstanding principal balance of this Note shall bear interest at a rate per annum equal to ten percent (10%), payable on the Maturity Date. Interest shall be computed on the basis of
a 360-day year simple interest basis, and shall accrue commencing on the Issuance Date and paid on the Maturity Date along with the principal. 
 Section 1.2 Payment of Principal; Prepayment. The Principal Amount hereof shall be paid in full on the earliest of (i) the Maturity Date, (ii) the due date of any mandatory
prepayment as set forth herein, or (iii) upon acceleration of this Note in accordance with the terms hereof. Any amount of principal repaid hereunder may not be reborrowed. The Maker may prepay all or any portion of the principal amount of this
Note without premium or penalty. 
 Section 1.3 Seniority. The Note shall be unsecured, and shall be
“pari passu” with all other existing notes. The Maker may not make any payments to any future Noteholders at such time as an Event of Default under this Note exists. 
 Section 1.4 Payment on Non-Business Days. Whenever any payment to be made shall be due on a Saturday, Sunday or a
public holiday under the laws of the State of New York, such payment may be due on the next succeeding business day and such next succeeding day shall be included in the calculation of the amount of accrued interest payable on such date. 

Section 1.5 Use of Proceeds. The Maker shall use the proceeds of this Note for general working capital,
including inventory, additional people, an awareness program about the Company to the financial community, and to restructure or repay outstanding debt as it sees appropriate. 
 Section 1.6 Right of Participation. 
 (a) From the date hereof through the Maturity Date, upon any issuance by Maker for cash consideration of common stock,
debentures, notes, evidences of indebtedness or any equity or security convertible into common stock (a “Subsequent Financing”), the Holder shall have the option to participate in such Subsequent Financing, but only up to the dollar amount
as proposed by the Maker in the Subsequent Financing, on the same price, terms and conditions provided for in the Subsequent Financing, in which such case applicable amount owed under the Note shall be reduced. Notwithstanding the

  

 1 

 
foregoing, in the event the Maker has paid any portion of this Note to Holder prior to such Subsequent Financing, such Holder’s participation in any Subsequent Financing shall be reduced by
the dollar amount previously paid by Maker to Holder. 
 (b) At least five (5) Trading Days prior to the
closing of the Subsequent Financing, the Maker shall deliver to the Holder a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask the Holder if Holder wants to review the details of
such financing (such additional notice, a “Subsequent Financing Notice”), contingent upon Holder agreeing to a non-disclosure agreement provided by the Maker, if any such information would constitute material non-public information. Upon
the request of the Holder, and only upon a request by the Holder, for a Subsequent Financing Notice, the Maker shall promptly deliver a Subsequent Financing Notice to the Holder. The Subsequent Financing Notice shall describe in reasonable detail
the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised there under and the person or persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar
document relating thereto as an attachment. 
 (c) The Holder desiring to participate in such Subsequent
Financing must provide written notice to the Maker by not later than 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after receipt of the Pre-Notice that the Holder is willing to participate in the Subsequent Financing. If the
Maker receives no such notice from Holder as of such fifth (5th) Trading Day, the Holder shall be deemed to have notified the Maker that it does not elect to participate. 
 Section 1.7 Future Debt Financing. The Maker hereby agrees that it will not incur any additional debt exceeding
$500,000, in the aggregate, during the term of this Note, provided however, the Holder may waive this provision at the Holder’s discretion. 
 ARTICLE II 
 EVENTS OF DEFAULT; REMEDIES 
 Section 2.1 Events of Default. The occurrence of any of the following events shall be an “Event of
Default” under this Note: 
 (a) any default in the payment of (1) the principal amount hereunder
when due, or (2) interest on, or liquidated damages in respect of, this Note, within three (3) business days after the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise); or 
 (b) the Maker shall fail to observe or perform any other covenant or agreement contained in this Note, which failure is not
cured, if possible to cure, within 60 calendar days after notice of such default sent by the Holder; or 
 (c)
the Maker issues, assumes or permits to exist additional debt, excluding any existing debt as of the date hereof, that is senior to in payment or security to this Note; or 
 (d) any material representation or warranty made by the Maker herein or otherwise to Holder shall prove to have been false or
incorrect or breached in a material respect on the date as of which made; or 
 (e) the Maker shall
(A) default in any payment of any amount or amounts of principal of or interest on any indebtedness (other than indebtedness as set forth in Schedule A hereto) the aggregate principal amount of which indebtedness is in excess of $500,000
or (B) default in the observance or performance of any other agreement or condition relating to any indebtedness (other than indebtedness as set forth in Schedule A hereto), that, in the aggregate, exceeds $500,000, or any other event
shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such indebtedness to cause with the giving of notice if required, such
Indebtedness to become due prior to its stated maturity; or 
 (f) the Maker shall (i) apply for or consent
to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets, (ii)

  

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make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect) or under the comparable
laws of any jurisdiction (foreign or domestic), (iv) file a petition seeking to take advantage of any bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally,
(v) acquiesce in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction (foreign or domestic), (vi) issue a
notice of bankruptcy or winding down of its operations or issue a press release regarding same, or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing; or 
 (g) a proceeding or case shall be commenced in respect of the Maker, without its application or consent, in any court of
competent jurisdiction, seeking (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or
of all or any substantial part of its assets in connection with the liquidation or dissolution of the Maker or (iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described in
clause (i), (ii) or (iii) shall continue undismissed, or unstayed and in effect, for a period of thirty (30) days or any order for relief shall be entered in an involuntary case under United States Bankruptcy Code (as now or hereafter
in effect) or under the comparable laws of any jurisdiction (foreign or domestic) against the Maker or action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing shall be taken with respect to the Maker and
shall continue undismissed, or unstayed and in effect for a period of thirty (30) days. 
 Section 2.2
Remedies Upon An Event of Default. If an Event of Default shall have occurred and continues, the Holder of this Note may after 60 calendar days notice from the Holder to the Maker (other than in the case of (f) and (g) above, which
shall require no such notice), at any time thereafter, at its option, declare the entire unpaid principal balance of this Note, together with all interest accrued hereon, due and payable, and thereupon, the same shall be accelerated and so due and
payable, without presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker. Upon an Event of Default, the Holder may proceed to exercise all rights and remedies at law or equity.
The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific performance and/or other injunctive relief), no remedy
contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy. This Note shall be deemed an unconditional obligation of Maker for the payment of money and, without limitation to any other remedies of Holder,
may be enforced against Maker by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other
document or agreement to which Holder and Maker are parties or which Maker delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Maker’s obligations to Holder are deemed a part of this Note,
whether or not such other document or agreement was delivered together herewith or was executed apart from this Note. 
 Section 2.3 Additional Remedy Upon Non-Payment. If this Note is not paid in full on or before June     , 2010, the Holder shall be permitted, at its sole option and in addition to its other remedies hereunder, to
convert the principal and interest outstanding under this Note into any debt, equity or equity-linked security issued by the Maker in connection with any capital-raising issuance after the date hereof and prior to the date this Note is paid in full
on the terms and conditions of such offering, if any, it being understood that (i) nothing in this Section 2.3 shall be deemed to prohibit the Maker from prepaying the Note pursuant to Section 1.2 hereof and (ii) in connection
with any such conversion, the security issued to the Holder shall contain customary 9.9% beneficial ownership limitations in form and substance satisfactory to the Holder. 
 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1 Notices. Any notice, demand, request, waiver or other communication required or permitted to be
given hereunder shall be in writing and shall be effective (a) upon hand delivery, telecopy

  

 3 

 
or facsimile (with confirmation of receipt) at the address or number set forth on the signature page hereto (if delivered on a business day during normal business hours where such notice is to be
received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
overnight courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. 
 Section 3.2 Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts of law
principles which would result in the application of the substantive law of another jurisdiction. This Note shall not be interpreted or construed with any presumption against the party causing this Note to be drafted. 
 Section 3.3 Headings. Article and section headings in this Note are included herein for purposes of convenience
of reference only and shall not constitute a part of this Note for any other purpose. 
 Section 3.4
Binding Effect; Amendments. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns of each such party. This Note may not be modified or amended in any manner except in writing executed by
the Maker and the Holder. 
 Section 3.5 Consent to Jurisdiction. Each of the Maker and the Holder
(i) hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit,
action or proceeding arising out of or relating to this Note and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, anyclaim that it is not personally subject to the jurisdiction of such court, that the suit,
action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Maker and the Holder consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address in effect for notices hereunder and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section shall affect or limit any right to serve process in
any other manner permitted by law. 
 Section 3.6 Failure or Indulgence Not Waiver. No failure or
delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege. 
 Section 3.7 Maker Waivers; Dispute Resolution. Except
as otherwise specifically provided herein, the Maker and all others that may become liable for all or any part of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands’ and
notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any number of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made
without notice to any such persons and without affecting their liability herein and do further consent to the release of any person liable hereon, all without affecting the liability of the other persons, firms or Maker liable for the payment of
this Note. 
 (a) No delay or omission on the part of the Holder in exercising its rights under this Note, or
course of conduct relating hereto, shall operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on any one occasion be deemed a waiver of the same right or rights on any
future occasion. 
 (b) THE MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL
TRANSACTION 
 Section 3.8 Fees and Expenses. Upon execution of this Note, the Maker shall reimburse
the Holder for legal fees incurred by the Holder in the drafting and negotiation of this Note in an amount no greater than $5,000 (which amount may be withheld by the Holder from amounts to be delivered to the Maker in connection with the issuance
of this Note). The Maker will pay on demand all reasonable costs of collection and attorneys’ fees paid or incurred by the Holder in enforcing the obligations of the Maker. The Maker represents and warrants that this Note is the legal, valid
and binding obligation of the Maker, enforceable in accordance with its terms. 
  

 4 

 [Signatures on the following page] 
  
  

 5 

 IN WITNESS WHEREOF, the Maker has caused this Note to be duly
executed by its duly authorized officer as of the date first above indicated. 
  

			
	DAIS ANALYTIC CORPORATION
		
	By:	 	 /s/ Timothy N. Tangredi

	Name:	 	Timothy N. Tangredi
	Title:	 	President and Chief Executive Officer
	
	PLATINUM-MONTAUR LIFE SCIENCES, LLC
		
	By:	 	 /s/ Michael M. Goldberg

	Name:	 	Michael M. Goldberg, MD
	Title:	 	Portfolio Manager

  

 6 

 SCHEDULE A 
  

								
	 Debt type 
	  	 Holder
	  	Principal	  	Date of Note
	 Due date
	  		  			  	
				
	 Secured convertible
	  	RP Capital	  	$	100,000	  	1/21/08
				
	 Secured convertible
	  	Mora	  	$	50,000	  	12/20/07
				
	 Secured convertible
	  	Michael Stone	  	$	200,000	  	12/11/07

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