Document:

Exhibit 10.1 

 

 

LETTER OF INTENT

 

BETWEEN:

 

USA Graphite, Inc. (the “Company”),
a Nevada corporation with an address at 848 N. Rainbow Blvd. #3550, Las Vegas, Nevada 89107 (the “Optionee”).

 

AND

 

Nevada Minerals Holdings
Inc. a Nevada corporation with an address at 2363 Silver Ridge Avenue, Los Angeles, CA 90039 (the “Optionor”).

 

WHEREAS:

 

		A.	The Optionor owns or controls 100% of certain properties, including
the Current Leases, generally referred to as the Ruby Mountains Graphite Property in Elko County, Nevada, which are more specifically
referred to in Schedule A attached hereto (the “Property”);

 

		B.	The Optionor has agreed to grant to the Optionee an exclusive option,
but not the obligation, to earn a 100% interest (subject to the NSR as described herein) in the Property;

 

NOW THEREFORE in consideration
of the mutual promises and covenants of the parties contained herein, it is hereby agreed as follows:

 

		1.	For the purposes of this Agreement, the following terms shall have
the meaning set forth as follows:

 

	“Area of Interest” means
all leases within 5 miles of the Property;
	“Current Leases” means
the leases comprising a total of approximately 785 acres.
	"Net Smelter Return" means
the gross proceeds received by the Optionee in any year from the sale of products from the mining operation on the Property, less
successively:

 

		 i.	 the
cost of transportation of such products to a smelter or other place of treatment, and

		 ii.	 smelter
and treatment charges;

 

	“NSR” means a royalty of
2% of the Net Smelter Return;
	“Option” means the option
in favour of the Optionee to acquire a 100% interest in the Property, subject to the NSR, on the terms and conditions of this Agreement;
	“Option Period” means the
period of time following the date the Option Agreement in executed and ending on third annual anniversary of such date, during
which the Optionee has the right to exercise the Option;
	"Property Rights" means all
licences, permits, easements, rights-of-way, certificates and other approvals obtained by either of the parties, either before
or after the date of this Agreement, and necessary for the development of the Property or for the purpose of placing the Property
into production or of continuing production on the Property.

 

		2.	The Optionor represents and warrants to the Optionee that:

 

	the Optionor has the full right and
authority to enter into, execute and deliver this Agreement;
	the Optionor is the sole legal and
beneficial owner or exercises full control of the Property and the Property is free and clear of, and from, all liens, charges
and encumbrances of any kind whatsoever;
	the Optionor holds all permits, licences,
consents and authorities issued by any government or governmental authority which are necessary in connection with the ownership
of the Property and the Property Rights;
	the Property has been properly staked,
located and recorded pursuant to the applicable laws and regulations and all mining leases comprising the Property and the Property
Rights are in good standing
	there are no outstanding agreements
or options to acquire the Property or any portion thereof, and no person has any proprietary or possessor interest in the Property;
	to the best of the Optionor's knowledge,
there are no outstanding orders or directions relating to environmental matters requiring any work, repairs, construction or capital
expenditures with respect to the Property and the conduct of the operations related thereto, and the Optionor has not received
any notice of the same and is not aware of any basis on which any such orders or direction could be made;
	there is no adverse claim or challenge
against or to the ownership of or title to any part of the Property and, to the best of the Optionor’s knowledge there is
no basis for such adverse claim or challenge which may affect the Property;
	the consummation of the transactions
contemplated by this Agreement does not and will not conflict with, constitute a default under, result in a breach of, entitle
any person to a right of termination under, or result in the creation or imposition of any lien, encumbrance or restriction of
any nature whatsoever upon or against the Property;
	reclamation and rehabilitation of those
parts of the Property which have been previously worked have been properly completed in compliance with all applicable laws;
	the Optionor has advised the Optionee
of all of the material information relating to the Property of which he has knowledge; and
	there are no mine workings or waste
dumps or mine tailings on the Property.

 

		3.	The representations and warranties contained in Section 2 of this
Agreement are provided for the exclusive benefit of the Optionee, and a breach of any one or more representations or warranties
may be waived by the Optionee in whole or in part at any time without prejudice to its rights in respect of any other breach of
the same or any other representation or warranty, and the representations and warranties contained in Section 2 of this Agreement
will survive the execution and delivery of this Agreement.

 

		4.	The Optionee represents and warrants to the Optionor that:

 

	the Optionee is a valid and subsisting
corporation duly incorporated and in good standing under the laws of the State of Nevada;
	the Optionee has the full right, power,
capacity and authority to enter into, execute and deliver this Agreement and to be bound by its terms;
	the consummation of this Agreement
will not conflict with nor result in any breach of its constating documents or any covenants or agreements contained in or constitute
a default under any agreement or other instrument whatever to which the Optionee is a party or by which the Optionee is bound or
to which the Optionee may be subject; and
	no proceedings are pending for, and
the Optionee is unaware of any basis for, the institution of any proceedings leading to the placing of the Optionee in bankruptcy
or subject to any other laws governing the affairs of insolvent parties.

 

		5.	The representations and warranties contained in Section 4 of this
Agreement are provided for the exclusive benefit of the Optionor, and a breach of any one or more representations or warranties
may be waived by the Optionor in whole or in part at any time without prejudice to his rights in respect of any other breach of
the same or any other representation or warranty, and the representations and warranties contained in Section 4 of this Agreement
will survive the execution and delivery of this Agreement.

 

		6.	Upon the above conditions in existence having been satisfied or waived,
the Optionee will be entitled to exercise the Option and thereby acquire a 100% interest in the Property, subject to the Optionor
retaining the NSR, by completing the following:

 

	during the first year of the Option
Period, the Optionee shall:

 

		 i.	 pay
to the Optionor an initial payment of $25,000 at the beginning of the Option Period (the “Commencement Date”), 

		 ii.	 issue
4,615,000 restricted common shares of the Company, valued at $0.65 per share, to the Optionor;

 

	during the second year of the Option
Period, the Optionee shall:

 

		 i.	 pay
to the Optionor $50,000 on the date which is one year after the Commencement Date;

 

	during the third year of the Option
Period, the Optionee shall:

 

		 i.	 pay
to the Optionor $50,000 on the date which is two years after the Commencement Date; and

 

	during the fourth year of the Option
Period, the Optionee shall:

 

		 i.	 pay
to the Optionor $75,000 on the date which is three years after the Commencement Date.

 

		7.	Optionee will provide funds for the conduct of a program of work
to be undertaken by the Optionor for the benefit of the Property of not less than $500,000 over four years as follows:

 

		 i.	 $50,000
during the first year of the Option Period;

		 ii.	 $100,000
during the second year of the Option Period;

		 iii.	 $150,000
during the third year of the Option Period; and

		 iv.	 $200,000
during the fourth year of the Option Period.

 

		8.	The Optionor and the Optionee acknowledge and agree that upon completion
of the requirements set out in Section 6 of this Agreement, the Optionee shall have earned an undivided 100% interest in the Property.

 

		9.	The Optionee has the right to purchase half (or 1%) of the NSR at
any time upon exercising the Option by making a payment of $500,000 to the Optionor.

 

		10.	Except as specifically provided elsewhere herein, this is an option
agreement only and until the exercise of the Option, nothing herein contained and no act done nor any payment or share issuance
made hereunder shall obligate the Optionee to do any further act or acts or to make any further payments or shares issuances, and
in no event shall this Agreement or any act done or any payment or share issuance made be construed as an obligation of the Optionee
to do or perform any work or make any payments or share issuances on or with respect to the Property.

 

		11.	Throughout the Option Period, or until terminated in accordance with
this Agreement, the Optionee and its employees, agents, directors, officers and independent contractors will have the exclusive
right in respect of the Property to:

 

	enter the Property without disturbance;
	do such prospecting, exploration, development
and/or other mining work on and under the Property to carry out exploration expenditures as the Optionee may determine necessary
or desirable;
	bring and erect upon the Property such
buildings, plant, machinery and equipment as the Optionee may deem necessary or desirable in its sole discretion; and
	remove from the Property all metals
and minerals derived from its operations on the Property as may be deemed necessary by the Optionee for testing.

 

		12.	The Optionor and the Optionee will execute and deliver such additional
documentation as legal counsel for the Optionor and the Optionee determine is necessary in order to duly register and record in
the appropriate registration and recording offices notice that the Optionor’s interest in and to the Property is subject
to and bound by the terms of this Agreement.

 

		13.	If the Optionee identifies any material defect in the Optionor’s
title to the Property, the Optionee shall give the Optionor notice of such defect.  If the defect has not been cured within
60 days of receipt of such notice, the Optionee shall be entitled to take such curative action as is reasonably necessary, and
shall be entitled to deduct the costs and expenses incurred in taking such action any payments then otherwise due or accruing due
to the Optionor.  If there are no such payments, the Optionee shall be entitled to a refund in the amount of said costs and
expenses.

 

		14.	If any third party asserts any right or claim to the Property or
to any amounts payable to the Optionor, the Optionee may deposit any amounts otherwise due to the Optionor in escrow with a suitable
agent until the validity of such right or claim has been finally resolved.  If the Optionee deposits said amounts in escrow,
the Optionee shall be deemed not in default under this Agreement for failure to pay such amounts to the Optionor.

 

		15.	The Optionor will assist the Optionee in staffing and organizational
needs as the Optionee begins work on the Property.

 

		16.	The Optionee is obligated to pay the taxes and maintain the legal
status of the leases comprising the Property in accordance with State mining law during the Option Period while the Option is in
effect.

 

		17.	During the Option Period, unless this Agreement is terminated in
accordance this Agreement, the Optionee covenants and agrees with the Optionor that the Optionee will, at its own cost:

 

	maintain the Property in good standing
by doing and filing all assessment work or making payments in lieu thereof and by performing all other acts which may be necessary
in order to keep the Property in good standing and free and clear of all liens and other charges arising from or out of the Optionee's
activities on the Property;
	do all work on the Property in accordance
with sound mining, exploration and engineering practices and in compliance with all applicable laws, bylaws, regulations, orders,
and lawful requirements of any governmental or regulatory authority and comply with all laws governing the possession of the Property,
including, without limitation, those governing safety, pollution and environmental matters; and
	maintain true and correct books, accounts
and records of operations thereunder, such records to be open at all reasonable times upon reasonable notice for inspection by
the Optionor or his duly authorized representatives and agents.

 

		18.	If during the term of this Agreement, the Optionor or an affiliate
of the Optionor stakes or otherwise acquires, directly or indirectly, any right or interest in any mining lease, licence, lease,
grant, concession, patent or other mineral property (“New Mineral Lease”), within the Area of Interest, it shall offer
the New Mineral Lease to the Optionee for inclusion under this Agreement as a part of the Property.  If the Optionee elects
within thirty days to include the New Mineral Lease as part of the Property, subject to the terms of this Agreement, it shall reimburse
the Optionor for its acquisition costs of the New Mineral Lease and such amount shall be included as a credit in the contribution
towards the payment of the Optionee for the applicable or subsequent periods.  If the Optionee elects not to include the New
Mineral Lease as part of the Property subject to this Agreement, the Optionor shall hold such New Mineral Lease separate from this
Agreement and the Optionee shall have no rights or obligations with respect thereto.

 

		19.	During the Option Period, neither the Optionee nor the Optionor will
be entitled to grant any mortgage, charge or lien of or upon the Property or any portion thereof without the prior written consent
of the other party.

 

		20.	If either party is at any time during the Option Period is prevented
or delayed in complying with any of the provisions of this Agreement (the "Affected Party") by reason of strikes, lockouts,
land claims and blockages, NGO activities, forest or highway closures, earthquakes, subsidence, general collapse or landslides,
interference or the inability to secure on reasonable terms any private or public permits or authorizations, labour, power or fuel
shortages, fires, wars, acts of God, civil disturbances, governmental regulations restricting normal operations, shipping delays
or any other reason or reasons beyond the reasonable control of the Affected Party whether or not foreseeable (provided that lack
of sufficient funds to carry out exploration on the Property will be deemed not to be beyond the reasonable control of the Affected
Party), then the time limited for the performance by the Affected Party of its obligations hereunder will be extended by a period
of time equal in length to the period of each such prevention or delay.  Nothing in this section or this Agreement will relieve
either party from its obligation to maintain the leases comprising the Property in good standing and to comply with all applicable
laws and regulations including, without limitation, those governing safety, pollution and environmental matters.  The Affected
Party will promptly give notice to the other party of each event of force majeure under this section within seven days of such
event commencing and upon cessation of such event will furnish the other party with written notice to that effect together with
particulars of the number of days by which the time for performing the obligations of the Affected Party under this Agreement has
been extended by virtue of such event of force majeure and all preceding events of force majeure.

 

		21.	If at any time during the Option Period, a party is in default of
any requirement of this Agreement or is in breach of any provision contained in this Agreement, the party affected by the default
(the "Non-Defaulting Party") may terminate this Agreement by giving written notice of termination to the other party
but only if:

 

	it will have given to the other party
written notice of the particular failure, default, or breach on the part of the other party; and
	the other party has not, within 30
days following delivery of such written notice of default, cured such default or commenced to cure such default, it being agreed
by each party that should it so commence to cure any default it will prosecute such cure to completion without undue delay.

 

		22.	Each of the Optionee and the Optionor covenants and agrees to indemnify
and save harmless the other against all liabilities, claims, demands, actions, causes of action, damages, losses, costs, expenses
or legal fees suffered or incurred by reason of or arising out of or relating to any matters in connection with this Agreement.

 

		23.	Each of the parties hereto agrees to do and/or execute all such further
and other acts, deeds, things, devices, documents and assurances as may be required in order to carry out the true intent and meaning
of this Agreement.

 

		24.	This Agreement shall inure to the benefit of and be binding upon
the parties hereto and each of their successors and permitted assigns, as the case may be.

 

		25.	This Agreement shall be construed by and governed by the laws of
the State of |Nevada.

 

		26.	This Agreement may be executed in counterparts and any party hereto
may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts
taken together will be deemed to be one and the same instrument.

 

		27.	Each of the parties hereto will be entitled to rely upon delivery
by facsimile of executed copies of this Agreement, and such facsimile copies will be effective to create a valid and binding agreement
among the parties hereto in accordance with the terms and conditions of this Agreement.

 

		28.	Unless otherwise provided, all dollar amounts referred to in this
Agreement are in lawful money of the United States of America.

 

		29.	All notices, payments and other required communications and deliveries
to the parties hereto will be in writing, and will be addressed to the parties as follows or at such other address as the parties
may specify from time to time:

 

	to the Optionor:

 

_____________________

_____________________

_____________________

 

with a copy to:

 

(LEGAL COUNSEL)

___________________________________________

___________________________________________

___________________________________________

Attention:

Fax:  

 

and:

 

	to the Optionee:

 

_____________________________

_____________________________

_____________________________

Attention: ____________________

 

Notices must be delivered, sent by telex,
telegram, telecopier or mailed by pre-paid post and addressed to the party to which notice is to be given.  If notice is sent
by telex, telegram or telecopier or is delivered, it will be deemed to have been given and received at the time of transmission
or delivery.  If notice is mailed, it will be deemed to have been received five business days following the date of the mailing
of the notice.  If there is an interruption in normal mail service due to strike, labour unrest or other cause at or prior
to the time a notice is mailed the notice will be sent by telex, telegram or telecopier or will be delivered.  Either party
hereto at any time or from time to time notify the other party in writing of a change of address and the new address to which a
notice will be given thereafter until further change.

 

		30.	Each party has the right to assign all or any part of its interest
in the Property and this Agreement.  It shall be a condition to any such assignment that the assignee of the interest being
transferred agrees in writing to be bound by the terms of this Agreement, as if it had been an original party hereto.

 

 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement the __ day of ____________, 2013.

 

 

OPTIONOR

 

________________________

Authorized Signatory

 

 

OPTIONEE

 

________________________

Authorized Signatory

 

     

     

    

 

Schedule “A”

 

All of those mineral rights contained in the following tracts
of property located in leases in Elko, County in the State of Nevada and are officially recognized by State of Nevada land records
of Elko County at the Probate Judges’ Office in said counties, namely the following legal descriptions:

 

 

		1.	WLG Load Mining Claims

 

WLG -1 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

 

WLG -2 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

 

WLG -3 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

 

WLG -4 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 6, T. 32 N., R. 58 E., M.D.M.

 

 

		2.	ELG Load Mining Claims

 

ELG -1 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 5, T. 32 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 5, T. 32 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -2 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 5, T. 32 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -3 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -4 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -5 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -6 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -7 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 5, T. 32 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 32, T. 32 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -8 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -9 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -10 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -11 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -12 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -13 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -14 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -15 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -16 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

 

ELG -17 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -18 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -19 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -20 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -21 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -22 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -23 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -24 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -25 Lode Mining Claims (Elko County Official Record)

 

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -26 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -27 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -28 Lode Mining Claims (Elko County Official Record)

 

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 28, T. 33 N., R. 58 E., M.D.M.

 

ELG -29 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -30 Lode Mining Claims (Elko County Official Record)

 

SE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NE 1⁄4 of Section 32, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -31 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -32 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -33 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

 

ELG -34 Lode Mining Claims (Elko County Official Record)

 

NE 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

NW 1⁄4 of Section 33, T. 33 N., R. 58 E., M.D.M.

SW 1⁄4 of Section 28, T. 33 N., R. 58 E., M.D.M.

SE 1⁄4 of Section 28, T. 33 N., R. 58 E., M.D.M.Exhibit 10.1

EXHIBIT 10.1 

EXECUTION COPY

THIRD LIMITED WAIVER TO CREDIT AGREEMENT

This Third Limited Waiver (“Agreement”) to Credit Agreement is entered into as of January 15, 2013 (the “Third Limited Waiver Effective Date”), by and among DIAL GLOBAL, INC. (f/k/a WESTWOOD ONE, INC.), a Delaware corporation (the “Borrower”), and the Lenders party hereto.
RECITALS
WHEREAS, reference is made to that certain Credit Agreement, dated as of October 21, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement), by and among the Borrower, the Lenders, the L/C Issuers, General Electric Capital Corporation, as administrative agent and collateral agent for the Lenders and the L/C Issuers (in such capacity, and together with its successors and permitted assigns, the “Administrative Agent”), and ING Capital LLC, as syndication agent;
WHEREAS, the Borrower and the Lenders entered into that certain Second Amendment and Limited Waiver to Credit Agreement, dated as of November 15, 2012 (the “Limited Waiver”) to waive certain “Anticipated Defaults” (as defined in the Limited Waiver) through December 14, 2012 (the “Initial Waiver Period”); 
WHEREAS, the Borrower and the Lenders entered into that certain Second Limited Waiver to Credit Agreement, dated as of December 14, 2012 (the “Second Limited Waiver”) to waive certain “Specified Defaults” (as defined in the Second Limited Waiver), which definition includes the Anticipated Defaults);
WHEREAS, pursuant to the Second Limited Waiver, the Lenders agreed to extend the Initial Waiver Period through January 15, 2013 upon the terms and subject to the conditions set forth therein;
WHEREAS, the Lenders have again agreed to extend the Initial Waiver Period and thereby temporarily waive the Specified Defaults upon the terms and subject to the conditions set forth herein;
NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows:
Section 1.Section References.  Unless otherwise expressly stated herein, all Section references herein shall refer to Sections of the Credit Agreement.
Section 2.Limited Waiver.

2.1    Solely during the Waiver Period (as defined below) and not at any other time, the Lenders hereby agree to temporarily waive the Specified Defaults and the right to accelerate the Obligations as a result thereof.  During the Waiver Period, the Specified Defaults shall be deemed not to have occurred or be continuing, and the Administrative Agent and the 

Lenders shall have no right to enforce rights or exercise remedies with respect to the Specified Defaults.  The waivers provided pursuant to the terms of this Agreement shall automatically and without further action or notice by any party expire on the Limited Waiver Termination Date (as defined below).  
2.2    No waiver provided herein shall remain in effect after the Limited Waiver Termination Date.  Upon the Limited Waiver Termination Date, (i) the Anticipated Defaults shall be deemed to be Events of Default in full force and effect, having occurred as of September 30, 2012 and continuing uninterrupted thereafter and (ii) all other Specified Defaults shall be deemed to be Events of Default in full force and effect, having occurred as of December 31, 2012 and continuing uninterrupted thereafter, in each case of clauses (i) and (ii), for all purposes, including, without limitation, for purposes of calculating and charging default interest under Section 2.9(c) of the Credit Agreement, and the Administrative Agent and the Lenders shall retain all of the rights and remedies related thereto.  This Agreement shall not have the effect of tolling or extending any applicable cure period beyond the period that would have applied absent this Agreement.  Nothing in this Agreement shall be deemed to constitute a waiver by the Administrative Agent or the Lenders of any Default, whether now existing or hereafter arising, or of any right or remedy the Administrative Agent or the Lenders may have under any of the Loan Documents or applicable law, except to the extent expressly set forth herein, nor shall the Lenders' execution and delivery of this Agreement establish a course of dealing among the Lenders and the Borrower or in any way obligate the Lenders to hereafter provide any further waiver of any kind, to provide any further time prior to the enforcement of their rights or to provide any other financial accommodations to or on behalf of the Borrower or any other Loan Party.
2.3    Notwithstanding anything to the contrary herein, the Lenders do not now waive, nor do they agree that they will waive in the future, any further Default or Event of Default.  Neither this Agreement nor any course of dealing or delay or failure of the Lenders in exercising any right, remedy, power or privilege under or in connection with any Event of Default shall affect any other or future exercise thereof or the existence of any other right, remedy, power or privilege, except to the extent expressly set forth herein; nor shall any single or partial exercise of any such right, remedy, power or privilege or any abandonment or discontinuance of the steps to enforce any such right, remedy, power or privilege (pursuant to this Agreement or otherwise) preclude any further exercise thereof or of any other right, remedy, power or privilege, except to the extent expressly set forth herein.
For the purposes hereof,
“Limited Waiver Termination Date” means the earlier to occur of:
(i)  5:00 p.m. (New York city time) on Thursday, February 28, 2013; or
(ii)  the date on which a Limited Waiver Termination Event occurs.
    

“Limited Waiver Termination Event” means any of the following:
(i)  the occurrence of any Event of Default or Default (other than the Specified Defaults), including, without limitation, an Event of Default or Default arising upon the failure by the Borrower to make any payment of interest or fees owing to the Administrative Agent and the Lenders when due;
(ii) any representation or warranty made by any Loan Party in connection with this Agreement shall prove to be false in any material respect (but in all respects if such representation is qualified by “material” or “Material Adverse Effect”) as of the date when made; 
(iii)  the failure of any Loan Party to comply with any term, condition or covenant set forth in this Agreement; 
(iv)  any Loan Party modifies or amends its agreements with CBS Radio Inc., in any material manner that is unacceptable to the Required Lenders and such amendment or modification has not been made acceptable to the Required Lenders within three (3) Business Days after written notice to the Borrower of such unacceptability; or
(v) the expiration of the “Waiver Period” under and as defined in the Second Lien Limited Waiver (defined below).
“Waiver Period” means the period beginning on the Second Amendment Effective Date and ending on the Limited Waiver Termination Date.
Section 3.Conditions Precedent.  The effectiveness of this Agreement is subject to the following conditions precedent:
3.1    The Administrative Agent shall have received each of the following:
(a)    Agreement.  This Agreement, duly executed and delivered by each Loan Party and the Required Lenders; 
(b)    Second Lien Waiver.  (i) A copy of the amendment and waiver to the Second Lien Credit Agreement entered into by the Loan Parties and the Required Lenders (as defined in the Second Lien Credit Agreement) in the form attached hereto as Exhibit A (the “Second Lien Limited Waiver”) and (ii) evidence satisfactory to the Administrative Agent that such waiver has been executed and delivered and is in full force and effect on or prior to the Third Limited Waiver Effective Date; 
(c)    Intercreditor Amendment.  An amendment to the Intercreditor Agreement in substantially the form attached hereto as Exhibit B, which shall have been duly executed and delivered by the parties thereto; and

(d)     Term Sheet.  The Borrower, Sponsor, and requisite Second Lien Lenders shall have agreed to a non-binding restructuring term sheet (“Term Sheet”) in form and substance acceptable to the Required Lenders.
3.2    The Borrower shall have answered all material questions of CDG Group, LLC with respect to the annual budget initially delivered to the Lenders on January 4th and 5th of 2013.
3.3    The Borrower shall have paid all reasonable and documented accrued and unpaid fees and expenses through the Third Limited Waiver Effective Date of the CDG Group, LLC and Sidley Austin LLP that have been requested pursuant to an invoice delivered to the Chief Financial Officer of the Borrower prior to the Third Limited Waiver Effective Date.
Section 4.Representations and Warranties; Reaffirmation of Grant.  Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that, as of the Third Limited Waiver Effective Date immediately after giving effect to this Agreement, (a) all representations and warranties of the Loan Parties set forth in the Credit Agreement and in any other Loan Document (provided that Section 4.5 shall be tested with reference to the Second Limited Waiver Effective Date instead of December 31, 2010 and shall exclude any Material Adverse Effect based on facts disclosed in writing to the Administrative Agent or a representative previously designated by the Lenders to receive such material (the “Lender Designee”) prior to the Third Limited Waiver Effective Date and, further, provided that Section 4.6 of the Credit Agreement is excluded) are true and correct in all material respects (but in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and as of the Third Limited Waiver Effective Date to the same extent as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (but in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and as of such earlier date, (b) no Default or Event of Default has occurred and is continuing, (c) the Credit Agreement and all other Loan Documents are and remain legally valid, binding obligations of the Loan Parties, enforceable against each such Loan Party in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability, (d) each of the Loan Documents to which such Loan Party is a party pursuant to which a Lien has been granted in favor of the Administrative Agent and all of the Collateral described therein do and shall continue to secure the payment of all Obligations as set forth in such respective Loan Documents and (e) all contracts that generated more than 5% of the consolidated total revenue of the Borrower and its Subsidiaries for the four quarter period ending on September 30, 2012 have been provided to the Administrative Agent.  Each Loan Party that is a party to the Guaranty 

and Security Agreement or any of the Loan Documents pursuant to which a Lien has been granted in favor of the Administrative Agent hereby reaffirms its grant of a security interest in the Collateral to the Administrative Agent for the ratable benefit of the Secured Parties, as collateral security for the prompt and complete payment and performance when due of the Obligations.

Section 5.     Release; Covenants; Acknowledgement
5.1    Each Loan Party hereby absolutely and unconditionally releases and forever discharges the Administrative Agent, each L/C Issuer, each Lender and each of their respective Related Persons (each a “Released Party”), from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which any Loan Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever in connection with the Credit Agreement arising from the beginning of time to and including the Third Limited Waiver Effective Date, whether such claims, demands and causes of action are matured or unmatured or known or unknown.  It is the intention of each Loan Party in providing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified in the immediately preceding sentence.  Each Loan Party acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts.  Each Loan Party understands, acknowledges and agrees 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.
5.2    Each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by any Loan Party pursuant to the above release.  If any Loan Party or any of their successors, assigns or other legal representatives violates the foregoing covenant, each Loan Party, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all reasonable attorneys' fees and costs incurred by such Released Party as a result of such violation.
5.3    Each Loan Party represents and warrants that, to its knowledge, there are no liabilities, claims, suits, debts, liens, losses, causes of action, demands, rights, damages or costs, or expenses of any kind, character or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have or claim to have against any Released Party arising with respect to the Obligations, the Credit Agreement, this Agreement or any other Loan Document.
5.4    Each Released Party agrees that nothing set forth in this Section 5 is intended to, nor shall anything set forth in this Section 5 be construed to, terminate any contractual obligations of the Released Parties to the Loan Parties under the Credit Agreement or the other Loan Documents, which shall remain in full force and effect. 

5.5    Members of management and any financial advisor of any Loan Party will be reasonably available to the Lenders and their advisors on reasonable advance notice and subject to customary confidentiality arrangements to discuss the operations, prospects, and financial status of the Loan Parties in a manner reasonably satisfactory to the Lenders and the Lender Designee.  The Borrower shall (a) conduct onsite in-person weekly meetings with the Lender Designee and representatives separately designated by the Second Lien Lenders (collectively with the Lender Designee, the “Lender Designees”) and provide such Lender Designees with daily access to the Chief Executive Officer and Chief Financial Officer of the Borrower on reasonable notice and (b) provide the Administrative Agent with reasonably detailed weekly updates regarding the Borrower's progress on strategic alternatives and restructuring initiatives.  Any failure to comply with any provision of this Section 5.5 shall constitute an immediate Limited Waiver Termination Event.  
Section 6.     Survival.  All representations and warranties made in this Agreement or any other Loan Document shall survive the execution and delivery of this Agreement, and no investigation by the Administrative Agent or the Lenders shall affect the representations and warranties or the right of the Administrative Agent and the Lenders to rely upon them.
  
Section 7.     Costs and Expenses of the Administrative Agent.  The Borrower shall pay on demand all reasonable out-of-pocket and documented costs and expenses of the Administrative Agent (including the reasonable fees, costs and expenses of counsel to the Administrative Agent incurred in connection with the preparation, execution and delivery of this Agreement).  The Borrower shall continue to pay the fees and expenses of the CDG Group, LLC in accordance with the Engagement Letter, dated as of October 26, 2012, between the CDG Group, LLC and Sidley Austin LLP.

Section 8.     Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE STATE OF NEW YORK.

Section 9.     Execution.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by telecopier (or electronic mail (in PDF format)) shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 10.     Limited Effect.  This Agreement relates only to the specific matters expressly covered herein, shall not be considered to be a waiver of any rights, claims or remedies any Lender may have under the Credit Agreement or under any other Loan Document (except as expressly set forth herein) or under applicable law, and shall not be considered to create a course of dealing or to otherwise obligate in any respect any Lender to execute similar or other amendments or grant any waivers under the same or similar or other circumstances in the future.

Section 11.     Ratification by Guarantors; Other Matters.  

11.1  Ratification by Guarantors.  Each of the Guarantors acknowledges that its consent to this Agreement is not required, but each of the undersigned nevertheless does hereby agree and consent to this Agreement and to the documents and agreements referred to herein.  Each of the Guarantors agrees and acknowledges that (i) notwithstanding the effectiveness of this Agreement, such Guarantor's guaranty under the Guaranty and Security Agreement shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of such Guarantor's guaranty or any other Loan Document executed by such Guarantor (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects.  Each of the Guarantors hereby agrees and acknowledges that no other agreement, instrument, consent or document shall be required to give effect to this section.  Each of the Guarantors hereby further acknowledges that the Borrower, the Administrative Agent and any Lender may from time to time enter into any further amendments, modifications, terminations and/or waivers of any provisions of the Loan Documents without notice to or consent from such Guarantor and without affecting the validity or enforceability of such Guarantor's guaranty or giving rise to any reduction, limitation, impairment, discharge or termination of such Guarantor's guaranty.
  
11.2  Other Matters.  The Borrower shall (a) not modify or amend any of its material agreements in a manner materially adverse to the Borrower, taken as a whole with respect to each such agreement, (b) provide updates at least once per week on the status of negotiations with CBS Radio Inc., or more frequently if necessary to keep the Lenders informed of all material developments and consult with the Lenders with respect to such negotiations and developments, (c) cause the Required Professional (as defined in the Second Limited Waiver) to provide a sufficiently detailed oral or written weekly report to the Lenders and CDG Group, LLC describing his efforts from the prior week, and make the Required Professional available to discuss such efforts with the Lenders and CDG Group, LLC with reasonable advance notice, (d) provide a weekly analysis of upfront sales on an account-level basis to the Lender Designees for their eyes only, provided that the Lender Designees may prepare and deliver to the Lenders and Second Lien Lenders a high level summary thereof provided that such summary shall have been previously reviewed by, and shall be in form and substance reasonably acceptable to, the Borrower, (e) deliver (i) a final budget for the 2013 calendar year in form, scope and substance acceptable to the Required Lenders in their reasonable discretion, which shall include a monthly income statement, balance sheet and cash flow statement, in each case incorporating revised major contracts terms, revised sales compensation, restructuring costs, and other cost savings and (ii) forecasted quarterly income statements, balance sheet and cash flow statements through the term of the Facilities, in form, scope and substance acceptable to the Required Lenders in their reasonable discretion, in each case, no later than February 1, 2013, including a detailed set of assumptions on which such 

final budget and forecast are based, (f) deliver a comprehensive summary of requested modifications to the Credit Agreement by February 1, 2013, (g) execute a binding restructuring support agreement in form, scope and substance acceptable to the Required Lenders by February 22, 2013 and (h) execute and deliver definitive documentation with respect to the “Transaction” as defined in and contemplated by the Term Sheet, all in form, scope and substance acceptable to the Required Lenders, and consummate such Transaction by February 28, 2013.  Any failure to comply with the foregoing provisions of this Section 11.2 shall constitute an immediate Limited Waiver Termination Event.  
11.3  Additional Fees.  Immediately upon the occurrence of the Limited Waiver Termination Date (unless the Transaction occurs on or before such date) without notice, demand or any further action by any party, unless otherwise agreed by the Required Lenders, the Lenders shall thereupon receive a fee in an amount equal to 0.5% of the principal balance of the Obligations as of the Third Limited Waiver Effective Date, paid in kind and added to the outstanding principal balance of the Obligations; provided, however, that no such fee shall be deemed to have been paid in kind or otherwise received by the Lenders, or otherwise be due and payable to the Lenders, if definitive agreements relating to the transactions described in the Term Sheet have been executed and the transactions contemplated thereby, to the extent necessary, have been approved by the stockholders of the Company but consummation of such transactions is conditioned upon compliance with Section 14 and/or termination of registration contemplated by Rule 12g-4, in each case, of the Securities Exchange Act of 1934 and are not consummated for failure to satisfy such conditions for a period after the Limited Waiver Termination Date not to exceed 50 days.
Section 12.     Amendment to Intercreditor Agreement.  The Lenders hereby authorize and direct the Administrative Agent to enter into an amendment to the Intercreditor Agreement in substantially the form attached hereto as Exhibit B.

 [signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

DIAL GLOBAL, INC. (f/k/a WESTWOOD ONE, INC.),
as Borrower
 

By:     /S/ SPENCER BROWN                        
Name:    Spencer Brown
Title:    Chief Executive Officer

WESTWOOD ONE PROPERTIES, INC.,
WESTWOOD ONE STATIONS - NYC, INC.,
WESTWOOD ONE RADIO, INC.,
WESTWOOD ONE RADIO NETWORKS, INC.,
WESTWOOD NATIONAL RADIO CORPORATION, 
VERGE MEDIA COMPANIES, LLC, 
VERGE MEDIA GROUP HOLDINGS, INC,.
VERGE MEDIA INTERMEDIATE HOLDINGS, INC.,
VERGE MEDIA, INC.,
VERGE MEDIA SOLUTIONS, LLC, 
EXCELSIOR RADIO NETWORKS, LLC,
EXBT, LLC, 
DIAL COMMUNICATIONS GLOBAL MEDIA, LLC, 
EXCELSIOR NETWORK GROUP, LLC, 
RDG EXCELSIOR HOLDINGS, LLC,
EXCELSIORTM, INC.,
EXCELSIOR MEDIA NETWORKS, LLC, 
JPN, LLC, 
EXCELSIOR RADIO NETWORK VENTURES, LLC, 
EXCELSIOR RADIO HOLDINGS, LLC, 
EXCELSIOR MEDIAAMERICA, INC.,
DG RADIO NETWORKS, LLC,
AMERICAN COMEDY NETWORK, LLC, and
GORADIO, LLC,
as Guarantors 

By:     /S/ SPENCER BROWN                        
     Name:   Spencer Brown     
Title:    Chief Executive Officer

GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

By:     /S/ ELLEN D. WEAVER                    
Name:  Ellen D. Weaver
Title:  Duly Authorized Signatory

 

Fortress Credit Opportunities I LP, as a Lender
By: Fortress Credit Opportunities I GP LLC, its general partner

By:     /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Chief Operating Officer

Fortress Credit Funding III LP, as a Lender
By: Fortress Credit Funding III GP LLC, its general partner

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Chief Operating Officer

Fortress Credit Funding IV LP, as a Lender
By: Fortress Credit Funding IV GP LLC, its general partner

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Chief Operating Officer

Fortress Credit Investments I LTD, as a Lender

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Director

Fortress Credit Investments II LTD, as a Lender

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Director

 

Pangaea CLO 2007-1 LTD.
By: Pangaea CLO Management LLC, as Collateral Manager

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Chief Operating Officer

Sargas CLO I LTD.
By: Sargas Asset Management, LLC, as Portfolio Manager

By:    /S/ MARK K. FURSTEIN                    
Name:  Mark K. Furstein
Title: Chief Operating Officer 

ING Capital LLC, as a Lender

By:    /S/ STEPHEN M. NETTLER                    
Name:  Stephen M. Nettler
Title: Managing Director

HERCULES TECHNOLOLGY II, L.P.,
a Delaware limited partnership, as a Lender

By: Hercules Technology SBIC Management, LLC, its General Partner

By: Hercules Technology Growth Capital, Inc., its Manager

By:    /S/ BEN BANG                    
Name:  Ben Bang
Title: Senior Counsel

HERCULES TECHNOLOLGY III, L.P.,
a Delaware limited partnership, as a Lender

By: Hercules Technology SBIC Management, LLC, its General Partner

By: Hercules Technology Growth Capital, Inc., its Manager

By:    /S/ BEN BANG                    
Name:  Ben Bang
Title: Senior Counsel 

Special Situations Investing Group, Inc., 
as a Lender

By:    /S/ ROBERT G. FRAHM III                    
Name:  Robert G. Frahm III
Title: Authorized Signatory

Royal Bank of Canada, as a Lender

By:    /S/ LESLIE P. VOWELL                
Name:  Leslie P. Vowell
Title: Attorney-in-Fact 

DWS Floating Rate Fund, 
By: Deutsche Investment Management Americas, Inc., Investment Advisor

By:    /S/ ANTONIO V. VERSACI                    
Antonio V. Versaci, Director

By:    /S/ ABDOULAYE THIAM                    
Name:  Abdoulaye Thiam
Title: Vice President 

Flagship CLO VI
By: Deutsche Investment Management Americas, Inc. 
As Collateral Manager

By:    /S/ ANTONIO V. VERSACI                    
Antonio V. Versaci, Director

By:    /S/ ABDOULAYE THIAM                    
Name:  Abdoulaye Thiam
Title: Vice President

Flagship CLO V
By: Deutsche Investment Management Americas, Inc.
(as successor in interest to Deutsche Asset Management, Inc.)
As Collateral Manager

By:    /S/ ANTONIO V. VERSACI                    
Antonio V. Versaci, Director

By:    /S/ ABDOULAYE THIAM                    
Name:  Abdoulaye Thiam
Title: Vice President

Global Leveraged Capital Management, LLC, as Collateral Agent for Global Leveraged Capital Credit Opportunity Fund I, as a Lender

By:    /S/ AVIN DWIVEDY                    
Name:  Avin Dwivedy
Title: Principal

WhiteHorse IV Ltd, as a Lender

By: WhiteHorse Capital Partners, L.P.

Title: Investment Manager

By: WhiteRock Asset Advisors, LLC

Title: General Partner

By:    /S/ JAY CARVELL, CFA                    
Name:  Jay Carvell, CFA
Title: Portfolio Manager

EXHIBIT A 
Second Lien Limited Waiver
Refer to Exhibit 10.2

EXHIBIT B
Third Amendment to Intercreditor Agreement 
Intentionally omitted.

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