2.4 Increase of Approved Overadvance Loans. Section 1A of the Schedule to
the Agreement is hereby amended by deleting “exceed $38,000,000 from the Amendment Thirty Effective Date through the Revolver Maturity Date” and inserting “exceed $42,000,000 from the Amendment Thirty One Effective Date through the
Revolver Maturity Date” in lieu thereof.
3. WARRANT. In consideration for Lender agreeing to (a) increase the Maximum Revolver Amount by
$4,000,000, and (b) increase the Overadvance Amount by $4,000,000, the Borrower has agreed to issue to Lender a non-dilutive warrant equal to 5.09% of the Borrower and containing terms and conditions
acceptable to Lender.
4. CONDITION PRECEDENT AND SUBSEQUENT.
4.1 Condition Precedent. This Amendment shall be effective on the Amendment Thirty One Effective Date only upon satisfaction in full of
the following conditions precedent:
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A. |
Lender shall have received a fully executed copy of this Amendment Thirty One. |
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B. |
Lender shall have received the $40,000 loan fee set forth in Section 3 of the Schedule to Loan and
Security Agreement, as amended by this Amendment. |
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C. |
Lender shall have received the warrants that Borrower is obligated to issue to Lender pursuant to
Section 3 of this Amendment |
5. REPRESENTATIONS AND WARRANTIES. Borrower hereby affirms to Lender that all of
Borrower’s representations and warranties set forth in the Agreement are true, complete and accurate in all respects as of the date hereof.
6.
RATIFICATION. Borrower hereby ratifies and affirms its obligations under the Agreement, as amended by this Amendment, and its obligation to repay the Obligations, including any Loans or advances by Lender made on or prior to the date of this
Amendment.
7. LIMITED EFFECT. Except for the specific amendments contained in this Amendment, the Agreement shall remain unchanged and in full
force and effect.
8. RELEASE BY BORROWER. Borrower, for itself, and for its agents, servants, officers, directors, shareholders, employees, heirs,
executors, administrators, successors and assigns, forever release and discharge Lender and its servants, employees, accountants, attorneys, shareholders, subsidiaries, officers, directors, heirs, executors, administrators, successors and assigns
from any and all claims, demands, liabilities, accounts, obligations, costs, expenses, liens, actions, causes of action, rights to indemnity (legal or equitable), rights to subrogation, rights to contribution and remedies of any nature whatsoever,
known or unknown, which Borrower had, now has, or has acquired, individually or jointly, at any time prior to the Amendment Thirty One Effective Date, including specifically, but not exclusively, and without limiting the generality of the foregoing,
any and all of the claims, damages, demands and causes of action, known or unknown, suspected or unsuspected by Borrower which:
8.1 Arise
out of the Loan Documents;
2