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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/16/22 iPower Inc. 10-Q 3/31/22 87:5.6M GlobalOne Filings Inc/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 915K
2: EX-10.14 First Amendment and Limited Waiver to Credit HTML 52K
Agreement
3: EX-31.1 Certification -- §302 - SOA'02 HTML 25K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 25K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 22K
6: EX-32.2 Certification -- §906 - SOA'02 HTML 22K
12: R1 Cover HTML 77K
13: R2 Unaudited Condensed Consolidated Balance Sheets HTML 182K
(Unaudited)
14: R3 Unaudited Condensed Consolidated Balance Sheets HTML 40K
(Unaudited) (Parenthetical)
15: R4 Unaudited Condensed Consolidated Statements of HTML 141K
Operations (Unaudited)
16: R5 Unaudited Condensed Consolidated Statements of HTML 94K
Changes in Stockholder's Equity
17: R6 Unaudited Condensed Consolidated Statements of HTML 151K
Cash Flows (Unaudited)
18: R7 Nature of business and organization HTML 31K
19: R8 Basis of Presentation and Summary of significant HTML 84K
accounting policies
20: R9 Joint Ventures HTML 31K
21: R10 Acquisition of Anivia Limited and Subsidiaries and HTML 53K
Variable Interest Entity
22: R11 Variable interest entity HTML 39K
23: R12 Accounts receivable, net HTML 30K
24: R13 Inventories, net HTML 26K
25: R14 Prepayments and other current assets HTML 30K
26: R15 Non-current prepayments HTML 27K
27: R16 Intangible assets, net HTML 35K
28: R17 Loans payable HTML 44K
29: R18 Related party transactions HTML 30K
30: R19 Income taxes HTML 55K
31: R20 Earnings per share HTML 42K
32: R21 Equity HTML 57K
33: R22 Warrants HTML 36K
34: R23 Concentration of risk HTML 39K
35: R24 Commitments and contingencies HTML 57K
36: R25 Subsequent events HTML 28K
37: R26 Basis of Presentation and Summary of significant HTML 149K
accounting policies (Policies)
38: R27 Basis of Presentation and Summary of significant HTML 32K
accounting policies (Tables)
39: R28 Acquisition of Anivia Limited and Subsidiaries and HTML 43K
Variable Interest Entity (Tables)
40: R29 Variable interest entity (Tables) HTML 41K
41: R30 Accounts receivable, net (Tables) HTML 28K
42: R31 Prepayments and other current assets (Tables) HTML 29K
43: R32 Intangible assets, net (Tables) HTML 36K
44: R33 Income taxes (Tables) HTML 50K
45: R34 Earnings per share (Tables) HTML 37K
46: R35 Equity (Tables) HTML 31K
47: R36 Warrants (Tables) HTML 30K
48: R37 Commitments and contingencies (Tables) HTML 48K
49: R38 Nature of business and organization (Details HTML 26K
Narrative)
50: R39 Basis of Presentation and Summary of significant HTML 30K
accounting policies (Details)
51: R40 Basis of Presentation and Summary of significant HTML 25K
accounting policies (Details 1)
52: R41 Basis of Presentation and Summary of significant HTML 60K
accounting policies (Details Narrative)
53: R42 Joint Ventures (Details Narrative) HTML 26K
54: R43 Acquisition of Anivia Limited and Subsidiaries and HTML 65K
Variable Interest Entities (Details)
55: R44 Acquisition of Anivia Limited and Subsidiaries and HTML 29K
Variable Interest Entities (Details 1)
56: R45 Acquisition of Anivia Limited and Subsidiaries and HTML 49K
Variable Interest Entity (Details Narrative)
57: R46 Variable interest entity (Details) HTML 43K
58: R47 Variable interest entity (Details 1) HTML 48K
59: R48 Accounts receivable, net (Details) HTML 30K
60: R49 Accounts receivable, net (Details Narrative) HTML 25K
61: R50 Inventories, net (Details Narrative) HTML 29K
62: R51 Prepayments and other current assets (Details) HTML 26K
63: R52 Prepayments and other current assets (Details HTML 24K
Narrative)
64: R53 Non-current prepayments (Details Narrative) HTML 32K
65: R54 Intangible assets, net (Details) HTML 36K
66: R55 Intangible assets (Details - Future Amortization) HTML 38K
67: R56 Intangible assets, net (Details Narrative) HTML 27K
68: R57 Loans payable (Details Narrative) HTML 73K
69: R58 Related party transactions (Details Narrative) HTML 44K
70: R59 Income taxes (Details) HTML 50K
71: R60 Income taxes (Details - Reconcilation of effective HTML 36K
income tax rate)
72: R61 Income taxes (Details Narrative) HTML 31K
73: R62 Earnings per share (Details) HTML 50K
74: R63 Equity (Details) HTML 38K
75: R64 Equity (Details Narrative) HTML 105K
76: R65 Warrant (Details - Assumptions) HTML 36K
77: R66 Warrants (Details Narrative) HTML 54K
78: R67 Concentration of risk (Details Narrative) HTML 56K
79: R68 Commitments and contingencies (Details - Lease HTML 36K
cost)
80: R69 Commitments and contingencies (Details - Balance HTML 29K
Sheet)
81: R70 Commitments and contingencies (Details - Lease HTML 40K
maturity)
82: R71 Commitments and contingencies (Details Narrative) HTML 31K
85: XML IDEA XML File -- Filing Summary XML 158K
83: XML XBRL Instance -- ipower_i10q-033122_htm XML 1.18M
84: EXCEL IDEA Workbook of Financial Reports XLSX 108K
8: EX-101.CAL XBRL Calculations -- ipw-20220331_cal XML 205K
9: EX-101.DEF XBRL Definitions -- ipw-20220331_def XML 464K
10: EX-101.LAB XBRL Labels -- ipw-20220331_lab XML 996K
11: EX-101.PRE XBRL Presentations -- ipw-20220331_pre XML 824K
7: EX-101.SCH XBRL Schema -- ipw-20220331 XSD 167K
86: JSON XBRL Instance as JSON Data -- MetaLinks 407± 541K
87: ZIP XBRL Zipped Folder -- 0001683168-22-003694-xbrl Zip 192K
Exhibit 10.14
FIRST AMENDMENT AND LIMITED WAIVER TO
CREDIT AGREEMENT
THIS FIRST AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT (this “Amendment”), dated as of May 16, 2022 (“First Amendment Date”), is entered into by and among iPOWER INC., a Nevada corporation (the “Company” and together with any other Person that joins the Credit Agreement as a Borrower in accordance with the terms thereof, are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), the other Loan Parties party hereto, the Lenders described below, and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them in the Credit Agreement (as hereinafter defined) as amended hereby.
A. WHEREAS, the Borrowers, the other Loan Parties, certain financial institutions parties thereto (the “Lenders”) and the Administrative Agent are parties to that certain Credit Agreement, dated as of November 12, 2021 (as so amended and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);
B. WHEREAS, certain Events of Default have occurred and are continuing under Article VII of the Credit Agreement as a result of (i) the Borrowers’ failure to deliver Compliance Certificates in accordance with GAAP for the months ended on October 31, 2021, November, 30, 2021, December 31, 2021, January 31, 2022, February 28, 2022, and March 31, 2022 in violation of Section 5.01(d) of the Credit Agreement; (ii) the Borrowers’ failure to deliver a Deposit Account Control Agreement to Administrative Agent for that certain bank account ending in 3398 maintained by Borrower at Enterprise Bank within forty-five (45) days after the Effective Date in violation of Section 5.15(a) of the Credit Agreement; (iii) the Borrowers’ failure to provide evidence to Administrative Agent that the obligations owed by the Company to the SBA have been paid in full and the liens in favor of the SBA have been released and terminated in violation of Section 5.15(c)(i) of the Credit Agreement, (iv) the Borrowers’ failure to pledge forty percent (40%) of it Equity Interests in Box Harmony, LLC in violation of Section 6.04(c)(i) and (v) the Company making an investment in a joint venture of Box Harmony, LLC pursuant to that certain joint venture agreement by and among, the Company, Tony Chiu, Bin Xiao and Titanium Plus Autoparts, Inc., on dated as of January 13, 2022 during a continuing Default in violation of Section 6.04(c)(iii) of the Credit Agreement (collectively, the “Specified Defaults”), and the Borrowers have requested that the Administrative Agent and the Lenders waive the Specified Defaults
C. WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth herein; and
D. WHEREAS, on the terms and conditions set forth herein, the Administrative Agent and the Lenders have agreed to waive the Specified Defaults and the parties hereto have agreed to amend the Credit Agreement as set forth herein.
NOW, THEREFORE, for and in consideration of the premises and mutual agreements herein contained and for the purposes of setting forth the terms and conditions of this Amendment and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be bound, hereby agree as follows:
1. Amendments to Credit Agreement. Subject to the terms and conditions of this Amendment, the Credit Agreement is hereby amended as follows:
(a) Section 6.12 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
SECTION 6.12. Fixed Charge Coverage Ratio. Upon the occurrence and during the continuance of a Covenant Testing Trigger Period, the Company and its Subsidiaries will not permit the Fixed Charge Coverage Ratio, to be less than 1.00 to 1.00 when measured, on a trailing twelve month basis: (a) during the calendar year ending December 31, 2022, as of the end of: (i) the last fiscal quarter immediately preceding the occurrence of such Covenant Testing Trigger Period for which financial statements have most recently been delivered pursuant to Section 5.01, and (ii) each fiscal quarter for which financial statements are delivered pursuant to Section 5.01 during such Covenant Testing Trigger Period and (b) for each calendar year thereafter, as of the end of: (i) the last month immediately preceding the occurrence of such Covenant Testing Trigger Period for which financial statements have most recently been delivered pursuant to Section 5.01, and (ii) each month for which financial statements are delivered pursuant to Section 5.01 during such Covenant Testing Trigger Period.
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2. Limited Waiver.
(a) The Borrowers and the other Loan Parties acknowledge and agree that each Specified Defaults constitute Event of Defaults under the Credit Agreement.
(b) Subject to the satisfaction of the conditions precedent and condition subsequent set forth in Section 3 hereof, and subject to the other terms and conditions set forth in this Amendment, the Administrative Agent and the Lenders hereby waive the Specified Defaults subject to Section 3(b) of this Amendment. The parties hereto agree that the limited waiver set forth in this Section shall be limited precisely as written and, except as expressly set forth in this Section, shall not be deemed to be a consent to any amendment, waiver, or modification of any other term or condition of the Credit Agreement or any other Loan Document.
3. Conditions Precedent and Condition Subsequent to Effectiveness.
(a) Conditions Precedent. This Amendment shall become effective on the date (the “Amendment Effective Date”) on which all of the following conditions are satisfied::
(i) A fully-executed copy of this Amendment shall have been delivered to the Administrative Agent in form and substance satisfactory to Administrative Agent;
(ii) the Borrowers shall have paid to the Administrative Agent all amounts required to be paid hereunder, including, without limitation, those set forth in Section 4 hereto;
(iii) the Administrative Agent shall have received such other agreements, instruments, documents and certificates as the Administrative Agent may request, all in form and substance acceptable to the Administrative Agent;
(b) Conditions Subsequent. Notwithstanding anything contained herein, the continuing effectiveness of the limited waiver set forth in Section 2(b) of this Amendment shall be subject to the following conditions subsequent (it being understood and agreed that, in the event any of the following conditions shall fail to be satisfied in accordance with its terms, the limited waiver set forth in Section 2(b) of this Amendment shall immediately and automatically be revoked and shall no longer be effective for any purpose whatsoever.
(i) within 60 days of the First Amendment Date, the Administrative Agent shall have received a pledge of all of the Company’s Equity Interest in Box Harmony, LLC, in form and substance satisfactory to Administrative Agent; and
(ii) by no later than September 30, 2022, the Administrative Agent shall have received evidence that the obligations owed by the Company to the SBA have been paid in full, and the Liens and financing statements in favor of the SBA as set forth on Schedule 6.02 have been released and terminated.
4. Fees and Expenses. Each Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent, including but not limited to, fees and disbursements of counsel to the Administrative Agent, in connection with the preparation, negotiation, execution and delivery of this Amendment.
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5. Representations. Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that: (a) it has all necessary power and authority to execute and deliver this Amendment and perform its obligations hereunder, (b) other than the Specified Defaults existing and continuing prior to the Amendment Effective Date, no Default or Event of Default exists both before and after giving effect to this Amendment, (c) this Amendment and the Loan Documents, as amended hereby, constitute the legal, valid and binding obligations of each Loan Party and are enforceable against such Loan Party in accordance with their terms, (d) all Liens created under the Loan Documents continue to be first-priority (subject only to Permitted Encumbrances) perfected Liens, (e) all representations and warranties of the Loan Parties contained in the Credit Agreement, as amended hereby, and all other Loan Documents are true and correct as though made on and as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date) and (f) the execution and delivery of this Amendment will not contravene or result in a violation of any contract or agreement to which such Loan Party is a party.
6. Ratification. Except as expressly modified in this Amendment, all of the terms, provisions and conditions of the Credit Agreement, as heretofore amended, shall remain unchanged and in full force and effect. Except as herein specifically agreed, the Credit Agreement and each other Loan Document are hereby ratified and confirmed and shall remain in full force and effect according to their terms. Except as specifically set forth herein (including but not limited to Sections 3 and 4 hereunder), the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, or constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents. This Amendment shall not constitute a course of dealing with the Administrative Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by such Person to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future. Each Loan Party acknowledges and expressly agrees that the Administrative Agent and each Lender and reserves the right to, and does in fact, require strict compliance with all terms and provisions of the Credit Agreement and the other Loan Documents. Each Loan Party hereby: (i) affirms that it is indebted to the Lenders under the terms and conditions of the Credit Agreement and the other Loan Documents, each of which constitutes the valid and binding obligation of the Loan Parties, enforceable in accordance with their respective terms, and that no offsets, expenses or counterclaims to its obligations thereunder exist; and (ii) affirmatively waives any right to challenge the liens and security interests granted in favor of the Administrative Agent under the Credit Agreement, the other Loan Documents or hereunder.
7. Governing Law. This Amendment shall be governed by and construed in accordance with and governed by the laws of the State of California.
8. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.
9. JUDICIAL REFERENCE. IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS IN CONNECTION WITH ANY CONTROVERSY, DISPUTE OR CLAIM DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) (EACH, A “CLAIM”) AND THE WAIVER SET FORTH IN SECTION 8 IS NOT ENFORCEABLE IN SUCH ACTION OR PROCEEDING, EACH LOAN PARTY, THE ADMINISTRATIVE AGENT AND EACH LENDER (BY THEIR ACCEPTANCE HEREOF) AGREE AS FOLLOWS:
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(a) WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN CLAUSE (B) BELOW, ANY CLAIM WILL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.2. EACH LOAN PARTY, THE ADMINISTRATIVE AGENT AND EACH LENDER INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE IN ACCORDANCE WITH CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638. EXCEPT AS OTHERWISE PROVIDED IN THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, VENUE FOR THE REFERENCE PROCEEDING WILL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT WHERE VENUE IS OTHERWISE APPROPRIATE UNDER APPLICABLE LAW.
(b) THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY; (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING, WITHOUT LIMITATION, SET-OFF); (C) APPOINTMENT OF A RECEIVER; AND (D) TEMPORARY, PROVISIONAL OR ANCILLARY REMEDIES (INCLUDING, WITHOUT LIMITATION, WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS OR PRELIMINARY INJUNCTIONS). NEITHER THIS AMENDMENT NOR THE CREDIT AGREEMENT LIMITS THE RIGHT OF ANY LOAN PARTY, THE ADMINISTRATIVE AGENT OR ANY LENDER TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) — (D) OF THIS SECTION AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY SUCH LOAN PARTY, THE ADMINISTRATIVE AGENT OR SUCH LENDER TO A REFERENCE PROCEEDING PURSUANT TO THIS AMENDMENT OR THE CREDIT AGREEMENT.
(c) UPON THE WRITTEN REQUEST OF THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY LENDER, THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS DO NOT AGREE UPON A REFEREE WITHIN TEN (10) DAYS OF SUCH WRITTEN REQUEST, THEN, THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY LENDER, MAY REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B).
(d) EXCEPT AS EXPRESSLY SET FORTH IN THIS AMENDMENT OR THE CREDIT 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 WHEN THE LOAN PARTIES, THE ADMINISTRATIVE AGENT OR ANY LENDER SO REQUESTS, A COURT REPORTER WILL BE USED AND THE REFEREE WILL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.
(e) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND MAY ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH APPLICABLE STATE AND FEDERAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING, WITHOUT LIMITATION, MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT THE REFEREE’S DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CIVIL CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.
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(f) THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT TO THIS SECTION 9 WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.
10. RELEASE. EACH LOAN PARTY ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND THE LENDERS WOULD NOT ENTER INTO THIS AMENDMENT WITHOUT SUCH LOAN PARTY’S ASSURANCE HEREUNDER. EXCEPT FOR THE OBLIGATIONS ARISING HEREAFTER UNDER THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS, ON BEHALF OF ITSELF AND EACH OF ITS SUBSIDIARIES, EACH LOAN PARTY HEREBY ABSOLUTELY DISCHARGES AND RELEASES THE ADMINISTRATIVE AGENT AND THE LENDERS, ANY PERSON THAT HAS OBTAINED ANY INTEREST FROM THE ADMINISTRATIVE AGENT AND THE LENDERS UNDER ANY LOAN DOCUMENT AND EACH OF THE ADMINISTRATIVE AGENT’S AND THE LENDER’S FORMER AND PRESENT PARTNERS, STOCKHOLDERS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS, ASSIGNEES, AFFILIATES, AGENTS AND ATTORNEYS (COLLECTIVELY, THE “RELEASEES”) FROM ANY KNOWN OR UNKNOWN CLAIMS WHICH ANY LOAN PARTY OR ANY OF ITS SUBSIDIARIES NOW HAS AS OF THE FIRST AMENDMENT DATE AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OTHER RELEASEE OF ANY NATURE ARISING OUT OF OR RELATED TO ANY BORROWER OR ANY OF ITS SUBSIDIARIES, ANY DEALINGS WITH SUCH LOAN PARTY OR ANY OF ITS SUBSIDIARIES, ANY OF THE LOAN DOCUMENTS OR ANY TRANSACTIONS PURSUANT THERETO OR CONTEMPLATED THEREBY, THE COLLATERAL (OR ANY OTHER COLLATERAL OF ANY PERSON THAT PREVIOUSLY SECURED OR NOW OR HEREAFTER SECURES ANY OF THE OBLIGATIONS), OR ANY NEGOTIATIONS FOR ANY MODIFICATIONS TO OR FORBEARANCE OR CONCESSIONS WITH RESPECT TO ANY OF THE LOAN DOCUMENTS, IN EACH CASE INCLUDING ANY CLAIMS THAT SUCH LOAN PARTY OR ANY OF ITS SUBSIDIARIES, SUCCESSORS, COUNSEL AND ADVISORS MAY IN THE FUTURE DISCOVER THEY WOULD HAVE NOW HAD AS OF THE FIRST AMENDMENT DATE IF THEY HAD KNOWN FACTS NOT NOW KNOWN TO THEM, AND IN EACH CASE WHETHER FOUNDED IN CONTRACT, IN TORT OR PURSUANT TO ANY OTHER THEORY OF LIABILITY.
11. Miscellaneous.
(a) Counterparts; Integration. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment, the Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. This Amendment shall become effective as provided in Section 3 hereof and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.
(b) Entire Agreement. This Amendment and the other Loan Documents constitute the entire understanding of the parties hereto and thereto with respect to the subject matter hereof and thereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby.
(c) Severability of Provisions. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
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(d) Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted under the Credit Agreement.
(e) Construction. The parties acknowledge and agree that this Amendment shall not be construed more favorably in favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation of this Amendment.
(f) Incorporation. This Amendment shall form a part of the Credit Agreement, and all references to the Credit Agreement shall mean that document as hereby modified. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby.
(g) No Prejudice; No Impairment. This Amendment shall not prejudice, limit, restrict or impair any rights, privileges, powers or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Documents as hereby amended. The Administrative Agent and each Lender reserves, without limitation, all rights which the Administrative Agent and each Lender has now or in the future against any guarantor or endorser of the Obligations.
[Signatures Immediately Follow]
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IN WITNESS WHEREOF, the undersigned have executed this First Amendment and Limited Waiver to Credit Agreement as of the date first written above.
| BORROWER: | |
| IPOWER INC., | |
| a Nevada corporation | |
| By: ________________________ | |
| Name: ______________________ | |
| Title: _______________________ | |
| LOAN PARTIES: | |
| E MARKETING SOLUTION INC, | |
| a California corporation | |
| By: ________________________ | |
| Name: ______________________ | |
| Title: _______________________ | |
| GLOBAL PRODUCT MARKETING INC., | |
| a Nevada corporation | |
| By: ________________________ | |
| Name: ______________________ | |
| Title: _______________________ |
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| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/22 | ||||
| 9/30/22 | ||||
| Filed on: | 5/16/22 | 8-K | ||
| For Period end: | 3/31/22 | |||
| 2/28/22 | ||||
| 1/31/22 | 8-K | |||
| 1/13/22 | ||||
| 12/31/21 | 10-Q | |||
| 11/12/21 | 8-K | |||
| 10/31/21 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/22/22 iPower Inc. 8-K:1,8,9 2/15/22 20:19M GlobalOne Filings Inc/FA 2/14/22 iPower Inc. 8-K:1,8,9 2/10/22 14:786K GlobalOne Filings Inc/FA 1/20/22 iPower Inc. 8-K:1,5,8,9 1/14/22 17:1M GlobalOne Filings Inc/FA |