EX-10.11
from 10-K
43 pages
Borrower: The Borrower (As Defined Above) Guarantors: Urban-gro Canada Technologies Inc. (“Urban-Gro Canada”) and Impact Engineering, Inc. (“Impact” and Together With Urban-gro Canada, the “Guarantors”, With the Borrower and the Guarantors Collectively Referred to as the “Obligors” and Each Individually as an “Obligor”). Brad Nattrass Is Also Providing a Pledge of Shares He Owns in the Capital Stock of the Borrower and a Limited Recourse Personal Guarantee, With Recourse Limited the Cost of Enforcement Plus the Greater of $2,700,000 and the Value of Such Pledged Shares (The “Limited Guarantee and Pledge”). in Such Capacity Brad Nattrass Is Referred to as the “Personal Guarantor”. Facilities: Demand Revolving Loan of Up to $5,400,000 (The “Maximum Revolver Amount”), Based on the Lending Formula Described Below (The “Revolving Facility”) and a Term Loan in the Amount of $2,700,000 (The “Term Loan” With the Revolving Facility and the Term Loan Collectively Referred to as the “Facilities”). for Greater Certainty, Despite the Descriptor “Term Loan” the Term Loan Shall Be Due on the Maturity Date (As Defined Below), That Is the Earlier of Demand and the Date That Is Twelve (12) Months From the Closing Date. Lending Formula for Revolving Facility: The Revolving Facility Shall Be Made Available to the Borrower in an Amount Not to Exceed the Result of the Following Formula: (The “Loan Availability”)
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