EX-10 17 filename17.htm EX-10.14.2

Exhibit 10.14.2

EXECUTION VERSION

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of February 26, 2018 is entered into among (i) Mesa Airlines, Inc., as borrower (“Borrower”), (ii) the lenders named herein (the “Lenders”), (iii) Obsidian Agency Services, Inc., as security trustee (the “Security Trustee”), and (iv) Cortland Capital Market Services LLC, as administrative agent (the “Administrative Agent”), and amends that certain Credit Agreement, dated as of December 14, 2016 among such parties (as amended, supplemented or modified and in effect from time to time, the “Credit Agreement”). Capitalized terms used and not otherwise defined in this Amendment shall have the same meanings in this Amendment as set forth in the Credit Agreement.

RECITALS

WHEREAS, notwithstanding delivery pursuant to Section 2.10(c) of the Credit Agreement of a commitment termination letter, dated September 29, 2017, from the Borrower, and acknowledged and agreed by the Administrative Agent, and notwithstanding Section 2.10(d) of the Credit Agreement, the Borrower desires to borrow additional Delayed Draw Loans, and the Delayed Draw Lenders are willing to provide additional Delayed Draw Tranche C Credit Commitments to fund such additional Delayed Draw Loans, as provided herein and subject to the terms and conditions of the Credit Agreement; and

WHEREAS, the parties to the Credit Agreement, on the terms and subject to the conditions set forth herein, have agreed to amend the Credit Agreement as provided for herein.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth below and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

SECTION 1. Amendment Effective Date Amendments.    With effect from the Amendment Effective Date (as defined below):

(a)        The following defined terms in Section 1.1 of the Credit Agreement shall be amended as follows:

(i)         The definition of “Acquisition Agreement” shall be amended to insert “(vii) Engine Sale and Purchase Agreement, dated on or about February 28, 2018 between Magellan Aviation Services Limited, and the Borrower, relating to one (1) General Electric model CF34-8E5A1 model engine” as new subsection (vii). In addition, the word “and” prior to subsection (vi) shall be deleted and inserted prior to new subsection (vii).

(ii)        Subsection (a) of the definition of “Applicable Commitment Percentage” shall be amended and restated in its entirety as follows: “(a) with respect to the Delayed Draw Credit Commitment, the percentage, if any, set forth opposite such Lender’s name under the column headed “Delayed Draw Loan Commitment

Percentage” for the relevant tranche of Delayed Draw Credit Commitments, as set forth on Schedule 1 hereto, subject to assignments of interests pursuant to Section 11.10 hereof; and”.

(iii)        The definition of “Closing Delayed Draw Amount” shall be amended and restated in its entirety as follows: ““Closing Delayed Draw Amount” means Fifty-Seven Million Seven Hundred Twenty-Three Thousand Eight Hundred Seventeen Dollars and Forty-Eight Cents ($57,723,817.48).”

(iv)        Subsection (ii) of the definition of “Commitment Period” shall be amended and restated in its entirety as follows: “(ii) the Delayed Draw Tranche C Credit Commitment, the period from the Closing Date to March 1, 2018, or such earlier date on which Delayed Draw Tranche C Credit Commitment shall have been terminated pursuant to Article IX hereof and”.

(v)        The definition of “Engine” shall be amended and restated in its entirety as follows: ““Engine” means each of the twenty (20) General Electric model CF34-8C5 engines and one (1) General Electric model CF34-8E5A1 engine acquired or to be acquired by the Borrower pursuant to the Acquisition Agreements, each as more specifically described on Schedule 2 together with all Parts (as defined in the FAA Mortgage).”

(vi)        The definition of “Total Commitment Amount” shall be amended and restated in its entirety as follows: ““Total Commitment Amount” means the principal amount of One Hundred and Four Million Four Hundred Sixty-Seven Thousand Six Hundred Thirty-Seven Dollars and Forty-Eight Cents ($104,467,637.48), as such amount may be decreased pursuant to Section 2.10 hereof.”

(b)        Section 2.2(b) of the Credit Agreement is hereby amended to delete the “and” after subsection (i), delete “(together with the amount in clause (b)(i), “Tranche C”) and add “and” at the end of subsection (ii), and include a new subsection (iii) as follows:

“(iii) on any one Business Day during such Commitment Period, in an amount equal to up to Four Million Fifty Thousand Dollars ($4,050,000) (together with the amount in clauses (b)(i) and (b)(ii), “Tranche C”);”

(c)        Section 2.10(d) of the Credit Agreement is hereby amended and restated in its entirety as follows: “On March 3, 2018, the Delayed Draw Amount shall be reduced to Zero Dollars ($0).”

(d)        Section 9.8(b)(ii) of the Credit Agreement is hereby amended by inserting “based upon each such Lender’s Overall Commitment Percentage” after “second, to the payment pro rata”.

(e)        Schedule 1 to the Credit Agreement is hereby amended and restated in its entirety in the form of Exhibit A hereto.

 

2

(f)        Schedule 2 to the Credit Agreement is hereby amended and restated in its entirety in the form of Exhibit B hereto.

(g)        The “Delayed Draw Loan Amortization Table” in Exhibit C to the Credit Agreement is hereby amended and restated in its entirety in the form of Exhibit C hereto.

SECTION 2. Conditions Precedent.    The effectiveness of the amendments contained in Section 1 above is conditioned upon, and such amendments shall not be effective until, the following conditions have been satisfied unless such conditions have been waived in writing by the Administrative Agent (the first date on which the following conditions have been satisfied being referred to herein as the “Amendment Effective Date”):

(a)        The Administrative Agent shall have received, on behalf of the Lenders, this Amendment, duly executed and delivered by the Borrower, the Security Trustee, the Administrative Agent, and each Lender.

(b)        The representations and warranties referred to in Section 3 of this Amendment shall be true and correct in all material respects as though made on the date of this Amendment, except to the extent such representation or warranty specifically states that it relates to an earlier date in which case such representation or warranty shall have been true in all material respects as of such earlier date.

SECTION 3.    Representations and Warranties.    In order to induce the Administrative Agent, the Security Trustee and the Lenders to enter into this Amendment and amend the Credit Agreement in the manner provided in this Amendment, the Borrower confirms that as of the Amendment Effective Date its representations and warranties contained in Article VI of the Credit Agreement are (before and after giving effect to this Amendment) true and correct in all material respects (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct in all material respects as of such specific date) and that no Default or Event of Default has occurred and is continuing.

SECTION 4.    Miscellaneous.

  (a)        Reference to and Effect on the Credit Agreement and the other Loan Documents.

(i)        Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents and Related Writings shall remain in full force and effect and are hereby ratified and confirmed.

(ii)        The execution and delivery of this Amendment and performance of the Credit Agreement as amended hereby shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent, the Security Trustee or the Lenders under the Credit Agreement or any of the other Loan Documents or Related Writings.

 

3

(iii)        From and after the Amendment Effective Date, this Amendment shall be construed as one with the Credit Agreement, and the Credit Agreement shall, where the context requires, be read and construed throughout so as to incorporate this Amendment, and any reference to the “Credit Agreement” in any of the Loan Documents or Related Writings shall be deemed to reference the Credit Agreement as amended hereby.

(b)        Captions.    The several captions to sections and subsections herein are inserted for convenience only and shall be ignored in interpreting the provisions of this Amendment.

(c)        Counterparts.    This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, and by facsimile or other electronic signature, each of which counterparts when so executed and delivered shall be deemed to be an original, and all of which taken together shall constitute but one and the same agreement.

(d)        Governing Law.    THIS AMENDMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

(e)        Loan Document.    This Amendment is a Loan Document under, and as defined in, the Credit Agreement as amended hereby.

[Signature Pages Follow]

 

4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to be duly executed and delivered as of the day and year first above written.

 

BORROWER

    

MESA AIRLINES, INC.

   

By:

  

/s/ Brian S. Gillman

     

Name:        

  

Brian S. Gillman

     

Title:

  

EVP & General Counsel

 

[Amendment No. 1 to Credit Agreement]

SECURITY TRUSTEE

    

OBSIDIAN AGENCY SERVICES, INC., as

the Security Trustee

   

By:

  

/s/ Howard Levkowitz

     

Name:        

  

Howard Levkowitz

     

Title:

  

President

 

[Amendment No. 1 to Credit Agreement]

ADMINISTRATIVE AGENT

    

CORTLAND CAPITAL MARKET SERVICES LLC, as the Administrative Agent

   

By:

  

/s/ Emily Ergang Pappas

     

Name:        

  

Emily Ergang Pappas

     

Title:

  

Associate Counsel

 

[Amendment No. 1 to Credit Agreement]

 

LENDERS

      
 

TCP Whitney CLO, Ltd (fka TCP CLO III, LLC),

as a Lender

 

      

SPECIAL VALUE CONTINUATION

PARTNERS, LP, as a Lender

 

By: Series I of SVOF/MM, LLC

Its: Collateral Manager

      

TCP WATERMAN CLO, LLC, as a Lender

TENNENBAUM SENIOR LOAN FUND II,
LP, as a Lender

TENNENBAUM SENIOR LOAN FUNDING

III, LLC, as a Lender

TCP DIRECT LENDING FUND VIII-L, as a

Lender

TENNENBAUM SENIOR LOAN

OPERATING III, LLC, as a Lender

TENNENBAUM SENIOR LOAN FUND IV-

B, LP, as a Lender

TENNENBAUM SENIOR LOAN FUND V,

LLC, as a Lender

TENNENBAUM ENERGY

OPPORTUNITIES CO., LLC, as a Lender

TENNENBAUM ENHANCED YIELD
OPERATING I, LLC, as a Lender

TCP ENHANCED YIELD FUNDING I, LLC,
as a Lender

SAFETY NATIONAL CASUALTY CORPORATION, as a Lender

TCP DIRECT LENDING FUND VIII, as a
Lender

TCP DIRECT LENDING FUND VIII-A, as a
Lender

TMD-DL HOLDINGS, LLC, as a Lender

 

Each by: Tennenbaum Capital Partners, LLC

By:

  

/s/ Howard Levkowitz

      
 

Name: Howard Levkowitz

      
 

Title: Managing Partner

      
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       

Its: Investment Manager

     

By:

  

/s/ Howard Levkowitz

     

Name: Howard Levkowitz

     

Title: Managing Partner

 

[Amendment No. 1 to Credit Agreement]

Exhibit A

SCHEDULE 1

COMMITMENTS OF LENDERS

 

LENDERS

 

   

DELAYED

DRAW LOAN

COMMITMENT

PERCENTAGE

(TRANCHE B

AND C-1 AND

C-2)

 

   

DELAYED

DRAW

LOAN

COMMITMENT

AMOUNT

TRANCHE B1

 

   

DELAYED

DRAW

LOAN

COMMITMENT

AMOUNT
TRANCHE C-1

AND C-22

 

   

DELAYED

DRAW LOAN

COMMITMENT

PERCENTAGE

(TRANCHE

C-3)

 

   

DELAYED

DRAW

LOAN

COMMITMENT

AMOUNT

TRANCHE C-33

 

   

ENGINE

ACQUISITION

LOAN

COMMITMENT
PERCENTAGE

 

   

ENGINE

ACQUISITION

LOAN

COMMITMENT

AMOUNT

 

   

MAXIMUM
AMOUNT

 

Special Value Continuation Partners, LP

    35.40%    $9,268,182.02    $9,731,591.12    37.00%    $1,498,670.89    35.40%    $16,546,651.90    $37,045,095.93

TCP Waterman CLO, LLC

    5.25%    $1,373,846.82    $1,442,539.16    5.49%    $222,151.90    5.25%    $2,452,753.42    $5,491,291.30

Tennenbaum Senior Loan Fund II, LP

    7.57%    $1,981,509.84    $2,080,585.33    7.91%    $320,411.39    7.57%    $3,537,625.13    $7,920,131.69

Tennenbaum Senior Loan Funding III, LLC

    0.00%    $0.00    $0.00    0.00%    $0.00    4.34%    $2,028,238.41    $2,028,238.41

Tennenbaum Senior Loan Operating III, LLC

    4.34%    $1,136,065.64    $1,192,868.92    0.00%    $0.00    0.00%    $0.00    $2,328,934.56

TCP Whitney CLO, Ltd (fka TCP CLO III, LLC)

    5.05%    $1,321,006.56    $1,387,056.89    5.27%    $213,607.60    5.05%    $2,358,416.75    $5,280,087.80

 

1 As such amount may be reduced pursuant to the Credit Agreement. Such Delayed Draw Tranche B Credit Commitments are provided pursuant to Section 2.2(a) of the Credit Agreement.

2 As such amount may be reduced pursuant to the Credit Agreement. Such Delayed Draw Tranche C-1 and C-2 Credit Commitments are provided pursuant to Section 2.2(b)(i) and (b)(ii) of the Credit Agreement.

3 As such amount may be reduced pursuant to the Credit Agreement. Such Delayed Draw Tranche C-3 Credit Commitments are provided pursuant to Section 2.2(b)(iii) of the Credit Agreement.

 

Exhibit A

Tennenbaum

Senior Loan Fund IV-B, LP

    1.11%    $290,621.44    $305,152.51    1.16%    $46,993.67    1.11%    $518,851.69    $1,161,619.31

Tennenbaum

Senior Loan

Fund V, LLC

    4.04%    $1,056,805.25    $1,109,645.51    4.22%    $170,886.08    4.04%    $1,886,733.40    $4,224,070.24

Tennenbaum

Energy Opportunities Co., LLC

    8.07%    $2,113,610.49    $2,219,291.01    8.44%    $341,772.15    8.07%    $3,773,466.80    $8,448,140.45

Tennenbaum

Enhanced

Yield Operating I, LLC

    6.05%    $1,585,207.87    $1,664,468.26    0.00%    $0.00    6.05%    $2,830,100.10    $6,079,776.23

TCP

Enhanced

Yield

Funding I, LLC

    0.00%    $0.00    $0.00    6.33%    $256,329.11    0.00%    $0.00    $256,329.11

Safety

National Casualty Corporation

    6.36%    $1,664,468.26    $1,747,691.67    6.65%    $269,145.57    6.36%    $2,971,605.11    $6,652,910.61

TMD-DL

Holdings, LLC

    2.72%    $713,343.54    $749,010.72    2.85%    $115,348.10    2.72%    $1,273,545.05    $2,851,247.41

TCP Direct

Lending Fund

VIII, LLC

    5.75%    $1,505,947.48    $1,581,244.85    5.64%    $228,222.18    5.75%    $2,688,595.10    $6,004,009.61

TCP Direct

Lending Fund

VIII-A

    7.60%    $1,989,435.88    $2,088,907.67    7.94%    $321,693.04    7.60%    $3,551,775.63    $7,951,812.22

TCP Direct

Lending Fund

VIII-L, LLC

    0.70%    $182,298.91    $191,413.86    1.11%    $44,768.32    0.70%    $325,461.51    $743,942.60

Total

Commitment

Amount

    100.00%    $26,182,350.00    $27,491,467.48    100.00%    $4,050,000.00    100.00%    $46,743,820.00    $104,467,637.48

 

 

Exhibit A

Exhibit B

SCHEDULE 2

ENGINES

INITIAL ACQUISITION ENGINES

General Electric Model CF34-8C5 Engines bearing the following manufacturer’s serial numbers:

 

  1.

194745

  2.

194450

  3.

965557

  4.

965251

  5.

195600

  6.

195601

  7.

195604

  8.

195609

  9.

195616

  10.

195617

DELAYED DRAW ENGINES

General Electric Model CF34-8C5 Engines acquired pursuant to the Acquisition Agreements and bearing the following manufacturer’s serial numbers (provided that such manufacturer’s serial numbers may change on or prior to delivery to the Borrower):

 

  1.

195631

  2.

195636

  3.

195628

  4.

195629

  5.

195630

  6.

195661

  7.

195662

  8.

195663

  9.

195672

  10.

195673

General Electric Model CF34-8E5A1 Engine acquired pursuant to the Engine Sale and Purchase Agreement and bearing the following manufacturer’s serial number (provided that such manufacturer’s serial numbers may change on or prior to delivery to the Borrower):

 

  1.

193119

 

Exhibit B

Exhibit C

DELAYED DRAW LOAN AMORTIZATION TABLE

 

                  

TRANCHE B

 

          
              Manufact. S/N    Manufact. S/N    Manufact. S/N    Manufact. S/N      Manufact. S/N  

    Payment    

#:

        Date    195-628    195-629    195-630    195-631    195-636

1

      2/28/2017    $33,479.45    $33,479.45    $33,479.45    $33,479.45    $33,479.45  

2

      3/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

3

      4/30/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

4

      5/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

5

      6/30/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

6

      7/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

7

      8/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

8

      9/30/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

9

      10/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

10

      11/30/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

11

      12/31/2017    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

12

      1/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

13

      2/28/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

14

      3/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

15

      4/30/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

16

      5/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

17

      6/30/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

18

      7/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

19

      8/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

20

      9/30/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

21

      10/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

22

      11/30/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

23

      12/31/2018    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

24

      1/31/2019    39,166.67    39,166.67    39,166.67    39,166.67    39,166.67  

25

      2/28/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

26

      3/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

27

      4/30/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

28

      5/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

29

      6/30/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

 

Exhibit C

30      7/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

31

      8/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
32      9/30/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

33

      10/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
34      11/30/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

35

      12/31/2019    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
36      1/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

37

      2/29/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
38      3/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

39

      4/30/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
40      5/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

41

      6/30/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
42      7/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

43

      8/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
44      9/30/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

45

      10/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
46      11/30/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

47

      12/31/2020    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
48      1/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

49

      2/28/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
50      3/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

51

      4/30/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
52      5/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

53

      6/30/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
54      7/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

55

      8/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
56      9/30/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

57

      10/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  
58      11/30/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

59

      12/31/2021    92,996.09    92,996.09    92,996.09    92,996.09    92,996.09  

60

      1/31/2022    1,047,294.00    1,047,294.00    1,047,294.00    1,047,294.00    1,047,294.00  
       

 

     Total    $5,236,470.00    $5,236,470.00    $5,236,470.00    $5,236,470.00    $5,236,470.00  
       

 

 

Exhibit C

         

TRANCHE C-1

 

               

TRANCHE C-2

 

  
              Manufact. S/N       Manufact. S/N                  Manufact. S/N      Manufact. S/N      Manufact. S/N  
    Payment    
#:		         Date   195-661     195-662           Date    195-663      195-672      195-673  
1     7/31/2017   $ 42,493.15     $ 42,493.15       10/31/2017    $ 103,013.70      $ 41,205.48      $ 41,205.48  
2     8/31/2017     39,166.67       39,166.67       11/30/2017      39,166.67        39,166.67        39,166.67  
3     9/30/2017     39,166.67       39,166.67       12/31/2017      39,166.67        39,166.67        39,166.67  
4     10/31/2017     39,166.67       39,166.67       1/31/2018      39,166.67        39,166.67        39,166.67  
5     11/30/2017     39,166.67       39,166.67       2/28/2018      39,166.67        39,166.67        39,166.67  
6     12/31/2017     39,166.67       39,166.67       3/31/2018      39,166.67        39,166.67        39,166.67  
7     1/31/2018     39,166.67       39,166.67       4/30/2018      39,166.67        39,166.67        39,166.67  
8     2/28/2018     39,166.67       39,166.67       5/31/2018      39,166.67        39,166.67        39,166.67  
9     3/31/2018     39,166.67       39,166.67       6/30/2018      39,166.67        39,166.67        39,166.67  
10     4/30/2018     39,166.67       39,166.67       7/31/2018      39,166.67        39,166.67        39,166.67  
11     5/31/2018     39,166.67       39,166.67       8/31/2018      39,166.67        39,166.67        39,166.67  
12     6/30/2018     39,166.67       39,166.67       9/30/2018      39,166.67        39,166.67        39,166.67  
13     7/31/2018     39,166.67       39,166.67       10/31/2018      39,166.67        39,166.67        39,166.67  
14     8/31/2018     39,166.67       39,166.67       11/30/2018      39,166.67        39,166.67        39,166.67  
15     9/30/2018     39,166.67       39,166.67       12/31/2018      39,166.67        39,166.67        39,166.67  
16     10/31/2018     39,166.67       39,166.67       1/31/2019      39,166.67        39,166.67        39,166.67  
17     11/30/2018     39,166.67       39,166.67       2/28/2019      39,166.67        39,166.67        39,166.67  
18     12/31/2018     39,166.67       39,166.67       3/31/2019      39,166.67        39,166.67        39,166.67  
19     1/31/2019     39,166.67       39,166.67       4/30/2019      39,166.67        39,166.67        39,166.67  
20     2/28/2019     39,166.67       39,166.67       5/31/2019      39,166.67        39,166.67        39,166.67  
21     3/31/2019     39,166.67       39,166.67       6/30/2019      39,166.67        39,166.67        39,166.67  
22     4/30/2019     39,166.67       39,166.67       7/31/2019      39,166.67        39,166.67        39,166.67  
23     5/31/2019     39,166.67       39,166.67       8/31/2019      39,166.67        39,166.67        39,166.67  
24     6/30/2019     39,166.67       39,166.67       9/30/2019      39,166.67        39,166.67        39,166.67  
25     7/31/2019     92,738.56       92,738.56       10/31/2019      91,009.40        92,775.35        92,775.35  
26     8/31/2019     92,738.56       92,738.56       11/30/2019      91,009.40        92,775.35        92,775.35  
27     9/30/2019     92,738.56       92,738.56       12/31/2019      91,009.40        92,775.35        92,775.35  
28     10/31/2019     92,738.56       92,738.56       1/31/2020      91,009.40        92,775.35        92,775.35  
29     11/30/2019     92,738.56       92,738.56       2/29/2020      91,009.40        92,775.35        92,775.35  
30     12/31/2019     92,738.56       92,738.56       3/31/2020      91,009.40        92,775.35        92,775.35  
31     1/31/2020     92,738.56       92,738.56       4/30/2020      91,009.40        92,775.35        92,775.35  

 

Exhibit C

        32             2/29/2020     92,738.56       92,738.56       5/31/2020      91,009.40        92,775.35        92,775.35  
33     3/31/2020     92,738.56       92,738.56       6/30/2020      91,009.40        92,775.35        92,775.35  
34     4/30/2020     92,738.56       92,738.56       7/31/2020      91,009.40        92,775.35        92,775.35  
35     5/31/2020     92,738.56       92,738.56       8/31/2020      91,009.40        92,775.35        92,775.35  
36     6/30/2020     92,738.56       92,738.56       9/30/2020      91,009.40        92,775.35        92,775.35  
37     7/31/2020     92,738.56       92,738.56       10/31/2020      91,009.40        92,775.35        92,775.35  
38     8/31/2020     92,738.56       92,738.56       11/30/2020      91,009.40        92,775.35        92,775.35  
39     9/30/2020     92,738.56       92,738.56       12/31/2020      91,009.40        92,775.35        92,775.35  
40     10/31/2020     92,738.56       92,738.56       1/31/2021      91,009.40        92,775.35        92,775.35  
41     11/30/2020     92,738.56       92,738.56       2/28/2021      91,009.40        92,775.35        92,775.35  
42     12/31/2020     92,738.56       92,738.56       3/31/2021      91,009.40        92,775.35        92,775.35  
43     1/31/2021     92,738.56       92,738.56       4/30/2021      91,009.40        92,775.35        92,775.35  
44     2/28/2021     92,738.56       92,738.56       5/31/2021      91,009.40        92,775.35        92,775.35  
45     3/31/2021     92,738.56       92,738.56       6/30/2021      91,009.40        92,775.35        92,775.35  
46     4/30/2021     92,738.56       92,738.56       7/31/2021      91,009.40        92,775.35        92,775.35  
47     5/31/2021     92,738.56       92,738.56       8/31/2021      91,009.40        92,775.35        92,775.35  
48     6/30/2021     92,738.56       92,738.56       9/30/2021      91,009.40        92,775.35        92,775.35  
49     7/31/2021     92,738.56       92,738.56       10/31/2021      91,009.40        92,775.35        92,775.35  
50     8/31/2021     92,738.56       92,738.56       11/30/2021      91,009.40        92,775.35        92,775.35  
51     9/30/2021     92,738.56       92,738.56       12/31/2021      91,009.40        92,775.35        92,775.35  
52     10/31/2021     92,738.56       92,738.56       1/31/2022      91,009.40        92,775.35        92,775.35  
53     11/30/2021     92,738.56       92,738.56       2/28/2022      91,009.40        92,775.35        92,775.35  
54     12/31/2021     92,738.56       92,738.56       3/31/2022      91,009.40        92,775.35        92,775.35  
55     1/31/2022     92,738.56       92,738.56       4/30/2022      91,009.40        92,775.35        92,775.35  
56     2/28/2022     92,738.56       92,738.56       5/31/2022      91,009.40        92,775.35        92,775.35  
57     3/31/2022     92,738.56       92,738.56       6/30/2022      91,009.40        92,775.35        92,775.35  
58     4/30/2022     92,738.56       92,738.56       7/31/2022      91,009.40        92,775.35        92,775.35  
59     5/31/2022     92,738.56       92,738.56       8/31/2022      91,009.40        92,775.35        92,775.35  
60     6/30/2022     1,047,294.00       1,047,294.00       9/30/2022      1,047,294.00        1,047,294.00        1,047,294.00  
     

 

 

         

 

 

  
    Total   $ 5,236,470.00     $ 5,236,470.00       Total    $ 5,236,470.00      $ 5,236,470.00      $ 5,236,470.00  
     

 

 

         

 

 

  

 

Exhibit C

       

 

TRANCHE C-3

 

  
            Manufact. S/N  
    Payment                  
#:                   Date               193-119  
1      3/31/2018     $39,166.67  
2      4/30/2018     39,166.67  
3      5/31/2018     39,166.67  
4      6/30/2018     39,166.67  
5      7/31/2018     39,166.67  
6      8/31/2018     39,166.67  
7      9/30/2018     39,166.67  
8      10/31/2018     39,166.67  
9      11/30/2018     39,166.67  
10      12/31/2018     39,166.67  
11      1/31/2019     39,166.67  
12      2/28/2019     39,166.67  
13      3/31/2019     39,166.67  
14      4/30/2019     39,166.67  
15      5/31/2019     39,166.67  
16      6/30/2019     39,166.67  
17      7/31/2019     39,166.67  
18      8/31/2019     39,166.67  
19      9/30/2019     39,166.67  
20      10/31/2019     39,166.67  
21      11/30/2019     39,166.67  
22      12/31/2019     39,166.67  
23      1/31/2020     39,166.67  
24      2/29/2020     39,166.67  
25      3/31/2020     65,714.29  
26      4/30/2020     65,714.29  
27      5/31/2020     65,714.29  
28      6/30/2020     65,714.29  
29      7/31/2020     65,714.29  
30      8/31/2020     65,714.29  
31      9/30/2020     65,714.29  
32      10/31/2020     65,714.29  
33      11/30/2020     65,714.29  
34      12/31/2020     65,714.29  
35      1/31/2021     65,714.29  
36      2/28/2021     65,714.29  
37      3/31/2021     65,714.29  
38      4/30/2021     65,714.29  
39      5/31/2021     65,714.29  
40      6/30/2021     65,714.29  
41      7/31/2021     65,714.29  
42      8/31/2021     65,714.29  
43      9/30/2021     65,714.29  
44      10/31/2021     65,714.29  
45      11/30/2021     65,714.29  

 

Exhibit C

46      12/31/2021     65,714.29  
47      1/31/2022     65,714.29  
48      2/28/2022     65,714.29  
49      3/31/2022     65,714.29  
50      4/30/2022     65,714.29  
51      5/31/2022     65,714.29  
52      6/30/2022     65,714.29  
53      7/31/2022     65,714.29  
54      8/31/2022     65,714.29  
55      9/30/2022     65,714.29  
56      10/31/2022     65,714.29  
57      11/30/2022     65,714.29  
58      12/31/2022     65,714.29  
59      1/31/2023     65,714.29  
60      2/28/2023     810,000.00  
     

 

 

  
     Total     $4,050,000.00  
     

 

 

  

 

Exhibit C