NINTH LOAN AND SECURITY MODIFICATION AGREEMENT
This Ninth Loan and Security Modification Agreement (this Loan Modification) is entered into as of January 22, 2021 by and between BARKBOX, INC., a Delaware corporation, BARKRETAIL, LLC, a Delaware limited liability company, and BARKPARK, LLC, a Delaware limited liability company (collectively, Borrowers, and each, a Borrower) and WESTERN ALLIANCE BANK, an Arizona corporation (Bank).
1. DESCRIPTION OF EXISTING INDEBTEDNESS. Among other indebtedness which may be owing by Borrowers to Bank, Borrowers are indebted to Bank pursuant to a Loan and Security Agreement, dated as of October 12, 2017, as amended by that certain Loan and Security Modification Agreement, dated as of November 20, 2017, that certain Second Loan and Security Modification Agreement, dated as of April 20, 2018, that certain Waiver to Loan and Security Agreement, dated as of September 18, 2018, that certain Third Loan and Security Modification Agreement, dated as of December 3, 2018, that certain Fourth Loan and Security Modification Agreement, dated as of December 7, 2018, that certain Fifth Loan and Security Modification Agreement, dated as of October 7, 2019, that certain Sixth Loan and Security Modification Agreement, dated as of February 25, 2020, that certain Seventh Loan and Security Modification Agreement, dated as of July 31, 2020, and that certain Eighth Loan and Security Modification Agreement, dated as of November 27, 2020 (as further amended, restated, supplemented or otherwise modified from time to time, collectively, the Loan Agreement). Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan Agreement.
2. DESCRIPTION OF CHANGE IN TERMS.
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Section 1.1 of the Loan Agreement is hereby amended by amending and restating the following defined term as follows:
Revolving Maturity Date means May 31, 2022.
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Section 2.6(a) of the Loan Agreement is hereby amended and restated as follows:
(a) Facility Fee. A facility fee equal to 0.25% of the Revolving Line, on the Closing Date and on each anniversary thereof, provided that the facility fee due October 15, 2021 shall be a prorated amount of $56,145.
3. CONSISTENT CHANGES. The Loan Documents are each hereby amended wherever necessary to reflect the changes described above.
4. NO DEFENSES OF BORROWER/GENERAL RELEASE. Each Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts owing to Bank. Each Borrower and each of its Subsidiaries (each, a Releasing Party) acknowledges that Bank would not enter into this Loan Modification without Releasing Partys assurance that it has no claims against Bank or any of Banks officers, directors, employees or agents. Except for the obligations arising hereafter under this Loan Modification, each Releasing Party releases Bank, and each of Banks and entitys officers, directors and employees from any known or unknown claims that such Releasing Party now has against Bank of any nature, including any claims that such Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Loan Agreement or the transactions contemplated thereby. Each Releasing Party waives the provisions of California Civil Code section 1542, which states:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest. The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Loan Modification and the other Loan Documents, and/or Banks actions to exercise any remedy available under the Loan Documents or otherwise.