NOTE PURCHASE AGREEMENT

The Company and its Subsidiaries shall not permit Liquidity to be less than $20,000,000 as of the last day of any fiscal quarter.

The Company and its Subsidiaries shall not permit the Tangible Net Worth, as of the last day of any fiscal quarter, to be less than the sum of (1) 70% of the Tangible Net Worth of the Company and its Subsidiaries as of September 30, 2026 and (2) the greater of (x) 50% of Net Equity Capital Activity and (y) zero dollars ($0).

The Company and its Subsidiaries shall not permit the Net Debt to Equity Ratio as of the last day of any fiscal quarter to exceed 5.0 to 1.00.

The Company and its Subsidiaries shall not permit the Recourse Net Debt to Equity Ratio as of the last day of any fiscal quarter to exceed 2.25 to 1.00.

• From Mar 31, 2027 · 1.35x

The Company and its Subsidiaries shall not permit the EBITDA to Interest Expense Ratio (i) as of December 31, 2026 to be less than 1.25 to 1.00, and (ii) as of the last day of any fiscal quarter beginning after December 31, 2026 to be less than 1.35 to 1.00, calculated for the trailing four (4) fiscal quarters.

The Company and its Subsidiaries shall maintain a Collateral Coverage Ratio of at least 200% as of the last day of any fiscal quarter.