Extract to table

Conditions Precedent to Funding The Commitment Letter sets forth the conditions precedent that must be satisfied (or waived by Ironclad) prior to the initial funding of the Credit Facility on the Closing Date

Documentation Conditions The following documentation must be executed and delivered as a condition to funding: 1

The SPA must be "in form and substance consistent in all material respects with the Letter of Intent dated February 18, 2026 (reference LOI-MFW-2026-0218) and not materially adverse to the interests of the lenders (without Ironclad's consent, which shall not be unreasonably withheld)

The equity commitment letter must be in form and substance reasonably satisfactory to Ironclad

UCC-3 termination statements must be filed or delivered in escrow for filing promptly upon closing

A below) made by the Borrower and the Guarantors in the Credit Agreement shall be true and correct in all material respects on and as of the Closing Date (except to the extent such representations speak to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date)