Exhibit 10.2


Execution Version


 


AMENDMENT NO. 1 TO AMENDED AND RESTATED
SENIOR

SECURED TERM LOAN CREDIT AGREEMENT 


 


This AMENDMENT NO. 1 (this “Amendment)
dated as of September 16, 2016, is made with respect to the Amended and Restated Senior Secured Term Loan Credit Agreement, dated
as of July 28, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among MEDLEY CAPITAL CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), ING CAPITAL
LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such
capacity, the “Administrative Agent”), and solely for purposes of Section 2.9, MCC INVESTMENT HOLDINGS LLC,
a Delaware limited liability company (“MCCIH”), MCC INVESTMENT HOLDINGS SENDERO LLC, a Delaware limited liability
company (“MCCIHS”), MCC INVESTMENT HOLDINGS RT1 LLC, a Delaware limited liability company (“MCC RT1”),
MCC INVESTMENT HOLDINGS OMNIVERE LLC, a Delaware limited liability company (“MCC Omnivere”), MCC INVESTMENT
HOLDINGS AMVESTAR, LLC, a Delaware limited liability company (“MCC Amvestar”), MCC INVESTMENT HOLDINGS AAR,
LLC, a Delaware limited liability company (together with MCCIH, MCCIHS, MCC RT1, MCC Omnivere and MCC Amvestar, the “Subsidiary
Guarantors”, and together with the Borrower, the “Obligors”). Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement (as amended hereby).


 


WITNESSETH:


 


WHEREAS, pursuant to the Credit Agreement, the
Lenders have made certain loans and other extensions of credit to the Borrower; and


 


WHEREAS, the Borrower has requested that the Lenders
and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory hereto and the Administrative
Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.


 


NOW THEREFORE, in consideration of the promises
and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:


 


SECTION I AMENDMENT TO CREDIT
AGREEMENT


 


Effective as of the Effective Date (as defined
below), and subject to the terms and conditions set forth below, the Credit Agreement is hereby amended as follows:


 


(a) Section
1.01 of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical order:


 


“‘Bail-In Action’ means the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial
Institution.”


 




     


     


    

 


“‘Bail-In Legislation’ means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule.”


 


“‘EEA Financial Institution’ means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA
Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.”


 


“‘EEA Member Country’ means any
of the member states of the European Union, Iceland, Liechtenstein, and Norway.”


 


“‘EEA Resolution Authority’ means
any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.”


 


“‘EU Bail-In Legislation Schedule’
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.”


 


“‘Write-Down and Conversion
Powers’ means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule.”


 


(b) Section
1.01 of the Credit Agreement is hereby amended by deleting the term “Defaulting Lender” in its entirety and replacing
it with the following defined term in the appropriate alphabetical order (solely for the sake of convenience in reviewing this
Amendment, the language added in this definition of Defaulting Lender is set forth in bold italics):


 




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“‘Defaulting Lender’ means any
Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans within
three (3) Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender’s
failure is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this
Agreement have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and
such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied)
prior to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, or any
other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made
a public statement that it does not intend to comply with its funding obligations under this Agreement (unless such writing or
public statement states that such position is based on such Lender’s determination that one or more conditions precedent
to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such
writing) cannot be satisfied), (c) failed, within three (3) Business Days after request by the Administrative Agent to
confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent), (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount
(other than a de minimis amount) required to be paid by it hereunder within three (3) Business Days of the date when
due, unless the subject of a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has
been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to
be, insolvent or has a parent company that has been adjudicated as, or determined by any Governmental Authority having regulatory
authority over such Person or its assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or custodian, appointed for it, or has a parent company that has become the subject
of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it or
(iii) become the subject of a Bail-in Action or has a parent company that has become the subject of a Bail-in Action (unless
in the case of any Lender referred to in this clause (e) the Borrower and the Administrative Agent shall be satisfied in the
exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue
to perform its obligations as a Lender hereunder); provided that a Lender shall not qualify as a Defaulting Lender solely
as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise
of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely
as a result of an Undisclosed Administration, so long as such ownership interest or Undisclosed Administration does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender.


 


(c) Article
III of the Credit Agreement is hereby amended by adding the following new Section 3.21 at the end of such Article:


 


“SECTION 3.21         EEA
Financial Institutions. No Obligor is an EEA Financial Institution.”


 




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(d) Section
6.05(e) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:


 


“(e)          the
Borrower may make other Restricted Payments (including the repurchase by Borrower of its Equity Interests up to an aggregate amount
not to exceed $65,500,000 after the Restatement Effective Date), so long as on the date of such payment and after giving effect
thereto, (i) no Default shall have occurred and be continuing, (ii) prior to and immediately after giving effect to such payment,
the Covered Debt Amount does not exceed 85% of the Collateral Base and (iii) on the date of such Restricted Payment, the Borrower
delivers to the Administrative Agent a Collateral Base Certificate as of such date demonstrating compliance with the foregoing
after giving effect to such Restricted Payment; provided that, solely in the case of Restricted Payments consisting of the
repurchase by the Borrower of its Equity Interests, such compliance may be demonstrated on the next Collateral Base Certificate
delivered pursuant to Section 5.01(d).” 


 


(e) Section
6.07(a)(ii)(x) of the Credit Agreement is hereby amended by deleting the number “$400,000,000” therein and replacing
it with the number “$350,000,000”; and


 


(f) Section
6.07(e) of the Credit Agreement is hereby amended by deleting the number “$400,000,000” therein and replacing it with
the number “$325,000,000”.


 


(g) Article
IX of the Credit Agreement is hereby amended by adding the following new Section 9.17 at the end of such Article:


 


“SECTION 9.17 Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:


 


(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and


 


(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:


 


(i)          a
reduction in full or in part or cancellation of any such liability;


 


(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or


 




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(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.”


 


SECTION II MISCELLANEOUS


 


2.1.          
Conditions to Effectiveness of Amendment. This Amendment shall become effective as of the date (the “Effective
Date”) on which the Borrower and each Subsidiary Guarantor party hereto have satisfied each of the following conditions
precedent (unless a condition shall have been waived in accordance with Section 9.02 of the Credit Agreement):


 


(a) Documents.
The Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to
the Administrative Agent in form and substance:


 


(1) Executed
Counterparts. From each of the Required Lenders, the Administrative Agent and the Obligors, either (1) a counterpart of
this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may
include telecopy transmission or electronic mail of a signed signature page to this Amendment) that such party has signed
a counterpart of this Amendment.


 


(2) Revolving
Credit Amendment No. 1. The Amendment No. 1, dated as of the date hereof, with respect to the Amended and Restated Senior Secured
Revolving Credit Agreement, dated as of July 28, 2015 (as amended, restated, supplemented or otherwise modified from time to time,
the “Revolving Credit Agreement”), among the Borrower, the lenders party thereto and ING Capital LLC, as administrative
agent for the lenders under the Revolving Credit Agreement, duly executed and delivered by each of the parties thereto.


 


(b) Fees
and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses owing
related to this Amendment and the Credit Agreement owing on Effective Date, including the Amendment Fee (as defined below) due
to any Lender on the Effective Date.


 


(c) Other
Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information
as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.


 


The contemporaneous exchange and release of executed
signature pages by each of the Persons contemplated to be a party hereto shall render this Amendment effective and any such exchange
and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable) of any
condition precedent to such effectiveness set forth above.


 




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2.2.           Representations
and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the
Administrative Agent and each of the Lenders that, as of the Effective Date and after giving effect to this Amendment:


 


(a) This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes
a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms. The
Credit Agreement, as amended by the Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable
in accordance with its respective terms.


 


(b) The
representations and warranties set forth in Article 3 of the Credit Agreement as amended by this Amendment and the representations
and warranties in each other Loan Document are true and correct in all material respects (other than any representation or warranty
already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the
Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific date, with the
same effect as though made on and as of the Effective Date.


 


(c) No
Default or Event of Default has occurred or is continuing under the Credit Agreement.


 


2.3.           Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the
entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment
by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.


 


2.4.           Payment
of Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket
costs and expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and
disbursements of legal counsel to the Administrative Agent, (but excluding, for the avoidance of doubt, the allocated costs of
internal counsel).


 


2.5.           Amendment
Fee. An amendment fee (the “Amendment Fee”) shall be fully earned, due and payable on the Effective Date
to any Lender party to this Amendment in an amount equal to 0.25% of such Lender’s Loans under the Credit Agreement as of
the Effective Date.


 


2.6.           GOVERNING
LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.


 


2.7.           Incorporation
of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement are hereby incorporated
by reference with respect to Section I.


 




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2.8.           Effect
of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower
or the Subsidiary Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein,
shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification
or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the
provisions amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import
shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document
shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.


 


2.9.           Consent
and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary
Guarantors hereby to the extent applicable as of the Effective Date (i) consents to this Amendment and the transactions contemplated,
(ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii)
confirms its guarantee (solely in the case of Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security
Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in
the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant is in full force and
effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).


 


[Signature pages follow]


 




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IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered as of the day and year first above written.


 


	 	MEDLEY CAPITAL CORPORATION, as Borrower
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS SENDERO LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS RT1 LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS OMNIVERE LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS AMVESTAR, LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	MCC INVESTMENT HOLDINGS AAR, LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Richard T. Allorto, Jr.
	 	Name:	Richard T. Allorto, Jr.
	 	Title:	Chief Financial Officer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	/s/ Patrick Frisch
	 	Name:	Patrick Frisch
	 	Title:	Managing Director
	 	 	 
	 	By:	/s/ Kunduck Moon
	 	Name:	Kunduck Moon
	 	Title:	Managing Director


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	GOLDMAN SACHS BANK USA, as a Lender
	 	 	 
	 	By:	/s/ Mehmet Barlas
	 	Name:	Mehmet Barlas
	 	Title:	Authorized Signatory


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	KEYBANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	By:	/s/ Richard Andersen
	 	Name:	Richard Andersen
	 	Title:	Designated Signer


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	CITY NATIONAL BANK, as a Lender
	 	 	 
	 	By:	/s/ Brandon L. Feitelson
	 	Name:	Brandon L. Feitelson, C.F.A.
	 	Title:	Senior Vice President


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	SIGNATURE BANK, as a Lender
	 	 	 
	 	By:	/s/ Richard Ohl
	 	Name:	Richard Ohl
	 	Title:	Vice President


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	ALOSTAR BANK OF COMMERCE, as a Lender
	 	 	 
	 	By:	/s/ Edward Carpenter
	 	Name:	Edward Carpenter
	 	Title:	Director


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]


 




     


     


    

 


	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Michael Kusner
	 	Name:	Michael Kusner
	 	Title:	Vice President
	 	 	 
	[Amendment No. 1 to Amended and Restated Term Loan Credit Agreement]
	 	 	 
	




     


     


    


	 	   

	 	CIT FINANCE LLC, as a Lender
	 	 	 
	 	By:	/s/ Robert L. Klein
	 	Name:	Robert L. Klein
	 	Title:	Director


 


[Amendment No. 1 to Amended and Restated Term
Loan Credit Agreement]