Document:

Unassociated Document

 

Exhibit 10.2

 

September 16, 2015

Bank of America, N.A.

CityPlace I

185 Asylum Street

Hartford, Connecticut 06103

Henry E. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to the Second Amended and Restated Subordinated Promissory Note dated April 5, 2005 in the original principal amount of $3,088,889 (as amended from time to time, the “Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of Henry E. Baker (the “Payee”), which Subordinated Note was collaterally assigned by the Payee to Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended and Restated Subordinated Promissory Note dated as of April 5, 2005, (b) the Amended and Restated Subordination and Pledge Agreement dated as of April 5, 2010 (the “Subordination Agreement”) that is referred to in the Subordinated Note.  Capitalized terms used herein that are not defined herein have the meanings given to such terms in the Subordinated Note.

 Clause (i) of the section of the Subordinated Note entitled “Payment Terms” is hereby amended and restated as follows:

(i)           If and to the extent the Maker is permitted to make cash interest payments under this Note pursuant to that certain Second Amended and Restated Credit Agreement, dated as of May 20, 2015, by and among the Maker, Crystal Rock, LLC, the guarantors party thereto, Bank of America, N.A., as the sole lender, and Bank of America, N.A., as Agent (as amended and in effect from time to time, the “Credit Agreement”), interest will be payable in arrears for the three-month periods ended on each January 31, April 30, July 31 and October 31, in each case not more than 20 days after the end of such three-month period (i.e., February 20, May 20, August 20 and November 20). If and to the extent the Maker is prohibited from making cash interest payments under this Note pursuant to the Credit Agreement, such interest shall accrue and be added to the principal amount of this Note on the date such interest would have been otherwise due and payable and shall not be considered an overdue amount (in each case, the “PIK Interest”). In addition to any applicable rights or remedies of the Payee, any interest (other than PIK Interest”) not paid when due will thereafter bear interest at the applicable rate stated above.

 

 

  

41

  

 

Except as otherwise expressly provided by this agreement, all of the respective terms and provisions of the Subordinated Note and the Subordination Agreement shall remain the same.  The Subordinated Note, as amended hereby, and the Subordination Agreement shall continue in full force and effect. This agreement and the Subordinated Note shall be read and construed as one instrument.

By its execution and delivery of this agreement, Bank of America, N.A., agrees and consents to the amendment of clause (i) of the section of the Subordinated Note entitled “Payment Terms” notwithstanding any contrary covenant in Holdings’ loan documents with Bank of America, N.A.

 

This agreement is intended to take effect under, and shall be construed according to and governed by, the internal laws of the State of Connecticut (without reference to principles of conflicts or choice of law).

 

This agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.

Very truly yours,

Crystal Rock Holdings, Inc.

(formerly known as Vermont Pure Holdings, Ltd.).

By /s/ Peter K. Baker                                      

Name:  Peter K. Baker

Title:    Chief Executive Officer

Agreed to:

/s/ Henry E. Baker                                

Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates                       

Name: Donald K. Bates

Title: Senior Vice President

 

 

  

42

  

 

September 16, 2015

Bank of America, N.A.

CityPlace I

185 Asylum Street

Hartford, Connecticut 06103

Henry E. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Subordinated Promissory Note dated April 5, 2010 in the original principal amount of $1,511,111 (the “Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as Vermont Pure Holdings, Ltd. (“Holdings”) payable to the order of Henry E. Baker (the “Payee”), which Subordinated Note was collaterally assigned by the Payee to Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Subordinated Promissory Note dated as of April 5, 2010, and (b) the Amended and Restated Subordination and Pledge Agreement dated as of April 5, 2010 (the “Subordination Agreement”) that is referred to in the Subordinated Note.  Capitalized terms used herein that are not defined herein have the meanings given to such terms in the Subordinated Note or the Subordination Agreement, as applicable.

Clause (i) of the section of the Subordinated Note entitled “Payment Terms” is hereby amended and restated as follows:

(i)           If and to the extent the Maker is permitted to make cash interest payments under this Note pursuant to that certain Second Amended and Restated Credit Agreement, dated as of May 20, 2015, by and among the Maker, Crystal Rock, LLC, the guarantors party thereto, Bank of America, N.A., as the sole lender, and Bank of America, N.A., as Agent (as amended and in effect from time to time, the “Credit Agreement”), interest will be payable in arrears for the three-month periods ended on each January 31, April 30, July 31 and October 31, in each case not more than 20 days after the end of such three-month period (i.e., February 20, May 20, August 20 and November 20). If and to the extent the Maker is prohibited from making cash interest payments under this Note pursuant to the Credit Agreement, such interest shall accrue and be added to the principal amount of this Note on the date such interest would have been otherwise due and payable and shall not be considered an overdue amount (in each case, the “PIK Interest”). In addition to any applicable rights or remedies of the Payee, any interest (other than PIK Interest”) not paid when due will thereafter bear interest at the applicable rate stated above.

Except as otherwise expressly provided by this agreement, all of the respective terms and provisions of the Subordinated Note and the Subordination Agreement shall remain the same.  The Subordinated Note, as amended hereby, and the Subordination Agreement shall continue in full force and effect. This agreement and the Subordinated Note shall be read and construed as one instrument.

 

 

  

43

  

 

By its execution and delivery of this agreement, Bank of America, N.A., agrees and consents to the amendment of clause (i) of the section of the Subordinated Note entitled “Payment Terms” notwithstanding any contrary covenant in Holdings’ loan documents with Bank of America, N.A.

 

This agreement is intended to take effect under, and shall be construed according to and governed by, the internal laws of the State of Connecticut (without reference to principles of conflicts or choice of law).

 

This agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.

Very truly yours,

Crystal Rock Holdings, Inc.

(formerly known as Vermont Pure Holdings, Ltd.).

By /s/ Peter K. Baker                              

Name:  Peter K. Baker

Title:    Chief Executive Officer

Agreed to:

/s/ Henry E. Baker                             

Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates                     

Name: Donald K. Bates

Title: Senior Vice President

 

 

  

44

  

 

 

September 16, 2015

Bank of America, N.A.

CityPlace 1

185 Asylum Street

Hartford, Connecticut 06103

Peter K. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Second Amended and Restated Subordinated Promissory Note dated April 5, 2005 in the original principal amount of $4,700,000 (the “Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of Peter K. Baker (the “Payee”), which Subordinated Note was collaterally assigned by the Payee to Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended and Restated Subordinated Promissory Note executed by the Payee, which Allonge Endorsement was dated April 5, 2005, and (b) the Subordination and Pledge Agreement dated as of April 5, 2005 (the “Subordination Agreement”) that is referred to in the Subordinated Note.  Capitalized terms used herein that are not defined herein have the meanings given to such terms in the Subordinated Note or the Subordination Agreement, as applicable.

 Clause (i) of the section of the Subordinated Note entitled “Payment Terms” is hereby amended and restated as follows:

(i)           If and to the extent the Maker is permitted to make cash interest payments under this Note pursuant to that certain Second Amended and Restated Credit Agreement, dated as of May 20, 2015, by and among the Maker, Crystal Rock, LLC, the guarantors party thereto, Bank of America, N.A., as the sole lender, and Bank of America, N.A., as Agent (as amended and in effect from time to time, the “Credit Agreement”), interest will be payable in arrears for the three-month periods ended on each January 31, April 30, July 31 and October 31, in each case not more than 20 days after the end of such three-month period (i.e., February 20, May 20, August 20 and November 20). If and to the extent the Maker is prohibited from making cash interest payments under this Note pursuant to the Credit Agreement, such interest shall accrue and be added to the principal amount of this Note on the date such interest would have been otherwise due and payable and shall not be considered an overdue amount (in each case, the “PIK Interest”). In addition to any applicable rights or remedies of the Payee, any interest (other than PIK Interest”) not paid when due will thereafter bear interest at the applicable rate stated above.

 

Except as otherwise expressly provided by this agreement, all of the respective terms and provisions of the Subordinated Note and the Subordination Agreement shall remain the same.  The Subordinated Note, as amended hereby, and the Subordination Agreement shall continue in full force and effect. This agreement and the Subordinated Note shall be read and construed as one instrument.

 

 

  

45

  

 

By its execution and delivery of this agreement, Bank of America, N.A., agrees and consents to the amendment of clause (i) of the section of the Subordinated Note entitled “Payment Terms” notwithstanding any contrary covenant in Holdings’ loan documents with Bank of America, N.A.

 

This agreement is intended to take effect under, and shall be construed according to and governed by, the internal laws of the State of Connecticut (without reference to principles of conflicts or choice of law).  This agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.

Very truly yours,

Crystal Rock Holdings, Inc. (formerly known as Vermont Pure Holdings, Ltd.)

By /s/ Peter K. Baker                                   

Name:  Peter K. Baker

Title:    Chief Executive Officer

Agreed to:

/s/ Peter K. Baker                                  

Peter K. Baker

Bank of America, N.A.

By /s/ Donald K. Bates                       

Name: Donald K. Bates

Title: Senior Vice President

 

 

  

46

  

 

September 16, 2015

Bank of America, N.A.

CityPlace 1

185 Asylum Street

Hartford, Connecticut 06103

John B. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

Reference is made to (a) the Second Amended and Restated Subordinated Promissory Note dated April 5, 2005 in the original principal amount of $4,700,000 (the “Subordinated Note”) made by Crystal Rock Holdings, Inc., formerly known as Vermont Pure Holdings, Ltd. (“Holdings”), payable to the order of John B. Baker (the “Payee”), which Subordinated Note was collaterally assigned by the Payee to Bank of America, N.A. (the “Bank”) by the Allonge Endorsement to Second Amended and Restated Subordinated Promissory Note executed by the Payee, which Allonge Endorsement was dated April 5, 2005, and (b) the Subordination and Pledge Agreement dated as of April 5, 2005 (the “Subordination Agreement”) that is referred to in the Subordinated Note.  Capitalized terms used herein that are not defined herein have the meanings given to such terms in the Subordinated Note or the Subordination Agreement, as applicable.

 Clause (i) of the section of the Subordinated Note entitled “Payment Terms” is hereby amended and restated as follows:

(i)           If and to the extent the Maker is permitted to make cash interest payments under this Note pursuant to that certain Second Amended and Restated Credit Agreement, dated as of May 20, 2015, by and among the Maker, Crystal Rock, LLC, the guarantors party thereto, Bank of America, N.A., as the sole lender, and Bank of America, N.A., as Agent (as amended and in effect from time to time, the “Credit Agreement”), interest will be payable in arrears for the three-month periods ended on each January 31, April 30, July 31 and October 31, in each case not more than 20 days after the end of such three-month period (i.e., February 20, May 20, August 20 and November 20). If and to the extent the Maker is prohibited from making cash interest payments under this Note pursuant to the Credit Agreement, such interest shall accrue and be added to the principal amount of this Note on the date such interest would have been otherwise due and payable and shall not be considered an overdue amount (in each case, the “PIK Interest”). In addition to any applicable rights or remedies of the Payee, any interest (other than PIK Interest”) not paid when due will thereafter bear interest at the applicable rate stated above.

 

  

47

  

 

Except as otherwise expressly provided by this agreement, all of the respective terms and provisions of the Subordinated Note and the Subordination Agreement shall remain the same.  The Subordinated Note, as amended hereby, and the Subordination Agreement shall continue in full force and effect. This agreement and the Subordinated Note shall be read and construed as one instrument.

By its execution and delivery of this agreement, Bank of America, N.A., agrees and consents to the amendment of clause (i) of the section of the Subordinated Note entitled “Payment Terms” notwithstanding any contrary covenant in Holdings’ loan documents with Bank of America, N.A.

 

This agreement is intended to take effect under, and shall be construed according to and governed by, the internal laws of the State of Connecticut (without reference to principles of conflicts or choice of law).  This agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.

Very truly yours,

Crystal Rock Holdings, Inc. (formerly known as Vermont Pure Holdings, Ltd.)

By /s/ Peter K. Baker                                    

Name:  Peter K. Baker

Title:    Chief Executive Officer

Agreed to:

/s/ John B. Baker                                      

John B. Baker

Bank of America, N.A.

By /s/ Donald K. Bates                            

Name: Donald K. Bates

Title: Senior Vice President

 

 

48Supply
Agreement

 

Party
A (Supplier): Shanghai Tian Jin Petrochemical Co., Ltd.

 

Address:
Suite 345, Tower 5, No. 2278 Zhao Zhong Road, Zhongfu Town, Qing Pu District, Shanghai

 

Party
B (Seller): Shenzhen Greenstar Technology Co., Ltd.

 

Address:
B121, Section B Tower 4, Jinhuidadao, Nanhaidadao, Nanshan District, Shenzhen

 

To
protect the legitimate rights and interests of both parties, in accordance with the People’s Republic of China Contract
Law, Party A and Party B agree to enter into this contract through friendly consultation, in the common commitment to perform.

 

Article
1: The object of the contract (excluding tax)

 

	Item	 	Specifications	 	Measuring Unit	 	Unit	 	Total
	 	 	 	 	 	 	 	 	 
	Fuel Oil	 	80ml*6bottles*9cases	 	Box	 	Yuan	 	2,500.00

 

Total
in RMB: (Capital) Two Thousand and Five Hundred Yuan, (Digital) ¥2,500.00

 

Article
2: The orders

 

	 	1.	Party B shall
    order product from Party A.
	 	 	 
	 	2.	The orders shall
    specify the name of the goods, manufacturer producer name and address, specifications, units, brand, quality, origin, quantity,
    unit price, delivery time and delivery place and other specific content.
	 	 	 
	 	3.	Party A shall
    reply within two (2) working days after its receive the order whether to accept the order. If Party A fails to respond, it
    shall be deemed not to accept the order. 

 

Article
3: Delivery/Pick up and place: Party A shall deliver to Party B’s address

 

Article
4: Delivery time: From May 1, 2015.

 

Article
5: Settlement and duration: Sixty (60) days payment.

 

Article
6: Commodity promotion

 

	 	1.	Party B may manage
    sales to accelerate commodity turnover and sales.
	 	 	 
	 	2.	Party A shall
    pay a distribution/branding fee to Party B for promoting the product. The parties shall mutually agree to the amount of the
    fee to be paid by Party A to Party B and the payment terms.

 

    	 

    	 

    

 

Article
7: Liability for breach contract:

 

	 	1.	Liability for
    breach of the supplier:

 

	 	i).	When Party A
    sells product that is not in accordance with the original sample quality standards or delivery product quality standards,
    Party B shall have the right to refuse and return.
	 	 	 
	 	ii).	Party A’s
    failure to make delivery completely in conformity with the contract, according to the contract price, the compensation shall
    be 0.5% of the payment per day.

 

	 	2.	Liability for
    breach of the seller:

 

	 	i).	Party A’s
    shall have all rights under PRC law to bring a claim for breach under the terms of the contract.

 

	 	3.	Force majeure

 

The
party suffering from force majeure is exempt from performing under the terms of the contract.

 

Article
8: Confidentiality

 

The
parties shall keep the terms of this contract strictly confidential.

 

Article
9: Other terms:

 

	 	1.	This agreement
    is in duplicate, each of the parties has one copy.
	 	 	 
	 	2.	The contract
    is signed by both parties after the effective date. Any outstanding issues can be further signed by a supplementary contract.
	 	 	 
	 	3.	This contract
    is valid: from May 1, 2015 to April 30, 2016.

 

	 /s/
                                         Shanghai Tian Jin Petrochemical Co., Ltd. 

	   
	 Shanghai Tian Jin Petrochemical Co., Ltd. 	   
	   	   
	 /s/
                                         Shenzhen Greenstar Technology Co., Ltd. 

	   
	 Shenzhen Greenstar Technology Co., Ltd. 	   

 

    	2

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