Document:

ex_240872.htm

EXHIBIT 10.2

 

AMENDED AND RESTATED REVOLVER NOTE

 

Philadelphia, Pennsylvania

Dated: April 10, 2021

 

$10,000,000

 

FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, the undersigned (the “Borrower”), hereby promises to pay to the order of M&T BANK (“Bank”), ON DEMAND after the occurrence and during the continuance of an Event of Default or after expiration of the Contract Period, the principal sum of Ten Million Dollars ($10,000,000), or such greater or lesser principal amount as may be outstanding from time to time under the line of credit established by Bank for the benefit of Borrower pursuant to the terms of that certain Loan and Security Agreement dated of even date herewith between Borrower, Guarantors and Bank (as the same may be amended, supplemented or restated from time to time, being the “Loan Agreement”) together with interest thereon, upon the following terms:

 

1.         Revolving Credit Facility Note.  This Amended and Restated Revolver Note is the “Revolver Note” as defined in the Loan Agreement and, as such, shall be construed in accordance with all terms and conditions thereof. Capitalized terms not defined herein shall have such meaning as provided in the Loan Agreement. This Revolver Note is entitled to all the rights and remedies provided in the Loan Agreement and the Loan Documents and is secured by all Collateral as described therein.

 

2.         Interest Rate.  Interest on the unpaid principal balance hereof will accrue from the date of advance until final payment thereof at the rate per annum as provided in the Loan Agreement.

 

3.         Default Interest.  Interest will accrue on the outstanding principal amount hereof at Bank’s request following the occurrence and during the continuance of an Event of Default or the expiration of the Contract Period until paid at a rate per annum which is two percent (2%) in excess of the rate payable under Paragraph 2 above (the “Default Rate”).

 

4.        Post Judgment Interest.  Any judgment obtained for sums due hereunder or under the Loan Documents will accrue interest at the Default Rate until paid.

 

5.          Computation.  Interest will be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed.

 

6.         Interest Payments.  Interest which accrues on the outstanding principal balance hereof at the applicable rate set forth above shall be due and payable monthly, on the first day of each calendar month, commencing on the first day of the first calendar month following the date hereof.

 

7.          Payment.  Principal and interest shall be payable in accordance with the terms set forth in the Loan Agreement.

 

 

 

 

8.         Default: Remedies.  Upon the occurrence and during the continuance of an Event of Default or upon demand as provided above, Bank, at its option and without notice to Borrower, may declare immediately due and payable the entire unpaid balance of principal and all other sums due by Borrower hereunder or under the Loan Documents, together with interest accrued thereon, under the terms of Section 18.2 of the Loan Agreement. Payment thereof may be enforced and recovered in whole or in part at any time and from time to time by one or more of the remedies provided to Bank in this Revolver Note or in the Loan Documents or as otherwise provided at law or in equity, all of which remedies are cumulative and concurrent.

 

9.        Waivers.  Borrower and all endorsers, jointly and severally, waive presentment for payment, demand, notice of demand, notice of nonpayment or dishonor, protest and notice of protest of this Revolver Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Revolver Note, except for such notices, if any, as are expressly required to be delivered by Bank to Borrower under the Loan Agreement.

 

10.       Miscellaneous.  If any provisions of this Revolver Note shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof. This Revolver Note has been delivered in and shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without regard to the law of conflicts. This Revolver Note shall be binding upon Borrower and upon Borrower’s successors and assigns and shall benefit Bank and its successors and assigns. The prompt and faithful performance of all of Borrower’s obligations hereunder, including without limitation, time of payment, is of the essence of this Revolver Note.

 

11.       Confession of Judgment.  BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF PENNSYLVANIA, OR IN ANY OTHER JURISDICTION WHICH PERMITS THE ENTRY OF JUDGMENT BY CONFESSION, TO APPEAR FOR BORROWER AT ANY TIME AFTER DEMAND HEREUNDER AS PROVIDED ABOVE OR AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER THE LOAN AGREEMENT IN ANY ACTION BROUGHT AGAINST BORROWER ON THIS REVOLVER NOTE OR THE LOAN DOCUMENTS AT THE SUIT OF BANK, WITH OR WITHOUT COMPLAINT OR DECLARATION FILED, WITHOUT STAY OF EXECUTION, AS OF ANY TERM OR TIME, AND THEREIN TO CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE UNPAID OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVER NOTE AND ALL OTHER SUMS TO BE PAID BY BORROWER TO OR ON BEHALF OF BANK PURSUANT TO THE TERMS HEREOF OR OF THE LOAN DOCUMENTS AND ALL ARREARAGES OF INTEREST THEREON, TOGETHER WITH ALL COSTS AND OTHER EXPENSES AND AN ATTORNEY’S COLLECTION COMMISSION OF FIVE PERCENT (5%) OF THE AGGREGATE AMOUNT OF THE FOREGOING SUMS, BUT IN NO EVENT LESS THAN $5,000.00; AND FOR SO DOING THIS REVOLVER NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT SHALL BE A SUFFICIENT WARRANT.

 

 

 

 

THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY ANY EXERCISE THEREOF BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL PAYMENT IN FULL OF ALL THE AMOUNTS DUE HEREUNDER. BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS REVOLVER NOTE AND THAT IT KNOWINGLY WAIVES ITS RIGHT TO BE HEARD PRIOR TO THE ENTRY OF SUCH JUDGMENT AND UNDERSTANDS THAT, UPON SUCH ENTRY, SUCH JUDGMENT SHALL BECOME A LIEN ON ALL REAL PROPERTY OF BORROWER IN THE COUNTY WHERE SUCH JUDGMENT IS ENTERED.

 

12.       Jury Trial Waiver.  BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER OR BANK WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.

 

13.       No Novation.  This Amended and Restated Note shall amend, restate and replace but shall not repay or satisfy the obligations of Borrower under that certain Note dated April 10, 2020 in the original principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) from Borrower in favor of Bank (the “Prior Note”). Nothing contained herein shall be deemed to constitute a novation or satisfaction of the Prior Note but the terms and conditions of this Amended and Restated Note shall supersede the terms and conditions of the Prior Note.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has caused this Revolver Note to be duly executed the day and year first above written.

 

	
			 

				
			BORROWER:

				
			 

			
	 	 	 
	 	INTEST CORPORATION,	 
	 	a Delaware corporation	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Hugh T. Regan, Jr.

				
			 

			
	
			 

				
			Name/Title:  Hugh t. Regan, Jr., CFOExhibit 10.1

 

AMENDMENT AGREEMENT

 

This Amendment Agreement (the
 “Agreement”), dated as of April 14, 2021, is entered into by and between China Xiangtai Food Co. Ltd., a Cayman
Islands exempted company (the “Company”), and YA II PN, Ltd. (the “Buyer”), and amends (i) a
convertible debenture issued by the Company to the Buyer on June 19, 2020 (the “Fourth Debenture”), (ii) a
convertible debenture issued by the Company to the Buyer on July 17, 2020 (the “Fifth Debenture”), (iii) a
convertible debenture issued by the Company to the Buyer on August 14, 2020 (the “Sixth Debenture”), and (iv) a
convertible debenture issued by the Company to the Buyer on November 13, 2020 (the “Seventh Debenture” and collectively
along with the Third, Fourth, and Fifth Debenture, the “Convertible Debentures”), each issued pursuant to a Securities
Purchase Agreement entered into between the Company and the Buyer on June 19, 2020 and as amended (the “Securities Purchase
Agreement”).

 

BACKGROUND

 

		(A)	As of the date hereof, $700,000 of principal, plus accrued and unpaid interest thereon, remains outstanding
on the Fourth Debenture.

 

		(B)	As of the date hereof, $700,000 of principal, plus accrued and unpaid interest thereon, remains outstanding
on the Fifth Debenture.

 

		(C)	As of the date hereof, $300,000 of principal, plus accrued and unpaid interest thereon, remains outstanding
on the Sixth Debenture.

 

		(D)	As of the date hereof, $300,000 of principal, plus accrued and unpaid interest thereon, remains outstanding
on the Seventh Debenture.

 

		(E)	The Convertible Debentures are convertible into shares of Common Stock pursuant to their terms subject
to a floor price of $2.50 per share.

 

		(F)	Pursuant to clause 1(c) of the Convertible Debentures the Company shall make monthly payments if
the daily VWAP is less than the floor price for a period of ten (10) consecutive Trading Days.

 

		(G)	The parties desire to reduce the floor price with respect to a portion of the Convertible Debentures and
extend the time before monthly payments may be required under the Convertible Debentures pursuant to the terms and conditions set forth
herein.

 

NOW,
THEREFORE, in consideration of the foregoing recitals and representations, warranties and covenants herein set forth, the parties
hereto agree as follows:

 

1.            Definitions
and interpretation

 

1.1            Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Convertible Debentures, as applicable.

 

    

     

    

 

2.            Amendments
to the Convertible Debentures

 

The parties hereto agree that
the Convertible Debentures shall be amended as set out below without the need to issue amended and restated certificates of such convertible
debentures.

 

2.1            Amendment
of Fourth Debenture. The definition of “Floor Price” in section 13(j) of the Fourth Debenture shall be deleted and
replaced with the following:

 

13(j)        “Floor
Price” means $0.80 per share.

 

2.2            Deferral
of Monthly Payments on the Fourth Debenture. The Buyer hereby agrees that the the monthly cash amortization payments that otherwise
would be due by the Company pursuant to Section 1(c) of the Fourth Convertible Debenture shall no longer apply and all amount
of principal and accrued interest that remaining outstanding shall be due and payable on the maturity date of the Fourth Debenture, which
is June 19, 2021.

 

2.3            Deferral
of Monthly Payments on the Convertible Debentures. The Buyer hereby agrees to defer the start of the monthly cash amortization payments
that otherwise would be due by the Company pursuant to Section 1(c) of the remaining Convertible Debentures until June 30,
2021. On such date, provided that the obligation to make amortization payments has not ceased pursuant to the term of Section 1(c) of
the Convertible Debentures, the Company shall begin making monthly amortization payments as determined by the terms thereof.

 

2.4            Waiver
of Limitation. The parties hereby agree that the conversion limitation set forth in section 3(c)(ii) of the Fourth Debentures
relating to conversions using the Variable Conversion Price shall no longer apply.

 

3.            Representations
and warranties

 

		3.1	Each party to this Agreement represents and warrants to the other as of the date of this Agreement that:

 

(a)            it
has the requisite corporate power and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement;

 

(b)            it
has taken all necessary corporate actions to authorize the execution, delivery and performance of this Agreement and no further action
is required by it, its Board of Directors or managers or its stockholders or members in connection therewith; and

 

(c)            the
obligations assumed by it in this Agreement are legal, valid, and enforceable obligations binding on it in accordance with its terms.

 

3.2            The
Company represents and warrants to the Buyer that any additional shares that may be issued as a result of this Agreement and the amendments
to the Debentures have been duly authorized and, when issued in accordance with the terms of the respective convertible Debentures, shall
be validly issued and duly authorized.

 

    

     

    

 

4.            Counterparts
and delivery

 

This Agreement may be executed
in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

5.            Governing
law

 

This Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN
WITNESS WHEREOF, the Company and the Holder have caused this Supplement and Amendment Agreement to be signed by their duly
authorized officers.

 

	 	CHINA XIANGTAI FOOD CO., LTD.
	 	 
	 	By:	/s/ Zeshu Dai
	 	 	Name:	Zeshu Dai
	 	 	Title:	CEO

 

 

	 	YA II PN, LTD. 
	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 
	 	 	By:	Yorkville Advisors Global II LLC
	 	 	Its:	General Partner
	 	 
	 	 	By:	/s/ Matt Beckman
	 	 	Name:	Matt Beckman
	 	 	Title:	Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]