Document:

ex10_21.htm

    
      

    

    
      Exhibit
10.21

      

      BRIDGE
NOTE

      
        	
                $150,000.00

              	
                July
      10, 2009

              

      

      

      Artisanal
Cheese, LLC,

      a New
York limited liability company

      500 West
37th
Street

      2nd
Floor

      New York,
New York  10018

      (Hereinafter
referred to as “Borrower”)

      

      Whereas,
Borrower is currently in the process of securing debt financing from a third
party.  Until that financing has been obtained, the Alfonso L.
DeMatteis Family L.P., a New York limited partnership (“Lender”), has agreed to
provide to Borrower a bridge loan in the amount of One Hundred Fifty Thousand
Dollars ($150,000.00).

      

      Whereas,
this Promissory Note is made pursuant to such Bridge Loan Agreement executed by
the Lender of even date herewith (the “Bridge Loan Agreement”), the amount of
which is represented by this Bridge Note (the “Bridge Note”).

      

      Now,
wherefore, Borrower promises to pay to the order of Lender, in lawful money of
the United States of America, at the address indicated in the Bridge Loan
Agreements or wherever else Lender may specify, the sum owed to Lender under the
Bridge Loan Agreement (including all renewals, extensions or modifications
thereof).

      

      SECURITY.  As security for the payment of the monies owing
under this Bridge Note and the Bridge Loan Agreement, the Borrower has delivered
or has caused to be delivered to the Lender a security agreement (“Security
Agreement”) dated the date hereof.  Lender shall have a first priority
security interest in all assets of the Borrower pursuant to the Security
Agreement.

       

      INTEREST
AND FEE(S) COMPUTATION.  (Actual/365).  Interest on the
principle amount of this Bridge Note shall be at a rate of nine percent (9%) per
annum.  Interest and fees, if any, shall be computed on the basis of a
365-day year for the actual number of days in the applicable period.

       

      ISSUANCE
OF PREFERRED SHARES.  For every Fifty Thousand Dollars
($50,000.00)  loaned by Lender, Lender shall receive Ten Thousand
(10,000) shares of American Home Food Products’ Series A Redeemable Convertible
Preferred Shares.

       

      PREPAYMENT.  The
Bridge Note may be prepaid, in whole or in part, at any time.

       

      REPAYMENT
TERMS.  This Bridge Note shall be due and payable in full at the
earlier of September 8, 2009, or the closing of a senior debt facility by a
third-party institutional lender.

       

      APPLICATION
OF PAYMENTS.  If a Default occurs, monies may be
applied to the obligations in any manner or order deemed appropriate by
Lender.  If any payment received by Lender under this Bridge Note is
rescinded, avoided or for any reason returned by Lender because of any adverse
claim or threatened action, the returned payment shall remain payable as an
obligation of all persons liable under this Bridge Note as though such payment
had not been made.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ATTORNEYS’
FEES AND OTHER COLLECTION COSTS.  Borrower shall pay all of Lender’s
reasonable expenses incurred to enforce or collect any of the obligations under
this Bridge Note, including, without limitation, reasonable court, arbitration,
paralegals', attorneys' fees and expenses, whether incurred without the
commencement of a suit, in any trial, arbitration, or administrative proceeding,
or in any appellate or bankruptcy proceeding.

       

      USURY.  Regardless
of any other provision of this Bridge Note, if for any reason the effective
interest should exceed the maximum lawful interest, the effective interest shall
be deemed reduced to, and shall be, such maximum lawful interest, and (i) the
amount which would be excessive interest shall be deemed applied to the
reduction of the principal balance of this Bridge Note and not to the payment of
interest, and (ii) if the loan evidenced by this Bridge Note has been or is
thereby paid in full, the excess shall be returned to the party paying same,
such application to the principal balance of this Bridge Note or the refunding
of excess to be a complete settlement and acquittance thereof.

       

      DEFAULT.  If
any of the following occurs, a default (“Default”) under
this Bridge Note shall exist:  Nonpayment.  The failure of
Borrower to pay any of the obligations under this Bridge Note within ten (10)
calendar days of when due.  Nonperformance.  The failure of
timely performance of the obligations hereunder or under the Security Agreement,
other than payment obligations, and such default shall continue unremedied for a
period of fifteen (15) calendar days after Borrower shall receive notice of such
default.  False Warranty.  A warranty or representation made
or deemed made in this Bridge Note or the Security Agreement, or furnished to
Lender in connection with the loan evidenced by this Bridge Note, proves
materially false, or if of a continuing nature, becomes materially
false.  Cessation; Bankruptcy.  The dissolution of,
termination of existence of, loss of good standing status by, appointment of a
receiver for, assignment for the benefit of creditors of, lender workout
proceedings, or commencement of any bankruptcy or insolvency proceeding by or
against the Borrower, or any of their subsidiaries or
affiliates.  Material Capital Structure or Business
Alteration.  Without the prior written consent of Lender, which shall
not be unreasonably withheld (i) a material alteration in the kind or type of
Borrower's business or that of Borrower's subsidiaries or affiliates; (ii) the
sale of all or substantially all or a material portion of the business or assets
of Borrower, or any of Borrower's subsidiaries or affiliates if such a sale is
outside the ordinary course of business of Borrower; (iii) the acquisition of
substantially all of the business or assets or more than 50% of the outstanding
stock, membership interests, or voting power of any other entity; (iv) should
Borrower, or any of Borrower's subsidiaries, enter into any merger or
consolidation or similar transaction; or (v) any change in the members of the
Borrower resulting in a change of a majority or more of the
membership interests or equity interests of Borrower.

       

      REMEDIES
UPON DEFAULT.  If a Default occurs under this Bridge Note or the
Security Agreement, Lender may at any time thereafter take the following
actions:  Acceleration Upon Default.  Accelerate the
maturity of this Bridge Note and all obligations hereunder, and all of the
obligations hereunder shall be immediately due and
payable.  Cumulative.  Exercise any rights and remedies as
provided under the Bridge Note or the Security Agreement, or as provided by law
or equity.

       

      WAIVERS
AND AMENDMENTS.  No waivers, amendments or modifications of this
Bridge Note shall be valid as against Lender unless in writing and signed by
Lender.  No waiver by Lender of any Default shall
operate as a waiver of any other Default or the same Default on a future
occasion.  Neither the failure nor any delay on the part of Lender in
exercising any right, power, or remedy under this Bridge Note or the Security
Agreement shall operate as a waiver thereof, nor shall a single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or remedy.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Borrower
and any person liable under this Bridge Note waives presentment, protest, notice
of dishonor, demand for payment, notice of intention to accelerate maturity,
notice of acceleration of maturity, notice of sale and all other notices of any
kind.  Further, Borrower agrees that Lender may extend, modify or
renew this Bridge Note or make a novation of the loan evidenced by this Bridge
Note for any period and grant any releases, compromises or indulgences with
respect to any collateral securing this Bridge Note, all without notice to or
consent of each Borrower or each person who may be liable under this Bridge Note
and without affecting the liability of Borrower or any person who may be liable
under this Bridge Note.

       

      NOTICE.  All
notices, consents, waivers and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given when (a) delivered by
hand (with written confirmation of receipt), (b) sent by facsimile (with written
confirmation of receipt), provided that a copy is mailed by registered mail,
return receipt requested, or (c) when received by the addressee, if sent by a
nationally recognized overnight delivery service (receipt requested), in each
case to the appropriate addresses and facsimile numbers set forth below (or to
such other addresses and facsimile numbers as a party may designate by notice to
the other parties):

      

      
        	
                 
      

              	
                If
      to Borrower, to:

              	
                Artisanal
      Cheese, LLC

              

      

      500 West
37th
Street

      New York,
New York 10708

      Attn:
Daniel W. Dowe, Esq.

      Telephone
No.: (212)-871-3150

      Email:
ddowe@artisanalcheese.com

      

      
        	
                 
      

              	
                If
      to Lender, to:

              	
                Alfonso
      L. DeMatteis Family L.P.

              

      

      c/o KSIX
Partners LLC

      10 Union
Ave.  Ste 10

      Lynbrook,
NY  11563

      Telephone
No.:

      Email:

      

      

      MISCELLANEOUS
PROVISIONS.  Assignment.  This Bridge Note shall inure to
the benefit of and be binding upon the parties and their respective heirs, legal
representatives, successors and assigns.  This Bridge Note may be
freely assigned or pledged by Lender.  Borrower shall not assign its
rights and interest hereunder without the prior written consent of Lender, and
any attempt by Borrower to assign without Lender’s prior written consent is null
and void.  Any assignment shall not release Borrower from its
obligations hereunder.  Applicable Law; Conflict Between
Documents.  This Bridge Note shall be governed by and construed under
the laws of the State of New York without regard to conflict of laws
principles.  If the terms of this Bridge Note should conflict with the
terms of the Security Agreement, the terms of this Bridge Note shall
control.  Jurisdiction and Venue.  Borrower irrevocably
agrees that any suit regarding this Bridge Note shall be brought in the state or
federal courts located in New York, New York and Borrower submits to such
jurisdiction.  Severability.  If any provision of this
Bridge Note shall be prohibited or invalid under applicable law, such provision
shall be ineffective but only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Bridge Note or other such document.  Plural;
Captions.  All references in this Bridge Note to Borrower, person,
document or other nouns of reference mean both the singular and plural form, as
the case may be, and the term “person” shall mean any individual, person or
entity.  The captions contained in this Bridge Note are inserted for
convenience only and shall not affect the meaning or interpretation of the
Bridge Note.  Binding Contract.  Borrower by execution of
and Lender by acceptance of this Bridge Note agree that each party is bound to
all terms and provisions of this Bridge Note.  Fees and
Taxes.  Borrower shall promptly pay all documentary, intangible
recordation and/or similar taxes on this transaction whether assessed at closing
or arising from time to time.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      WAIVER OF
JURY TRIAL.  BORROWER AND LENDER ACKNOWLEDGE AND AGREE THAT (i) ANY
SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT OR INSTITUTED
BY LENDER OR BORROWER OR ANY SUCCESSOR OR ASSIGN OF LENDER OR BORROWER, ON OR
WITH RESPECT TO THIS BRIDGE NOTE OR ANY OTHER DOCUMENT OR THE DEALINGS OF THE
PARTIES WITH RESPECT HERETO, OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT
BY A JURY AND EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY; (ii) EACH WAIVES ANY
RIGHT IT MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING,
ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER
THAN, OR IN ADDITION TO, ACTUAL DAMAGES; AND (iii) THIS SECTION IS A SPECIFIC
AND MATERIAL ASPECT OF THIS BRIDGE NOTE AND LENDER WOULD NOT EXTEND CREDIT TO
BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS BRIDGE
NOTE.

       

      IN
WITNESS WHEREOF, Borrower, on the day and year first above written, has caused
this Bridge Note to be executed.

       

      
        	 
      	
                ARTISANAL
      CHEESE, LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	 
      	 
      
	 
      	 
      	
                Name:  Daniel
      W. Dowe

              	 
      
	 
      	 
      	
                Title:
      Presidentex10_22.htm

    
      

    

    Exhibit
10.22

    
      SECURITY
AGREEMENT

      

      THIS
SECURITY AGREEMENT (“Agreement”) is made as of the ____ day of July 2009 by
ARTISANAL CHEESE, LLC, a New York limited liability company with an address at
500 West 37th Street, 2nd Floor, New York, New York  10018
(“Borrower”), in favor of each of several Lenders signatory hereto (each such
Lender, a “Lender” and, collectively, the “Lenders”).

      

      W I T N E
S S E T H :

      

      This
Agreement is made pursuant to the Bridge Note of even date herewith executed by
the Company in favor of the Lenders (the “Bridge Note”) pursuant to which the
Company agrees to repay the Lenders that amount which each Lender has loaned
respectively to the Company thereunder including all principle and interest owed
by the Company through the date of the repayment thereof.

      

      The
Company and each Lender hereby agrees as follows:

      

      WHEREAS,
Borrower is indebted to the Lenders for certain payments under the Bridge Note;
and

      

      WHEREAS,
it is a condition of the Bridge Note that Borrower execute and deliver this
Agreement to the Lenders to secure Borrower’s obligations
thereunder.

      

      NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

      

      1.           As
used in this Agreement, the term “Collateral” means all assets, accounts, goods,
general intangibles (excluding any and all patents, trademarks and copy
rights—registered or unregistered—trade secrets, domain name and addresses, and
intellectual property licenses), inventory, furniture, fixtures, tools,
equipment, materials, supplies, instruments, securities, chattel paper, contract
rights, general intangibles, credits, claims and other property, rights and
interests owned by Borrower, together with all additions and accession thereto,
all substitutions and replacements therefore, and all proceeds and products
thereof, whether now or hereafter existing or now owned or hereafter acquired,
wherever located, of every kind and description.

       

      2.           As
used in this Agreement, the term “Liability” or “Liabilities” means all present
and future obligations of Borrower to the Lenders, whether direct or indirect,
joint or several, otherwise secured or unsecured, primary or secondary, absolute
or contingent, which are due or that may become due under the Note.

       

      3.           To
secure the prompt and complete payment and performance when due (whether at the
stated maturity, by acceleration or otherwise) of the Liabilities, the Borrower
hereby assigns, conveys, mortgages, pledges, transfers and grants to the Lenders
a security interest in and too all of the Collateral subject to any prior
properly perfected security interest.

       

      4.           The
Borrower represents that the Collateral and its books and records relating to
the Collateral are located at the address of Borrower set forth
above.  The Borrower covenants and agrees that it will promptly notify
the Lenders in writing of any change of such location.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      5.           Except
for those properly perfected security interests previously disclosed to Lenders,
the Borrower represents, warrants and covenants that:  (a) it is the
sole owner of the Collateral, free and clear of any liens, security interests,
charges or encumbrances; (b) it has the right to grant the security interest
created by this Agreement; (c) no financing statements, or other instruments of
similar effect, covering all or any part of the Collateral are on file in any
recording office; (d) it is a limited liability company, duly organized, validly
existing and in good standing in the place of its organization, and the
execution and delivery of this Agreement and the Bridge Note have been duly
authorized by all necessary corporate action; (e) it is and will continue to be
eligible to do business and is otherwise in good standing in all jurisdictions
where it owns property or transacts business, except to the extent that the
failure to be eligible or in good standing could not, in the aggregate,
reasonably be expected to have a material adverse effect; (f) it is and will
continue to be in compliance with all applicable laws, statutes, rules and
regulations, including without limitation, those concerning the environment,
employee pension and benefit plans and the payment of taxes, assessments and
other governmental charges, except to the extent that the failure to comply
could not, in the aggregate, reasonably be expected to have a material adverse
effect; and (g) neither this Agreement nor any other document delivered by the
Borrower to the Lenders contains any untrue statement of a material fact or
omits to state any material fact necessary to make the statements contained
herein or therein not misleading in light of the circumstances under which they
were made as of the date made or deemed made.

       

      6.           The
Borrower covenants and agrees that, until its obligations under the Bridge Note
have been paid or fulfilled in full: (a) it will defend the Collateral against
the claims and demands of all persons; (b) it will not sell, lease, encumber,
remove, conceal, grant or permit any security interest in the Collateral, nor
part with possession of any thereof, nor permit the same to be used in violation
of any law or ordinance; (c) it will maintain the Collateral in good condition
and repair at its sole expense; (d) it will pay all taxes levied on the
Collateral, and will make due and timely payment or deposit of all federal,
state and local taxes, assessments or contributions required by law and will
execute and deliver to the Lenders, on reasonable demand, appropriate
certificates attesting to such payment or deposit; (e) the Collateral shall not
become subject to any purchase money or superior lien or security interest,
except in favor of the Lenders or as otherwise provided in Section 10 hereof;
(f) it shall procure and maintain adequate insurance on the tangible Collateral
against the risks of fire, theft and such other risks; (g) it will permit the
Lenders, with or without notice, to inspect the Collateral and to make extracts
from the books and records of Borrower; (h) it will join with the Lenders in
doing whatever may be necessary under applicable law to perfect the Lenders’
security interest; and (i) the Lenders may at any time and from time to time to
file in any Uniform Commercial Code jurisdiction any initial financing
statements, continuations and amendments thereto with respect to the Collateral
and the Liabilities.

       

      7.           Each
Lender agrees that any security interests in the Collateral granted pursuant to
this Agreement in favor of such other Lenders shall have equal priority as those
granted in favor of the other Lenders.  Accordingly, Lenders agrees to
cooperate in good faith with the other Lenders to jointly file any Uniform
Commercial Code initial financing statements, continuations and amendments with
respect to the Collateral and the Liabilities.

       

      8.           The
following shall be an Event of Default under this Agreement: (a) a breach by
Borrower of any term, covenant, obligation or warranty arising under this
Agreement; (b) any statement made in or pursuant to this Agreement or the Bridge
Note shall prove to be untrue in any material respect, and such untruth is not
attributable to the Lenders; or (c) any default shall occur under the Bridge
Note.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      9.           Upon
the occurrence of any Event of Default, all Liabilities of the Borrower shall
immediately be due and payable and the Lenders may: (a) proceed, with or without
judicial process, to take possession of all or any part of the Collateral; (b)
assign, transfer and deliver at any time any portion of the Collateral; (c) upon
proper notice, elect to retain the Collateral in partial satisfaction of
Liabilities; (d) set off against any money due from the respective Lenders, if
any; and (e) pursue any remedy available to it by law or equity, including
without limitation, all rights and remedies granted to a secured party under the
Uniform Commercial Code in effect in the State of New York and/or under any
other agreement between the Borrower and the Lenders unless otherwise stated
therein.  The Borrower agrees that upon receipt of notice from the
Lenders demanding possession of the Collateral, the Borrower will do everything
necessary to assemble the Collateral and make it available to the Lenders at a
location designated by the Lenders within five (5) days of the date of the
Lenders’ request.  Any sale of the Collateral may be public or
private.  Any sale or other disposition of the Collateral may, at the
option of the Lenders, be for cash, for credit, for future delivery, in bulk or
in parcels and with or without having the Collateral present at the sale or
disposition.  The Lenders may be the purchaser at any public
sale.  In the event of a sale or other disposition of the Collateral,
the Lenders shall apply all proceeds first to all costs and expenses of
disposition, including attorneys' fees, and then to the
Liabilities.  Any required notification of a sale or other disposition
of the Collateral or of any action by the Lenders will be sufficient and
reasonable if given personally or received from overnight courier service not
less than seven (7) days prior to the day on which the action is to be
taken.

       

      If the
Collateral is or includes equipment or inventory the Borrower shall (a) keep
accurate books and records with respect to the Collateral, including without
limitation, maintenance records and current stock, cost and sales records
accurately itemizing the types and quantities, and (b) upon request, deliver to
the Lenders all evidence of ownership including certificates of title with the
Lenders' interest appropriately noted on the certificate.

       

      10.         The
Lenders shall not be deemed to waive, by any act, delay, omission or otherwise,
any of their rights or remedies hereunder unless such waiver is in writing and
signed by the Lenders and then only to the extent specifically set forth
therein.  A waiver in one event shall not be continuing or a bar to or
waiver of such right or remedy on a subsequent event.  Any rights and
remedies provided for in this Agreement may be exercised singly or
concurrently.

       

      11.         This
Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

       

      12.         The
Borrower waives presentment for payment, demand, notice of nonpayment, notice of
protest, and protest of all commercial paper at any time held by the Lenders on
which the Borrower is in any way liable.  The Borrower consents to any
and all extensions of time, renewals, waivers, or modifications that may be
granted by the Lenders with respect to the payment or other provisions of any
such commercial paper, and to the release of any Collateral, with or without
substitution, and to the release of any party against which the Borrower has a
right of recourse.  The liability of the Borrower shall not be
affected by the loss, theft, damage, destruction or seizure of the
Collateral.

       

      13.         This
Agreement shall be governed by and construed under the laws of the State of New
York without regard to conflict of laws principles.  Borrower
irrevocably agrees that any suit regarding this Note shall be brought in the
state or federal courts located in New York, New York and Borrower submits to
such jurisdiction.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      14.         BORROWER
AND THE LENDERS ACKNOWLEDGE AND AGREE THAT (i) ANY SUIT, ACTION OR PROCEEDING,
WHETHER CLAIM OR COUNTERCLAIM, BROUGHT OR INSTITUTED BY THE LENDERS OR BORROWER
OR ANY SUCCESSOR OR ASSIGN OF THE LENDERS OR BORROWER, ON OR WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT
HERETO, OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY AND EACH
PARTY WAIVES THE RIGHT TO TRIAL BY JURY; (ii) EACH WAIVES ANY RIGHT IT MAY HAVE
TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES; AND (iii) THIS SECTION IS A SPECIFIC AND MATERIAL
ASPECT OF THIS AGREEMENT AND THE LENDERS WOULD NOT EXTEND CREDIT TO BORROWER IF
THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS
AGREEMENT.

       

      15.         This
Agreement may be executed in two or more counterparts, each of which taken
together shall constitute one and the same instrument, and any of the parties
hereto may execute this Agreement by signing any such counterpart.

       

      

      [Intentionally
blank, signature page follows]

      

      

      IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the
undersigned as of the date and year first above written.

      

      

      
        	 
      	
                BORROWER:

              
	 
      	 
      
	 
      	
                ARTISANAL
      CHEESE, LLC

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              
	 
      	 
      
	 
      	
                Name:
      Daniel W. Dowe

              
	 
      	
                Title:
      President

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                LENDER:

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              
	 
      	 
      
	 
      	
                Name:

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