Document:

EX 10.5

Exhibit 10.5

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of November 5, 2012 (this “Amendment”), is entered into among THE FRESH MARKET, INC., a Delaware corporation (the “Borrower”), the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

PRELIMINARY STATEMENTS

The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of February 22, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

The Borrower has requested that the Administrative Agent amend the Credit Agreement as more specifically set forth herein and, subject to the terms and conditions set forth herein, the Administrative Agent and each of the Lenders party hereto have agreed to grant such requests of the Borrower.

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

1.          Defined Terms.   Except as otherwise provided herein, all capitalized undefined terms used in this Amendment (including, without limitation, in the introductory paragraph and the preliminary statements hereto) shall have the meanings assigned thereto in the Credit Agreement (as amended by this Amendment).

2.          Amendments.   Subject to the covenants, terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Credit Agreement is amended as follows:

(a)    The following new definition of “First Amendment Effective Date” is inserted in
Section 1.01 of the Credit Agreement in the appropriate alphabetical position therein: “First Amendment Effective Date” means November 5, 2012.
(b)    The definitions of “Applicable Rate” and “Leverage Ratio” are amended and restated in their entirety as follows:

“Applicable Rate” means, from time to time, the following percentages per annum, based upon the ratios set forth below, as set forth in the most recent Compliance Certificate received by Lender pursuant to Section 6.02(a) or (b):

	
					
	Pricing
Level
	Leverage Ratio
	Applicable Rate

	For Eurodollar
Rate Loans; Floating LIBOR Loans;
L/C Fee for standby Letter of
	For Base Rate
Loans
	Commitment
Fee

	
					
	6
	 
	Credit
	 
	 

	> 3.75
	2.25%
	1.25%
	0.35%

	5
	> 3.25 but < 3.75
	2.00%
	1.00%
	0.30%

	4
	> 2.75 but < 3.25
	1.75%
	0.75%
	0.30%

	3
	> 2.25 but < 2.75
	1.50%
	0.50%
	0.25%

	2
	> 1.75 but < 2.25
	1.25%
	0.25%
	0.20%

	1
	< 1.75
	1.00%
	0.00%
	0.20%

Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the first Business Day of the month immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a) or (b); provided, however, that if no Compliance Certificate is delivered when due in accordance with such applicable Section, then the Pricing Level resulting in the highest Applicable Rate in the applicable pricing grids above shall apply as of the first Business Day of the month following the date such Compliance Certificate was required to have been delivered until such Compliance Certificate is actually delivered. Notwithstanding the foregoing, the Applicable Rate in effect from the First Amendment Effective Date through the date a Compliance Certificate is required to be delivered pursuant to Section
6.02(a) for the fiscal quarter ending October 28, 2012 shall be determined based upon Pricing Level 2 of the pricing grid set forth above.

“Leverage Ratio” means as of the last day of each fiscal quarter of the Borrower, the ratio of (a) Adjusted Funded Debt (excluding Funded Debt on account of Letters of Credit or surety bonds which have been issued but have not been drawn upon) of the Borrower and its Subsidiaries on a consolidated basis (excluding any Family Real Estate Entity) as of the last day of such fiscal quarter to (b) Consolidated EBITDAR for the Borrower and its Subsidiaries on a consolidated basis (excluding any Family Real Estate Entity) calculated for the four (4) fiscal quarterly periods then ending.

(c)    The existing Section 6.02(d) of the Credit Agreement is amended and restated in its entirety as follow

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(d)    promptly after the same are available, copies of each annual report, proxy or financial statement or other material report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto.

(d)    Schedule 3 to the Compliance Certificate is amended and restated in its entirety and the new Schedule 3 attached hereto is inserted in lieu thereof.

3.    Conditions to Effectiveness.  This Amendment shall be effective as of the date hereof upon satisfaction of each of the following conditions:

(a)        Executed   Amendment.      The   Administrative   Agent   shall   have   received counterparts of this Amendment executed by the Borrower, the Required Lenders and the Administrative Agent.

(b)        Other Fees and Expenses.   The Administrative Agent shall have been paid all other fees owed to it and reimbursed for all reasonable, invoiced out-of-pocket costs and expenses incurred by the Administrative Agent in connection with this Amendment, including the reasonable, invoiced fees and disbursements of counsel for the Administrative Agent.

(c)        Other Documents.  The Administrative Agent shall have received such other instruments,  documents  and  certificates  as  the  Administrative  Agent  shall  reasonably  request  in connection with the execution of this Amendment.

4.          Effect of the Agreement. Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect.  Except as expressly set forth herein, this Amendment shall not be deemed (a) to be a waiver of, or consent to, a modification of or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Borrower, on the one hand, and the Administrative Agent or any other Lender, on the other hand. References in the Credit Agreement to “this Amendment” (and indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

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5.          Representations and Warranties/No Default.   By their execution hereof, the Borrower hereby represents and warrants as follows:

(a)        The Borrower has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment and each other document executed in connection herewith to which it is a party in accordance with their respective terms.

(b)        This Amendment and each other document executed in connection herewith has been duly executed and delivered by its duly authorized officers, and each such document constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.

(c)        Each of the representations and warranties set forth in the Credit Agreement and the other Loan Documents is true and correct in all material respects as of the date hereof (except to the extent that (i) any such representation or warranty that is qualified by materiality or by reference to Material Adverse Effect, in which case such representation or warranty is true and correct in all respects as of the date hereof or (ii) any such representation or warranty relates only to an earlier date, in which case such representation or warranty shall remain true and correct as of such earlier date).

(d)        No Default or Event of Default has occurred or is continuing or would result after giving effect to the extension and the other transactions contemplated by this Amendment.

6.         Reaffirmations.  The Borrower (a) agrees that the transactions contemplated by this Amendment shall not limit or diminish the obligations of such Person under, or release such Person from any obligations under, the Credit Agreement and each other Loan Document to which it is a party, (b) confirms and reaffirms its obligations under the Credit Agreement and each other Loan Document to which it is a party and (c) agrees that the Credit Agreement and each other Loan Document to which it is a party remain in full force and effect and are hereby ratified and confirmed.

7.    Miscellaneous

(a)        Governing Law.   THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.   Without limiting the general applicability of the foregoing and the terms of the other Loan Documents to this Amendment and the parties hereto, the terms of Sections 10.14 and 10.15 of the Credit Agreement are incorporated herein by reference, mutatis mutandis.

(b)        Loan Document.  This Amendment shall constitute a “Loan Document” under and as defined in the Credit Agreement.

(c)       Counterparts; Electronic Execution.   This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  

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Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment

(d)        Severability.   If any provision of any of this Amendment is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions.

(e)        Entirety.  This Amendment, the other Loan Documents and the other documents relating to the Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Loan Documents, any other documents relating to the Obligations, or the transactions contemplated herein and therein.

[Signature Pages Follow.]

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

BORROWER:    THE FRESH MARKET, INC.

By:                                                                          Name:                                                                     Title:                                                                      

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ADMINISTRATIVE  AGENT:     BANK OF AMERICA, N.A.

By:  --------------------------­ Name:       
Title:       

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LENDERS:    BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and L/C Issuer

By:                                                                          Name:                                                                     Title:                                                                      

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BRANCH BANKING & TRUST COMPANY

By:                                                                          
Name:                                                                     
Title:                                                                      

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JPMORGAN CHASE BANK, N.A.

By:  --------------------------­ 
Name:       
Title:       

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FIRST TENNESSEE BANK NATIONAL ASSOCIATION

By:  --------------------------­ 
Name:       
Title:       

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PNC BANK, NATIONAL ASSOCIATION, successor to RBC Bank (USA)

By:                                                                          
Name:                                                                     
Title:                                                                      

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U.S. BANK NATIONAL ASSOCIATION

By:  --------------------------­ 
Name:       
Title:       

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For the Quarter/Year ended       (“Statement Date”)

SCHEDULE 3
To the Compliance Certificate

Calculation of Funded Debt
(on a consolidated basis)

		
	(a)
	All borrowed money and all obligations evidenced by bonds, debentures, notes, loan agreements

or other similar instruments ..........................................$     

(b)    Net obligations under Swap Contracts  .............................$_     

(c)    All obligations for the deferred purchase price of property
(excluding trade payables and earn-outs)............................$     

(d)    Indebtedness secured by a Lien on properties
of Borrower or any Subsidiary.......................................$     

(e)    Capital leases and Synthetic Lease Obligations....................$_     

(f)    Unsubordinated obligations to redeem Equity Interests .........$     

(g)    all Guarantees by Borrower or any Subsidiary
of any of the foregoing ( but without duplication).................$_     

Total Funded Debt for purposes of Leverage Ratio
(sum of (a) through (h))........................................................ $     

14EXHIBIT 4.1

 

NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT WITH RESPECT TO THIS SECURITY, FILED AND MADE EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
SUCH APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL ADDRESSED AND SATISFACTORY TO THE ISSUER TO THE EFFECT THAT
REGISTRATION UNDER SUCH ACT AND SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	$100,000	Orangeburg,
    NY	March
    13, 2014

 

FOR
VALUE RECEIVED in the amount of $50,000, the undersigned, OSL Holdings, Inc. (“Maker”),
whose address is 60 Dutch Hill Rd, Suite 15, Orangeburg NY 10962, hereby unconditionally
promises to pay to Peter Dene, (“Payee”), the principal sum of $100,000 in lawful
money of the United States of America on March 12, 2015 with interest thereon at 3% per annum
or in stock pursuant to 4. below. As additional consideration Maker will issue Payee 200,000 cashless warrants exercisable
at $0.50.

 

1.Definitions.
The following terms shall have the meanings assigned to them in this Section 1.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks are
authorized to be closed under the laws of the State of New York.

 

“Note”
shall refer to and mean this Promissory Note.

 

2.Payment
of Principal. All past-due principal of this Note shall bear interest until paid at the rate of 12% per annum.

 

3.Payment
Date. Should the principal of this Note become due and payable on any day other than a Business Day, the maturity thereof
shall be extended to the next succeeding Business Day. All payments made to Payee by Maker
hereunder shall be applied first to accrued interest and then to principal. Payments received by Payee after 6:00 o’clock
p.m. EST on any Business Day shall be deemed to have been received on the following Business
Day.

 

4.Optional
Prepayment and Conversion. This note may be prepaid without penalty, in whole or in part, at any time. Maker has the right
in its sole discretion to convert this note into shares of its common stock at market value based on a the previous five day weighted
average in the event of, and at any time after, the twenty day weighted average stock price exceeds $0.50.

 

    	1

    	 

    

 

5.Events
of Default: Acceleration: Recourse. An “Event of Default” shall exist under this Note if any one or more
of the following events shall occur:

 

(a)Maker
shall fail to pay when due any principal of this Note;

 

(b)Maker
shall: (i) apply for or consent to the appointment of a receiver trustee, or intervenor, custodian or liquidator of all or a substantial
part of its assets, (ii) be adjudicated as bankrupt or insolvent or file a voluntary petition
for bankruptcy or admit in writing that it is unable to pay its debts as they become due, (iii) make a general assignment
for the benefit of creditors, (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take
advantage of any bankruptcy or insolvency laws, (v) file an answer admitting the material
allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization,
or insolvency proceeding, or any action for the purpose of effecting any of the foregoing.

 

6.Notice.
Whenever this Note requires or permits any notice, approval, request or demand from one party to another, the notice, approval,
request or demand must be in writing and shall be deemed to have been given when personally
served or when deposited in the United States mail, registered or certified, return receipt requested, addressed to the
party to be notified at the following address
(or at such other address as may have been designated by written notice):

 

	Maker:	OSL Holdings, Inc.
	 	60 Dutch Hill Rd, Suite 13
	 	Orangeburg, NY 10962
	 	Website:
	 	Phone: (845)
    363-6776
	 	Email: erickotch@gmail.com
	 	 
	Payee:	Peter Dene
	 	603 Normandy Village
	 	Nanvet, NY 10954
	 	(845) 664-4310
	 	peterdene@verizon.net

 

In
the event that the payee hereof shall fail to give notice of default to Maker as provided herein,
the sole and exclusive remedy of Maker for such failure shall be to seek appropriate equitable
relief to enforce this agreement to give such notice and to have any acceleration of the maturity hereof postponed or revoked
and foreclosure proceedings in connection therewith delayed or terminated pending or upon the curing of such default in the manner
and during the period of time hereinbefore set out, and Maker shall have no right to damages or any other type of relief not herein
specifically set out against the payee hereof, all of which damages or other relief are expressly waived by Maker. The foregoing
is not intended and shall not be deemed under any circumstances to require the payee hereof to give notice of any type or nature
to Maker
not expressly required by other provisions of this Note. 

 

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7.Miscellaneous.

 

(a)Governing
Law. This Note is being executed and delivered, and is intended to be performed, in the State of New York Except to the extent
that the laws of the United States may apply to the terms hereof, the substantive laws of the State of New York shall govern the
validity, construction, enforcement and interpretation of this Note. In the event of a dispute involving this Note or any other
instruments executed in connection herewith, the parties irrevocably agree that exclusive venue for such dispute shall lie in
any court of competent jurisdiction in New York, and the parties waive any claim that such forum is inappropriate or inconvenient.

 

(b)Limitations
on Interest. Regardless of any provisions contained in this Note, Payee shall never
be deemed to have contracted for or be entitled to receive, collect or apply as interest on this Note, any amount in excess of
the Maximum Rate, and, in the event Payee ever receives, collects or applies as interest any such excess, such amount that
would be excessive interest shall be applied to the reduction of the unpaid principal balance of this Note, and, if the principal
balance of this Note is paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether or not the
interest paid or payable under any specific contingency exceeds the Maximum Rate, Maker and Payee shall, to the maximum extent
permitted under applicable law, (i) characterize any non-principal payment (other than payments that are expressly designated
as interest payments hereunder) as an expense or fee, rather than as interest, (ii) exclude voluntary prepayments and the effect
thereof, and (iii) spread the total amount of interest throughout the entire contemplated term of this Note so that the interest
rate is uniform throughout such term.

 

(c)Waivers.
Maker agrees to waive presentment and demand for payment, protest, notice of protest, notice of intent to accelerate, notice of
acceleration, and notice of default, and agree that their liability under this Note shall not be affected by any renewal or extension
in the time of payment hereof, or by any increases or indulgences, or by any release or change in any security for the payment
of this Note, and hereby consent to any and all renewals, extensions, increases, indulgences, releases or changes, regardless
of the number of such renewals, extensions, increases, indulgences, releases or changes.

 

(d)Costs
of Collection. If this Note is not paid when due or if an Event of Default occurs, Maker
promises to pay all costs of enforcement and collection, including reasonable attorney’s fees, whether or not any
action or proceeding is brought to enforce the provision hereof.

 

(e)Partial
Invalidity. The unenforceability or invalidity of any provision of this Note shall not
affect the enforceability or validity of any other provision of this Note.

 

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(f)Amendment.
This Note may be amended or modified only by written instrument(s) duly executed by both Maker and Payee.

 

THIS
NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN MAKER AND PAYEE CONCERNING THE MATTERS HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR. CONTEMPORANEOUS. OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

	 	MAKER:
	 	OSL Holdings, Inc.
	 	 	 
	 	By:	/s/
    Eric Kotch
	 	Name:	Eric
    Kotch
	 	Title:	CFO
	 	 	 
	 	PAYEE:
    PETER DENE

 

	By:	 /s/
    Peter Dene	 
	 	Peter Dene	 

 

    	4

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