Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 FACILITY
LETTER FOR ISSUANCE OF PAYMENT INSTRUMENTS 
  

	FROM:	 Citibank Europe Plc, a company incorporated in Ireland (with company registration number 132781) whose
registered office is at 1 North Wall Quay, Dublin 1, Republic of Ireland (the “Bank”). 

 TO: 

 

	 	(1)	 Renaissance Reinsurance Ltd, a company incorporated in Bermuda (with company registration number18386)
whose registered office is at Renaissance House, 12 E Broadway, HM 19, Bermuda; 

  

	 	(2)	 RenaissanceRe Speciality U.S. Ltd, a company incorporated in Bermuda (with company registration
number47409) whose registered office is at Renaissance House, 12 E Broadway, HM 19, Bermuda; 

  

	 	(3)	 Renaissance Reinsurance U.S. Inc, a company incorporated in the State of Maryland (with Department ID
Number D04271870) whose registered office is at CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, MD 21202, USA; and 

 

	 	(4)	 Tokio Millenium Re AG (to be renamed RenaissanceRe Europe AG on or about the date hereof), a company
incorporated in Switzerland (with company registration number CHE-204.370.626) whose registered office is at 6th Floor, Beethovenstrasse 33, CH-8002 Zurich.

 DATE:     22 March 2019 

Dear Sirs 
  

	1.	 Master Agreement: We refer to and incorporate into this Facility Letter the provisions of the master
agreement for issuance of payment instruments dated 22 March 2019 between the Existing Companies and the Bank (the “Master Agreement”). Unless otherwise indicated, capitalised words used in this Facility Letter shall have the
same meanings given to them in the Master Agreement. 

  

	2.	 Acceding Companies: Acceding Companies may become party to this Facility Letter from time to time in
accordance with clause 2.8 of the Master Agreement. 

  

	3.	 Uncommitted facility: Subject to the terms of the Master Agreement, the Bank makes available to the
Companies an uncommitted unsecured payment instrument issuance facility. Clause 2.6 (Facility limit) of the Master Agreement shall not apply. 

  

	4.	 Dates: The Issuance Cut-Off Date and Facility Expiry Date shall
be notified by the Bank to the Companies from time to time. 

  

	5.	 Currencies 

  

	 	(a)	 The Base Currency is: US dollars 

 

	 	(b)	 The Approved Currencies are: 

 

	 	(i)	 euros, British sterling, Hong Kong dollars, Japanese yen, Australian dollars, New Zealand dollars, Canadian
dollars; 

  

	 	(ii)	 the Base Currency; and 

 

	 	(iii)	 any currency which the Company may designate as such from time to time, subject to the prior written consent of
the Bank. 

 excluding any currency which the Bank may notify the Companies as no longer being an Approved Currency. 

 

	6.	 Initial conditions precedent: Pursuant to clause 2.2 (Conditions precedent to first utilisation)
of the Master Agreement the conditions precedent to first utilisation are set out in schedule 1 (Conditions precedent to first utilisation). 

  

	7.	 Change of control: The Controlling Party is RenaissanceRe Holdings Ltd, a company organised and
existing under the laws of Bermuda whose registered office address is Renaissance House, 12 Crow Lane, Pembroke HM19, Bermuda. 

	8.	 Data protection. 

 

	8.1	 Compliance with law. Each party will comply with applicable data protection and privacy laws in
processing personal data in connection with its activities under this Facility Letter. Without limiting the foregoing, each Company warrants that: (i) any personal data that it provides to the Bank has been processed fairly and lawfully, is
accurate and is relevant for the purposes for which it is provided to the Bank; and (ii) it shall provide notice to, and shall seek consent from (and promptly upon the Bank’s request shall provide evidence to the Bank of having provided
such notices and/or obtained such consents), data subjects regarding the Bank’s processing of their personal data, in each case to the extent required by applicable data protection or privacy laws. The Company acknowledges that it can assess
the relevant TTS EEA Privacy Statement at https://www.citibank.com/tts/sa/tts-privacy-statements/index.html (or such other URL or statement as the Bank may notify to the Companies from time to time).

  

	8.2	 Mutual cooperation. Each party will promptly notify, and reasonably cooperate with and provide
information to, the other party in respect of any data subject requests, communications from supervisory authorities, or material security incidents relating to the processing of personal data under this Facility Letter, in each case to the extent
reasonably necessary to enable the other party to meet its obligations to data subjects and/or supervisory authorities. 

Definitions. The terms ‘personal data’, ‘processing’, ‘data subject’ and
‘supervisory authority’ shall have the respective meanings set forth in the General Data Protection Regulation (EU) 2016/679, as amended or superseded from
time-to-time. 
 Although the Bank may withdraw the offer made in this
Facility Letter at any time, the offer shall automatically expire at close of business on the 14th day after the date of this Facility Letter unless before such expiry the Company has delivered to
the Bank a copy of this Facility Letter duly signed by each Existing Company as indicated below. 

  
 - 2 - 

 Signed on behalf of  

Citibank Europe Plc  
 by: 

 

			
	(Sign)	 	 /s/ Niall Tuckey

	Name:	 	Niall Tuckey
	Title:	 	Director

  
  

We accept this Facility Letter and agree to be bound by the Facility Agreement in the capacity as the Existing Companies. 

Signed on behalf of  
 Renaissance Reinsurance Ltd 

 by: 
  

			
	(Sign)	 	 /s/ Aditya Dutt

	Name:	 	Aditya Dutt
	Title:	 	 Senior Vice President & Treasurer 

 Signed on behalf of  

RenaissanceRe Specialty U.S. Ltd  
 by: 

 

			
	(Sign)	 	 /s/ Aditya Dutt

	Name:	 	Aditya Dutt
	Title:	 	 Senior Vice President & Treasurer

 Signed on behalf of  

Renaissance Reinsurance U.S. Inc  
 by: 

 

			
	(Sign)	 	 /s/ James Conway

	Name:	 	 James Conway

	Title:	 	 Senior Vice President, General Counsel and Secretary

 Signed on behalf of  

Tokio Millennium Re AG (to be renamed RenaissanceRe Europe AG on or about the date hereof)  

by: 
  

			
	(Sign)	 	 /s/ Aditya Dutt

	Name:	 	 Aditya Dutt

	Title:	 	 Authorized Person

  
 - 3 - 

 SCHEDULE 1 

Conditions precedent to first utilisation 
  

	1.	 The following items duly signed and delivered by the parties thereto: 

 

	 	(a)	 Master Agreement; 

  

	 	(b)	 this Facility Letter (provided that it has been entered into and returned by the Company no later than the
deadline referred to in the final paragraph of this Facility Letter); 

  

	 	(c)	 a fee letter (governed by English law) between the Company and the Bank; 

 

	 	(d)	 the Guarantee between the Guarantor and the Bank; 

 

	 	(e)	 each other Facility Document (if any); and 

 

	 	(f)	 any notice, acknowledgment or other document required by the provisions of any of the documents listed in this
paragraph 1. 

  

	2.	 Evidence that each Existing Company has the capacity and has approved the entry into each Facility Document,
including a resolution of the board of directors (or equivalent) of that Company and a resolution of the shareholders (or equivalent) of the Company (each such resolution certified by a director, the secretary or other authorised officer of the
Company). 

  

	3.	 Copies of the constitutional documents of each Existing Company (each certified by a director, the secretary or
other authorised officer of the Company). 

  

	4.	 Specimen signature(s) the person(s) authorised by each Existing Company to sign each Facility Document.

  

	5.	 General communications indemnity (governed by English law) granted by each Existing Company in favour of the
Bank including specimen signature(s) the person(s) authorised by the Company to administer the Facility (including delivering Applications). 

  

	6.	 Each Existing Company’s latest audited / Group’s latest audited consolidated annual financial
statements. 

  

	7.	 Each Existing Company’s latest unaudited / Group’s latest unaudited consolidated half-yearly /
quarterly financial statements. 

  

	8.	 A legal opinion in relation to any entity incorporated in Switzerland, as may be required in a form and
substance satisfactory to the Bank. 

  

	9.	 Deleted 

  

	10.	 Such other documents and other evidence as the Bank may reasonably require prior to the date of issuance of the
first Payment Instrument. 

  
 - 4 -staf-ex10101_165.htm

 

Exhibit 10.101

AMENDMENT NO. 11 TO 

CREDIT AND SECURITY AGREEMENT 

 

 

THIS AMENDMENT NO. 11 TO CREDIT AND SECURITY AGREEMENT (this “Amendment”) is dated as of the 7th day of February, 2019, by and among MONROE STAFFING SERVICES, LLC, a Delaware limited liability company, FARO RECRUITMENT AMERICA, INC., a New York corporation, and LIGHTHOUSE PLACEMENT SERVICES, INC., a Massachusetts corporation, and STAFFING 360 GEORGIA, LLC, a Georgia limited liability company, and KEY RESOURCES, INC., a North Carolina corporation (each of the foregoing Persons and each Subsidiary joining the Credit Agreement as hereinafter defined as a Borrower, individually, each a “Borrower” and collectively, “Borrowers”), STAFFING 360 SOLUTIONS, INC., a Delaware corporation (as “Parent”), and MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment to MidCap Financial Trust (as Agent for Lenders, “Agent”, and individually, as a Lender), and the other financial institutions or other entities from time to time parties to the Credit Agreement referenced below, each as a Lender.

 

RECITALS

 

A.Borrowers, Agent and Lenders are party to that certain Credit and Security Agreement dated as of April 8, 2015 (as amended by that certain Amendment No. 1 and Joinder Agreement to Credit and Security Agreement dated as of July 13, 2015, by that certain Amendment No. 2 to Credit and Security Agreement dated as of August 31, 2015, by that certain Overadvance Letter dated October 9, 2015, by that certain Overadvance Letter dated as of November 20, 2015, by that certain Overadvance Letter dated as of February 8, 2016, by that certain Amendment No. 3 to Credit and Security Agreement and Limited Waiver dated as of February 8, 2016, by that certain Amendment No. 4 and Joinder Agreement to Credit and Security Agreement dated as of July 11, 2016, by that certain Amendment No. 5 to Credit and Security Agreement dated as of September 26, 2016, by that certain Amendment No. 6 to Credit and Security Agreement and Limited Consent dated as of January 26, 2017, by that certain Amendment No. 7 to Credit and Security Agreement and Limited Consent dated as of June 5, 2017, by that certain Amendment No. 8 and Joinder Agreement to Credit and Security Agreement and Limited Consent dated as of September 15, 2017, by that certain Amendment No. 9 to Credit and Security Agreement and Limited Consent dated as of June 6, 2018, by that certain Amendment No. 10 and Joinder Agreement to Credit and Security Agreement and Limited Consent dated as of August 27, 2018, as amended hereby and as it may be further amended, modified and restated from time to time, the “Credit Agreement”).  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Credit Agreement.

 

B.Borrowers, Agent and Lenders have agreed to amend the Credit Agreement as set forth herein.  

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which 

4841-6658-0870 v.5
 

 

are hereby acknowledged, Agent, Lenders, Parent and Borrowers hereby agree as follows:

 

1.Recitals.   This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this Amendment as if set forth fully in the body of this Amendment.

 

2.Amendments to Credit Agreement.  

 

(a)Section 1.1 – (New Defined Term). Section 1.1 of the Credit Agreement is hereby amended to add each of the below defined terms in their alphabetical order:

“Certificate of Designation” means that certain Certificate of Designation of Series E Convertible Preferred Stock of Staffing 360 Solutions, Inc. dated as of November 15, 2018, as amended by Amendment No. 1 thereto, dated February 7, 2019. 

 

“Debt Exchange Agreement” means that certain Debt Exchange Agreement dated as of November 15, 2018 by and between the Parent and the Term Note Purchaser.

 

“Exchange Date” means November 15, 2018.

 

“Preferred Stock Obligations” all obligations, liabilities and indebtedness of every nature of the Parent to Jackson Investment Group, LLC under and in respect of the Series E Convertible Preferred Stock, the related Series E-1 Convertible Preferred Stock, and the related Certificate of Designation, including, but not limited to any redemption or mandatory prepayment obligation.  

(b)Section 1.1 (Permitted Distributions).  The defined term “Permitted Distributions” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Permitted Distributions” means the following Restricted Distributions:  (1) (a)  dividends payable solely in common stock and preferred stock; (b) repurchases of stock from individuals were, but are no longer, employees, directors or consultants pursuant to stock purchase agreements entered as part of their compensation so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided, however, that such repurchase does not exceed $100,000 in the aggregate per Fiscal Year; (c) dividends or distributions paid to a Borrower’s shareholder(s) or member(s) solely to the extent and at the times necessary for such shareholder(s) or member(s) to pay its or their respective federal (and, if applicable, state) income taxes arising from such shareholder(s)’ or member(s)’ respective allocable shares of such Borrower’s income that are taxable directly to such shareholder(s) or member(s); (d) dividends and distributions that are Permitted Intercompany Transactions, provided, however, that no Event of Default shall exist, and no act, event or condition shall have occurred or exist which with notice or the lapse of time, or both, would constitute an Event of Default; and (2) with respect to the Parent, (a) a quarterly cash dividend made by the Parent to its shareholders in the amount of 

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4841-6658-0870 v.5
 

 

one cent per share of common stock issued and outstanding,  provided, that such cash dividend does not exceed $100,000 in the aggregate per Fiscal Quarter, (b) cash dividends payable in respect of the Parent’s Series A Preferred Stock, Series E Preferred and Series E-1 Preferred Stock in accordance with their respective terms in effect on February 7, 2019, pursuant to the Amended and Restated Certificate of Incorporation of the Parent and the Certificate of Designation, in each case copies of which having been delivered to the Agent as of such date, and (c) the redemption or repurchase for cash of the Company’s Series A Preferred, Series E Preferred Stock and Series E-1 Preferred Stock in accordance with their respective terms in effect on February 7, 2019, pursuant to the Amended and Restated Certificate of Incorporation of the Parent and the Certificate of Designation, in each case copies of which having been delivered to the Agent as of such date; provided, however, in each case of clauses (2)(a), (2)(b) and 2(c), no Default or Event of Default shall exist and, prior to the payment of such dividend or such repurchase or redemption, Agent shall have received pro forma financial statements and financial covenant calculations showing that on a pro forma basis the payment of such dividend does not and will not result in a Default or an Event of Default.

(c)Section 1.1 – (Permitted Debt). The definition of “Permitted Debt” in Section 1.1 of the Credit Agreement is hereby amended by (1) restating clause (i) in its entirety and (2) adding clause (l) to the end thereof to read as follow:

(i) Subordinated Debt (other than the Preferred Stock Obligations);

and (l) the Preferred Stock Obligations in accordance with the terms and conditions of the Certificate of Designation as in effect on the Exchange Date.

(d)Section 5.18 - Preferred Stock.  Article 5 is hereby amended by adding new Section 5.18 to the end thereof to read as follows:

Preferred Stock.  No Credit Party will, without the prior written consent of the Agent (a) declare issue any shares of preferred stock other than those in existence as of February 7, 2019, or issued in accordance with the terms and conditions of the Certificate of Designation or (b) amend, modify, supplement and/or restate the Debt Exchange Agreement, the Certificate of Designation or the terms and conditions of the Preferred Stock Obligations.  

3.Confirmation of Representations and Warranties; Reaffirmation of Security Interest.  

 

(a)Each Borrower hereby confirms that all of the representations and warranties set forth in Article 3 of the Credit Agreement are true and correct in all material respects with respect to such Borrower as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, and covenants to perform its respective obligations under the Credit Agreement.  To induce Agent and Lender to enter into this Agreement, Borrowers and Parent further represent and warrant that:

 

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4841-6658-0870 v.5
 

 

(i) no Default or Event of Default has occurred or is continuing as of the date hereof;

(ii)as of the date hereof and, immediately after giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties of Borrowers contained in the Financing Documents are true and correct in all material respects (or if any representation or warranty is qualified with respect to materiality, in all respects) on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date; and

(iii)the execution, delivery and performance by Borrowers and Parent of this Amendment are within each of its corporate powers and have been duly authorized by all necessary corporate action, and this Amendment is the legal, valid and binding obligation of Borrowers and Parent enforceable against Borrowers and Parent in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by equitable principles, and neither the execution, delivery or performance by Borrowers and Parent of this Agreement (A) violates any Law, or any other rule or decree of any Governmental Authority, (B) conflicts with or results in the breach or termination of, constitutes a default under or accelerates any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrowers or Parent is a party or by which Borrowers or Parent or any of its property is bound, except for such conflicts, breaches, terminations, defaults or accelerations that would not reasonably be expected to have a Material Adverse Effect, (C) results in the creation or imposition of any Lien upon any of the Collateral, (D) violates or conflicts with the by-laws or other organizational documents of Borrowers and Parent, or (E) requires the consent, approval or authorization of, or declaration or filing with, any other Person, except for those already duly obtained.

(b)Each Borrower and Parent confirms and agrees that all security interests and Liens granted to Agent continue in full force and effect, and all Collateral remains free and clear of any Liens, other than those granted to Agent and Permitted Liens.  Nothing herein is intended to impair or limit the validity, priority or extent of Agent’s security interests in and Liens on the Collateral.  For the avoidance of any doubt, the Collateral secures repayment of the Obligations and the Affiliated Obligations, and in furtherance thereof, Borrowers and Parent hereby reaffirm the grant to Agent, for the benefit of itself and Lenders, of a continuing first priority Lien (subject to Permitted Liens) on and security interest in all of the Collateral as security for the payment and performance of the Obligations, and for the payment and performance of all obligations under the Affiliated Financing Documents.

 

4.Enforceability.  This Amendment constitutes the legal, valid and binding obligation of each Borrower and Parent, and is enforceable against each Borrower and Parent in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles.

 

5.Costs and Fees.  Borrowers shall be responsible for the payment of all reasonable costs and fees of Agent’s counsel incurred in connection with the preparation of this Amendment and any related documents.  If Agent or any Lender uses in-house counsel for any of these purposes, 

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4841-6658-0870 v.5
 

 

Borrowers further agree that the Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the work performed.  Borrowers hereby authorize Agent to deduct all of such fees set forth in this Section 7 from the proceeds of one or more Revolving Loans made under the Credit Agreement.  

 

6.Reaffirmation of Security Interest.  Each of the Borrowers confirms and agrees that:  (i) all security interests and liens granted to Agent continue in full force and effect, and (ii) all Collateral remains free and clear of any liens other than liens in favor of Agent and Permitted Encumbrances.  Nothing herein contained is intended to impair or limit the validity, priority and extent of Agent’s security interest in and liens upon the Collateral.

 

7.Conditions to Effectiveness.  This Amendment shall become effective as of the date on which each of the following conditions has been satisfied (the “Effective Date”): 

 

(a)Amendment.  Borrowers and Parent shall have delivered to Agent this Amendment, duly executed by an authorized officer of each Credit Party;

 

(b)Amendment to Intercreditor Agreement.  Borrowers, Parent and JIG shall have delivered to Agent a second amendment to the Intercreditor Amendment in the form attached hereto as Exhibit A, duly executed by an authorized officer of each such party;

 

(c)Representations and Warranties.  All representations and warranties of Borrowers contained herein shall be true and correct in all material respects as of the Effective Date except to the extent such representations and warranties specifically relate to an earlier date (and such parties’ delivery of their respective signatures hereto shall be deemed to be their certification thereof); and

 

(c)Fees and Expenses.  Agent shall have received from Borrowers of all of the fees owing pursuant to this Amendment and Agent’s reasonable out-of-pocket legal fees and expenses.

 

8.Release.  Each Borrower, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current and former directors, officers, shareholders, agents, and employees (collectively, “Releasing Parties”), does hereby fully and completely release, acquit and forever discharge each Indemnitee (as defined in the Credit Agreement) of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Indemnitees (or any of them), that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  “Prior Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any type or sort, whether known or unknown, which occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of (a) any of the terms of this Amendment or any other Financing Document, 

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4841-6658-0870 v.5
 

 

(b) any actions, transactions, matters or circumstances related hereto or thereto, (c) the conduct of the relationship between any Indemnitee and any Borrower, or (d) any other actions or inactions by any Indemnitee, all on or prior to the Effective Date.  Each Borrower acknowledges that the foregoing release is a material inducement to Agent’s and Lender’s decision to enter into this Amendment and to agree to the modifications contemplated hereunder.

 

9.No Waiver or Novation.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing.  Nothing herein is intended or shall be construed as a waiver of any existing Defaults or Events of Default under the Credit Agreement or other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults or Events of Default.  This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

 

10.Affirmation.  Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.  Each Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement (as amended hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent’s or any Lender’s part which might otherwise constitute or be construed as a waiver of or amendment to such terms, covenants and conditions.

 

11.Miscellaneous.

 

(a)Reference to the Effect on 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.  Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.   

 

(b)Incorporation of Credit Agreement Provisions.  The provisions contained in Section 11.6 (Indemnification), Section 12.8 (Governing Law; Submission to Jurisdiction) and Section 12.9 (Waiver of Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

 

(c)Headings.  Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

(d)Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Signatures by facsimile or by electronic mail delivery of an electronic 

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version (e.g., .pdf or .tif file) of an executed signature page shall be treated as delivery of an original and shall bind the parties hereto. This Amendment constitutes the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

   

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

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IN WITNESS WHEREOF, intending to be legally bound, and intending that this document constitute an agreement executed under seal, the undersigned have executed this Amendment under seal as of the day and year first hereinabove set forth.

 

 

AGENT:MIDCAP FUNDING X TRUST

 

By:          Apollo Capital Management, L.P.,

                its investment manager

 

By:          Apollo Capital Management GP, LLC,

                its general partner

 

 

By: _______________________________(SEAL)

Name:  Maurice Amsellem

	

	
Title:    Authorized Signatory

 

 

LENDER:MIDCAP FUNDING X TRUST 

 

By:          Apollo Capital Management, L.P.,

                its investment manager

 

By:          Apollo Capital Management GP, LLC,

                its general partner

 

 

By: _______________________________(SEAL)

Name:  Maurice Amsellem

	

	
Title:    Authorized Signatory

 

 

 

 

Signature Page to 

Amendment No. 11 to Credit and Security Agreement 

4841-6658-0870 v.5
 

 

		
		
	
BORROWERS:
	
MONROE STAFFING SERVICES, LLC,

a Delaware limited liability company 

 

 

By:___________________________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 

	
LIGHTHOUSE PLACEMENT SERVICES, INC., a Massachusetts corporation

 

 

By:___________________________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 
	
FARO RECRUITMENT AMERICA, INC.,

a New York corporation

 

 

 

By:___________________________(Seal)

Name: Brendan Flood
Title:  Chairman and Chief Executive Officer 

 

	
 
	
 

	
STAFFING 360 GEORGIA, LLC, a Georgia limited liability company

 

 

By:___________________________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 
	
KEY RESOURCES, INC.,

a North Carolina corporation

 

 

By:___________________________(Seal)

Name: Brendan Flood
Title:   Chairman and Chief Executive Officer

 

	
	
 

	
PARENT:

STAFFING 360 SOLUTIONS, INC.,

a Delaware corporation

 

 

 

By:___________________________(Seal)

Name:  Brendan Flood
Title:  Chairman and Chief Executive Officer

 

 

Signature Page to 

Amendment No. 11 to Credit and Security Agreement 

 

 

 

 

EXHIBIT A

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