Document:

exh10_3.htm

 

Exhibit 10.3

SECOND AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

 

$5,000,000.00 May 20, 2015

 

FOR VALUE RECEIVED, the undersigned, Crystal Rock Holdings, Inc., a Delaware corporation (“Holdings”) and Crystal Rock LLC, a Delaware limited liability company (“Crystal Rock LLC”, and together with Holdings, collectively, the “Borrowers”), hereby jointly and severally promise to pay to the order of BANK OF AMERICA, N.A. (the “Lender”) at the Administrative Agent’s Office (as such term is defined in the Credit Agreement referred to below):

 

(a)           prior to or on the Revolving Credit Loan Maturity Date the principal amount of FIVE MILLION and 00/100 Dollars ($5,000,000.00) or, if less, the aggregate unpaid principal amount of Revolving Credit Loans advanced by the Lender to the Borrowers pursuant to the Second Amended and Restated Credit Agreement, dated as of May 20, 2015 (as amended and in effect from time to time, the “Credit Agreement”), by and among the Borrowers, the Guarantors from time to time party thereto, the Administrative Agent, the Lender and the other parties thereto, which amends and restates that certain Amended and Restated Credit Agreement, dated as of April 5, 2010, as amended, by and among the Borrowers, Crystal Rock Holdings, Inc., formerly a Delaware corporation which subsequently merged with and into Holdings (“CRH), the Administrative Agent and the lenders party thereto, which amended and restated that certain Credit Agreement, dated as of April 5, 2005, as amended, by and among the Borrowers, the Administrative Agent and the lenders party thereto;

 

(b)           the principal outstanding hereunder from time to time at the times provided in the Credit Agreement; and

 

(c)           interest on the principal balance hereof from time to time outstanding from the date hereof through and including the Revolving Credit Loan Maturity Date at the rates and terms and in all cases in accordance with the terms of the Credit Agreement.

 

This Note evidences borrowings under and has been issued by the Borrowers in accordance with the terms of the Credit Agreement.  The Lender and any holder hereof is entitled to the benefits of the Credit Agreement, the Security Documents and the other Loan Documents, and may enforce the agreements of the Borrowers contained therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof.  All capitalized terms used in this Note and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement.

 

This Note amends and restates that certain Amended and Restated Revolving Credit Note dated April 5, 2010 in the original principal amount of $5,000,000.00 executed and delivered by the Borrowers and CRH to the Lender (the “Existing Note”).  This Note is executed and delivered in substitution for, but not in satisfaction of, the Existing Note.

 

The Borrowers irrevocably authorize the Lender to make or cause to be made, at or about the time of the Drawdown Date of any Revolving Credit Loan or at the time of receipt of any payment of principal of this Note, an appropriate notation on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, reflecting the making of such Revolving Credit Loan or (as the case may be) the receipt of such payment.  The outstanding amount of any Revolving Credit Loan set forth on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, maintained by the Lender with respect to such Revolving Credit Loan shall be prima facie evidence of the principal amount thereof owing and unpaid to the Lender, but the failure to record, or any error in so recording, any such amount on any such grid, continuation or other record shall not limit or otherwise affect the obligation of the Borrowers hereunder or under the Credit Agreement to make payments of principal of and interest on this Note when due.

 

  

124

  

The Borrowers have the right in certain circumstances and the obligation under certain other circumstances to prepay the whole or part of the principal of this Note on the terms and conditions specified in the Credit Agreement.

 

If any one or more of the Events of Default shall occur, the entire unpaid principal amount of this Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement.

 

No delay or omission on the part of the Lender or any holder hereof in exercising any right hereunder shall operate as a waiver of such right or of any other rights of the Lender or such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar or waiver of the same or any other right on any future occasion.

 

The Borrowers and every endorser and guarantor of this Note or the obligation represented hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable.

 

THIS NOTE AND THE OBLIGATIONS OF THE BORROWERS HEREUNDER SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW).  EACH OF THE BORROWERS AND THE LENDER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWERS AND THE LENDER BY MAIL AT THE ADDRESS SPECIFIED IN §17.6 OF THE CREDIT AGREEMENT.  EACH OF THE BORROWERS AND THE LENDER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

 

  

125

  

EACH OF THE BORROWERS HEREBY REPRESENTS, COVENANTS AND AGREES THAT THE PROCEEDS OF THE REVOLVING CREDIT LOANS SHALL BE USED FOR GENERAL COMMERCIAL PURPOSES AND THAT THIS NOTE IS PART OF A “COMMERCIAL TRANSACTION” AS DEFINED BY THE STATUTES OF THE STATE OF CONNECTICUT.  EACH OF THE BORROWERS HEREBY WAIVES ALL RIGHTS TO NOTICE AND PRIOR COURT HEARING OR COURT ORDER UNDER CONNECTICUT GENERAL STATUTES SECTIONS 52-278a ET. SEQ. AS AMENDED OR UNDER ANY OTHER STATE OR FEDERAL LAW WITH RESPECT TO ANY AND ALL PREJUDGMENT REMEDIES THE ADMINISTRATIVE AGENT OR THE LENDER MAY EMPLOY TO ENFORCE THEIR RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS.  MORE SPECIFICALLY, EACH OF THE BORROWERS ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT’S ATTORNEY AND/OR THE LENDER’S ATTORNEY MAY, PURSUANT TO CONNECTICUT GENERAL STATUTES, SECTION 52-278f, ISSUE A WRIT FOR A PREJUDGMENT REMEDY WITHOUT SECURING A COURT ORDER.  EACH OF THE BORROWERS ACKNOWLEDGES AND RESERVES ITS RIGHT TO NOTICE AND A HEARING SUBSEQUENT TO THE ISSUANCE OF A WRIT FOR PREJUDGMENT REMEDY AS AFORESAID AND THE LENDER ACKNOWLEDGES THE BORROWERS’ RIGHT TO SAID HEARING SUBSEQUENT TO THE ISSUANCE OF SAID WRIT.  EACH OF THE BORROWERS FURTHER WAIVES ITS RIGHTS TO REQUEST THAT THE ADMINISTRATIVE AGENT OR THE LENDER POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT BORROWERS AGAINST DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY THE ADMINISTRATIVE AGENT OR THE LENDER.

 

 

[Remainder of page intentionally left blank; next page is signature page.]

 

 

  

126

  

 

IN WITNESS WHEREOF, each of the undersigned has caused this Note to be signed by its duly authorized officer as of the day and year first above written.

 

 

	 	 CRYSTAL ROCK HOLDINGS, INC.
	 	 
	 	 
	 	 By: /s/ Peter K. Baker
	 	            Name: Peter K. Baker
	 	            Title: Chief Executive Officer
	 	 
	 	 
	 	 CRYSTAL ROCK LLC
	 	 
	 	 
	 	 By: /s/ Peter K. Baker
	 	             Name: Peter K. Baker
	 	             Title: Manager

 

 

 

127exh10_4.htm

 

 

Exhibit 10.4

May 20, 2015

Bank of America, N.A.

CityPlace I

185 Asylum Street

Hartford, Connecticut 06103

Henry E. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

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

In connection with the Amended and Restated Credit Agreement, Holdings, the Payee, and the Bank have agreed, and do hereby agree, that by this agreement the Subordinated Note is hereby amended by deleting “October 5, 2018” from clause (iii) of the third paragraph of the Subordinated Note and by substituting therefor the words “November 20, 2020”.

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

 

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

 

  

128

  

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

 

	 	 Very truly yours,
	 	 
	 	 Crystal Rock Holdings, Inc.
	 	 (formerly known as Vermont Pure Holdings, Ltd.).
	 	 
	 	 
	 	 By /s/ Peter K. Baker
	 	 Name: Peter K. Baker
	 	 Title: Chief Executive Officer

 

 

 

Agreed to:

 /s/ Henry E. Baker

Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates

Name: Donald K. Bates

Title: Senior Vice President

  

129

  

May 20, 2015

Bank of America, N.A.

CityPlace I

185 Asylum Street

Hartford, Connecticut 06103

Henry E. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

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

In connection with the Amended and Restated Credit Agreement, Holdings, the Payee, and the Bank have agreed, and do hereby agree, that by this agreement the Subordinated Note is hereby amended by deleting “October 5, 2018” from clause (iii) of the third paragraph of the Subordinated Note and by substituting therefor the words “November 20, 2020”.

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

 

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

 

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

 

 

  

130

  

 

 

	 	Very truly yours,
	 	 
	 	Crystal Rock Holdings, Inc.
	 	(formerly known as Vermont Pure Holdings, Ltd.).
	 	 
	 	 
	 	By /s/ Peter K. Baker
	 	Name: Peter K. Baker
	 	Title: Chief Executive Officer

Agreed to:

 /s/ Henry E. Baker

Henry E. Baker

Bank of America, N.A.

By /s/ Donald K. Bates

Name: Donald K. Bates

Title: Senior Vice President

 

 

 

  

131

  

May  20 , 2015

Bank of America, N.A.

CityPlace 1

185 Asylum Street

Hartford, Connecticut 06103

John B. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

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

In connection with the Amended and Restated Credit Agreement, Holdings, the Payee, and the Bank have agreed, and do hereby agree, that by this agreement the Subordinated Note is hereby amended by deleting “October 5, 2018” from clause (iii) of the third paragraph of the Subordinated Note and by substituting therefor the words “November 20, 2020”.

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

 

  

132

  

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

 

	 	 Very truly yours,
	 	 
	 	 Crystal Rock Holdings, Inc. (formerly known as 
	 	 Vermont Pure Holdings, Ltd.)
	 	 
	 	 
	 	 By /s/ Peter K. Baker
	 	 Name: Peter K. Baker
	 	 Title: Chief Executive Officer

 

 

Agreed to:

 /s/ John B. Baker

John B. Baker

Bank of America, N.A.

By /s/ Donald K. Bakes

Name: Donald K. Bates

Title: Senior Vice President

  

133

  

May 20, 2015

Bank of America, N.A.

CityPlace 1

185 Asylum Street

Hartford, Connecticut 06103

Peter K. Baker

1050 Buckingham Street

Waterbury, CT 06795

 

           Re:  Amendment to Subordinated Note

Ladies and Gentlemen:

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

In connection with the Amended and Restated Credit Agreement, Holdings, the Payee, and the Bank have agreed, and do hereby agree, that by this agreement the Subordinated Note is hereby amended by deleting “October 5, 2018” from clause (iii) of the third paragraph of the Subordinated Note and by substituting therefor the words “November 20, 2020”.

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

 

  

134

  

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

 

 

	 	 Very truly yours,
	 	 
	 	 Crystal Rock Holdings, Inc. (formerly known as 
	 	 Vermont Pure Holdings, Ltd.)
	 	 
	 	 
	 	 By /s/ Peter K. Baker
	 	 Name: Peter K. Baker
	 	 Title: Chief Executive Officer
	 	 
	 	 

 

Agreed to:

 /s/ Peter K. Baker

Peter K. Baker

Bank of America, N.A.

By /s/ Donald K. Bakes

Name: Donald K. Bates

Title: Senior Vice President

 

 

135

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