Document:

EX-10.1

 Exhibit 10.1 
  

 
 THIRD AMENDMENT TO LOAN AGREEMENT 

THIS THIRD AMENDMENT TO LOAN AGREEMENT (the “Third Amendment”) dated as of the 30th day of June, 2019, to the Loan Agreement (the
“Loan Agreement”), made and entered into as of June 30, 2013, by and among FIRST FINANCIAL BANKSHARES, INC., a Texas corporation (the “Borrower”) and FROST BANK, a Texas state bank (the
“Lender”). All capitalized terms not otherwise defined herein shall have the meaning ascribed to each of them in the Loan Agreement. 

W I T N E S S E T H: 

WHEREAS, Borrower executed the Loan Agreement to govern that certain promissory note from Lender in the original principal amount of
$25,000,000.00 (the “Note”); 
 WHEREAS, Borrower and Lender executed a First Amendment to Loan Agreement dated as of
June 30, 2015, which among other things renewed and modified the Note; 
 WHEREAS, Borrower and Lender executed a Second Amendment to
Loan Agreement dated as of June 30, 2017, which among other things renewed and modified the Note; 
 WHEREAS, the Borrower desires to
amend the Loan Agreement and renew and extend the Note; and 
 WHEREAS, the Lender agrees to amend the Loan Agreement and renew and extend
the Note, on terms and conditions as hereinafter provided. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender do hereby agree as follows: 
 ARTICLE
I 
 Amendment to Loan Agreement 

1.1    Amendment to Section 2.02 of the Loan Agreement. Borrower and Lender agree to, and do
hereby, amend the Loan Agreement by deleting Section 2.02 of the Loan Agreement in its entirety and substituting therefore the following paragraph: 

“2.02    The Note. The obligation of Borrower to pay the Loan shall be evidenced
by a promissory note (the “Note”) executed by Borrower and payable to the order of Lender, in the principal amount of $25,000,000.00 bearing interest at the variable rate set forth in the Note. The Borrower shall pay principal and interest
in accordance with the terms of the Note, with the maturity date being as set forth in the Note. From Closing Date and continuing at all times through June 30, 2021 (the “Revolving Credit Period”) the Loan evidenced by the Note shall
be a revolving credit facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an “Advance”) so long as the aggregate amount of Advances

 
outstanding at any time under the Note does not exceed Twenty Five Million and No/100 Dollars ($25,000,000.00) provided however, the minimum Advance must be at least $500,000.00. The Borrower
shall have the right to borrow, repay, and borrow again during the Revolving Credit Period. The outstanding principal balance of the Note on July 1, 2021 shall convert to a term facility and shall be payable quarterly in accordance with the
terms of the Note, with all unpaid principal plus all accrued and unpaid interest being due and payable on June 30, 2026.” 

ARTICLE II 

Conditions of Effectiveness 

2.1    Effective Date. This Third Amendment shall become effective as of June 30, 2019, when, and only when, each
of the following conditions shall have been met, all in form, substance, and date satisfactory to Lender: 

(a)    Closing Documents. Borrower shall have executed and delivered to Lender (i) a Renewal
Promissory Note (the “Renewal Promissory Note”), payable to the order of Lender as set forth therein, duly executed on behalf of the Borrower, dated effective June 30, 2019 in the principal amount of $25,000,000.00, (ii) Arbitration
and Notice of Final Agreement, (iii) Certificate of Corporate Resolutions, and (iv) this Third Amendment. 

(b)    Additional Loan Documents. Borrower shall have executed and delivered to Lender such other
documents as shall have been requested by Lender to evidence the terms of this Third Amendment, all in form satisfactory to Lender and its counsel. 

(c)    Loan Origination Fee. Borrower shall have paid to Lender a loan origination fee in the amount
of Two Thousand Five Hundred and no/100 Dollars ($2,500.00) plus the Lender’s legal fees incurred in connection with this Third Amendment. 

ARTICLE III 

Representations and Warranties 

3.1    Representations and Warranties. In order to induce Lender to enter into this Third Amendment, Borrower
represents and warrants the following: 
 (a)    Borrower has the corporate power to execute and deliver
this Third Amendment, the Renewal Promissory Note, and other Loan Documents and to perform all of its obligations in connection herewith and therewith. 

(b)    The execution and delivery by Borrower of this Third Amendment, the Renewal Promissory Note, and
other Loan Documents and the performance of its obligations in connection herewith and therewith: (i) have been duly authorized or will be duly ratified and affirmed by all requisite corporate action; (ii) will not violate any provision

  
 THIRD AMENDMENT TO LOAN
AGREEMENT — Page 2 

 
of law, any order of any court or agency of government or the Articles of Incorporation or Bylaws of such entity; (iii) will not be in conflict with, result in a breach of or constitute
(alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument; and (iv) will not require any registration with, consent or approval of or other action by any federal, state, provincial or other
governmental authority or regulatory body. 
 (c)    There is no action, suit or proceeding at law or in
equity or by or before any governmental instrumentality or other agency or regulatory authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower, or any properties or rights of Borrower, or involving this Third
Amendment or the transactions contemplated hereby which, if adversely determined, would materially impair the right of Borrower to carry on business substantially as now conducted or materially and adversely affect the financial condition of
Borrower, or materially and adversely affect the ability of Borrower to consummate the transactions contemplated by this Third Amendment. 

(d)    The representations and warranties of Borrower contained in the Loan Agreement, this Third
Amendment, the Renewal Promissory Note, and any other Loan Document evidencing or securing Borrower’s Obligations and indebtedness to Lender are correct and accurate on and as of the date hereof as though made on and as of the date hereof,
except to the extent that the facts upon which such representations are based have been changed by the transactions herein contemplated. 

ARTICLE IV 

Ratification of Obligations 

4.1    Ratification of Obligation. The Borrower does hereby acknowledge, ratify and confirm that it is obligated
and indebted to Lender as evidenced by the Loan Agreement (as amended by the Third Amendment), the Renewal Promissory Note, and all other Loan Documents. 

4.2    Ratification of Agreements. The Loan Agreement, this Third Amendment, the Renewal Promissory Note, and each
other Loan Document, as hereby amended, are acknowledged, ratified and confirmed in all respects as being valid, existing, and of full force and effect. Any reference to the Loan Agreement in any Loan Document shall be deemed to be a reference to
the Loan Agreement as amended by this Third Amendment. The execution, delivery and effectiveness of this Third Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under the Loan
Agreement, nor constitute a waiver of any provision of the Loan Agreement. 
 ARTICLE V 

Miscellaneous 

5.1     Survival of Agreements. All representations, warranties, covenants and agreements of Borrower, herein or in
any other Loan Document shall survive the execution and 

  
 THIRD AMENDMENT TO LOAN
AGREEMENT — Page 3 

 
delivery of this Third Amendment and the other Loan Documents and the performance hereof and thereof, including without limitation the making or granting of the Loan and the delivery of the
Renewal Promissory Note and all other Loan Documents, and shall further survive until all of Borrower’s Obligations to Lender are paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower
hereunder or under the Loan Documents to Lender shall be deemed to constitute the representations and warranties by Borrower and/or agreements and covenants of Borrower under this Third Amendment and under the Loan Agreement. 

5.2    Loan Document. This Third Amendment, the Renewal Promissory Note, and each other Loan Document executed in
connection herewith are each a Loan Document and all provisions in the Loan Agreement, as amended, pertaining to Loan Documents apply hereto and thereto. 

5.3    Governing Law. This Third Amendment shall be governed by and construed in all respects in accordance with
the laws of the State of Texas and any applicable laws of the United States of America, including construction, validity and performance. 

5.4    Counterparts. This Third Amendment may be separately executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Third Amendment. 

5.5    Release of Claims. Borrower, by its execution of this Third Amendment, hereby declares that it has no set-offs, counterclaims, defenses or other causes of action against Lender arising out of the Loan, the renewal, modification and extension of the Loan, any documents mentioned herein or otherwise; and, to the
extent any such setoffs, counterclaims, defenses or other causes of action which may exist, whether known or unknown, such items are hereby expressly waived and released by Borrower. 

5.6    ENTIRE AGREEMENT. THIS THIRD AMENDMENT, TOGETHER WITH ANY LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH,
CONTAINS THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND ALL PRIOR AGREEMENTS RELATIVE THERETO WHICH ARE NOT CONTAINED HEREIN OR THEREIN ARE TERMINATED. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES. THIS THIRD AMENDMENT, AND THE LOAN DOCUMENTS MAY BE AMENDED, REVISED, WAIVED, DISCHARGED, RELEASED OR TERMINATED ONLY BY A WRITTEN INSTRUMENT OR INSTRUMENTS, EXECUTED BY THE PARTY AGAINST WHICH ENFORCEMENT OF THE AMENDMENT,
REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION IS ASSERTED. ANY ALLEGED AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION WHICH IS NOT SO DOCUMENTED SHALL NOT BE EFFECTIVE AS TO ANY PARTY. 

[Remainder of Page Intentionally Left Blank] 

  
 THIRD AMENDMENT TO LOAN
AGREEMENT — Page 4 

 IN WITNESS WHEREOF, this Third Amendment is executed effective as of the date first written
above. 
  

							
	BORROWER:	 		 	FIRST FINANCIAL BANKSHARES, INC.
				
		 		 	By:	 	 /s/ F. Scott Dueser

		 		 		 	F. Scott Dueser, President and CEO
			
	LENDER:	 		 	FROST BANK
				
		 		 	By:	 	 /s/ Jackson Julson

		 		 		 	Jackson Julson, Senior Vice President

  
 THIRD AMENDMENT TO LOAN
AGREEMENT — Page 5AMENDMENT
TO LOAN AGREEMENT

AND
PROMISSORY NOTE

 

THIS
AMENDMENT (the “Amendment”) is made as of June _____, 2019,

 

AMONG:

 

LONG
ISLAND BEVERAGES CORP., a corporation formed pursuant to the laws of the Province of British Columbia

 

(the
“Lender”)

 

AND:

 

LONG
ISLAND BRAND BEVERAGES LLC, a limited liability company formed pursuant to the laws of the State of New York

 

(the
“Borrower”)

 

AND:

 

LONG
BLOCKCHAIN CORP., a corporation formed pursuant to the laws of the State of Delaware

 

(the
“Guarantor”)

 

WHEREAS:

 

	A.	Pursuant
    to the terms of a loan agreement among the Lender, the Borrower, and the Guarantor (collectively, the “Parties”)
    dated January 31, 2019 (as amended, the “Loan Agreement”), Lender has advanced C$250,000.00 to the Borrower
    as a non-revolving secured loan facility on the terms and conditions as more particularly set out in in the Loan Agreement;
	 	 
	B.	The
    Loan Agreement is secured by a promissory note dated January 31, 2019 by the Lender to the Borrower (the “Promissory
    Note”); and
	 	 
	C.	The
    Parties wish to amend the Loan Agreement and Promissory Note as set forth in this Amendment.

 

NOW
THEREFORE in consideration of the premises and the covenants and agreements herein contained, the Parties agree as follows:

 

	1.	All
    capitalized but undefined terms in this Amendment shall have the meanings given to such terms in the Loan Agreement.
	 	 
	2.	Section
    1.1(p) of the Loan Agreement shall be amended and restated as follows:

 

“Loan”
means the non-revolving loan facility in the principal amount of up to $400,000.00, and any interest accrued thereon, provided
by the Lender to the Borrower in accordance with this Agreement;

 

    	 	 	 

    	 

    

 

	3.	Section
    2.1 of the Loan Agreement shall be amended and restated as follows:

 

Amount
of Loan. In reliance upon the representations and warranties contained herein and subject to the terms and conditions of this
Agreement, the Lender shall lend to the Borrower the principal sum of up to $400,000.00.

 

	4.	Section
    2.3 of the Loan Agreement shall be amended and restated as follows:

 

Interest.
The Principal, both before and after demand, default, or judgment and overdue interest on the Loan, shall bear interest computed
on the outstanding daily principal balance of the Loan at the rate of 10% per annum, calculated and paid on August 1, 2019,
and on the first day of each calendar month thereafter while any portion of the Loan remains outstanding, on the basis of a 365
day year (or in the case of a leap year, a 366 day year) and the actual number of days elapsed, on a nominal rate basis without
allowance or deduction for deemed re-investment or otherwise, and any unpaid interest shall compound annually on January 1 of
each year. Interest shall begin to accrue from the date of each Advance. For the avoidance of doubt, if the Loan becomes due and
payable, on demand or otherwise, pursuant to Section 6.2 of this Agreement prior to August 1, 2019, the interest due and
owing on the Loan shall be calculated and paid on the date of repayment.

 

	5.	Section
    2.5 of the Loan Agreement shall be amended and restated as follows:

 

Repayment
of the Loan. The Borrower may from time to time repay or prepay all or any part of the Loan without Notice, penalty, premium,
or bonus provided that each such payment or prepayment will be made together with all accrued and unpaid interest on the Loan
which then remains unpaid. The outstanding balance of the Loan, including all accrued and unpaid interest thereon and any other
amounts owing to the Lender hereunder, shall be repaid by the Borrower to the Lender on August 31, 2019 (the “Maturity
Date”), subject to any earlier repayment pursuant to Section 6 of this Agreement, and failing payment of the same following
the Maturity Date, the Lender may then proceed to enforce payment thereof by exercising any right, power, or remedy permitted
by this Agreement, or by law in such manner as the Lender may elect, without presentation, protest, or further demand, or Notice
of any kind, all of which are hereby expressly waived.

 

	6.	Recital
    A of the Promissory Note shall be amended and restated as follows:

 

LONG
ISLAND BEVERAGES CORP. (the “Lender”) has agreed to provide a secured loan facility in the amount of up to
$400,000.00 (the “Loan”) to LONG ISLAND BRAND BEVERAGES LLC (the “Borrower”, and
together with the Lender, the “Parties”) pursuant to a loan agreement among the Parties and Long Blockchain
Corp. dated January 31, 2019, and amended June ___, 2019 (the “Agreement”);

 

    	 	 	 

    	 

    

 

	7.	Section
    2 of the Promissory Note shall be amended and restated as follows:

 

The
Principal, both before and after demand, default, or judgment and overdue interest on the Loan, shall bear interest computed on
the outstanding daily principal balance of the Loan at the rate of 10% per annum, calculated and paid on August 1, 2019
and each calendar month thereafter while any portion of the Loan remains outstanding, on the basis of a 365 day year (or in the
case of a leap year, a 366 day year) and the actual number of days elapsed, on a nominal rate basis without allowance or deduction
for deemed re-investment or otherwise, and any unpaid interest shall compound annually on January 1 of each year. Interest shall
begin to accrue from the date of the advance of each Advance. For the avoidance of doubt, if the Loan becomes due and payable,
on demand or otherwise, pursuant to Section 6.2 of the Agreement prior to August 1, 2019, the interest due and owing on
the Loan shall be calculated and paid on the date of repayment.

 

	8.	All
    of the remaining terms of the Loan Agreement and the Promissory Note remain unamended, and the Loan Agreement and the Promissory
    Note remain in full force and effect.
	 	 
	9.	The
    Amendment shall be interpreted, construed, and enforced in accordance with the governing laws of the Loan Agreement as set
    forth in Section 7.1 therein.
	 	 
	10.	This
    Amendment may be executed and delivered in any number of counterparts, including by electronic transmission, all of which
    taken together will be deemed to constitute one and the same instrument.

 

[SIGNATURE
PAGE TO IMMEDIATELY FOLLOW]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF the Parties hereto have executed this Amendment as of the day and year first above written.

 

	 	LONG ISLAND BEVERAGES CORP.
	 	 	 
	 	 	 
	 	Name:	               
	 	Title:	 
	 	 	 
	 	LONG ISLAND BRAND BEVERAGES LLC
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	LONG BLOCKCHAIN CORP.
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 

 

-
Amendment to Loan Agreement and Promissory Note -

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