Document:

Exhibit 10.1

    

     

      
        AMENDMENT NO. 1 TO CREDIT AGREEMENT

        

        

        This Amendment No. 1 to Credit Agreement ("Amendment No. 1") dated effective as of August 30, 2019 entered into by and among INDCO, INC., a Tennessee corporation (“Borrower), and FIRST MERCHANTS BANK, an Indiana state banking institution, f/k/a First Merchants Bank, National Association (the “Lender”).

         

        W I T N E S S E T H :

        

        

        WHEREAS, the Borrower and the Lender are parties to that certain Credit Agreement dated as of February 29, 2019 (hereinafter referred to as "Agreement"); and

        

        

        WHEREAS, the Lender and the Borrower desire to amend the financial accommodations previously extended by the Lender on the terms and subject to the conditions as set forth in this Amendment No.
          1.

        

        

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

        

        

        Section 1.  Effect of this Amendment No. 1.  This Amendment No. 1 shall not change, modify, amend or revise the terms, conditions and provisions of the Agreement, the terms and
          provisions of which are incorporated herein by reference, except as expressly provided herein and agreed upon by the parties hereto.  This Amendment No. 1 is not intended to be nor shall it constitute a novation or accord and satisfaction of the
          outstanding instruments by and between the parties hereto.  Borrower and Lender agree that, except as expressly provided herein, all terms and conditions of the Agreement shall remain and continue in full force and effect.  The Borrower
          acknowledges and agrees that the indebtedness under the Agreement remains outstanding and is not extinguished, paid, or retired by this Amendment No. 1, or any other agreements between the parties hereto prior to the date hereof, and that
          Borrower is and continues to be fully liable for all obligations to the Lender contemplated by or arising out of the Agreement.  Except as expressly provided otherwise by this Amendment No. 1, the credit facilities contemplated by this Amendment
          No. 1 shall be made according to and pursuant to all conditions, covenants, representations and warranties contained in the Agreement.

        

        

        Section 2.  Definitions.  Terms defined in the Agreement which are used herein shall have the same meaning as set forth in the Agreement unless otherwise specified herein.

        

        

        Section 3.  Amendments of Agreement.  Subject to the satisfaction of the conditions precedent set forth in Section 5 herein, the Agreement is amended as follows:

        

        

        (a)          The following terms appearing at Subsection 1.1 of the Agreement are added, or amended and replaced with the following:

        

        

        Applicable Term Margin:  with respect to the Term Loan, the margin set forth below, as determined by the Cash Flow Leverage Ratio  for the prior month:

         

        
          

          1

          
            

          

        

        
          	
                  Level

                	
                  Ratio

                	
                  Term

                  Margin

                
	 	 	 
	
                  I

                	
                  Less than 2.00 to 1.00

                	
                  2.75%

                
	
                  II

                	
                  Greater than or equal to 2.00 to 1.00

                	
                  3.50%

                

        

        

        

        Commencing on the date hereof, the margin shall be determined as if Level II were applicable.  Thereafter, the margins shall be subject to increase or decrease upon receipt by Lender pursuant
          to Section 10.01(c) of the financial statements and corresponding Compliance Certificate for the most recent month, which change shall be effective on the first day of the calendar month following receipt.  If, by the first day of a month, any
          financial statement or Compliance Certificate due in the preceding month has not been received, or if a Default or an Event of Default has occurred and is continuing, then, at the option of Lender, the margins shall be determined as if Level II
          were applicable, from such day until the first day of the calendar month following actual receipt.

         

        Collateral Documents  means, collectively, the Security Agreement, any Collateral Access Agreement, Pledge Agreement, each control agreement and any other agreement or instrument pursuant
          to which the Borrower, any Subsidiary or any other Person grants or purports to grant collateral to the Lender or otherwise relates to such collateral.

         

        Excess Cash Flow means EBITDA less (i) distributions, (ii) unfinanced Capital Expenditures, (iii) scheduled principal payments on Debt (excluding principal payments measured by
          Excess Cash Flow), (iv) interest expense, and (v) income tax payments, each for the applicable quarterly measurement period.

         

        Fixed Charge Coverage Ratio means, with respect to any Fiscal Quarter, a ratio, the numerator of which is Borrower’s EBITDA minus taxes and distributions paid, and the denominator of which
          is (i) payments made or scheduled to be made with respect to amortization payments of the principal portion and interest expense of the Term Loan and amortization payments of the principal portion and interest expense of all other indebtedness
          for borrowed money of the Borrower, and (ii) unfinanced capital expenditures. The Fixed Charge Coverage Ratio shall exclude the one-time dividend and bonus-in-lieu-of dividend made to the owners from loan funds and cash on hand at or around
          August 30, 2019 (the “One-Time Dividend”).

        

        

        Pledge Agreement means that certain Pledge Agreement dated August 30, 2019, executed by Guarantor for the benefit of Lender, pledging Guarantor’s stock of Borrower.

         

        Revolving Commitment means $1,000,000, as reduced from time to time pursuant to Section 6.1.

         

        Revolving Loan Termination Date means the earlier to occur of (a) August 30, 2024, or (b) such other date on which the commitments terminate pursuant to Section 6 or Section 13.

         

        Term Loan Commitment means $5,500,000.00.

         

        Term Loan Maturity Date means August 30, 2024

         

        Total Funded Debt to EBITDA Ratio means, with respect to any Fiscal Quarter, a ratio, the numerator of which is Borrower’s total interest-bearing Debt, and the denominator of which is
          EBITDA.

         

        (b)          Subsection 4.02 of the Agreement is amended and restated with the following:

         

        
          

          2

          
            

          

        

        Section 4.02    Payment Dates; Repayment.  Each Loan shall be payable as follows:

         

        (a)          Accrued interest on the Revolving Loan shall be payable in arrears on the first Business Day of each month commencing October 1, 2019.  Upon the Revolving Loan Termination Date, all
          unpaid principal, accrued but unpaid interest, and reimbursable expenses shall be due and payable in full.

         

        (b)         Regarding the Term Loan, commencing on October 1, 2019, Borrower shall make equal monthly payments of principal (based on a seven year amortization) plus interest, and thereafter on
          the first business day of each month. Upon the Term Loan Maturity Date, all unpaid principal, accrued but unpaid interest, and reimbursable expenses shall be due and payable in full.

         

        (c)          In addition to the payments as otherwise required pursuant to the terms of Section 4.02(b) above, Borrower shall remit to Bank as a prepayment towards the outstanding principal
          amount of the Term Loan, on the last day of each quarterly period commencing as of September 30, 2019 and thereafter in an amount equal to fifty percent (50%) of the Excess Cash Flow for the immediately preceding Fiscal Quarter and payable within
          sixty (60) days after the end of such Fiscal Quarter.  If a material discrepancy between the Excess Cash Flow calculated using internally prepared financial statements and the audited statements, an additional payment may be required (“Annual
          True Up”).  Notwithstanding the foregoing, the cash flow recapture requirements set forth in this Section 4.02(c) shall not apply when the Cash Flow Leverage Ratio  is equal to or less than 2.0 to 1.0.

         

        After maturity, and at any time an Event of Default exists, accrued interest on all Loans shall be payable on demand.

         

        (c)          Section 4.05 of the Agreement is amended and restated with the following:

         

        Section 4.05    Default Rate. Upon the occurrence of an Event of Default
          and during the continuation thereof, and after maturity, including maturity upon acceleration, Lender, at its option, may, if permitted under applicable law, do one or both of the following: (i) increase the interest rate under the Notes to the
          rate that is two percent (2%) above the rate that would otherwise be payable hereunder, and (ii) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in the Notes (including any
          increased rate).  The interest rate under the Notes will not exceed the maximum rate permitted by applicable law under any circumstances.

         

        (d)          Subsections 10.01(b), (e), (f) and (g) of the Agreement are amended and restated with the following:

         

        (b)          Interim Reports.  Promptly when available and in any event within 30 days after the end
            of each month, internally prepared financial statements of the Borrower as of the end of such month, including a balance sheet, statement of earnings and a statement of cash flows for such month and for the period beginning with the first day
            of such Fiscal Year and ending on the last day of such month, together with a comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such period of the current Fiscal Year and certified by a
            Senior Officer of the Borrower.

         

        (e)          Borrowing Base Certificates.  Within 30 days of the end of each month, a Borrowing Base
            Certificate dated as of the end of such month and executed by a Senior Officer of the Borrower on behalf of the Borrower (provided that (a) the Borrower may deliver a Borrowing Base Certificate more frequently if it chooses and (b) at
            any time an Event of Default exists, the Lender may require the Borrower to deliver Borrowing Base Certificates more frequently).

         

        
          

          3

          
            

          

        

        (f)           Other Financial Statements.  (i) Within 30 days of the end of each month, an accounts
            receivable agings and accounts payable agings report and an inventory listing executed by a Senior Officer of the Borrower on behalf of the Borrower; and (ii) within 45 days of the end of each Fiscal Year, annual budgets, by month, in form and
            substance satisfactory to the Bank.

         

        (g)           Guarantor Financial Statements.  Promptly when available and in any event within 120
            days after the close of each Fiscal Year, commencing with Fiscal Year 2019, (i) annual audited financial statements of Guarantor, including balance sheets and statements of earnings and cash flows of the Guarantor as at the end of such Fiscal
            Year, in form and substance reasonably acceptable to the Lender, and (ii) a copy of such Guarantor’s Annual Report on Form 10-K.

         

        (e)          Section 11.04 of the Agreement is amended and restated with the following:

         

        Section 11.04    Restricted Payments.  Not, and not permit any other Loan Party to, (a) make any distribution to any holders of its Capital
          Securities, (b) purchase or redeem any of its Capital Securities, (c) pay any management fees or similar fees to any of its equity holders or any Affiliate thereof, (d) except for the One-Time Dividend, make any redemption, prepayment,
          defeasance, repurchase or any other payment in respect of any Subordinated Debtor, or (e) set aside funds for any of the foregoing.  Notwithstanding the foregoing, so long the Total Funded Debt to EBITDA Ratio is less than 2.00 to 1.00, (i) any
          Subsidiary may pay dividends or make other distributions to the Borrower or to a domestic Wholly-Owned Subsidiary; (ii) and so long as no Event of Default or Unmatured Event of Default exists or would result therefrom, the Borrower may pay distributions if the Borrower elects to be taxed as either an “S” corporation or a partnership for federal income tax purposes, in amounts necessary to cover federal, state and local income tax liabilities payable solely
            as a result of income of the Borrower being included in such member’s tax returns which distributions shall be in amounts, as determined by an independent certified public accountant reasonably acceptable to Lender, necessary to pay such
            member’s tax obligations based upon such income derived from the Borrower as if such member were taxable at a marginal rate of 45% (subject to increase with any increases in federal or state tax rates that cause an actual increase to such
            marginal rate); and (iii) the Borrower may make regularly scheduled payments of interest and other amounts in respect of Subordinated Debt to the extent permitted under the subordination provisions thereof.

         

        (f)           Section 11.14 of the Agreement is amended and restated with the following:

         

        Section 11.14      Financial Covenants.

         

        
          
            	

                  	(a)	
                    Maximum Total Funded Debt to EBITDA Ratio.  Not permit the Total Funded Debt to EBITDA Ratio, tested quarterly, to be greater than the amounts for the Fiscal Quarters ending as indicated below:

                  

          

        

         

        
          

          4

          
            

          

        

        
          	
                  Fiscal Quarter ending

                	
                  Maximum Total Funded Debt to EBITDA Ratio

                
	 	 
	
                  9/30/19 - 6/30/21

                	
                  3.0 to 1.0

                
	
                  9/30/21 and thereafter

                	
                  2.5 to 1.0

                

        

        

        

        
          
            	

                  	(b)	
                    Minimum Fixed Charge Coverage Ratio.  Not permit the Fixed Charge Coverage Ratio, as measured on a rolling four quarter basis, to be less than 1.20 to 1.0 as of the end of each Fiscal Quarter,
                      commencing as of Fiscal Quarter ending September 30, 2019.

                  

          

        

         

        (g)         Termination of Capital Maintenance Agreement.  The Capital Maintenance Agreement is
            hereby terminated and no longer in force or effect.

         

        Section 4.  Commitment Fee; Reimbursement of Expenses and Legal Fees.  The Borrower agrees to pay to the Lender a commitment fee associated with the increased Term Commitment and
          the modified Revolving Commitment in the amount of $25,490.00 as of the execution of this Amendment No. 1, which amount shall not be refundable, in whole or in part, for any reason.  Additionally, all out-of-pocket expenses of the Lender,
          including without limitation, filing fees, recording fees and legal fees and disbursements, associated with the preparation of this Amendment No. 1 and all other related Loan Documents are to be paid by Borrower promptly upon demand therefor.

        

        

        Section 5.  Conditions Precedent.  This Amendment No. 1 shall become and be deemed effective in accordance with its terms immediately upon the Lender receiving:

        

        

        (a)          Two (2) copies of this Amendment No. 1 duly executed by an authorized officer or other representative of the Borrower and the Lender.

        

        

        (b)         One (1) copy of the Notes evidencing the Revolving Loan and Term Loan duly executed by an authorized officer or other representative of the Borrower.

        

        

        (c)          Two (2) copies of the Consent and Confirmation of Guaranty executed by Guarantor.

        

        

        (d)        Two (2) copies of the Pledge Agreement duly executed by an authorized officer or other representative of the Guarantor and consented to by Borrower.

        

        

        (e)          Closing certificate as to accuracy of representations and warranties, compliance with covenants and absence of an Event of Default or unmatured event of default.

        

        

        (f)          Certified resolutions, incumbency certificate and corporate documents.

        

        

        (g)          Covenant Compliance Certificate executed by an authorized officer or other representative of the Borrower.

        

        

        (h)          Guarantor’s September 30, 2018 corporate audit and verification of Borrower’s September 30, 2018 financial condition and operating results by an independent certified public
          accountant acceptable to Lender.

        

        

        (i)           Payment of the fees and expenses as set forth in Section 4 hereof.

        

        

        (j)           Such other documents and items as the Lender may reasonably request.

        

        

        
          

          5

          
            

          

        

        Section 6.  Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants, in addition to any other representations and warranties contained herein,
          in the Agreement, the Loan Documents (as defined in the Agreement) or any other document, writing or statement delivered or mailed to the Lender or its agent by the Borrower, as follows:

        

        

        (a)          This Amendment No. 1 constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms.  The Borrower has taken all necessary and appropriate
          action for the approval of this Amendment No. 1 and the authorization of the execution, delivery and performance thereof.

        

        

        (b)          As of the date hereof, there is no Event of Default under the Agreement, the Amendment No. 1 or the Loan Documents.

        

        

        (c)          The Borrower hereby specifically confirms and ratifies its obligations, waivers and consents under each of the Loan Documents.

        

        

        (d)        Except as specifically amended herein, all representations, warranties and other assertions of fact contained in the Agreement and the Loan Documents continue to be true, accurate and
          complete.

        

        

        (e)          There have been no changes to the organizational documents or the identities of the officers or managers of the Borrower since execution of the Agreement.

        

        

        (f)      Borrower acknowledges that the definition "Loan Documents" shall include this Amendment No. 1 and all the documents executed contemporaneously herewith.

        

        

        Section 7.  Affirmative Covenants.  By entering into this Amendment No. 1, Borrower further specifically undertakes to comply with the obligations, terms and covenants as contained
          in the Agreement and agrees to comply therewith as such relate to the amended credit facilities and accommodations as provided to the Borrower pursuant to the terms of this Amendment No. 1.

        

        

        Section 8.  Governing Law.  This Amendment No. 1 has been executed and delivered and is intended to be performed in the State of Indiana and shall be governed, construed and
          enforced in all respects in accordance with the substantive laws of the State of Indiana.

        

        

        Section 9.  Headings.  The section headings used in this Amendment No. 1 are for convenience only and shall not be read or construed as limiting the substance or generality of this
          Amendment No. 1.

        

        

        Section 10.  Survival.  All representations, warranties, and covenants of the Borrower herein or any certificate, agreement or other instrument delivered by or on its behalf under
          this Amendment No. 1 shall be considered to have been relied upon by the Lender and shall survive the making of and amendments to the Loans.  All statements and any such certificate or other instrument shall constitute warranties and
          representations hereunder by the Borrower, as the case may be.

        

        

        Section 11.  Counterparts.  This Amendment No. 1 may be signed in one or more counterparts, each of which shall be considered an original, with the same effect as if the signatures
          were upon the same instrument.

        

        

        Section 12.  Modification.  This Amendment No. 1 may be amended, modified, renewed or extended only by written instrument executed in the manner of its original execution.

        

        

        
          

          6

          
            

          

        

        Section 13.  Waiver of Certain Rights.  The Borrower waives acceptance or notice of acceptance hereof and agrees that the Agreement, this Amendment No. 1 and all of the other Loan
          Documents shall be fully valid, binding, effective and enforceable as of the date hereof, even though this Amendment No. 1 and any one or more of the other Loan Documents which require the signature of the Lender, may be executed by and on behalf
          of the Lender on other than the date hereof.

        

        

        Section 14. Waiver of Defenses and Claims.  In consideration of the financial accommodations provided to the Borrower by the Lender as contemplated by this Amendment No. 1,
          Borrower hereby waives, releases and forever discharges the Lender from and against any and all rights, claims or causes of action against the Lender arising under the Lender's actions or inactions with respect to the Loan Documents or any
          security interest, lien or collateral in connection therewith as well as any and all rights of set off, defenses, claims, causes of action and any other bar to the enforcement of the Loan Documents which exist as of the date hereof.

         

        

        
          

          7

          
            

          

        

        IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to Credit Agreement to be executed by their respective duly authorized officers or other representatives as of the date and year
          first written above.

         

        [REMAINDER OF PAGE INTENTIONALLY BLANK – SIGNATURE PAGE FOLLOWS]

         

      

      
        

        8

        
          

        

      

      SIGNATURE PAGE – AMENDMENT NO. 1 TO CREDIT AGREEMENT

       

      	 	
              INDCO, INC.,

            	 
	 	
              a Tennessee corporation

            	 
	 	 	 	 
	 	
              By:

            	
              /s/ C. Mark Hennis

            	 
	 	 	
              C. Mark Hennis, President

            	 

      

      

      	
              STATE OF ___________

            	
              )

            
	 	
              )  SS:

            
	
              COUNTY OF _________

            	
              )

            

      

      

      Before me, a Notary Public in and for said County and State, personally appeared C. Mark Hennis, the President of INDCO, Inc., a Tennessee corporation, who, having been duly sworn, acknowledged the
        execution of the foregoing instrument for and on behalf of such company as such officer.

      

      

      WITNESS, my hand and Notarial Seal this ____ day of August, 2019.

      

      

      	
              My Commission Expires:

            	 	
              /s/ Kristina B. Wilberding

            	 
	 	 	
              Notary Public

            	 
	

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              My County of Residence:

            	 	
              /s/ Kristina B. Wilberding

            	 
	 	 	
              Printed

            	 
	 	 	 	 

      

      
        

        9

        
          

        

      

      SIGNATURE PAGE – LENDER – CREDIT AGREEMENT

       

      	 	
              FIRST MERCHANTS BANK,

            	 
	 	
              an Indiana state banking institution

            	 
	 	 	 	 
	 	
              By:

            	
              /s/ Jeff Pangburn

            	 
	 	 	
              Jeff Pangburn, Vice President

            	 

      

      

      

      

      10Exhibit 10.2

    

     

    

    
      PROMISSORY NOTE

      (Term Loan)

      

      

      	
              $5,500,000.00

            	
              Dated effective as of August 30, 2019

            
	 	
              Final Maturity: August 30, 2024

            

      

      

      On or before August 30, 2024 (“Final Maturity”), INDCO,
          INC., a Tennessee corporation (“Borrower”), promises to pay to the order of FIRST MERCHANTS BANK, an Indiana state banking institution, f/k/a First
        Merchants Bank, National Association (the “Bank”) at the offices of the Bank at 10333 North Meridian Street, Suite 350, Indianapolis, Indiana 46290, the principal sum of Five Million Five Hundred Thousand and No/100 Dollars ($5,500,000.00) or so
        much of the principal amount of the Term Loan represented by this Note as may be disbursed by the Bank under the terms of the Credit Agreement described below, and to pay interest on the unpaid principal balance outstanding from time to time as
        provided in the Credit Agreement (as hereinafter defined).

      

      

      This Note evidences indebtedness incurred or to be incurred by the Borrower under a term loan (the "Term Loan")
        extended to the Borrower by the Bank under a certain Credit Agreement dated February 29, 2016, as amended by a certain Amendment No. 1 to Credit Agreement of even date herewith, the same may be further amended from time to time (the "Credit
        Agreement").  All references in this Note to the Credit Agreement shall be construed as references to that Credit Agreement as it has been or may be amended from time to time.  The Term Loan is referred to in the Credit Agreement as the “Term
        Loan”.  Subject to the terms and conditions of the Credit Agreement, the proceeds of the Term Loan shall be advanced in a single advance as of the effective date of this Note and principal repaid under this Note by Borrower shall not be available
        for readvance.  The principal amount of the Term Loan outstanding from time to time shall be determined by reference to the books and records of the Bank on which all advances under the Term Loan and all payments by the Borrower on account of the
        Term Loan shall be recorded.  Such books and records shall be rebuttably presumptive evidence of the principal amount of the Term Loan owing and unpaid.

      

      

      Upon the occurrence of an Event of Default and during the continuation thereof, and after maturity, including maturity upon acceleration, Bank, at
        its option, may, if permitted under applicable law, do one or both of the following: (i) increase the interest rate under this Note to the rate that is two percent (2%) above the rate that would otherwise be payable hereunder, and (ii) add any
        unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in this Note (including any increased rate).  The interest rate under this Note will not exceed the maximum rate permitted by applicable
        law under any circumstances.

      

      

      The entire outstanding principal balance of this Note shall be due and payable, together with accrued interest, at Final Maturity.  Reference is made to the Credit Agreement for the repayment terms of this Note and for provisions requiring prepayment of principal under certain circumstances.  Principal
        may be prepaid, but only as provided in the Credit Agreement.

      

      

      If any installment of interest due under the terms of this Note is not paid when due (subject to any applicable grace periods), then the Bank or any
        subsequent holder of this Note may, subject to the terms of the Credit Agreement, at its option and without notice, declare the entire principal amount of the Note and all accrued interest immediately due and payable.  Reference is made to the
        Credit Agreement which provides for acceleration of the maturity of this Note upon the happening of other "Events of Default" as defined therein.

      

      

      
        

        1

        
          

        

      

      The Borrower and any endorsers severally waive demand, presentment for payment and notice of nonpayment of this Note, and each of them consents to
        any extensions of the time of payment of this Note without notice.

      

      

      All amounts payable under the terms of this Note shall be payable with actual expenses of collection, including reasonable attorneys' fees, and
        without offset or other reduction and without relief from valuation and appraisement laws.

      

      

      The Borrower agrees that the Bank may provide any information the Bank may have about the Borrower or about any matter relating to this Note to
        Bank, or any of its subsidiaries or affiliates or their successors, or to any one or more purchasers or potential purchasers of this Note  as deemed necessary by Bank.  The Borrower agrees that the Bank may at any time sell, assign or transfer one
        or more interests or participation in all or any part of its rights or obligations in this Note to one or more purchasers whether or not related to the Bank to the extent permitted by the Credit Agreement.

      

      

      This Note is made under and will be governed in all cases by the substantive laws of the State of Indiana, notwithstanding the fact that Indiana
        conflicts of law rules might otherwise require the substantive rules of law of another jurisdiction to apply.

      

      

      BORROWER AND BANK BY ITS ACCEPTANCE HEREOF HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
        TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE, THE CREDIT AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  BORROWER
        CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER.

      

      

      This Note constitutes a renewal and restatement of, and replacement and substitution for a certain Promissory Note  (Term Loan) executed by the
        Borrower and payable to the Lender dated effective as of March 21, 2016, as amended, in the original maximum principal amount of Six Million and No/100 Dollars ($6,000,000.00) (the “Prior Note”).  The indebtedness evidenced by the Prior Note is
        continuing indebtedness evidenced hereby, and nothing herein shall be deemed to constitute a payment, settlement or novation of the Prior Note, or to release or otherwise adversely affect any lien, mortgage or security interest securing such
        indebtedness or any rights of the Lender against any guarantor, surety or other party primarily or secondarily liable for such indebtedness.

      

      

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        2

        
          

        

      

      [SIGNATURE PAGE – PROMISSORY NOTE (TERM LOAN)]

       

      	 	
              INDCO, INC.,

            	 
	 	
              a Tennessee corporation

            	 
	 	 	 	 
	 	
              By:

            	
              /s/ C. Mark Hennis

            	 
	 	 	
              C. Mark Hennis, President

            	 

      

      

      	
              STATE OF INDIANA

            	
              )

            
	 	
              )  SS:

            
	
              COUNTY OF ______________

            	
              )

            

      

      

      Before me, a Notary Public in and for said County and State, personally appeared C. Mark Hennis, the President of INDCO, Inc., a Tennessee
        corporation, who, having been duly sworn, acknowledged the execution of the foregoing instrument for and on behalf of such entity as such officer or other representative.

      

      

      WITNESS my hand and Notarial Seal this ___day of August, 2019.

      

      

      	 	 	
              /s/ Kristina B. Wilberding

            	 
	 	 	
              Notary Public

            	 
	 	 	 	 
	 	 	
              /s/ Kristina B. Wilberding

            	 
	 	 	
              Notary Public (Printed)

            	 
	 	 	 	 
	
              My Commission Expires:

            	 	
              My County of Residence:

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