Document:

Exhibit 10.1

 

FIRST AMENDMENT TO

SENIOR SECURED LOAN AND SECURITY AGREEMENT

 

THIS FIRST AMENDMENT
TO SENIOR SECURED LOAN AND SECURITY AGREEMENT (this “Amendment”) is made as of July 10, 2014, by and among Crumbs
Holdings LLC, a Delaware limited liability company (“Crumbs Holdings”), Crumbs Bake Shop, Inc., a Delaware corporation
(“Crumbs,” together with Crumbs Holding, collectively, the “Borrowers” and each a “Borrower”),
and Lemonis Fischer Acquisition Company, LLC, a Delaware limited liability company (“Lender”), with respect
to the following:

 

A.           Fischer
Enterprises, L.L.C., an Oklahoma limited liability company (“Fischer Enterprises”) and Borrowers were parties
to that certain Senior Secured Loan and Security Agreement dated as of January 20, 2014 (the “Loan Agreement”).

 

B.           Pursuant
to the Assignment of Loan and Loan Documents dated July 10, 2014, Fischer Enterprises assigned all of its right, title, and interest
in the Loan Agreement to Lender.

 

C.           Lender
and Borrowers now desire to amend the Loan Agreement as set forth in this Amendment.

 

In consideration of
the mutual covenants and agreements in this Amendment, and intending to be legally bound hereby, Lender and each Borrower jointly
and severally agree as follows:

 

Section 1.          Capitalized
Terms. Any capitalized term used in this Amendment (including in the recitals) but not otherwise defined shall have the meaning
given to such term in the Loan Agreement.

 

Section 2.          Amended
Definitions. The following definitions shall be deleted and replaced in their entirety with the following:

 

“Loan”
means, collectively, the Tranche I Loan, Tranche II Loan, and Tranche III Loan.

 

“Maturity
Date” means October 8, 2014.

 

“Notes”
means the Amended and Restated Note.

 

Section 3.          Loan.
The defined term “Loan” shall be removed from Section 2.1.

 

Section 4.          Tranche
III Loan. A new Section 2.3 is added to the Loan Agreement to read in its entirety as follows:

 

    	 

    	 

    

 

Tranche
III Loan. Lender agrees to make an additional term loan to Borrowers in the original principal amount of $317,000.00 (the “Tranche
III Loan”) to be disbursed in a single advance the date of this Amendment to provide financing to Borrowers in order
to pay certain expenses that are required in order for the Borrowers to commence Chapter 11 bankruptcy proceedings in the United
States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Case”). The Tranche III Loan shall be
evidenced by an Amended and Restated Note from Borrowers in favor of Lender in the original principal amount of $5,514,245.30 (the
“Amended and Restated Note”). The Amended and Restated Note shall be an amendment and restatement, substitute
and replacement of the Tranche I Note and Tranche II Note and shall consolidate the debt evidenced by the Tranche I Note and Tranche
II Note and the Tranche III Loan. The principal amount of this Amended and Restated Note is composed of: (a) the current outstanding
balance of the Tranche I Note, which is $3,603,736.11, (b) the current outstanding balance of the Tranche II Note, which is $1,593,509.19,
and (c) $317,000.00 for the Tranche III Loan.

 

Section 5.          Interest.
Section 3.1 of the Loan Agreement shall be revised by deleting all but the first two sentences of such Section. Section
3.2 of the Loan Agreement shall be deleted in its entirety, and replaced with “[intentionally deleted]”.

 

Section 6.          Use
of Proceeds. The first sentence of Section 4.7 shall be deleted in its entirety and replaced with “Borrowers shall
use the proceeds of the Loan for the payment of operating expenses, working capital needs, and for restructuring costs.”

 

Section 7.          Updated
References. All references to the “Notes” or the “Loan” in the Loan Agreement shall include the Tranche
III Loan and Amended and Restated Note.

 

Section 8.          Mandatory
Prepayments. Section 4.5(a) of the Loan Agreement shall not apply to any sale of the Collateral to Lender or an affiliate
of Lender in a transaction pursuant to Section 363 of the Bankruptcy Code.

 

Section 9.          Forbearance.
Lender and Borrowers acknowledge that certain Events of Default have occurred and are continuing under the Loan Agreement (the
“Existing Defaults”). Borrowers further acknowledge and understand that notwithstanding the Existing Defaults,
Lender is making the Tranche III Loan for the sole purpose of funding Borrowers’ Bankruptcy Case. Lenders hereby agree to
forbear during the Forbearance Period (as defined below) from exercising any of their respective rights and remedies with respect
to any Existing Default. Lender agrees that so long as the Forbearance Period is in effect, the interest rate applicable to the
Loan will be the rates of interest set forth in Section 3.1 of the Loan Agreement, and not the default rate set forth in
Section 3.2 of the Loan Agreement. The “Forbearance Period” shall mean the period commencing on the date of
this Amendment and terminating on the failure to occur of any of the following:

 

(i)          the
commencement of the Bankruptcy Case for the Borrowers, which proceeding will include separate Chapter 11 cases for certain of the
Borrowers’ subsidiaries who hold real property leases (collectively, the “Debtors”), as may be satisfactory
to the Lender, in its sole discretion, in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy
Court”) on or before July 11, 2014;

 

(ii)          entry
of an order by the Bankruptcy Court (the “DIP Order”) in the Bankruptcy Case approving a debtor in possession
loan by Lender to the Debtors in an amount not to exceed $1,133,000, pursuant to a Superpriority Debtor-In-Possession Credit and
Security Agreement in form and substance satisfactory to the Lender (the “DIP Credit Agreement”) on or before
July 25, 2014 (the “Termination Date”); and

 

    	 

    	 

    

 

(iii)        execution
and delivery by the Debtors to the Lender of the DIP Credit Agreement and related security agreements pursuant to the DIP Order
on or before the Termination Date.

 

For the avoidance of
doubt, the Lender has not waived, are is not by this Amendment waiving, and have no intention of waiving, any Event of Default
that has occurred and is continuing, or any Event of Default which may occur after the date of this Amendment.

 

Section 10.         Release.
In consideration of the amendments contained herein, Borrowers hereby waive and release the Fischer Enterprises, L.L.C. and Lender
from any and all claims and defenses, known or unknown, as of the effective date of this Amendment, with respect to the Loan Agreement
and the Loan Documents and the transactions contemplated thereby.

 

Section 11.         Counterparts.
This Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Amendment
and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this
Amendment and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Amendment
and may be used in lieu of the original Amendment for all purposes.

 

Section 12.         Further
Assurances. At any time or from time to time upon the request of Lender, each Borrower will, and will take affirmative steps
to cause third parties to, execute and deliver such further documents and do such other acts and things as Lender may reasonably
request in order to effect fully the purposes of this Amendment and the other Loan Documents and to provide for the payment of
the Obligations in accordance with the terms of this Agreement and the other Loan Documents.

 

[Signature Page Follows]

 

    	 

    	 

    

 

EXECUTED
as of the date first written above.

 

	“BORROWERS”	 
	 	 
	 	CRUMBS BAKE SHOP, INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	CRUMBS HOLDINGS LLC, a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	“LENDER”	 
	 	 
	 	LEMONIS FISCHER ACQUISITION COMPANY, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to First Amendment to Senior Secured Loan and
Security Agreement]Execution Version

 

Exhibit 10.2

ASSIGNMENT OF LOAN AND LOAN DOCUMENTS

 

THIS ASSIGNMENT OF
LOAN AND LOAN DOCUMENTS (this “Assignment”) is made and entered into effective July 10, 2014, by FISCHER ENTERPRISES,
L.L.C., an Oklahoma limited liability company (“Assignor”) and LEMONIS FISCHER ACQUISITION COMPANY, LLC, a Delaware
limited liability company (“Assignee”), with respect to the following:

 

A.           Assignor,
Crumbs Holdings LLC, a Delaware limited liability company (“Crumbs Holdings”), and Crumbs Bake Shop, Inc., a
Delaware corporation (“Crumbs,” together with Crumbs Holding, collectively, the “Borrowers”)
are parties to that certain Senior Secured Loan and Security Agreement dated as of January 20, 2014 (the “Loan Agreement”),
pursuant to which the Assignor established, in favor of the Borrowers, a term loan in the original principal amount of $5,000,000.00
(the “Loan”).

 

B.           The
Loan is evidenced by: (i) the Tranche I Note executed by Borrowers in favor of Assignor dated January 20, 2014, in the original
principal amount of $3,353,000.00 (the “Tranche I Note”), and (ii) the Tranche II Note executed by Borrowers
in favor of Assignor dated April 1, 2014, in the original principal amount of $1,563,115.28 (the “Tranche II Note).

 

C.           Assignor
and Marcus Lemonis LLC are the members of Assignee, which was formed for the purpose of providing additional financing to Borrowers
(and certain of its subsidiaries) pursuant to a Superpriority Debtor-In-Possession Credit and Security Agreement (the “DIP
Credit Agreement”) to fund Borrowers’ (and certain of its subsidiaries) commencement of a Chapter 11 bankruptcy
proceeding in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Case”).

 

D.           Assignee
contemplates entering into a stalking horse asset purchase agreement with the Borrowers to acquire substantially all of the assets
of the Borrowers (and certain of its subsidiaries) in a sale transaction pursuant to Section 363 of the Bankruptcy Code (the “363
Sale”) in which the Assignee is entitled to credit bid the outstanding amount of the pre-petition debt under the Loan
Agreement and the DIP Credit Agreement as the purchase price for the assets in the 363 Sale.

 

E.           In
connection with the Bankruptcy Case and the 363 Sale, Assignor desires to assign, and Assignee desires to assume, all of Assignor’s
right, title and interest in the Loan Documents (as hereinafter defined), subject to the terms and conditions set forth in this
Assignment.

 

F.           Capitalized
terms not otherwise defined in this Assignment have the meanings assigned to them in the Loan Agreement.

 

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

 

    	 

    	 

    

 

1.          Assignment.
Assignor hereby assigns, sets over, transfers, conveys and delivers to Assignee all of Assignor’s right, title and interest,
in and to the Loan and the loan documents set forth on Exhibit A (collectively, the “Loan Documents”).
Hereafter, Assignor shall forever be barred from claiming any right, title or interest in the Assigned Loan Documents or any of
the rights or benefits it previously held thereunder.

 

2.          Assumption.
Assignee hereby assumes Assignor’s rights and obligations under the Loan Documents arising on or after the date hereof, including
Assignor’s position as “Lender” in respect of the Loan Documents, under the terms contained herein and in the
Loan Documents, and shall succeed to all the rights, powers, privileges, immunities and duties heretofore held, in whole or in
part, by Assignor in respect of the Loan Documents. From and after the date hereof, all references to “Lender” and
Secured Party” in the Loan Documents will be deemed a reference to Assignee.

 

3.          Authority.
Assignor represents and warrants that (a) Assignor has the full right and authority to assign, set over, transfer, convey and deliver
the assigned Loan Documents without the necessity or consent of any third party other than consents that have been obtained and
(b) the assigned Loan Documents are assigned, set over, transferred conveyed, and delivered hereunder free and clear of any and
all liens and encumbrances and claims of third parties.

 

4.          Separate
Assignments. Separate Uniform Commercial Code Assignments, which will be filed and/or recorded in the proper recording offices,
shall be executed and delivered by Assignor in connection with this Assignment upon request of Assignee.         

 

5.          Governing
Law. This Assignment shall be governed by the laws of the State of Delaware.

 

6.          Binding
Effect. This Assignment shall be binding upon the parties and their successors and assigns and inure to the benefit of the
parties and their successors and assigns.

 

7.          Counterparts.
This Assignment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Assignment
and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this
Assignment and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Assignment
and may be used in lieu of the original Assignment for all purposes.

 

8.          Further
Assurances. Assignor and Assignee agree to execute, acknowledge (where necessary) and deliver such additional agreements, documents
and instruments, and take such further actions, as may be reasonably necessary or appropriate in order to effect the assignment
to Assignee of the Loan and the Loan Documents.

 

[Signature Page Follows]

 

    	 

    	 

    

 

EXECUTED as of the
date first written above.

 

	ASSIGNOR:	 	 
	 	FISCHER ENTERPRISES, L.L.C.
	 	an Oklahoma limited liability company
	 	 	 
	 	By:	 
	 	 	Name: S. Scott Fischer
	 	 	Title: Chief Operating Officer
	 	 	 
	ASSIGNEE:	 	 
	 	LEMONIS FISCHER ACQUISITION COMPANY, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name: S. Scott Fischer
	 	 	Title: Manager

 

By executing below, the undersigned hereby
evidence their acceptance and consent to this Assignment and the transactions contemplated hereby:

 

	CRUMBS BAKE SHOP, INC., a Delaware corporation	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	CRUMBS HOLDINGS LLC, a Delaware limited liability company	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature Page to Assignment of Loan and
Loan Documents]

 

    	 

    	 

    

 

EXHIBIT A

 

Loan Documents

 

		1.	Senior Secured Loan and Security Agreement between Borrowers
and Assignor dated January 20, 2014.

 

		2.	Tranche I Note executed by Borrowers in favor of Assignor
dated January 20, 2014, in the original principal amount of $3,353,000.00.

 

		3.	Tranche II Note executed by Borrowers in favor of Assignor
dated April 1, 2014, in the original principal amount of $1,563,115.28.

 

		4.	Guaranty and Security Agreement by the guarantors described
therein for the benefit of Assignor dated January 20, 2014.

 

		5.	Grant of Security Interest in Trademark between Crumbs
Holdings and Assignor dated January 20, 2014.

 

		6.	Membership Interest Pledge Agreement between Crumbs Holdings
and Assignor dated January 20, 2014.

 

		7.	Closing Statement between Crumbs, Crumbs Holdings, and
Assignor dated January 20, 2014.

 

		8.	Closing Statement between Crumbs, Crumbs Holdings and Assignor
dated April 1, 2014.

 

		9.	Certificate of the Secretary of Crumbs Holdings dated January
20, 2014.

 

		10.	Certificate of the Secretary of Crumbs dated January 20,
2014.

 

		11.	All UCC Financing Statements securing the obligations under
the Loan Agreement

 

EXHIBIT A

Assignment of Loan and Loan Documents

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