Document:

Exhibit 10.2

 

MIDCAP BUSINESS CREDIT LLC

 

SECOND AMENDED AND RESTATED REVOLVING NOTE

	$10,000,000.00	June 4, 2018

For value received, the undersigned, INDUSTRIAL SERVICES OF AMERICA, INC., a Florida corporation (“Borrower”), hereby promises to pay, as provided in the Loan Agreement (defined below), to the order of MIDCAP BUSINESS CREDIT LLC, a Texas limited liability company (“Lender”), at its offices in West Hartford, Connecticut, or at any other place designated at any time by the holder hereof, in lawful money of the United States of America and in immediately available funds, the principal sum of TEN MILLION AND 00/100 DOLLARS ($10,000,000.00) or, if less, the aggregate unpaid principal amount of all loans made by Lender to Borrowers under the Loan Agreement, together with interest on the principal amount hereunder remaining unpaid from time to time, computed on the basis of the actual number of days elapsed and a 360-day year, from the date hereof until this Second Amended and Restated Revolving Note (this “Note”) is fully paid at the rate from time to time in effect under the Loan and Security Agreement (All Assets) dated as of February 29, 2016 (as amended by the Amendment No. 1 to Loan and Security Agreement, dated as of the date hereof, and as the same may otherwise be amended, amended and restated, modified, supplemented, extended, renewed, restated, replaced or otherwise modified from time to time, the “Loan Agreement”) by and among Lender, Borrower, ISA Logistics LLC, a Kentucky limited liability company (“ISA Logistics”), ISA Indiana, Inc., an Indiana corporation (“ISA Indiana”), ISA Real Estate, LLC, a Kentucky limited liability company (“ISA Real Estate”), ISA Indiana Real Estate, LLC, a Kentucky limited liability company (“ISA IN Real Estate”), 7021 Grade Lane LLC, a Kentucky limited liability company (“7021 Grade Lane”), 7124 Grade Lane LLC, a Kentucky limited liability company (“7124 Grade Lane”), and 7200 Grade Lane LLC, a Kentucky limited liability company (“7200 Grade Lane”; and together with ISA Logistics, ISA Indiana, ISA Real Estate, ISA IN Real Estate, 7021 Grade Lane, 7124 Grade Lane and any additional Person that at any time becomes a guarantor, jointly, severally and collectively, “Guarantors” and each a “Guarantor”).  The principal hereof and interest accruing thereon shall be due and payable as provided in the Loan Agreement.

This Note may be prepaid only in accordance with the Loan Agreement.

This Note is issued pursuant, and is subject, to the Loan Agreement, which provides, among other things, for acceleration hereof.  This Note is the “Note” referred to in the Loan Agreement.

This Note is secured, among other things, pursuant to the Loan Agreement, and may now or hereafter be secured by one or more other security agreements, mortgages, deeds of trust, assignments or other instruments or agreements.

	1

Borrower hereby agrees to pay all costs of collection, including reasonable attorneys’ fees and legal expenses, in the event this Note is not paid when due, whether or not legal proceedings are commenced.

Presentment or other demand for payment, notice of dishonor and protest are expressly waived.

All rights and obligations hereunder shall be governed by the laws of the State of Connecticut and this Note shall be deemed to be under seal.

This Note replaces that certain Amended and Restated Revolving Note dated as of March 31, 2017, in the original principal amount of $8,000,000.00, made by Borrower in favor of the Lender but is not a novation thereof.

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the undersigned has caused the due execution hereof as of the date and year first above written.

	
	INDUSTRIAL SERVICES OF AMERICA, INC., a Florida corporation

	
	
	

	
	
	

	
	By:	  /s/ Todd Phillips
	
	
	

	
	Name:	Todd Phillips
	
	
	

	
	Title:	Chief Executive Officer, President and
	 	 	Chief Financial Officer

             

	3EX-10.7

 EXHIBIT 10.7 

FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT 

This FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT, dated as of May 10, 2018 (this “Amendment”), is entered into
by and among Stein Mart, Inc., a Florida corporation (“Stein Mart” or the “Lead Borrower”), Stein Mart Buying Corp., a Florida corporation (“Buying Corp.”, and together with Stein Mart, the
“Borrowers”), the Guarantors party hereto, the Lenders party hereto, and Gordon Brothers Finance Company, a Delaware corporation, in its capacity as administrative agent for the Lenders (in such capacity, together with its
successors and assigns, “Administrative Agent”). 
 W I T N E S S E T H 

WHEREAS, Administrative Agent, Lenders, Borrowers and Guarantors have entered into that certain Term Loan Credit Agreement, dated as of
March 14, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, Lead Borrower has requested that Administrative Agent and Lenders modify certain provisions of the Credit Agreement and the
Administrative Agent and Required Lenders are willing to agree to such modifications on the terms and subject to the conditions set forth herein; 

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

1.    Definitions. All capitalized terms used herein but not defined herein shall have the meanings assigned
thereto in the Credit Agreement. 
 2.    Amendment to Credit Agreement.
Section 6.17(b) to the Credit Agreement is hereby amended by amending and restating such section in its entirety as follows: 

(b)    Not later than ninety (90) days after the Closing Date (or such later date as the Administrative Agent
may agree in its sole discretion), the Borrowers shall provide the Administrative Agent with an appraisal report, in form and substance and from an appraiser satisfactory to the Administrative Agent, which shall provide the liquidation value of the
Borrowers’ real property leaseholds. 
 3.    Representations and Warranties. Borrowers each represent
and warrant to the Administrative Agent and each Lender as of the date hereof that after giving effect to this Amendment, no Default or Event of Default exists or has occurred and is continuing as of the date of this Amendment. 

4.    Effect of Amendment. Except as expressly set forth herein, no other consents, amendments, changes or
modifications to the Loan Documents are intended or implied hereby, and in all other respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  

									
		 		 	BORROWERS:
			
		 		 	 STEIN MART, INC.

					
		 		 		 	By:	 	 /s/ Gregory W. Kleffner

		 		 		 	Name:	 	 Gregory W. Kleffner

		 		 		 	Title:	 	 CFO

			
		 		 	 STEIN MART BUYING CORP.

					
		 		 		 	By:	 	 /s/ Gregory W. Kleffner

		 		 		 	Name:	 	 Gregory W. Kleffner

		 		 		 	Title:	 	 Director

			
		 		 	 GUARANTORS:

			
		 		 	 STEIN MART HOLDING CORP.

					
		 		 		 	By:	 	 /s/ Gregory W. Kleffner

		 		 		 	Name:	 	 Gregory W. Kleffner

		 		 		 	Title:	 	 Director

 [GBFC/Stein Mart – Signature Page to First Amendment] 

									
		 		 	AGENT AND LENDERS:
			
		 		 	GORDON BROTHERS FINANCE COMPANY, as the
Administrative Agent
					
		 		 		 	By:	 	 /s/ David Vega

		 		 		 	Name:	 	 David Vega

		 		 		 	Title:	 	 Managing Director

			
		 		 	GORDON BROTHERS FINANCE COMPANY, LLC,
as a Lender
					
		 		 		 	By:	 	 /s/ David Vega

		 		 		 	Name:	 	 David Vega

		 		 		 	Title:	 	 Managing Director

 [GBFC/Stein Mart – Signature Page to First Amendment]EXHIBIT 10.1

 

AMENDMENT TO LEASE

 

THIS AMENDMENT TO LEASE
(“Amendment”) is made and entered into as of the 6th day of June, 2018 (the “Effective Date”)
by and between K & K Unlimited, a New York limited liability company (“Landlord”) and Cables Unlimited,
Inc. a New York corporation (“Tenant”) based on the following facts.

 

A.       Landlord
and Tenant entered into that certain Single Tenant Commercial Lease dated as of June 15, 2011, as amended in April 2016 and June
2017 (collectively, the “Original Lease”), whereby Tenant leased certain real property located at 3 Old Dock
Road, Yaphank, New York 11980, as more particularly described in the Original Lease (the “Premises”) from Landlord.
The Original Lease, as amended by this Amendment, is referred to herein as the “Lease.”

 

B.       By
this Amendment, Landlord and Tenant desire to extend the Term of the Lease and to otherwise modify the Original Lease as provided
herein.

 

C.       Unless
otherwise defined herein, capitalized terms as used herein shall have the same meanings as given thereto in the Original Lease.

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

1. Extended
Lease Term.

 

The Term of the Lease shall be extended for three years such that the Lease shall terminate on June 30, 2021,
and all references in the Lease to the “Term” or words of similar import shall mean the period through June
30, 2021, and all references in the Lease to the “Termination Date” or words of similar import shall mean June
30, 2021.

 

2. Option to
Extend.

 

The three year extension of the Term described in this Amendment does not constitute the exercise of an Option to
Extend as set forth in Paragraph 21.12 of the Lease, which Option remains in full force and effect on the terms set forth in the
Lease, except that all references to the “original Termination Date” are revised to mean the Termination Date as extended
by this Amendment.

 

3. Lease Terms.

 

Except
as set forth in this Amendment, all of the terms and provisions of the Lease shall apply during the Term as extended by this Amendment
and shall remain unmodified and in full force and effect. In the event of a conflict between the terms and provisions of the Lease
and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall control.

 

4. Counterparts
and Fax/Email Signatures

 

This Amendment may be executed in counterparts, each of which shall be deemed an original, but
such counterparts, when taken together, shall constitute one agreement. This Amendment may be executed by a party’s signature
transmitted by facsimile (“fax”) or email, and copies of this Amendment executed and delivered by means of faxed
or emailed signatures shall have the same force and effect as copies hereof executed and delivered with original signatures. Any
party executing and delivering this Amendment by fax or email shall promptly thereafter deliver a counterpart signature page of
this Amendment containing said party’s original signature, if so requested by the other party.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

Executed as of the date
first above written.

 

	 	LANDLORD:	 
	 	 	 
	 	K&K Unlimited, a New York limited liability company  
	 	 	 
	 	By: 	/s/ 	Darren
    Clark	 
	 	 	 	Print Name: Darren Clark
	 	 	 	Title: President
	 	 	 	 	 
	 	TENANT:	 
	 	 	 
	 	Cables Unlimited, Inc., a New York corporation
	 	 	 
	 	By:	/s/	Darren
    Clark	 
	 	 	 	Print Name: Darren Clark
	 	 	 	Title: President
	 	 	 	 	 
	 	With a copy to:  
	 	RF Industries, Ltd.

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