Document:

EXHIBIT 10.20

  
 Exhibit 10.20

  
 As of June 17, 2002 
  
 The Rowe Companies 
 and its Subsidiaries 
 1650 Tysons Boulevard, Suite 710 
 McLean, Virginia 22102 
 Attention: Mr. Gerald M. Birnbach 
  

	 	Re:	Fleet Capital Corporation, as Agent - The Rowe Companies and its Subsidiaries 

  

Gentlemen: 
  
 Reference is hereby made to that certain Loan and Security Agreement dated May 15, 2002 (as at any time amended, the “Loan Agreement”), among
The Rowe Companies, a Nevada corporation, Rowe Diversified, Inc., a Delaware corporation, Home Elements, Inc., a Virginia corporation, Rowe Furniture Wood Products, Inc., a California corporation, Rowe Properties, Inc., a California corporation,
Storehouse, Inc., a Georgia corporation, Rowe Furniture, Inc., a Virginia corporation, The Mitchell Gold Co., a North Carolina corporation (collectively, “Borrowers” and individually, a “Borrower”), the various financial
institutions named therein (collectively, “Lenders”) and Fleet Capital Corporation, as collateral and administrative agent for itself and Lenders. Capitalized terms used herein, unless otherwise defined herein, shall have the meaning
ascribed to such terms in the Loan Agreement. 
  
 The Loan
Agreement is hereby amended by deleting the reference to “June 17, 2002” found in Section 9.1.14 of the Loan Agreement and by substituting in lieu thereof “August 31, 2002.” 
  
 Each Borrower hereby ratifies and reaffirms each of the Loan Documents and
all of such Borrower’s covenants, duties and liabilities thereunder. Each Borrower acknowledges and stipulates that the Loan Agreement and the other Loan Documents executed by such Borrower are legal, valid and binding obligations of such
Borrower that are enforceable against such Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim
on the date hereof, the same is hereby waived by such Borrower); and the security interests and liens granted by such Borrower in favor of Agent are duly perfected, first priority security interests and Liens (except as otherwise explicitly provided
in the Loan Documents). 
  

 Except as otherwise expressly provided in this agreement, nothing herein shall be deemed to amend or
modify any provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and effect. This agreement is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and
the Loan Agreement as herein modified shall continue in full force and effect. 
  
 This agreement shall be governed by and construed in accordance with the internal laws of the State of Georgia and shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. This agreement may be executed in any number of counterparts and by different parties to this agreement on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute
one and the same agreement. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto. To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to
trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this agreement. 
  
 The parties hereto have caused this agreement to be duly executed under seal and delivered by their respective duly authorized officers on the date first
written above. 
  

											
	 	 	 	 	 FLEET CAPITAL CORPORATION
 (“Agent” and a “Lender”)

				
	 	 	 	 	By:	 	 
						
	 	 	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	 THE CIT GROUP/COMMERCIAL
 SERVICES,
INC. (“Lender”)

				
	 	 	 	 	By:	 	 
						
	 	 	 	 	 	 	 	 	 Title:
	 	 
				
	 	 	 	 	 	 	 Accepted and agreed to:

			
	 	 	 	 	THE ROWE COMPANIES
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

  
 [Signatures continued
on following page] 
  

 - 2 - 

											
	 	 	 	 	ROWE DIVERSIFIED, INC.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

			
	 	 	 	 	HOME ELEMENTS, INC.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

			
	 	 	 	 	 ROWE FURNITURE WOOD PRODUCTS,
 INC.

	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

			
	 	 	 	 	ROWE PROPERTIES, INC.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

			
	 	 	 	 	STOREHOUSE, INC.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

  
 [Signatures continued
on following page] 
  

 - 3 - 

											
	 	 	 	 	ROWE FURNITURE, INC.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

			
	 	 	 	 	THE MITCHELL GOLD CO.
	ATTEST:	 	 	 	 (“Borrower”)

				
	/s/ Illegible	 	 	 	By:	 	/s/ Illegible
	 Secretary/Assistant Secretary
	 	 	 	 	 	 	 	 
	 [CORPORATE SEAL]
	 	 	 	 	 	 Title:
	 	 Illegible

  

 - 4 -EXHIBIT 10.21

  
 Exhibit 10.21

  
 SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

  
 THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
(this “Amendment”) is made and entered into this 10th day of October, 2002, by and among THE ROWE COMPANIES, a Nevada corporation, ROWE DIVERSIFIED, INC., a Delaware corporation, ROWE FURNITURE WOOD PRODUCTS, INC., a
California corporation, ROWE PROPERTIES, INC., a California corporation, STOREHOUSE, INC., a Georgia corporation, ROWE FURNITURE, INC., a Virginia corporation, and THE MITCHELL GOLD CO., a North Carolina corporation
(hereinafter referred to collectively as “Borrowers” and individually as a “Borrower”), the various financial institutions (collectively, “Lenders”) named in the Loan Agreement (as defined below), and FLEET CAPITAL
CORPORATION, a Rhode Island corporation, in its capacity as collateral and administrative agent for itself and Lenders (together with its successors in such capacity, “Agent”). 
  
 Recitals: 
  
 Agent, Lenders and Borrowers are parties to a certain Loan and Security
Agreement dated May 15, 2002, as amended by that certain letter amendment dated as of June 17, 2002 (as amended at any time, the “Loan Agreement”), pursuant to which Agent and Lenders have made certain revolving credit and term loans and
other financial accommodations to Borrowers. 
  
 Home Elements,
Inc., a Virginia corporation and one of the original “Borrowers” under the Loan Agreement, merged into Storehouse, Inc. on May 31, 2002. 
  
 The parties desire to amend the Loan Agreement as hereinafter set forth. 
  
 NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency
of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 1. Definitions. All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms
in the Loan Agreement. 
  

 2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as follows:

  
 (a) By deleting Section 9.1.5 of the Loan
Agreement and by substituting in lieu thereof the following: 
  
 9.1.5 Projections. No later than 30 days after the end of each Fiscal Year of Borrowers, deliver to Agent and Lenders the Projections of Borrowers for the forthcoming 3 Fiscal Years, year by year, and for the
forthcoming Fiscal Year, month by month. 
  
 (b)
By deleting the reference to “August 31, 2002” in Section 9.1.14 of the Loan Agreement and by substituting in lieu thereof “November 30, 2002.” 
  
 (c) By deleting Section 9.3.3 of the Loan Agreement and by substituting in lieu thereof the following:

  
 9.3.3. Consolidated Leveraged Ratio.
Maintain a Consolidated Leverage Ratio of not more than the ratio set forth below for the period corresponding thereto: 
  

			
	 Period

	  	Ratio

	 The 4 Fiscal Quarters ending June 2, 2002
	  	9.0 to 1.0
		
	 The 4 Fiscal Quarters ending September 1, 2002
	  	8.5 to 1.0
		
	 The 4 Fiscal Quarters ending December 1, 2002
	  	6.5 to 1.0
		
	 The 4 Fiscal Quarters ending March 2, 2003
	  	5.5 to 1.0
		
	 The 4 Fiscal Quarters ending June 1, 2003
	  	5.0 to 1.0
		
	 The 4 Fiscal Quarters ending August 31, 2003
	  	4.5 to 1.0
		
	 The 4 Fiscal Quarters ending November 30, 2003
	  	4.0 to 1.0
		
	The 4 Fiscal Quarters ending March 1, 2004 and the 4-Fiscal Quarter period ending on the last day of each Fiscal Quarter thereafter	  	3.5 to 1.0

  

 - 2 - 

 (d) By deleting the definition of “Consolidated Adjusted Tangible Assets” from
Appendix A to the Loan Agreement and by substituting in lieu thereof the following: 
  
 Consolidated Adjusted Tangible Assets - all assets of Borrowers except: (i) any surplus resulting from any write-up of assets
subsequent to Borrowers’ formation; (ii) patents, copyrights, trademarks, trade names, non-compete agreements, franchises and other similar intangibles; (iii) good will, including any amounts, however designated on a Consolidated balance sheet
of Borrowers and their respective Subsidiaries, representing the excess of the purchase price paid for assets or stock over the value assigned thereto on the books of Borrowers; (iv) unamortized debt discount and expense; (v) assets located and
notes and receivables due from obligors outside of the United States of America except for Accounts that are Eligible Accounts; and (vi) Accounts, notes and other receivables due from Affiliates or employees. 
  
 3. Ratification and Reaffirmation. Each Borrower hereby
ratifies and reaffirms the Obligations, each of the Loan Documents and all of such Borrower’s covenants, duties, indebtedness and liabilities under the Loan Documents. 
  
 4. Acknowledgments and Stipulations. Each Borrower acknowledges and stipulates that the Loan Agreement and the
other Loan Documents executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable against such Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense,
offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by such Borrower); the security interests and liens granted by such Borrower in favor of Agent are duly
perfected, first priority security interests and liens (except as otherwise explicitly provided in the Loan Agreement); and the unpaid principal amount of the Loans on and as of October 8, 2002, totaled $30,369,977.12. 
  
 5. Representation and Warranties. Each Borrower represents and
warrants to Agent and Lenders, to induce Agent and Lenders to enter into this Amendment, that no Default or Event of Default exists on the date hereof; the execution, delivery and performance of this Amendment have been duly authorized by all
requisite corporate action on the part of such Borrower and this Amendment has been duly executed and delivered by such Borrower; and all of the representations and warranties made by such Borrower in the Loan Agreement are true and correct on and
as of the date hereof. 
  
 6. Reference to Loan
Agreement. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Loan Agreement, as amended by this
Amendment. 
  
 7. Breach of Amendment. This
Amendment shall be part of the Loan Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default. 
  

 - 3 - 

 8. Expenses of Agent and Lenders. Borrowers jointly and severally agree to pay,
on demand, all costs and expenses incurred by Agent and Lenders in connection with the preparation, negotiation and execution of this Amendment and any other Loan Documents executed pursuant hereto and any and all amendments,
modifications, and supplements thereto, including, without limitation, the costs and fees of Agent’s and Lenders’ legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred
to herein or contemplated hereby. 
  
 9. Effectiveness;
Governing Law. This Amendment shall be effective upon acceptance by Agent and Lenders (notice of which acceptance each Borrower hereby waives), whereupon the same shall be governed by and construed in accordance with the internal laws of the
State of Georgia. 
  
 10. Successors and Assigns.
This Amendment shall be binding upon and inure to the benefit of the parries hereto and their respective successors and assigns. 
  
 11. No Novation, etc. Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any
provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and effect. This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Loan
Agreement as herein modified shall continue in full force and effect. 
  
 12. Counterparts; Telecopied Signatures. This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto. 
  
 13. Further Assurances. Each Borrower agrees to take such
further actions as Agent or Lenders shall reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby. 
  
 14. Section Titles. Section titles and references used in this
Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto. 
  
 15. Waiver of Jury Trial. To the fullest extent permitted by Applicable Law, the parties hereto each hereby waives the right to trial by jury in
any action, suit, counterclaim or proceeding arising out of or related to this Amendment. 
  
 [Signatures commence on following page] 
  

 -4- 

									
	 ATTEST:
	 	 	 	 STOREHOUSE, INC.
 (“Borrower”)

				
	 /s/ Garry W. Angle
	 	 	 	By:	 	 /s/ Gerald M. Birnbach

	 Garry W. Angle, Assistant Secretary
	 	 	 	 	 	Gerald M. Birnbach,
	 [CORPORATE SEAL]
	 	 	 	 	 	 Chairman of the Board

  

									
	 ATTEST:
	 	 	 	 ROWE FURNITURE, INC.
 (“Borrower”)

				
	 /s/ Garry W. Angle
	 	 	 	By:	 	 /s/ Gerald M. Birnbach

	 Garry W. Angle, Assistant Secretary
	 	 	 	 	 	Gerald M. Birnbach,
	 [CORPORATE SEAL]
	 	 	 	 	 	 Chairman of the Board

  

									
	 ATTEST:
	 	 	 	 THE MITCHELL GOLD CO.
 (“Borrower”)

				
	 /s/ Garry W. Angle
	 	 	 	By:	 	 /s/ Gerald M. Birnbach

	 Garry W. Angle, Assistant Secretary
	 	 	 	 	 	Gerald M. Birnbach,
	 [CORPORATE SEAL]
	 	 	 	 	 	 Chairman of the Board

  

											
	 	 	 	 	 FLEET CAPITAL CORPORATION
 (“Lender”)

					
	 	 	 	 	By:	 	 	 	 
					
	 	 	 	 	 	 	 Title:
	 	 

  

											
	 	 	 	 	 THE CIT GROUP/COMMERCIAL
 SERVICES,
INC.
 (“Lender”)

					
	 	 	 	 	By:	 	 	 	 
					
	 	 	 	 	 	 	 Title:
	 	 

  
 [Signatures continued
on following page] 
  

 -6- 

											
	 	 	 	 	FLEET CAPITAL CORPORATION, as
	 	 	 	 	Agent	 	 	 	 
					
	 	 	 	 	 	 	Title:	 	 

  

 -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]