Document:

Prepared by R.R. Donnelley Financial -- Termination of Financing Agreement

  
 Exhibit 10.50 
  
 May 1, 2002 
  
 Via Telecopy (561) 589-3779 
  
 eMerge Interactive, Inc. 
 10305 102nd Terrace 
 Sebastian, Florida 32958 
 Attention: Mr. Reid Johnson 
  

	Re:
	 
	Termination of Financing Agreement (“Loan Agreement”), dated August 24, 2001, among eMerge Interactive, Inc. (“Borrower”), The CIT Group/Business Credit,
Inc., in its capacity as agent (“Agent”) and as a lender. 
 

  
 Dear Mr. Johnson, 
  
 Reference is made to the Loan Agreement. All capitalized terms, unless otherwise defined herein, shall have the meanings ascribed to such terms in the
Financing Agreement. 
  
 Agent has been informed that Borrower intends to terminate the Loan Agreement as of May 1, 2002 (the
“Termination Date”) and to satisfy in full all loans and other non-contingent obligations of Borrower to Agent outstanding on the effective date of such termination (collectively, the “ Obligations”), including, but not limited
to, all principal, interest, legal fees and other charges outstanding or payable under the Loan Agreement in the amounts set forth in the following paragraph. Borrower has advised Agent that satisfaction of the Obligations will be effected by the
wire transfer to Agent of immediately available funds in an amount sufficient to satisfy the full amount of the Obligations on the date of payment. 
  
 To the end of facilitating Borrower’s wire transfer of funds on the Termination Date to satisfy the Obligations, please be advised that the total Obligations as of the date hereof consist of the following:

  
 
	 
	 1.
 	  	 Principal Balance
 	  	 $                0
 
	 
	 2.
 	  	 Audit expense
 	  	 $    7,654.00
 
	 
	 3.
 	  	 Prepayment fees or termination charges
 	  	 $425,000.00
 
	 
	 4.
 	  	 Legal fees
 	  	 $  10,000.00
 
	 
	 5.
 	  	 Unused Line Fee/Float day charges/Wire fees
 	  	 $    4,735.75
 
	 
	  	  	 TOTAL
 	  	 $447,389.75
 

 
  
 Borrower has requested Agent’s consent to Borrower’s sale and transfer
on or about the date hereof of the “Chilton Cattle Order Buying Assets” comprised of 196 acres of real property located at 100 Old Martin Road, Chilton, Texas, and associated equipment, furniture, and fixtures and the “rollover
business” conducted thereon (the “Proposed Sale”). Subject to 

 the remittance to Agent of the net proceeds of the Proposed Sale in the amount of $400,000 for application to the Obligations, Agent consents to such sale and
transfer of the Chilton Cattle Order Buying Assets as contemplated by the Proposed Sale. 
  
 Agent agrees that its liens and
security interests in the assets of Borrower shall terminate and Agent shall promptly return to Borrower an expense deposit of approximately $22,000 and the originals of the Participant Letters of Credit if and when Agent receives (a) confirmation
that Agent has received a wire transfer from Borrower of immediately available federal funds, for the account of Agent, in the full amount of the Obligations outstanding on the date of Agent’s confirmation of receipt of such funds, and (b) a
copy of this letter fully executed by Borrower. 
  
 No termination of Agent’s liens and security interests in
Borrower’s assets shall operate to terminate or impair Borrower’s indemnifications of Agent under the Loan Agreement or otherwise, which shall survive such termination. 
  
 Instructions for the wire transfer of funds by Borrower to Agent are as follows: 
  
 JP Morgan Chase New York 
 ABA # 021000021 
 For the account of 
 The CIT Group/Business Credit 
 Account # 144026613 
 Reference: eMerge Interactive 

 
 By its acceptance hereof, Borrower acknowledges and agrees that (a) Agent reserves all of its rights with respect to each automated
clearinghouse transfer (“ACH”) and each check and other instrument or payment item received by Agent from Borrower or any of Borrower’s account debtors prior to full payment of the Obligations as contemplated hereby (such checks,
instruments or other payment items being collectively called “Checks”); (b) Agent has credited to Borrower’s account the amount of all such ACH transfers and the face amount of all such Checks, but Agent has not yet received full and
final credit or payment therefore; and (c) Borrower shall reimburse and pay to Agent, promptly after Agent’s demand therefore made at any time within sixty (60) days after the date hereof, in immediately available funds, the amount of any ACH
transfer and the full face amount of any Check that is hereafter dishonored or returned to Agent or remains unpaid for any reason plus any bank charges and all other reasonable costs incurred by Agent that arise as a result of any such dishonor or
return. 
  
 When accepted by Borrower, the foregoing shall constitute an agreement made in, and governed by the internal laws of
the State of Georgia. 
  
  
 
	 Very truly yours,
  
 THE CIT GROUP/BUSINESS CREDIT, INC  (“Agent”)
 
	 
	 By:
 	  	 /s/    ELLIOT HARRIS
 

	 Title:
 	  	 Vice President
 

 
  
 The above and foregoing is acknowledged, accepted and agreed to: 

 
  
 
	 EMERGE INTERACIVE, INC.  (“Borrower”)
 
	 
	 By:
 	  	 /s/      REID JOHNSON
 

	 Title:
 	  	 CFOPrepared by R.R. Donnelley Financial -- Extension Agreement to Financing dated 02/27/02

 Exhibit 10.51 
  
  
 Extension Agreement 
  
 February 27, 2002 
  

eMerge Interactive, Inc. 
 10305 102nd Terrace 
 Sebastian, Florida 32958 

 
 Re:    Financing and Warrant Purchase Agreement dated as of August 24, 2001 
  
 Gentlemen: 
  
 This letter is submitted by the undersigned
in connection with the Financing and Warrant Purchase Agreement made as of August 24, 2001 (the “Warrant Agreement”), by and among Safeguard Delaware, Inc., ICG Holdings, Inc. and Biegert, Inc., a Wyoming s-corporation
(collectively, the “Investors”), and eMerge Interactive, Inc., a Delaware corporation (the “Company”). 
  
 In connection with the Warrant Agreement, the Investors have agreed to provide letters of credit to enhance the collateral for the Company’s credit facility. In consideration for the Investors providing the letters of credit, the
Company has agreed among other things to grant to the Investors certain warrants. 
  
 The Warrant Agreement provides that in the
event the Company has not provided written notice to the Investors on or before February 28, 2002, that states that the Company no longer desires or requires that the Investors continue to maintain their letters of credit, the Company will issue to
the Investors warrants that are exercisable for up to an aggregate amount of 764,328 shares of common stock (the “B Warrants”). 
  
 Subsequent to the establishment of the Company’s credit facility, the Company has substantially reduced its reliance on the credit facility through alternative financing mechanisms. However, the Company’s
lender has not yet released the requirement that the Investors’ maintain their respective letters of credit. As a result of the Company’s reduced reliance on the credit facility, the credit exposure of the Investors has been substantially
reduced. 
  
 In consideration of this reduction of credit exposure, the Investors agree to extend the warrant issuance date under
the Warrant Agreement for the B Warrants until March 31, 2002 pending further discussions with the Company’s lender regarding the release of the Investors’ letters of credit; provided, however, that this extension will only be effective to
the extent the Company’s borrowings under the credit facility do not exceed the amount of funds held in the lockbox associated with the credit facility. In the event the Company’s borrowings at any time exceed the cash funds in the lockbox
associated with the credit facility, the Company will promptly issue the B Warrants to the Investors upon the written demand of any Investor. 

  
 The parties have executed this letter as of the date first set forth above. 
  
  

	 	

 
	 THE INVESTORS:
  
 
	 Safeguard Delaware, Inc.
  
 
	 
	 By:
 	 	         /s/    CHRISTOPHER J. DAVIS       

	 Name:    
 	 	         Christopher J. Davis
 
	 Title:
 	 	         CFO    
 
	  
 Address for Notices:
 800 The Safeguard Building

435 Devine Park Drive
 Wayne, PA 19087-1945
 Attn:     Christopher
Davis
 Telecopy:                              
 
	  
  
 ICG Holdings, Inc.
  
 
	 
	 By:
 	 	         /s/    RICHARD G. WHITE    
 

	 Name:    
 	 	         Richard G. White
 
	 Title:
 	 	         Managing Director     
 
	  
 Address for Notices:
 100 Lake Drive, Suite 4
 Pencader Corporate Center
 Newark, DE 19702
 Attn:             General Manager
 Telecopy:     302-292-3972
  
 With a copy to:
  
 Internet Capital Group, Inc.
 435 Devon Park Drive
 Building 600
 Wayne, PA 19087
 Attn:             General Counsel
 Telecopy:     610-989-0112
 

 
  
  
 

 2 

  
 
	 Biegert, Inc.:
  
 
	 
	 By:
 	 	         /s/    JEFF BIEGERT       
 

	 Name:    
 	 	         Jeff Biegert
 
	 Title:
 	 	         President    
 
	  
 Address for Notices:
 2713 Dover Drive
 Laramie, WY 82072
 Attn:    Jeff Biegert
 Telecopy:    307-742-6875
 

 
  
  
 The terms and conditions of this letter are acknowledged as of
date of this letter by the undersigned: 
  
  
 
	 THE COMPANY:
  
 
	 eMerge Interactive, Inc.
 
	 
	 By:
 	 	         /s/    REID JOHNSON       
 

	 Name:    
 	 	         Reid Johnson
 
	 Title:
 	 	         CFO  
 
	  
 Address for Notices:
 10305 102nd Terrace
 Sebastian, Florida
 Attn:    Chief Financial Officer
 Telecopy:    (561) 581-7570
 

 
  
 

 3Prepared by R.R. Donnelley Financial -- Extension Agreement to Financing dated 03/29/2002

  
 Exhibit 10.52 
  
 Extension Agreement 
  
 March 29, 2002 
  
 eMerge Interactive, Inc. 
 10305
102nd Terrace 
 Sebastian, Florida 32958 
  
 Re:  Financing and Warrant Purchase Agreement dated as of August 24, 2001 
  
 Gentlemen: 
  
 This letter is submitted by the undersigned in connection with the Financing and Warrant Purchase Agreement
made as of August 24, 2001 (the “Warrant Agreement”), by and among Safeguard Delaware, Inc., ICG Holdings, Inc. and Biegert, Inc., a Wyoming s-corporation (collectively, the “Investors”), and eMerge Interactive,
Inc., a Delaware corporation (the “Company”). 
  
 In connection with the Warrant Agreement, the Investors have
agreed to provide letters of credit to enhance the collateral for the Company’s credit facility. In consideration for the Investors providing the letters of credit, the Company has agreed among other things to grant to the Investors certain
warrants. 
  
 The Warrant Agreement provides that in the event the Company has not provided written notice to the Investors on or
before February 28, 2002, that states that the Company no longer desires or requires that the Investors continue to maintain their letters of credit, the Company will issue to the Investors warrants that are exercisable for up to an aggregate amount
of 764,328 shares of common stock (the “B Warrants”). 
  
 Subsequent to the establishment of the Company’s
credit facility, the Company has substantially reduced its reliance on the credit facility through alternative financing mechanisms. However, the Company’s lender has not yet released the requirement that the Investors’ maintain their
respective letters of credit. As a result of the Company’s reduced reliance on the credit facility, the credit exposure of the Investors has been substantially reduced. 
  
 In consideration of this reduction of credit exposure, the Investors agree to extend the warrant issuance date under the Warrant Agreement for the B Warrants until April 30, 2002 pending
further discussions with the Company’s lender regarding the release of the Investors’ letters of credit; provided, however, that this extension will only be effective to the extent the Company’s borrowings under the credit facility do
not exceed the amount of funds held in the lockbox associated with the credit facility. In the event the Company’s borrowings at any time exceed the cash funds in the lockbox associated with the credit facility, the Company will promptly issue
the B Warrants to the Investors upon the written demand of any Investor. 
 

  
 The parties have executed this letter as of the date first set forth above. 
  
  

	 	

 
	 THE INVESTORS:
  
 
	 Safeguard Delaware, Inc.
  
 
	 
	 By:
 	 	         /s/    CHRISTOPHER J. DAVIS       

	 Name:    
 	 	         Christopher J. Davis
 
	 Title:
 	 	         CFO    
 
	  
 Address for Notices:
 800 The Safeguard Building

435 Devine Park Drive
 Wayne, PA 19087-1945
 Attn:     Christopher
Davis
 Telecopy:                              
 
	  
  
 ICG Holdings, Inc.
  
 
	 
	 By:
 	 	         /s/    HENRY N. NASSAU    
 

	 Name:    
 	 	         Henry N. Nassau
 
	 Title:
 	 	         VP & Secretary    
 
	  
 Address for Notices:
 100 Lake Drive, Suite 4
 Pencader Corporate Center
 Newark, DE 19702
 Attn:             General Manager
 Telecopy:     302-292-3972
  
 With a copy to:
  
 Internet Capital Group, Inc.
 435 Devon Park Drive
 Building 600
 Wayne, PA 19087
 Attn:             General Counsel
 Telecopy:     610-989-0112
 

 
  
  
 

 2 

 

  
 
	 Biegert, Inc.:
  
 
	 
	 By:
 	 	         /s/    JEFF BIEGERT       
 

	 Name:    
 	 	         Jeff Biegert
 
	 Title:
 	 	         President    
 
	  
 Address for Notices:
 2713 Dover Drive
 Laramie, WY 82072
 Attn:    Jeff Biegert
 Telecopy:    307-742-6875
 

 
  
  
 The terms and conditions of this letter are acknowledged as of
date of this letter by the undersigned: 
  
  
 
	 THE COMPANY:
  
 
	 eMerge Interactive, Inc.
 
	 
	 By:
 	 	         /s/    REID JOHNSON       
 

	 Name:    
 	 	         Reid Johnson
 
	 Title:
 	 	         CFO  
 
	  
 Address for Notices:
 10305 102nd Terrace
 Sebastian, Florida
 Attn:    Chief Financial Officer
 Telecopy:    (561) 581-7570
 

 
  
 

 

 3

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