Document:

Exhibit 10.2

 

 

AMENDED AND RESTATED TERM NOTE

PNC Bank, National Association

 

	
$3,422,160

	
February __, 2016

Woodbridge, New Jersey

              This Amended and Restated Term Note (this "Note") is executed and delivered under and pursuant to the terms of that certain Revolving Credit, Term Loan and Security Agreement dated as of June 27, 2012 (as amended, supplemented, restated or modified from time to time, the "Loan Agreement") by and among INTEGRATED BIOPHARMA, INC., a corporation organized under the laws of the State of Delaware ("Integrated"), InB:MANHATTAN DRUG COMPANY, INC., a corporation organized under the laws of the State of New York ("MD "), AGROLABS, INC., a corporation organized under the laws of the State of New Jersey ("AL"), IHT HEALTH PRODUCTS, INC., a corporation organized under the laws of the State of Delaware (IHT"), VITAMIN FACTORY, INC., a corporation organized under the laws of the State of Delaware ("Vitamin") and IHT PROPERTIES CORP., a corporation organized under the laws of the State of Delaware ("IHTP) (Integrated, MD, AL, IHT, Vitamin and IHTP each a "Borrower", and collectively "Borrowers") and PNC BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America ("PNC"), the various financial institutions named therein or which hereafter become a party thereto (together with PNC collectively, "Lenders"), and PNC as agent for Lenders (in such capacity, "Agent").  Capitalized terms not otherwise defined herein shall have the meanings provided in the Loan Agreement.

FOR VALUE RECEIVED, Borrower hereby promise to pay to the order of PNC, at the office of Agent located at PNC Bank Center, Two Tower Center, East Brunswick, New Jersey 08816, or at such other place as Agent may from time to time designate to Borrower in writing:

(i)  the principal sum of THREE MILLION FOUR HUNDRED TWENTY-TWO THOUSAND ONE HUNDRED SIXTY DOLLARS AND 00/100 ($3,422,160.00) shall be paid in eighty-four (84) consecutive monthly principal installments, the first eighty-three (83) of which shall be in the amount of $40,740.00 commencing on the first Business Day of March, 2016, and continuing on the first Business Day of each month thereafter, with a final payment of any unpaid balance of principal and interest payable on the first Business Day of February, 2023, all as more particularly described in the Loan Agreement, and subject to mandatory prepayment and acceleration upon the occurrence of an Event of Default under the Loan Agreement or earlier termination of the Loan Agreement pursuant to the terms thereof; and

(ii) interest on the principal amount of this Note from time to time outstanding until such principal amount is paid in full at the Term Loan Rate in accordance with the provisions of the Loan Agreement.  In no event, however, shall interest exceed the maximum interest rate permitted by law.  Upon and after the occurrence of an Event of Default, and during the

 

 

 

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continuation thereof, interest shall be payable at the Default Rate in accordance with the Loan Agreement;

(iii) notwithstanding anything to the contrary herein, in the Loan Agreement and/or in any Other Document, all outstanding principal and interest hereunder is due and payable on the Termination Date.

This Note is a "Term Note" referred to in the Loan Agreement and is secured, inter alia, by the Liens granted pursuant to the Loan Agreement and the Other Documents, is entitled to the benefits of the Loan Agreement and the Other Documents and is subject to all of the agreements, terms and conditions therein contained.

This Note is intended to amend, restate and replace a certain Term Note issued by the Borrowers in favor of the Lenders dated June 27, 2012 in the original principal amount of $3,727,000.

This Note is subject to mandatory prepayment, and may be voluntarily prepaid, in whole or in part, in each case on the terms and conditions set forth in the Loan Agreement.

If an Event of Default under Section 10.7 or 10.8 of the Loan Agreement shall occur and be continuing, then this Note shall immediately become due and payable, without notice, together with reasonable attorneys' fees if the collection hereof is placed in the hands of an attorney to obtain or enforce payment hereof.  If any other Event of Default shall occur and be continuing under the Loan Agreement or any of the Other Documents, which is not cured within any applicable grace period, then this Note may, as provided in the Loan Agreement, be declared to be immediately due and payable, without notice, together with reasonable attorneys' fees, if the collection hereof is placed in the hands of an attorney to obtain or enforce payment hereof.

Lenders may at any time pledge or assign all or any portion of their rights under the Loan Agreement or the Other Documents (including any portion of this Note) to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341.  No such pledge or assignment or enforcement thereof shall release Lenders from their obligations under the Loan Agreement or any of the Other Documents.

This Note shall be construed and enforced in accordance with the laws of the State of New York.

The Obligations evidenced by this Note are the same Obligations set forth in Section 2.4 of the Loan Agreement.

Borrowers expressly waive any presentment, demand, protest, notice of protest, or notice of any kind except as expressly provided in the Loan Agreement.

SIGNATURE PAGES TO FOLLOW

 

 

 

 

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ATTEST:

	INTEGRATED BIOPHARMA, INC.
	
 

	
 

	By:  /s/ Dina L. Masi	
By:  /s/ E. Gerald Kay

	
Name:  DINA L. MASI  

	Name:  E. GERALD KAY
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

	
ATTEST:

	InB:MANHATTAN DRUG COMPANY, INC.
	
 

	
 

	By:  /s/ Dina L. Masi	
By:  /s/ Riva Sheppard

	
Name:  DINA L. MASI  

	Name:  RIVA SHEPPARD
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

	
ATTEST:

	AGROLABS, INC.
	
 

	
 

	By:   /s/ Dina L. Masi	
By:  /s/ Christina Kay

	
Name:  DINA L. MASI  

	Name:  CHRISTINA KAY
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

	
ATTEST:

	IHT HEALTH PRODUCTS, INC.
	
 

	
 

	By:   /s/ Dina L. Masi	
By:  /s/ Christina Kay

	
Name:  DINA L. MASI  

	Name:  CHRISTINA KAY
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

	 ATTEST:	 VITAMIN FACTORY, INC.
	
 

	
 

	By:   /s/ Dina L. Masi	
By:  /s/ E. Gerald Kay

	
Name:  DINA L. MASI  

	Name:  E. GERALD KAY
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

	
ATTEST:

	IHT PROPERTIES CORP.
	
 

	
 

	By:   /s/ Dina L. Masi	
By:  /s/ Riva Sheppard

	
Name:  DINA L. MASI  

	Name:  RIVA SHEPPARD
	Title:  Secretary	Title:  President and Chief Executive Officer

 

 

 

 

 

 

 

 

3Exhibit 10.3

FIRST AMENDMENT TO PROMISSORY NOTE

This FIRST AMENDMENT TO PROMISSORY NOTE, dated as of February 19, 2016 (this "Amendment"), among INTEGRATED BIOPHARMA, INC., a Delaware corporation (the "Company"), INB:MANHATTAN DRUG COMPANY, INC., a New York corporation ("MDC", and together with the Company, collectively,  the "Loan Parties", and each, a "Loan Party"), and VITAMIN REALTY ASSOCIATES, LLC, a New Jersey limited liability company ("Vitamin").

W I T N E S S E T H

WHEREAS, reference is made to the Promissory Note the, dated June 27, 2012, made by the Loan Parties and payable to the order of Vitamin in the original principal amount of $685,985.61 (the "Note");

WHEREAS, capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Note;

WHEREAS, the Loan Parties have requested that Vitamin amend the Note, as provided herein; and

WHEREAS, Vitamin is willing to amend the Note as set forth below, all on and subject to the terms set forth herein.

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.            Amendment to the Note.  The definition of the term "Maturity Date" appearing in Section 1(a) of the Note is hereby amended by deleting such term in its entirety and inserting the following in replacement thereof:

"Maturity Date" means  February 29, 2020.

2.            Representations and Warranties.  Each Loan Party hereby represents and warrants that:

(a)            No Event of Default has occurred or is continuing.

(b)            Such Loan Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority to carry on its business as now conducted.

(c)            The execution and delivery of this Amendment, and the performance by such Loan Party of its obligations under this Amendment are within such Loan Party's organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders.

(d)            This Amendment has been duly executed and delivered by such Loan Party and this Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

 

 

3.            Effectiveness Conditions.  This Amendment and the amendment set forth in Section 1, shall be effective as of the date hereof when the following condition precedent is satisfied (the "Amendment Effective Date"): Vitamin shall have received an original counterpart of this Amendment, duly executed by each of the parties hereto.

4.            Acknowledgment, Ratification and Reaffirmation.  Each Loan Party hereby:  (i) acknowledges, confirms, ratifies and affirms in all respects the Note (as amended by this Amendment); (ii) acknowledges, ratifies and affirms its respective obligations under the Note (as amended by this Amendment); and (iii) acknowledges, confirms and agrees that all of the terms and provisions of the Note (as amended by this Amendment) remain in full force and effect.

5.            References.  From and after the Amendment Effective Date, any and all references in the Note to "this Note", "hereof", "hereunder" or words of like import referring to the Note shall mean the Note as amended hereby.

6.            Limited Effect.  The amendment set forth in Section 1 hereof is limited precisely as written and shall not be deemed to (a) be a waiver of or amendment to any other term or condition of the Note, or (b) prejudice any right which Vitamin may now have or may have in the future under or in connection with the Note.  The Note (as amended by this Amendment) is hereby ratified and confirmed in all respects, and shall continue in full force and effect.

7.            Amendment.  This Amendment may be amended or modified only by an instrument signed by each of the parties hereto.

8.            Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed entirely within the State of New York.

9.            WAIVER OF JURY TRIAL.  EACH PARTY HERETO WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY.

10.            Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

11.            Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 [SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment by its duly authorized officers, all as of the day and year first above written.

 

	 	
INTEGRATED BIOPHARMA, INC.

	 	 
	 	 
	 	
By:  /s/ Dina Masi

	 	
Name:  Dina Masi

	 	
Title:  CFO

	 	 
	 	 
	 	 
	 	
INB:MANHATTAN DRUG COMPANY, INC.

	 	 
	 	 
	 	
By:  /s/ Riva Sheppard

	 	
Name:  Riva Sheppard

	 	
Title:  President

  

 

 

[Signature Page to First Amendment to Promissory Note (Vitamin Note)]

 

	 	
VITAMIN REALTY ASSOCIATES, LLC

 

 

	 	
By:  /s/ E. Gerald Kay

	 	
Name:  E. Gerald Kay

	 	
Title:  Partner

	 	 

 

 

 

 

[Signature Page to First Amendment to Promissory Note (Vitamin Note)]

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