Document:

Exhibit 10.3

 

Execution Version

 

LIMITED CONSENT TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS LIMITED CONSENT TO THIRD
AMENDED AND RESTATED CREDIT AGREEMENT (this “Consent”), dated as of August 10, 2021, is entered into by and among
WILMINGTON TRUST, NATIONAL ASSOCIATION, as administrative agent and collateral agent for Lenders (in such capacity, together with
its successors and assigns in such capacity, “Agent”), the Lenders identified on the signature pages hereof,
and SEQUENTIAL BRANDS GROUP, INC., a Delaware corporation (the “Borrower”), and acknowledged and agreed
to by each of the Guarantors identified on the signature pages hereof.

 

RECITALS

 

A.            The
Borrower, certain subsidiaries of the Borrower party thereto from time to time, the lenders party thereto from time to time (the “Lenders”)
and Agent have previously entered into that certain Third Amended and Restated Credit Agreement dated as of July 1, 2016 (as the
same has been amended, restated, amended and restated, supplemented, or otherwise modified prior to the date hereof, the “Credit
Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to the Borrower.
Terms used herein without definition shall have the meanings ascribed to them in the Credit Agreement.

 

B.            The
Borrower has requested that the Lenders (x)(i) extend the deadline of the Borrower to deliver the financial statements of the Borrower
and its Subsidiaries for the Fiscal Quarter ended June 30, 2021 (“June 2021 Financials”) in accordance with
the provisions set forth in Section 6.01(b) of the Credit Agreement, and (ii) extend the deadline of the Borrower to deliver
the Compliance Certificate for the Fiscal Quarter ended June 30, 2021 (“June 2021 Compliance Certificate”)
in accordance with the provisions set forth in Section 6.02(b) of the Credit Agreement, in each case, to August 31, 2021
(the “2021 Extension”).

 

C.            The
Agent (at the direction of the Lenders) and Lenders (constituting the Required Lenders) party hereto are willing to grant the Extension
(such grant, the “Requested Consent”) under the Credit Agreement, subject to the terms and conditions set forth herein.

 

D.            The
Borrower is entering into this Consent with the understanding and agreement that, except as specifically provided herein, none of Agent’s
or any Lender’s rights or remedies as set forth in the Credit Agreement or the other Loan Documents are being waived or modified
by the terms of this Consent.

 

AGREEMENT

 

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

 

1.             Limited
Consent. Subject to the satisfaction of the conditions precedent set forth in Section 2 of this Consent, Agent (at the
direction of the Lenders) and the Lenders party hereto (constituting the Required Lenders) hereby grant the Requested Consent; provided,
that the June 2021 Financials and the June 2021 Compliance Certificate for delivery to the Lenders on or before August 31,
2021 (or such later date to which the Required Lenders may agree in writing, which shall include, for the avoidance of doubt, written
confirmation by e-mail); provided, further that the foregoing consent shall be effective only to the extent specifically
set forth herein and shall not (a) be construed as a consent to or waiver of (i) any breach, Default or Event of Default other
than as specifically waived herein, or (ii) any breach, Default or Event of Default of which Agent or any of the Lenders have not
been informed by any Loan Party, (b) affect the right of Agent or any of the Lenders to demand compliance by each Loan Party with
all terms and conditions of the Credit Agreement and the Loan Documents, except as specifically consented to, modified or waived by the
terms hereof, (c) be deemed a consent to or waiver of any future transaction or action on the part of any Loan Party requiring the
Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement or the Loan Documents, or (d) except
as set forth specifically herein, diminish, prejudice or waive any of Agent’s or any Lender’s rights and remedies under the
Credit Agreement, any of the other Loan Documents, or applicable law, whether arising as a consequence of any Default or Event of Default
which may now exist or otherwise, and Agent and each of the Lenders hereby reserve all of such rights and remedies. Upon the expiration
of the Requested Consent, the failure to deliver the June 2021 Financials and the June 2021 Compliance Certificate, to the
extent not cured prior to the expiration of the Requested Consent, shall constitute an immediate Event of Default under the Credit Agreement.

 

    

     

    

 

2.             Conditions
Precedent to Effectiveness of this Consent. This Consent shall not become effective until all of the following conditions precedent
shall have been satisfied in the sole discretion of the Administrative Agent and the Required Lenders:

 

(a)            Agent
shall have received fully executed counterparts to this Consent, in form and substance satisfactory to the Required Lenders.

 

(b)            Agent
shall have received fully executed counterparts of a limited waiver letter (the “BoA Waiver”) in respect of the BoA
Credit Agreement, in form and substance satisfactory to the Required Lenders, and the conditions precedent set forth therein shall have
been satisfied.

 

3.              Release.

 

In consideration of the Lenders’
willingness to enter into this Consent, each Loan Party hereby releases and forever discharges the Agent and each Lender and the Agent’s
and each Lender’s respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives,
and affiliates (hereinafter all of the above collectively referred to as the “Bank Group”), from any and all claims,
counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without
limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known
or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen,
and whether or not heretofore asserted, which any Loan Party may have or claim to have against any of the Bank Group in any way related
to or connected with the Loan Documents and the transactions contemplated thereby.

 

    2

     

    

 

4.             Representations
and Warranties. The Borrower represents and warrants as follows:

 

(a)            Authority.
The Borrower has the requisite corporate power and authority to execute and deliver this Consent, and to perform its obligations hereunder
and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by the Borrower
of this Consent have been duly approved by all necessary corporate action, have received all necessary governmental approval, if any,
and do not contravene (i) any material provision of any law or (ii) where such contravention could individually or in the aggregate
reasonably be expected to result in a Material Adverse Effect, any material contractual restriction binding on the Borrower. No other
corporate proceedings are necessary to consummate such transactions.

 

(b)            Enforceability.
This Consent has been duly executed and delivered by the Borrower. This Consent and each Loan Document (as amended or modified hereby)
are the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms,
and are in full force and effect.

 

(c)            Representations
and Warranties. Immediately after giving effect to the terms of this Consent, the representations and warranties contained in each
Loan Document (other than any such representations or warranties that, by their terms, are specifically made as of a date other than
the date hereof) are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
portion of any representation and warranty that is already qualified or modified by materiality in the text thereof) on and as of the
date hereof as though made on and as of the date hereof.

 

5.             No
Default. Immediately after giving effect to the terms of this Consent, no event has occurred and is continuing that constitutes a
Default or Event of Default.

 

6.             Binding
Effect. The terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their heirs, representatives,
successors and assigns.

 

7.             Reaffirmation
of Obligations. The Borrower and each Guarantor hereby ratifies the Loan Documents and acknowledges and reaffirms (a) that it
is bound by all terms of the Loan Documents applicable to it and (b) that it is responsible for the observance and full performance
of its respective Obligations.

 

8.             Loan
Document. This Consent shall constitute a Loan Document under the terms of the Amended Credit Agreement.

 

9.             Multiple
Counterparts. This Consent may be executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Consent by telecopy, pdf or other electronic transmission shall be as effective as delivery of a manually
executed counterpart of this Consent.

 

10.            Governing
Law. THIS CONSENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT
OR OTHERWISE BASED UPON, ARISING OUT OF OR RELATING TO THIS CONSENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    3

     

    

 

11.            Consent
to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions
set forth in Sections 10.14 and 10.15 of the Amended Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

12.            Agent
Authorization. Each of the undersigned Lenders hereby authorizes and directs Agent to execute and deliver this Consent on its behalf
and, by its execution below, each of the undersigned Lenders agrees to be bound by the terms and conditions of this Consent.

 

[Remainder of Page Left Intentionally Blank]

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed and delivered as of the date first above written.

 

	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Agent
	 	 
	 	 
	 	By:	/s/ David Bergstrom
	 	Name: David Bergstrom
	 	Title: Vice President

 

 

[Signature page to
Waiver to Sequential Credit Agreement]

 

    

     

    

 

LENDERS:

  

	 	FS KKR CAPITAL CORP.
	 	 
	 	By:	/s/ Jessica Woolf 
	 	Name: Jessica Woolf 
	 	Title: Authorized Signatory
	 	 
	 	DARBY CREEK LLC
	 	 
	 	By:	/s/ Jessica Woolf 
	 	Name: Jessica Woolf 
	 	Title: Authorized Signatory
	 	 
	 	DUNLAP FUNDING LLC
	 	 
	 	By:	/s/ Jessica Woolf 
	 	Name: Jessica Woolf 
	 	Title: Authorized Signatory

 

 

[Signature page to
Waiver to Sequential Credit Agreement]

 

    

     

    

 

ACKNOWLEDGED AND AGREED:

 

	BORROWER:

     
	SEQUENTIAL BRANDS GROUP, INC.,

    a Delaware corporation
	 	 
	 	 
	 	By:	/s/
    Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer

 

 

	GUARANTORS:	SQBG, INC.

 

	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	SEQUENTIAL LICENSING, INC.
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	WILLIAM RAST LICENSING, LLC
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	HEELING SPORTS LIMITED
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	B®AND MATTER, LLC
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer

 

 

[Signature page to Waiver to Sequential Credit Agreement]

 

    

     

    

 

	 	SBG FM, LLC
	 	  
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	SBG UNIVERSE BRANDS, LLC
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	GALAXY BRANDS LLC
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	The Basketball Marketing Company, Inc.
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	AMERICAN SPORTING GOODS CORPORATION
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	LNT BRANDS LLC
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	JOE’S HOLDINGS LLC
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer

 

 

[Signature page to Waiver to Sequential Credit Agreement]

 

    

     

    

 

	 	GAIAM BRAND HOLDCO, LLC
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	GAIAM AMERICAS, INC.
	 	 
	 	By:	 /s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer
	 	 
	 	SBG-GAIAM HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer

 

[Signature page to Waiver to Sequential Credit
Agreement]ex_261677.htm

Exhibit 10.1

 

AMENDMENT NUMBER TWELVE TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE

 

This AMENDMENT NUMBER TWELVE TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE (this “Amendment”), effective as of June 29, 2021, is entered into by and between JMP SECURITIES LLC, a Delaware limited liability company (“Broker/Dealer”), and CITY NATIONAL BANK, a national banking association (“Lender”), and in light of the following:

 

W I T N E S S E T H

 

WHEREAS, Broker/Dealer and Lender are parties to: (a) that certain Revolving Note and Cash Subordination Agreement, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note Agreement”), and (b) that certain Revolving Note, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note”);

 

WHEREAS, JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“JMP Holding Guarantor”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Holding Broker/Dealer Guaranty”);

 

WHEREAS, HARVEST CAPITAL STRATEGIES LLC, formerly known as JMP Asset Management LLC, a Delaware limited liability company (“Harvest Guarantor”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of April 30, 2014 (as amended, restated, supplemented, or otherwise modified from time to time, the “Harvest Broker/Dealer Guaranty”);

 

WHEREAS, JMP INVESTMENT HOLDING LLC, a Delaware limited liability company (“JMP Investment Guarantor”: JMP Investment Guarantor, JMP Holding Guarantor, and Harvest Guarantor, collectively, the “Guarantors”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of May 12, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Investment Broker/Dealer Guaranty”: the JMP Investment Broker/Dealer Guaranty, the JMP Holding Broker/Dealer Guaranty and the Harvest Broker/Dealer Guaranty, collectively, the “Broker/Dealer Guaranties”);

 

WHEREAS, Broker/Dealer has requested that the Lender make certain amendments to the Note Agreement and the Note; and

 

WHEREAS, upon the terms and conditions set forth herein, Lender is willing to accommodate the Broker/Dealer’s requests.

 

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

 

1.    Defined Terms. All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Note Agreement, as amended hereby.

 

 

 

 

2.    Amendments to Note Agreement.

 

(a)    Section 1(a) of the Note Agreement is hereby amended by replacing the reference to “30th day of June, 2021” with “30th day of June, 2022”.

 

(b)    Section 1(c) of the Note Agreement is hereby amended by replacing the reference to “30th day of June, 2022” with “30th day of June, 2023”.

 

(c)    Rider A to the Note Agreement is hereby amended by adding the following provision at the end thereof:

 

“Broker/Dealer shall pay to Lender an amendment fee in the amount of $25,000 (“the Amendment Fee”) in immediately available funds. Such Amendment Fee shall be due and payable in full on or before July 31, 2021.

 

3.    Amendments to Note.

 

(a)    The Note is hereby amended by replacing the reference to “30th day of June, 2022” with “30th day of June, 2023”.

 

4.    Conditions Precedent to Amendment. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of the Amendment (such date being the “Amendment Effective Date”):

 

(a)    Lender shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect.

 

(b)    Lender shall have received the reaffirmation and consent of each the Guarantors attached hereto as Exhibit A, duly executed and delivered by an authorized officer of each Guarantor.

 

(c)    After giving effect to this Amendment, the representations and warranties herein, in the Note Agreement, and in the Note shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

(d)    No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any governmental entity against Broker/Dealer, any of the Guarantors, or Lender.

 

(e)    No Events of Acceleration or Event of Default shall have occurred and be continuing or shall result from the consummation of the transactions contemplated herein.

 

(f)    Pursuant to Section 19(b) of the Note Agreement, FINRA shall have provided prior written approval of this Amendment.

 

(g)    All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Lender.

 

 

 

 

5.    Representations and Warranties. Broker/Dealer hereby represents and warrants to Lender as follows:

 

(a)    It (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a material adverse effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted, to enter into this Amendment and carry out the transactions contemplated hereby.

 

(b)    The execution, delivery, and performance by it of this Amendment (i) have been duly authorized by all necessary limited liability company action, (ii) do not and will not (A) violate any material provision of federal, state or local law, rule or regulation, or any order, judgment, decree, writ, injunction or award of any arbitrator, court or governmental entity binding on it or of any of the Guarantors, (B) violate the certificate of formation or limited liability company agreement of it or of any of the Guarantors, (C) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contractual obligation of it or of any of the Guarantors, except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a material adverse effect, (D) result in or require the creation or imposition of any lien of any nature whatsoever upon any assets of Broker/Dealer, other than as expressly permitted by Lender, or (E) require any approval of Broker/Dealer’s interest holders or any approval or consent of any person under any material contractual obligation of Broker/Dealer, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of a material contractual obligation, for consents or approvals, the failure of which to obtain could not individually or in the aggregate reasonably be expected to cause a material adverse effect.

 

(c)    The execution, delivery and performance by Broker/Dealer of this Amendment, and the consummation of the transactions contemplated herein do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any governmental entity other than consents or approvals that have been obtained and that are still in force and effect.

 

(d)    This Amendment, when executed and delivered by each person that is a party thereto, will constitute the legal, valid and binding obligation of it, enforceable against it in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.

 

(e)    As of the date hereof, no injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any governmental entity against Broker/Dealer or any of the Guarantors.

 

(f)    No Events of Acceleration or Event of Default has occurred and is continuing as of the date of the effectiveness of this Amendment, and no condition exists which constitutes an Event of Acceleration or an Event of Default.

 

(g)    The representations and warranties set forth in this Amendment, the Note Agreement, and the Note, as amended by this Amendment and after giving effect hereto, are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

 

 

 

6.    Agreements. This Amendment has been entered into without force or duress, of the free will of Broker/Dealer, and the decision of Broker/Dealer to enter into this Amendment is a fully informed decision and Broker/Dealer is aware of all legal and other ramifications of each decision. It has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder and thereunder.

 

7.    Payment of Costs and Fees. Broker/Dealer shall reimburse Lender on demand for all of its actual out-of-pocket costs, expenses, fees and charges in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto (which costs may include the reasonable fees and expenses of any attorneys retained by Lender).

 

8.    Choice of Law. This Amendment and the rights of the parties hereunder, shall be governed by, and construed in accordance with, the laws of the State of California applicable to contracts made and to be performed in the State of California.

 

9.    Amendments. This Amendment cannot be altered, amended, changed or modified in any respect or particular unless each such alteration, amendment, change or modification shall have been agreed to by each of the parties and reduced to writing in its entirety and signed and delivered by each party.

 

10.    Counterpart Execution. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

11.    Effect on Note Agreement and Note.

 

(a)    The Note Agreement and the Note, as amended hereby, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. Except for the amendments to the Note Agreement and the Note expressly set forth herein, the Note Agreement and the Note shall remain unchanged and in full force and effect. The execution, delivery and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Lender under the Note Agreement or the Note. The amendments set forth herein are limited to the specifics hereof, and, except as expressly set forth herein, shall neither excuse any future non-compliance with the Note Agreement or the Note, nor operate as a waiver of any Event of Acceleration or Event of Default.

 

(b)    Upon and after the effectiveness of this Amendment, each reference in the Note Agreement and the Note to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Note Agreement, and each reference in each of the Broker/Dealer Guaranties to “the Note Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Note Agreement, shall mean and be a reference to the Note Agreement as modified and amended hereby.

 

(c)    Upon and after the effectiveness of this Amendment, each reference in the Note Agreement and the Note to “the Revolving Note”, “hereunder”, “herein”, “hereof” or words of like import referring to the Note, and each reference in each of the Broker/Dealer Guaranties to “the Note”, “thereunder”, “therein”, “thereof” or words of like import referring to the Note, shall mean and be a reference to the Note as modified and amended hereby.

 

 

 

 

(d)    To the extent any terms or provisions of this Amendment conflict with those of the Note Agreement or the Note, the terms and provisions of this Amendment shall control. To the extent that any terms and conditions shall contradict or be in conflict with any terms or conditions of the Note Agreement or the Note, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Note Agreement and the Note as modified or amended hereby.

 

(e)    Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.

 

12.    Entire Agreement. This Amendment, and terms and provisions hereof, the Note Agreement, and the Note constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.

 

13.    Reaffirmation of Obligations. The Broker/Dealer hereby restates, ratifies and reaffirms each and every term and condition set forth in the Note Agreement and the Note effective as of the date hereof and as amended hereby.

 

14.    Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

[Signature pages follow]

 

 

 

 

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

 

	 	JMP SECURITIES LLC,

			a Delaware limited liability company, as, Broker/Dealer
	 	 	 
	 	 	 
	 	By:  	/s/ Mark Lehmann  	 
	 	 	Mark Lehmann

			President

 

 

[SIGNATURE PAGE TO AMENDMENT NUMBER TWELVE TO REVOLVING NOTE AND

CASH SUBORDINATION AGREEMENT & REVOLVING NOTE]

 

 

 

 

	 	CITY NATIONAL BANK,

			a national banking association, as Lender
	 	 	 
	 	By:  	/s/ Eric Lo	 
	 	 	Eric Lo

			Senior Vice President

 

 

[SIGNATURE PAGE TO AMENDMENT NUMBER TWELVE TO REVOLVING NOTE AND

CASH SUBORDINATION AGREEMENT & REVOLVING NOTE]

 

 

 

              

Exhibit A

REAFFIRMATION AND CONSENT

 

All capitalized terms used herein without definition shall have the meanings ascribed thereto in: (a) that certain Revolving Note and Cash Subordination Agreement, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note Agreement”) by and between JMP SECURITIES LLC, a Delaware limited liability company (“Broker/Dealer”) and CITY NATIONAL BANK, a national banking association (“Lender”), and (b) that certain Revolving Note, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note”) by and between Broker/Dealer and Lender. Reference is made to: (a) that certain Amendment Number Twelve to Revolving Note and Cash Subordination Agreement & Revolving Note, effective as of June 29, 2021 (the “Amendment”), by and between Broker/Dealer and Lender, (b) that certain General Continuing Guaranty, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Holding Broker/Dealer Guaranty”) by JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“JMP Holding Guarantor”), in favor of Lender, (c) that certain General Continuing Guaranty, dated as of April 30, 2014 (as amended, restated, or otherwise modified from time to time, the “Harvest Broker/Dealer Guaranty”) by HARVEST CAPITAL STRATEGIES LLC, formerly known as JMP Asset Management LLC, a Delaware limited liability company (“Harvest Guarantor”), in favor of Lender and (d) that certain General Continuing Guaranty, dated as of May 12, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Investment Broker/Dealer Guaranty”: the JMP Investment Broker/Dealer Guaranty, the JMP Holding Broker/Dealer Guaranty and the Harvest Broker/Dealer Guaranty, collectively, the “Broker/Dealer Guaranties”) by JMP INVESTMENT HOLDING LLC, a Delaware limited liability company (“JMP Investment Guarantor”: the JMP Investment Guarantor, JMP Holding Guarantor and the Harvest Guarantor, collectively, the “Guarantors”), in favor of Lender. The undersigned Guarantors each hereby (a) represents and warrants to the Lender that the execution, delivery, and performance of this Reaffirmation and Consent are within its powers, have been duly authorized by all necessary limited liability company action, and are not in contravention of any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court, or governmental entity, or of the terms of its certificate of formation and limited liability company agreement, or of any material contractual obligation to which it is a party or by which any of its properties may be bound or affected, except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a material adverse effect; (b) consents to the amendment of the Note Agreement and the Note as set forth in the Amendment and any waivers granted therein; (c) acknowledges and reaffirms its obligations owing to the Lender under the applicable Broker/Dealer Guaranty, as amended hereby; and (d) agrees that the Note Agreement and the Note shall remain in full force and effect, as amended hereby. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, they each understand that the Lender has no obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Delivery of an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Reaffirmation and Consent. Any party delivering an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Reaffirmation and Consent but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed by the laws of the State of California.

 

[Signature page follows]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have each caused this Reaffirmation and Consent to be executed as of the date of the Amendment.

 

	 	JMP HOLDING LLC (formerly known as JMP Group LLC), a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:  	/s/ Raymond S. Jackson 	 
	 	 	Raymond S. Jackson

			Chief Financial Officer
	 	 	 
	 	HARVEST CAPITAL STRATEGIES LLC

			(formerly known as JMP Asset Management LLC),

			a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ Raymond S. Jackson       	 
	 	 	Raymond S. Jackson

			Chief Financial Officer
	 	 	 
	 	JMP INVESTMENT HOLDINGS LLC,

			a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:  	/s/ Raymond S. Jackson	 
	 	 	Raymond S. Jackson

			Chief Financial Officer

 

 

 

[SIGNATURE PAGE TO REAFFIRMATION AND CONSENT]

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