Document:

Exhibit

Exhibit 10.2
Execution Copy

May 21, 2019

Contura Energy, Inc. 
340 Martin Luther King Jr. Blvd. 
Bristol, TN 37620 
Attention:  Mark Manno
		
	Re:
	Amended and Restated Financing Commitment

$561,800,000 Senior Secured Term Loan Facility
Ladies and Gentlemen: 
Contura Energy, Inc., a Delaware corporation (the “Company” or “you”), has previously advised the entities, listed on Schedule I attached hereto (such entities on their own behalf or on behalf of certain of their affiliates, related and/or advised funds and/or managed accounts, as set forth on Schedule I, the “Commitment Parties” or “us” and each, a “Commitment Party”) that the Company requires financing (i) to refinance certain existing indebtedness of the Company and its subsidiaries, and (ii) to pay fees and expenses related to the financing contemplated by this letter.  In connection with the foregoing, certain of the Commitment Parties had previously advised you, pursuant to their letter, dated May 15, 2019 (the “Original Commitment Letter”) of their several and not joint interest in providing a senior secured term loan facility.
It is the intention of each of the parties hereto that the Original Commitment Letter be amended and restated in its entirety as set forth herein, that all references herein, in the Fee Letter (as defined below) and in the Term Sheet (as defined below) to the “Commitment Letter” shall hereafter be deemed to refer to this Amended and Restated Commitment Letter (as the same may be further amended, restated, supplemented or otherwise modified from time to time, and together with the Term Sheet (as defined below), the “Commitment Letter”) and that this Commitment Letter not constitute a novation or termination of the Original Commitment Letter except as expressly modified hereby. 
In connection with the foregoing you have requested that the Commitment Parties provide the Company with a senior secured term loan facility in the aggregate principal amount of $561,800,000 (the “Term Loan Facility”) substantially on the terms and conditions set forth in this Commitment Letter and the Outline of Terms and Conditions for Term Loan Facility attached hereto as Exhibit A (the “Term Sheet”).  The Commitment Parties are pleased to advise you of their several, but not joint, commitment to provide the principal amount of the Term Loan Facility set forth opposite such Commitment Party’s name on Schedule 1 hereto.  The commitment of the Commitment Parties to provide the Term Loan Facility is subject in all respects to satisfaction of the terms and conditions contained in this Commitment Letter and in the Term Sheet.  The consummation of the Term Loan Facility and all other transactions contemplated to occur on the Closing Date (as defined in the Term Sheet) are hereinafter referred to as the “Transactions”.  Capitalized terms used but not defined herein are used with the meanings assigned to them in the Term Sheet.
As consideration for the commitment of the Commitment Parties hereunder and the Commitment Parties’ agreement to perform the services described herein, the Company agrees to pay or cause to be paid the fees set forth in that certain Amended and Restated Fee Letter, dated as of the date hereof and delivered herewith with respect to the Term Loan Facility (the “Fee Letter”), if and to the 

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extent payable in accordance with the terms thereof.  Once paid, such fees shall not be refundable under any circumstances, except as otherwise contemplated by the Fee Letter.
By its execution hereof and its acceptance of the commitment contained herein, the Company agrees to indemnify and hold harmless the Commitment Parties, the Agent (as defined in the Term Sheet) any other entity that becomes a Lender as contemplated by the Term Sheet and each of their respective assignees, affiliates, management companies and managed funds, and each of their respective shareholders, directors, partners, members, officers, employees, agents, advisors and other representatives (each an “Indemnified Party”) from and against any and all losses, claims, damages, liabilities or other reasonable and documented out-of-pocket expenses to which such Indemnified Party may become subject, insofar as such losses, claims, damages, liabilities (or actions or other proceedings commenced or threatened in respect thereof) or other expenses arise out of or in connection with or result from, this Commitment Letter, the Fee Letter or the extension of the Term Loan Facility contemplated by this Commitment Letter, or in any way arise from any use or intended use of this Commitment Letter or the proceeds of the Term Loan Facility contemplated by this Commitment Letter, and the Company agrees to reimburse each Indemnified Party for any legal or other expenses incurred in connection with investigating, defending or participating in any such loss, claim, damage, liability or other expenses or action or other proceeding (whether or not such Indemnified Party is a party to any action or proceeding out of which indemnified expenses arise) (but limited, in the case of legal fees and expenses, to the reasonable, documented and invoiced out-of-pocket fees and expenses of one counsel, representing all of the Indemnified Parties, taken as a whole, and of a single local counsel in each appropriate jurisdiction (and, in the case of a potential or actual conflict of interest, one additional conflicts counsel for the affected Indemnified Parties)), but excluding therefrom all expenses, losses, claims, damages and liabilities which are determined in a final, non-appealable decision of a court of competent jurisdiction to (x) have resulted from the bad faith, gross negligence or willful misconduct of such Indemnified Party (or such Indemnified Party’s assignees, affiliates, management companies and managed funds, and any of their respective shareholders, directors, partners, members, officers, employees, agents, advisors and other representatives), (y) result from a material breach of such Indemnified Party’s obligations hereunder or under any other Loan Document or (z) have arisen out of or in connection with any claim, litigation, loss or proceeding not involving an act or omission of the Borrower or any other Loan Party and that is brought by an Indemnified Party against another Indemnified Party (other than any claims against an Indemnified Party in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under this Commitment Letter or any claims arising out of any act or omission of the Borrower or any of other Loan Party).  Notwithstanding the foregoing, this paragraph applies to each Commitment Party solely in its capacity as a Commitment Party or a Lender or as an investment manager or advisor to certain of its affiliates or managed funds that shall be Commitment Parties or Lenders, and not as a shareholder or in any other capacity in relation to the Company.  In the event of any litigation or dispute involving this Commitment Letter or the Term Loan Facility, no Commitment Party, Agent or Lender shall be responsible or liable to the Company or any other person (including the Borrower or Guarantor (as defined in the Term Sheet)), and neither the Company nor any Guarantor shall be responsible or liable to any Commitment Party, Agent, Lender or any other person, in each case for any special, indirect, consequential, incidental or punitive damages.
In addition, the Company agrees to reimburse the Commitment Parties for all reasonable fees and expenses (the “Expenses”) incurred by or on behalf of the Commitment Parties in connection with the negotiation, preparation, execution and delivery of this Commitment Letter, the Fee Letter, the Term Sheet, any related fee letter, and any and all definitive documentation relating hereto and thereto (limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one counsel to the Agent, one counsel to the Commitment Parties taken as a whole and of a single local counsel in each appropriate jurisdiction). 

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The Company, on behalf of itself, the Borrower and the Guarantors represents and warrants that (i) all written information (other than the Projections (as defined below)) and other materials concerning the Company or any Guarantor, (collectively, the “Information”) which has been, or is hereafter, made available by, or on behalf of the Company or any Guarantor or any of their respective representatives, is, or when delivered will be, when considered as a whole, complete and correct in all material respects and does not, or will not when delivered, contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading in light of the circumstances under which such statement has been made and (ii) to the extent that any such Information contains projections and other forward-looking materials (the “Projections”), such projections were prepared in good faith on the basis of (A) assumptions, methods and tests stated therein which are believed by the Company to be reasonable and (B) information believed by the Company to have been accurate based upon the information available to the Company at the time such projections were furnished to the Commitment Parties, it being understood that actual results may vary materially from the Projections.  The Company agrees that if at any time prior to the Closing Date, any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then the Company will promptly supplement, or cause to be supplemented, the Information and Projections so that such representations will be correct in all material respects under those circumstances.
This Commitment Letter is delivered to the Company upon the condition that neither the existence of this Commitment Letter, the Original Commitment Letter, the Term Sheet, or the Fee Letter, nor any of their contents, or the identity of any of the Commitment Parties shall be disclosed, directly or indirectly, by the Company or any of their respective affiliates, except (a) as may be compelled to be disclosed in a judicial or administrative proceeding or as otherwise required by law (in which case you agree, to the extent permitted by law, to inform us promptly in advance thereof), (b) on a confidential and “need to know” basis, solely to the directors, officers, employees, advisors and agents of the Company and its subsidiaries, (c) as may be required by the rules, regulations, schedules and forms of the Securities and Exchange Commission in connection with any filings with the Securities and Exchange Commission, (d) if the Commitment Parties consent in writing to such proposed disclosure, (e) you may disclose the Term Sheet to bona-fide potential Lenders and to rating agencies in connection with obtaining, maintaining or updating (as applicable) ratings for the Borrower and the Term Loan Facility, (f) you may disclose the aggregate fee amounts contained in the Fee Letter as part of Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Term Loan Facility or in any public filing relating to the Transactions, (g) you may disclose this Commitment Letter, the Fee Letter and the contents hereof and thereof to the extent this Commitment Letter, the Fee Letter or the contents hereof or thereof, as applicable, become publicly available other than by reason of disclosure by you in breach of this Commitment Letter, (h) you may disclose, on a confidential basis, the Fee Letter and the contents thereof after the Closing Date for customary accounting purposes, including for deferred financing costs (including to the auditors of the Company) and (i) you may disclose this Commitment Letter, the Fee Letter and the contents hereof and thereof to the extent necessary to enforce your rights and remedies hereunder or thereunder.  In addition, the Company agrees that it will (i) consult with the Commitment Parties prior to the making of any filing in which reference is made to the commitments contained herein, and (ii) obtain the prior approval of the Commitment Parties before releasing any public announcement, filing or other release in which reference is made to any Commitment Party or any Commitment Party’s commitment contained herein.  Your obligations under this paragraph with regard to this Commitment Letter (but not the Fee Letter) shall terminate one year from the termination of the Commitment Letter in accordance with its terms.  The Company acknowledges that the Commitment Parties and their affiliates may now or hereafter provide financing or obtain other interests in other companies in respect of which the Company or its affiliates may be business competitors, and that the Commitment Parties and their affiliates will have no obligation to provide to the 

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Company or any of its affiliates any confidential information obtained from or in respect of such other companies.
Each Commitment Party and its affiliates will use all confidential information provided to it or such affiliates by or on behalf of you hereunder solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all such information, except (a) as may be compelled to be disclosed in a judicial or administrative proceeding or as otherwise required by law (in which case such Commitment Party agrees, to the extent permitted by law, to inform you promptly in advance thereof), (b) upon the request or demand of any regulatory authority having jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees to inform you promptly thereof prior to such disclosure to the extent practicable, unless such Commitment Party is prohibited by applicable law from so informing you, or except in connection with any request as part of a regulatory examination or routine audit), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or any of its affiliates in violation of this Commitment Letter, (d) to the extent that such information is received by such Commitment Party from a third party that is not to such Commitment Party’s knowledge subject to confidentiality obligations to you, (e) to the extent that such information is independently developed by such Commitment Party so long as not based on information obtained in a manner that would otherwise violate this provision, (f) on a confidential and “need to know” basis, solely to the directors, officers, employees, advisors, affiliates and agents (collectively, the “Representatives”) of each Commitment Party and its affiliates (provided that such Commitment Party shall be responsible for its affiliates’ and Representatives’ compliance with this paragraph), (g) to prospective Lenders, participants or assignees or any potential counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any of its subsidiaries or any of their respective obligations, in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) or (h) to ratings agencies in connection with the Transactions, subject to our prior notification to you; provided, that (i) the disclosure of any such information to any Lenders or prospective Lenders or participants or assignees or prospective participants or assignees referred to above shall be made subject to the acknowledgement and acceptance by such Lender or prospective Lender or assignee or participant or prospective assignee or participant that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and such Commitment Party) in accordance with customary market standards for dissemination of such type of information and (ii) no disclosure shall be made by such Commitment Party to any Disqualified Institution except to the extent permitted under this paragraph.  “Disqualified Institution” means (i) any financial institutions and entities identified by the Company to the Commitment Parties by name in writing on or prior to May 15, 2019, (ii) any competitors of the Loan Parties identified by the Company to the Commitment Parties by name in writing from time to time and (iii) affiliates of the foregoing that are readily identifiable solely on the basis of similarity of their names; provided that (x) in the case of clauses (ii) and (iii) herein, “Disqualified Institutions” shall not include any bona fide diversified debt fund or a diversified investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in, acquiring or trading commercial loans, bonds and similar extensions of credit in the ordinary course and (y) updates to the Disqualified Institution schedule shall not retroactively invalidate or otherwise affect any (A) assignments or participations made to, (B) any trades entered into with or (C) information provided to any person before it was designated as a Disqualified Institution.  Each Commitment Party’s obligations under this paragraph shall terminate one year from the termination of this Commitment Letter and shall otherwise automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to Term Loan Facility upon the execution and delivery of the definitive documentation therefor.  The foregoing provisions as they relate to a Disqualified Institution are subject to the review and agreement of the Agent and its counsel.

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You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and the Commitment Parties is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment Parties have advised or are advising you on other matters, (b) the Commitment Parties, on the one hand, and you, on the other hand, have an arm’s length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty to you or your affiliates on the part of the Commitment Parties, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that the Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from your interests and that the Commitment Parties have no obligation to disclose such interests and transactions to you, (e) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, (f) each Commitment Party has been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity, and (g) none of the Commitment Parties has any obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein or in any other express writing executed and delivered by such Commitment Party and you or any such affiliate.  You agree that you will not assert any claim relating to the transaction contemplated hereby against any Commitment Party based on an alleged breach of agency or fiduciary duty.  Notwithstanding the foregoing, this paragraph applies to each Commitment Party solely in its capacity as a Commitment Party or Lender or as investment manager or advisor to certain of its affiliates or managed funds that shall be Commitment Parties or Lenders, and not as a shareholder or in any other capacity in relation to the Company.
Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any state or federal court of the United States of America, in each case sitting in the Borough of Manhattan in New York, and the respective appellate courts thereof, as to any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, and further agrees to not commence any such suit, action or proceeding other than in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any court in which such venue may be laid in accordance with clause (a) of this sentence, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Service of any process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses set forth above shall be effective service of process against such party for any suit, action or proceeding brought in any such court.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.
Each of the Commitment Parties hereby notifies you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrowers and each Guarantor, which information includes names, addresses, tax identification numbers and other information that will 

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allow such Lender to identify the Borrowers and each Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for the Commitment Parties and each Lender.
The offer made by the Commitment Parties in this Commitment Letter shall expire, unless otherwise agreed by the Commitment Parties in writing, at 5:00 p.m. (New York City time) on May 21, 2019, unless prior thereto the Commitment Parties have received a copy of this Commitment Letter, signed by the Company accepting the terms and conditions of this Commitment Letter and the Term Sheet.  The commitment by the Commitment Parties to provide the Term Loan Facility shall expire at 5:00 p.m. (New York City time) on July 31, 2019, unless prior thereto, (i) the Commitment Parties holding a majority of the commitments in respect of the Term Loan Facility (the “Majority Commitment Parties”) have agreed to extend such time (which extension may be up to 30 days) or (ii) the Loan Documents (as defined in the Term Sheet) shall have been agreed to in writing by all parties and the conditions set forth therein shall have been satisfied (it being understood that the indemnification, fee, Expenses, absence of fiduciary relationship, jurisdiction and confidentiality provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitments hereunder; provided, that your obligations under this Commitment Letter, other than those relating to confidentiality, shall automatically terminate and be superseded by the definitive documentation relating to the Term Loan Facility upon the initial funding under the Term Loan Facility, and you shall be released from all liability in connection therewith at such time).
This Commitment Letter, the Fee Letter and the commitments hereunder shall not be assignable by any party hereto (other than by a Commitment Party to one or more of its affiliates, related or advised funds, managed accounts, or management companies) without the prior written consent of each other party hereto (and any attempted assignment without such consent shall be null and void).  This commitment letter may be amended, modified or waived only in a writing signed by each of the parties hereto.  This Commitment Letter, including the attached Term Sheet, and the Fee Letter (i) supersedes all prior discussions, agreements, commitments, arrangements, negotiations or understandings, whether oral or written, of the parties with respect thereto, (ii) shall be governed by the law of the State of New York, without giving effect to the conflict of laws provisions thereof, (iii) shall be binding upon the parties and their respective successors and permitted assigns, (iv) may not be relied upon or enforced by any other person or entity, and (v) may be signed in multiple counterparts and delivered by facsimile or other electronic transmission, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
Each Commitment Party hereby acknowledges and affirms that: (a) it has acted independently from each other Commitment Party in entering into this Commitment Letter and will continue to so act in exercising its rights and performing its obligations during the term hereof, irrespective of any joint representation by any adviser or joint participation in any transaction in respect of the Company; and (b) it is not acting as a “group” with the other Commitment Parties and therefore the Commitment Parties do not collectively constitute a “person” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

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[Remainder of Page Intentionally Left Blank.]

Should the terms and conditions of the offer contained herein meet with your approval, please indicate your acceptance by signing and returning a copy of this letter to the Commitment Parties.  
Very truly yours,

[SIGNATURE PAGE TO AMENDED AND RESTATED COMMITMENT LETTER]
    

Exhibit A
CONTURA ENERGY, INC.
Outline of Terms and Conditions for Term Loan Facility
This Outline of Terms and Conditions for Term Loan Facility is part of the Amended and Restated Commitment Letter, dated May 21, 2019 (the “Commitment Letter”), addressed to the Company by the Commitment Parties and is subject to the terms and conditions of the Commitment Letter.  Capitalized terms used herein shall have the meanings set forth in the Commitment Letter unless otherwise defined herein.
	
		
	Borrower:
	The Company (the “Borrower”).

	Guarantors:
	Consistent with the Documentation Principles.  Initially, each entity that, as of May 15, 2019, guarantees the Amended and Restated Credit Agreement, dated as of November 9, 2018 (as amended and in effect on May 15, 2019, the “Existing Term Loan Credit Agreement”), among the Borrower, as initial borrower, the lenders party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent  (the “Guarantors” and, together with the Borrower, each a “Loan Party” and collectively, the “Loan Parties”).

	Agent:
	A financial institution determined by the Lenders and reasonably acceptable to the Borrower will act as administrative agent and collateral agent for the Lenders (in such capacity, together with its successors and assigns, the “Agent”).

	Lenders:
	A syndicate of lenders (each a “Lender” and collectively, the “Lenders”) arranged by the Commitment Parties; provided that on or prior to May 31, 2019,  up to $51.8 million of the Term Loan Facility may, at the option of the Borrower and subject to applicable laws, be allocated to existing shareholders of the Borrower that are not Commitment Parties as of the date of this Commitment Letter (such shareholders, the “New Commitment Parties”), with the respective amounts of the Term Loan Facility allocated thereto acceptable to the Borrower after consultation with the Commitment Parties that are party to the Original Commitment Letter (such Commitment Parties, the “Original Commitment Parties”).
Unless otherwise agreed by the Original Commitment Parties, any allocation to New Commitment Parties shall reduce the portion of the Term Loan Facility allocated to each of the Commitment Parties as of the date hereof on a pro rata basis, based on the allocation of the Term Loan Facility to the Commitment Parties as set forth on Schedule 1 of the Commitment Letter. 

	Term Loan Facility:
	A Term Loan Facility in an aggregate principal amount of $561,800,000 (the “Loan”).
The Loan shall be made in a single drawing on the Closing Date.  Any portion of the Loan that is repaid or prepaid may not be reborrowed.
The borrowing of the Loans on the Closing Date shall be subject to the conditions precedent referred to in the Section entitled “Conditions Precedent” below. 

	
		
	Closing Date:
	The first date on which all definitive loan documentation satisfactory to the Lenders (the “Loan Documents”) is executed by the Loan Parties, the Lenders, the Agent and the other persons parties thereto, and all conditions precedent set forth in such Loan Documents shall have been satisfied (the “Closing Date”).  

	Use of Proceeds:
	The Loan under the Term Loan Facility shall be used to (a) to repay in full all outstanding amounts under the Existing Term Loan Credit Agreement and (b) to pay fees and expenses relating to the Term Loan Facility and the transactions contemplated thereby.

	Original Issue Discount (“OID”): 
	The Loan under the Term Loan Facility will be issued on the Closing Date to the Lenders participating in the Term Loan Facility at a price of 97.0% of their principal amount.

	Interest:
	The Loan shall bear interest at a rate per annum equal to (a) on or prior to the second (2nd) anniversary of the Closing Date, LIBOR plus 7.00%, and (b) thereafter, LIBOR plus 8.00%, in each case payable in arrears in cash at the end of each interest period (but not less frequently than quarterly).
“LIBOR” means the rate of interest determined by the Agent in accordance with its customary procedures, to be the rate at which dollar deposits are offered to major banks in the London interbank market for interest periods of 1, 2, or 3 months, as selected by the Borrower, adjusted by the reserve percentage prescribed by governmental authorities as determined by the Agent, provided that at no time shall LIBOR be less than 2.00%.

	 
	All interest and fees shall be computed on the basis of a year of 360 days for the actual days elapsed.  All interest shall accrue from the Closing Date and shall be payable in cash at the end of each interest period.  LIBOR shall be subject to customary provisions and shall contain “LIBOR fallback” provisions to be agreed upon.
If any event of default shall occur and be continuing, interest shall accrue at a rate per annum equal to 2.00% in excess of the rate of interest otherwise in effect and shall be payable on demand.  

	Maturity / Term:
	The Term Loan Facility shall terminate and the Loan and all other obligations outstanding under the Term Loan Facility shall be payable in full on the fifth (5th) anniversary of the Closing Date (the “Maturity Date”).  

	Amortization:
	The Term Loan Facility shall amortize by 0.25% of the original principal amount of the Loan, each quarter commencing with the first full quarter after the Closing Date, and continuing each quarter thereafter; provided, that, the final installment shall be equal to the principal balance of the Loan then outstanding.

	Optional Prepayments:
	The Borrower shall not be permitted to optionally prepay the Loan on or prior to the date that is six (6) months after the Closing Date except in connection with a Fundamental Change.  Thereafter, the Borrower may prepay the Loan in whole or in part without premium or penalty, subject to customary notice requirements and breakage fees. As used herein the term “Fundamental Change” means any merger or consolidation of the Borrower with or into another entity or person, or disposition of all or substantially all of the assets (whether now owned or hereafter acquired) of the Borrower and its subsidiaries, taken as a whole, to or in favor of any entity or person, in each case, as part of a change of control transaction.

	
		
	Mandatory Prepayments:
	All principal and interest on the Loan will be immediately repayable upon the occurrence of a Fundamental Change.  In addition, (i) asset sale proceeds (subject to exceptions to be agreed upon which shall be more restrictive that the existing credit facility and subject to a 6 month re-investment right capped at $50,000,000 for the life of the facility); and (ii) extraordinary receipts (to be defined in the Loan Documents and to exclude up to $100 million of a tax refund and $130 million restricted cash release previously identified by the Borrower to the Commitment Parties), in each case, will be applied first to all accrued and unpaid interest as of such date and thereafter as a mandatory prepayment of the then outstanding principal amount of the Loan.

	Ranking:
	Consistent with the Documentation Principles, the Loan will rank pari passu with all senior indebtedness of the Loan Parties, senior to all subordinated indebtedness of the Loan Parties, and effectively senior to (i) all unsecured indebtedness of the Loan Parties, and (ii) subject to permitted liens that are permitted to have priority over the liens securing the obligations under the Term Loan Facility pursuant to the terms of the Loan Documents, all other secured indebtedness of the Loan Parties.

	Security / Collateral:
	All obligations of the Loan Parties to the Lenders shall be secured by the following (the “Collateral”):  (a) a perfected, first priority lien on and security interest in all of the Loan Parties now owned and hereafter acquired assets (other than the Working Capital Assets (as defined below)), including, without limitation, all real property, fixtures, equipment, documents, general intangibles, payment intangibles, contract rights, chattel paper, instruments, investment property, commercial tort claims, trademarks, copyrights, patents and other intellectual property, deposit accounts, cash and cash equivalents and all other assets and property of the Loan Parties, real and personal, tangible and intangible, including, without limitation, all of the capital stock or other equity interests of each subsidiary of the Borrower, and all products and proceeds thereof, and (b) a perfected, second priority lien on and security interest in (subject solely to a first priority lien in favor of the collateral agent for that certain Amended And Restated Asset-Based Revolving Credit Agreement, dated as of November 9, 2018 (as amended prior to May 15, 2019, the “Existing ABL Credit Agreement”)) all of the Loan Parties’ now owned and hereafter acquired, and wherever located, accounts, inventory, and other working capital assets and all products and proceeds thereof (the “Working Capital Assets”).  The scope of the Collateral and the granting and perfection of the Lenders’ security interest therein shall be subject to the exceptions and thresholds consistent with the Existing Term Loan Credit Agreement.

	Definitive Documentation
	The definitive documentation for the Term Loan Facility (the “Documentation”) will contain representations, warranties, covenants and events of default which will be consistent with the Existing Term Loan Credit Agreement (and related security, collateral and guarantee agreements executed and/or delivered in connection therewith, in each case, as in effect on May 15, 2019) with changes and modifications that reflect the terms of this Term Sheet and other changes and modifications mutually agreed and other consequential changes to be negotiated in good faith (collectively, the “Documentation Principles”). 

	Conditions Precedent:
	The obligation of the Lenders to make the Loan or other financial accommodations under the Term Loan Facility will be subject solely to the following conditions precedent:

	
		
	 
	(a)   Negotiation, execution and delivery of the Loan Documents and the satisfaction of the conditions precedent contained therein, which Loan Documents shall be prepared by counsel to Commitment Parties and shall be in form and substance reasonably satisfactory to the Commitment Parties, the Agent and the Loan Parties.

	 
	(b)   No material adverse change since the date of the Commitment Letter with respect to the condition, financial or otherwise, business, operations, assets, liabilities or prospects of the Borrower and its subsidiaries shall have occurred.

	 
	(c)   The Agent shall have been granted a perfected lien on all Collateral, with the priority set forth under the heading “Security/Collateral,” and shall have received UCC, tax and judgment lien searches and other appropriate evidence, evidencing the absence of (i) any other liens on the Collateral, other than Permitted Liens (as defined in the Loan Documents), and (ii) any secured indebtedness, other than indebtedness in respect of the Existing ABL Credit Agreement.  

	 
	(d)   Customary opinions from the Loan Parties’ counsel (including, without limitation, local counsel) as to such matters as the Commitment Parties and their counsel may reasonably request.

	 
	(e)   Each Loan Party shall be in good standing in its respective jurisdiction of organization and duly qualified to do business in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification.  

	 
	(f)   The Agent shall have received customary insurance certificates; such insurance certificates to include liability insurance for which the Agent will be named as an additional insured and property insurance with respect to the Collateral for which the Agent will be named as a lender’s loss payee.

	 
	(g)   All material required governmental, shareholder and third party approvals, consents, licenses, franchises and permits in connection with the Term Loan Facility shall have been obtained and remain in full force and effect.  

	 
	(h)   There shall exist no claim, action, suit, investigation, litigation or proceeding, pending or threatened in any court or before any arbitrator or governmental instrumentality which relates to the Term Loan Facility or which, in the opinion of the Commitment Parties, has any reasonable likelihood of having a material adverse effect on (i) the condition (financial or otherwise), operations, performance, properties, assets, liabilities or business of the Loan Parties, (ii) the ability of the Loan Parties to perform their obligations under the Loan Documents or (iii) the ability of the Lenders to enforce the Loan Documents.

	 
	(i)   The Existing Term Loan Credit Agreement shall be terminated, all amounts owed thereunder repaid in full and all liens and security interests thereunder shall be released concurrently with the funding of the Loan (or arrangements in respect thereof mutually satisfactory to the Borrower and the Commitment Parties  shall have been made).  

	 
	(j)   The Agent shall have received (i) a solvency certificate, in form and substance reasonably satisfactory to the Commitment Parties, from an authorized financial officer of Borrower, confirming the solvency of the Loan Parties after giving effect to the transactions contemplated by the Commitment Letter and this Term Sheet and (ii) customary payoff letters, evidence of authority, officers’ certificates, good standing certificates and a borrowing request. 

	
		
	 
	(k)   The Loan Parties shall have paid all fees and expenses then owing to the Agent, Commitment Parties and the Lenders, including, without limitation, all OID, commitment fees, audit fees, attorneys’ fees, search fees, title fees and documentation and filing fees.

	 
	(l)   [reserved]  

	 
	(m)   The Agent will have entered into a intercreditor agreement with the collateral agent for the Existing ABL Credit Agreement in form and substance reasonably acceptable to the Commitment Parties and the Agent. 
(n)         The Borrower shall have used its commercially reasonable efforts to procure public ratings for the Term Loan Facility (but no specific ratings) from each of Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”).

	 
	(o)   The Agent shall have received at least three (3) business days prior to the Closing Date all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, that has been reasonably requested by the Agent, the Commitment Parties and the Lenders at least ten (10) business days prior to the Closing Date.

	 
	(p)   The accuracy in all material respects (and in all respects if qualified by materiality) of the representations and warranties in the Loan Documents (other than the “10b-5” or disclosure representations and warranties, in each case, to the extent relating to the Projections).

	 
	 

	 
	(q)   There being no default or event of default in existence at the time of, or after giving effect to, the extension of credit on the Closing Date.

	Representations 
And Warranties:
	The Loan Documents will contain such representations and warranties by Borrower and its subsidiaries consistent with the Documentation Principles.

	Affirmative Covenants:
	The Loan Documents will contain affirmative covenants consistent with the Documentation Principles.

	Negative Covenants:
	The Loan Documents will contain such negative covenants consistent with the Documentation Principles; provided that (i) dividends and equity repurchases by the Borrower will be permitted if (a) no default or event of default then exists, and (b) total leverage after giving effect to such dividend or equity repurchase is less than 3x, and (ii) the debt incurrence covenant will not allow more than $50 million of incremental indebtedness.

	Events of Default:
	The Loan Documents will contain such events of default (with customary exceptions, materiality, notice and grace provisions and other qualifications to be agreed) as are consistent with the Documentation Principles.

	
		
	Yield Protection and Taxes:
	Consistent with the Documentation Principles, the Loan Documents shall contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and other requirements of law (provided that (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or United States regulatory authorities, shall in the case of each of clauses (i) and (ii), be deemed to constitute a change in requirements of law, regardless of the date enacted, adopted, issued, or implemented), in each case, subject to customary limitations and exceptions and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any prepayment of a Loan on a day other than the last day of an interest period with respect thereto.
Consistent with the Documentation Principles, the Loan Documents shall contain a tax gross up to afford the Lenders change of law protection.

	
		
	Indemnity and Expenses: 
	Consistent with the Documentation Principles, the Borrower shall pay (a) the expense and indemnification obligations as set forth in the Commitment Letter, and (b) all other reasonable and documented out-of-pocket expenses of the Agent and the Lenders within 10 days of a written demand therefor (but limited, in the case of legal fees and expenses, to the reasonable out-of-pocket fees, disbursements and other charges of one counsel to the Agent and one counsel to the Lenders, taken as a whole, and, solely in the event of any actual or potential conflict of interests, one additional counsel for each group of similarly-situated Lenders, and, if necessary, of one local counsel in any relevant jurisdiction to all such persons, taken as a whole) in connection with the enforcement of the Loan Documents.
Consistent with the Documentation Principles, the Agent and the Lenders (and their affiliates, management companies and managed funds and each of their respective shareholders, directors, partners, members, officers, employees, agents, advisors and other representatives) (each, an “indemnified person”) will be indemnified for and held harmless against, any losses, claims, damages and liabilities (but limited, in the case of legal fees and expenses, to the reasonable, documented and invoiced out-of-pocket fees and expenses of one counsel, representing all of the indemnified persons, taken as a whole, and of a single local counsel in each appropriate jurisdiction (and, in the case of a potential or actual conflict of interest, one additional conflicts counsel for the affected indemnified persons)) incurred in respect of the Term Loan Facility or the use or the proposed use of proceeds thereof, except to the extent they are determined in a final, non-appealable decision of a court of competent jurisdiction to (x) have resulted from the bad faith, gross negligence or willful misconduct of such indemnified person (or such indemnified person’s assignees, affiliates, management companies and managed funds, and any of their respective shareholders, directors, partners, members, officers, employees, agents, advisors and other representatives), (y) result from a material breach of such indemnified person’s obligations hereunder or under any other Loan Document or (z) have arisen out of or in connection with any claim, litigation, loss or proceeding not involving an act or omission of the Borrower or any other Loan Party and that is brought by an indemnified person against another indemnified person (other than any claims against an indemnified person in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role under this Commitment Letter or any claims arising out of any act or omission of the Borrower or any of other Loan Party).  None of the Loan Parties, indemnified persons or any of their respective affiliates, management companies and managed funds and each of their respective shareholders, directors, partners, members, officers, employees, agents, advisors and other representatives shall be liable for any special, indirect, consequential or punitive damages in connection with the Term Loan Facility (including the use or intended use of the proceeds of the Term Loan Facility).

	 
	 

	Confidentiality:
	Consistent with the Documentation Principles, the Loan Documents will contain customary provisions limiting the disclosure by the Lender of confidential information of the Loan Parties.

	 
	 

	Governing Law; Jurisdiction:
	All documentation in connection with the Term Loan Facility shall be governed by the laws of the State of New York. The Loan Parties will submit to the non-exclusive jurisdiction and venue of the federal and state courts of the State of New York sitting in New York county, and shall waive any right to trial by jury.

	
		
	Assignments, Participations:
	Consistent with the Documentation Principles, the Lenders may assign all or, in amounts to be mutually agreed, any part of their respective shares of the Term Loan Facility to their affiliates, related funds or managed accounts, or one or more banks, financial institutions or other persons (but not to any natural person) that are “eligible assignees” (to be defined in the Loan Documents and to exclude any Disqualified Institution) which are acceptable to the Agent and the Borrower, each such consent not to be unreasonably withheld, conditioned or delayed; provided such consent of the Agent shall not be required if such assignment is made to another Lender or an affiliate, related fund or managed account of a Lender; provided further, (x) no consent of the Borrower will be required (a) if such assignment is made to another Lender or an affiliate, related fund or managed account of a Lender or (b) after the occurrence and during the continuance of an event of default and (y) the Borrower shall be deemed to have consented to any such assignment unless they shall object thereto by written notice to the Agent within ten (10) business days after having received notice thereof.  Upon such assignment, such affiliate, bank, financial institution or entity will become a Lender for all purposes under the Loan Documents.  Assignments made to another Lender or an affiliate, related fund or managed account of a Lender will not be subject to a minimum assignment amount.  Assignor will pay a $3,500 fee to the Agent upon each assignment, subject to exceptions as may be agreed upon with the Agent in the Loan Documents.
Consistent with the Documentation Principles, the Lenders will be permitted to sell participations in the Loan and commitments without restriction (provided that no participation may be sold to any Disqualified Institution).  Voting rights of participants will be limited to matters in respect of (a) any increase in commitments of such participant, (b) any reduction of principal, interest (but not default interest) or fees payable to such participant, (c) any extension of final maturity or scheduled amortization of the Loan or commitments in which such participant participates and (d) any release of all or substantially all of the Collateral or the value of the guarantees provided by the Guarantors taken as a whole (other than in connection with permitted asset sales).

	Amendments and Waivers:
	Amendments and waivers of the provisions of the Loan Documents will require the approval of the Required Lenders.
“Required Lenders” shall mean Lenders holding commitments and/or outstandings (as appropriate) representing more than 50% of the aggregate commitments and outstandings under the Term Loan Facility.
Notwithstanding the foregoing, (a) the consent of each Lender directly affected thereby will be required with respect to (i) any increase in commitment amounts, (ii) any reduction of principal, interest (other than default interest) or fees, (iii) any extension of scheduled payments of the Loan (including at final maturity) or times for payment of interest (other than default interest) or fees, and (iv) any modification to the pro rata sharing or payment provisions, assignment provisions or the voting percentages; and (b) the consent of all of the Lenders will be required with respect to any release of all or substantially all of the Collateral or the value of the guarantees provided by the Guarantors taken as a whole.Exhibit 10.1

 

FORBEARANCE
AND AMENDMENT AGREEMENT

 

This
Forbearance and Amendment Agreement (this “Agreement”), dated as of May 20, 2019 (the “Effective Date”),
is entered into by and among NYM Holding, Inc., a Delaware corporation (the “Borrower”), iFresh, Inc., a Delaware
corporation (“iFresh”), New York Mart 8 Ave., Inc., a New York corporation (“NYM8”), New
York Mart East Broadway Inc., a New York corporation (“NYM E. Broadway”), New York Supermarket East Broadway
Inc., a New York corporation (“NYS E. Broadway”), New York Mart Group Inc., a New York corporation (“NYMG”),
Ming’s Supermarket, Inc., a Massachusetts corporation (“Ming’s”), New York Mart Mott St., Inc.,
a New York corporation (“Mott”), New York Mart Roosevelt, Inc., a New York corporation (“Roosevelt”),
New York Mart Sunrise, Inc., a Florida corporation (“Sunrise”), Zen Mkt Quincy, Inc., a Massachusetts corporation
(“Zen”), Strong America Limited, a New York corporation (“Strong America”), iFresh E. Colonial
Inc., a Florida corporation (“E Colonial”), iFresh Glen Cove Inc., a New York corporation (“Glen Cove”),
iFresh Bellaire, Inc., a Texas corporation (“Bellaire”), New York Mart Ave U 2nd Inc., a New York
corporation (“Ave U”), New York Mart CT, Inc., a Connecticut corporation (“CT”), New York
Mart N. Miami Inc., a Florida corporation (“Miami”), NYM Milford, LLC, a Connecticut limited liability company
(“NYM Milford”), and Long Deng, an adult individual (“Mr. Deng” and collectively with iFresh,
NYM8, NYM E. Broadway, NYS E. Broadway, NYMG, Ming’s, Mott, Roosevelt, Sunrise, Zen, Strong America, E Colonial, Glen Cove,
Bellaire, Ave U, CT, Miami, and NYM Milford, the “Guarantors”), and KeyBank National Association, a national
banking association (the “Lender”). The Borrower and the Guarantors are sometimes referred to herein as collectively,
the “Loan Parties” and individually, each a “Loan Party.”

 

BACKGROUND

 

A. The
Borrower and the Lender are parties to that certain Credit Agreement, dated as of December 23, 2016, as amended by that certain
Waiver and First Amendment to Credit Agreement dated February 16, 2017, that certain Waiver and Second Amendment to Credit Agreement
dated March 21, 2017, that certain Third Amendment to Credit Agreement dated April 20, 2017, that certain Fourth Amendment to
Credit Agreement dated May 19, 2017, that certain Fifth Amendment to Credit Agreement dated July 13, 2017, and that certain Waiver
and Sixth Amendment to Credit Agreement dated April 5, 2018 (as so amended, the “Credit Agreement”), pursuant
to which the Lender made available to the Borrower a revolving credit facility, a term loan facility, and other credit accommodations.
Capitalized terms used but not defined herein have the meanings given to them in the Credit Agreement.

 

B. NYM8,
NYM E. Broadway, NYS E. Broadway, NYMG, Ming’s, Mott, Roosevelt, Sunrise, Zen, and Strong America executed that certain
Guaranty Agreement, dated as of December 26, 2016, in favor of the Lender (as amended, the “Guaranty”), pursuant
to which each such Guarantor agreed to jointly and severally unconditionally guaranty the prompt payment and performance of the
Obligations of the Borrower.

 

C. Pursuant
to that certain Joinder Agreement, dated February 27, 2017, executed by iFresh in favor of the Lender, iFresh became a party to
the Guaranty (the “iFresh Joinder”).

 

     

     

    

 

D. Pursuant
to that certain Joinder Agreement, dated July 13, 2017, executed by E Colonial in favor of the Lender, E Colonial became a party
to the Guaranty.

 

E. Pursuant
to that certain Joinder Agreement, dated July 13, 2017, executed by Glen Cove in favor of the Lender, Glen Cove became a party
to the Guaranty.

 

F. Pursuant
to that certain Joinder Agreement, dated October 4, 2017, executed by Ave U, CT, and Miami in favor of the Lender, Ave U, CT,
and Miami became a parties to the Guaranty.

 

G. Pursuant
to that certain Joinder Agreement, dated May 3, 2018, executed by Bellaire in favor of the Lender, Bellaire became a party to
the Guaranty.

 

H. Events
of Default have occurred and are continuing under the Credit Agreement and other Loan Documents by reason of the Borrower’s
failure to maintain (a) a Senior Funded Debt to EBITDA of not greater than 3.00 to 1.00 for the quarters ending March 31, 2018,
June 30, 2018, September 30, 2018, December 31, 2018, and March 31, 2019, and (b) a Fixed Charge Coverage Ratio of not less than
1.10 to 1.00 for the quarters ending September 30, 2018, December 31, 2018, and March 31, 2019 (collectively, the “Financial
Covenant Events of Default”).

 

I. By
letter dated February 7, 2019, the Lender notified the Borrower and the existing Guarantors of the occurrence and the continuance
of the Financial Covenant Events of Default existing at such time.

 

J. Additional
Events of Default have occurred and are continuing under the Credit Agreement and other Loan Documents by reason of Mr. Deng no
longer indirectly beneficially owning and controlling more than 51% of the equity interests in the Borrower by reason of the purchase
by HK Xu Ding Co. Limited, a Hong Kong limited liability company, of an aggregate of 51% of the total issued and outstanding shares
of iFresh from Mr. Deng (the “Change in Control Event of Default”).

 

K. By
letter dated February 14, 2019, the Lender notified the Borrower and the existing Guarantors of the occurrence and the continuance
of the Change in Control Event of Default.

 

L. An
additional Event of Default has occurred and is continuing under the Credit Agreement and other Loan Documents by reason of Voice
Road Plaza, LLC obtaining a judgment against NYMG and/or iFresh in the amount of $207,974.78 (the “Voice Road Judgment”)
and, in connection therewith, issuing execution against the Borrower’s deposit account maintained with the Lender (the “Judgment
Event of Default” and collectively with the Financial Covenant Events of Default and the Change in Control Event of
Default, the “Specified Events of Default”).

 

M. The
Loan Parties have requested that the Lender forbear from exercising its rights and remedies under the Loan Documents, at law,
and in equity based on the Specified Events of Default for a limited period of time.

 

    -2-

     

    

 

N. Pursuant
to Section 6.9(e) of the Credit Agreement, iFresh may not create or acquire any direct Subsidiary without the prior written consent
of the Lender. The Loan Parties have requested that the Lender provide its prior written consent to iFresh creating or acquiring
Xiaotai International Investment, Inc., a Cayman islands company (the “New Subsidiary”) as a new direct Subsidiary.

 

O. Pursuant
to, among other things, Section 6.9(d) of the Credit Agreement, iFresh may not sell or otherwise dispose of any equity interests
of the Borrower without the prior written consent of the Lender. The Loan Parties have requested that the Lender provide its prior
written consent to iFresh selling all of the equity interests of the Borrower (the “NYM Stock”) to Go Fresh
365, Inc., a Florida corporation (the “New HoldCo”) (such sale, the “NYM Stock Sale”) and,
in connection with the NYM Stock Sale, (i) permit the proceeds of such sale to be received and retained by iFresh free and clear
of any Lien of the Lender on or in such proceeds and (ii) remove iFresh as a party to the Guaranty and each other Loan Document
to which iFresh is a party, including, without limitation, the iFresh Joinder (together, the “iFresh Request”).

 

P. The
Lender is willing to agree to the foregoing requests of the Loan Parties under the terms of, and subject to the conditions set
forth in, this Agreement.

 

Accordingly,
the Loan Parties and the Lender, each intending to be legally bound hereby, agree as follows:

 

Section
1 - ACKNOWLEDGMENTS AND REAFFIRMATIONS

 

1.1 Acknowledgments.
To induce the Lender to enter into this Agreement, the Loan Parties acknowledge and agree that: (a) the Loan Documents are legal,
valid, and binding obligations of, and enforceable in accordance with their respective terms against, the Loan Parties who are
a party thereto; (b) the Liens on and security interests in the Collateral in favor of the Lender are valid, legal, binding, and
properly perfected and are reaffirmed and ratified in all respects, and nothing contained herein is intended to alter the priority
of, or terminate any, Lien on or security interest in any Collateral in favor of the Lender; (c) the Specified Events of Default
have occurred, have not been and cannot be cured, are continuing, and are material in nature; (d) to the extent that any of the
Loan Documents require notification to the Loan Parties or any other person of the existence of the Specified Events of Default
or an opportunity to cure the Specified Events of Default, such notice or period for cure were properly given or are hereby waived
by the Loan Parties; (e) by reason of the occurrence and continuance of the Specified Events of Default, the Lender is presently
entitled to exercise any and all of its rights and remedies under the Loan Documents, at law, and in equity; (f) the Loan Parties
do not have any rights of offset, defenses, claims, or counterclaims under any Loan Document, at law, or in equity with respect
to any of the Loans or any other Obligations of the Loan Parties under the Loan Documents, all of which are valid and outstanding
Obligations of the Loan Parties; (g) nothing contained herein extinguishes, discharges, or releases any of the Obligations or
any Loan Document or constitutes an accord, satisfaction, novation, or substitution of any of the Obligations or any Loan Document;
(h) the Loan Parties have been represented (or had the opportunity to be represented) by the legal counsel of the Loan Parties’
choice, understand and are fully aware of the terms and conditions contained in this Agreement, and have voluntarily, without
coercion or duress of any kind, entered into this Agreement; and (i) the Background section of this Agreement is true and correct
in all respects and is hereby incorporated into the text of this Agreement.

 

    -3-

     

    

 

1.2 Acknowledgment
of Obligations. The Loan Parties acknowledge and agree that, as of May 2, 2019, the following amounts are outstanding under
the Loan Documents (in addition to accrued and unpaid costs, expenses, attorney’s fees and costs, and all other amounts
owed to, chargeable by, or otherwise recoverable by the Lender under the Loan Documents):

 

	 	 	Principal Amounts	 	 	Accrued Interest	 	 	Late Charges	 
	Revolving Loans	 	$	4,950,000.00	 	 	$	1,299.38	 	 	$	0.00	 
	Effective Date Term Loan	 	$	12,185,526.56	 	 	$	2,516.06	 	 	$	0.00	 
	Delayed Draw Term Loan	 	$	4,411,648.62	 	 	$	1,158.05	 	 	$	793.16	 

 

1.3 Acknowledgment
of Legal Fees. The Loan Parties acknowledge and agree that, as of May 15, 2019, reimbursable attorney’s fees and costs
are outstanding under the Loan Documents in the aggregate amount of $78,775.55.

 

1.4 Collateral.
The Loan Parties ratify, reaffirm, and confirm all of the Obligations and agree that the Liens on and security interests in the
Collateral granted to the Lender under the Loan Documents shall continue in full force and effect as security for all Obligations.

 

Section
2 - FORBEARANCE

 

2.1 Forbearance
by the Lender. Without waiving the Specified Events of Default or the Lender’s rights and remedies under the Loan Documents,
at law, or in equity relating thereto, and subject to the terms and conditions set forth herein, the Lender hereby agrees to forbear
in the exercise of its rights and remedies under the Loan Documents, at law, and in equity based on the Specified Events of Default
until the earlier to occur of (the “Termination Date”): (a) 5:00 p.m. prevailing Eastern Time on August 18,
2019; and (b) a Forbearance Event of Default (as defined hereinafter) under this Agreement. On the Termination Date, the agreement
of the Lender to forbear from exercising its rights and remedies under the Loan Documents, at law, and in equity based on the
Specified Events of Default will automatically and immediately terminate without presentment, demand, protest, or notice of any
kind to the Loan Parties, all of which are hereby waived by the Loan Parties. The Loan Parties acknowledge that the Lender has
not made any assurances concerning any possibility of an extension or waiver of the Termination Date. The period beginning on
the Effective Date and ending on the Termination Date is referred to herein as the “Forbearance Period.”

 

2.2 Subordination
Rights and Remedies. Notwithstanding Section 2.1, this Agreement does not, and shall not be deemed to, restrict, impair, or
otherwise affect the Lender’s ability to enforce and exercise against any person any subordination rights and remedies in
favor of the Lender available under any agreements, instruments, or documents, at law, or in equity or the Lender’s ability
to amend or otherwise modify such rights and remedies.

 

    -4-

     

    

 

2.3 Availability
of Loans. Notwithstanding Section 2.1, during the Forbearance Period, the Lender shall be under no obligation to make any
additional Advance or other Loan, issue or amend any Letter of Credit, or otherwise extend additional credit to, or for the benefit
of, the Loan Parties pursuant to the Loan Documents.

 

2.4 Limited
Consent to New Subsidiary. The Lender hereby provides its limited consent to iFresh creating or acquiring the New Subsidiary
as a new direct Subsidiary. The limited consent provided for herein (a) is specifically limited to Section 6.9(e) of the Credit
Agreement, (b) is a one-time accommodation, and (c) does not, and will not be construed or deemed to, (i) excuse any Loan Party’s
future performance of Section 6.9(e) of the Credit Agreement or any other terms or conditions of the Credit Agreement or other
Loan Documents; (ii) operate as a waiver of, or a consent to a modification or alteration of, any terms or conditions of the Credit
Agreement or other Loan Documents; (iii) obligate or commit the Lender to agree to any additional consents under the Loan Agreement
or other Loan Documents; or (iv) evidence of any course of dealing by the Lender.

 

2.5 Conditional
Limited Consent to NYM Stock Sale.

 

a. The
Lender hereby provides its limited consent to iFresh consummating the sale of the NYM Stock to the New HoldCo, provided that all
of the following conditions have been satisfied prior to the consummation of the NYM Stock Sale: (i) the Lender shall have received
drafts of the final documentation giving effect to the NYM Stock Sale (the “Transaction Documents”) and a copy
of the valuation of the NYM Stock prepared by Benchmark (the “Valuation”); (ii) the Transaction Documents shall
be in form and substance reasonably acceptable to the Lender, and the purchase price set forth in the Transaction Documents shall
be consistent with the Valuation; (iii) the Lender shall have received a duly executed guaranty from the New HoldCo in favor of
the Lender, pursuant to which the New HoldCo shall agree to unconditionally guaranty the prompt payment and performance of the
Obligations, which guaranty shall be in form and substance reasonably acceptable to the Lender; (iv) the Lender shall have received
a duly executed security agreement and pledge agreement from the New HoldCo in favor of the Lender, pursuant to which the New
HoldCo will grant the Lender a first priority Lien on and security interest in all of its assets, including, without limitation,
the NYM Stock, to secure all of the Obligations, which security agreement and pledge agreement shall be in form and substance
reasonably acceptable to the Lender; (v) Mr. Deng shall own and control at least 51% of the equity interests in the New HoldCo;
(vi) the Lender shall have received all documentation and other information required to be obtained by the Lender with respect
to the New HoldCo by Governmental Authorities under applicable Anti-Terrorism Laws and by the Lender under its “know your
customer” rules, regulations, and policies, including, without limitation, a Beneficial Ownership Certificate and evidence
that the New HoldCo is duly organized and validly existing, and is in good standing, under the laws of its formation state; (vii)
the Lender shall have received evidence that all insurance required under the Credit Agreement and the other Loan Documents has
been obtained and is in full force and effect with respect to the New HoldCo; (viii) the Lender shall have received Lien, judgment,
pending litigation, tax Lien, and entity status searches confirming that the New HoldCo may grant a first priority Lien on and
security interest in all of its assets to the Lender as contemplated in clause (iv) above; and (ix) no Forbearance Event of Default
shall have occurred and be continuing.

 

    -5-

     

    

 

b. Upon
satisfaction of all of the foregoing conditions, simultaneously with the consummation of the NYM Stock Sale, (i) the Lender shall
execute and deliver agreements, instruments, and documents, in form and substance reasonably acceptable to the Lender, giving
effect to the iFresh Request; and (ii) all references in the Loan Documents to iFresh shall be deemed to refer to the New HoldCo
and not iFresh.

 

c. The
conditional limited consent provided for herein (i) is specifically limited to its express terms, (ii) is a one-time accommodation,
and (iii) does not, and will not be construed or deemed to, (1) excuse any Loan Party’s future performance of any terms
or conditions of the Credit Agreement or other Loan Documents; (2) operate as a waiver of, or a consent to a modification or alteration
of, any terms or conditions of the Credit Agreement or other Loan Documents; (3) obligate or commit the Lender to agree to any
additional consents under the Loan Agreement or other Loan Documents; or (4) evidence of any course of dealing by the Lender.

 

d. As
used in this Section 2.5, the following capitalized terms have the meanings set forth below:

 

		i.	“Anti-Terrorism
                                         Laws” means any statute, treaty, law (including common law), ordinance, regulation,
                                         rule, order, opinion, release, injunction, writ, decree or award of any Governmental
                                         Authority relating to terrorism or money laundering, including Executive Order No. 13224
                                         and the USA PATRIOT Act, Title III of Pub. L. 107-56, signed into law October 26, 2001,
                                         as amended, modified, codified or reenacted, in whole or in part, and in effect from
                                         time to time.

 

		ii.	“Beneficial
                                         Ownership Certification” means a certification regarding beneficial ownership
                                         as required by the Beneficial Ownership Regulation, which certification shall be substantially
                                         similar in form and substance to the form of Certification Regarding Beneficial Owners
                                         of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and
                                         Trading Association and Securities Industry and Financial Markets Association or such
                                         other form satisfactory to the Lender in its sole discretion.

 

		iii.	“Beneficial
                                         Ownership Regulation” means the regulation set forth at 31 C.F.R. § 1010.230
                                         or any successor thereto.

 

		iv.	“Executive
                                         Order No. 13224” means the Executive Order No. 13224 on Terrorist Financing,
                                         effective September 24, 2001, as the same may be in effect from time to time.

 

    -6-

     

    

 

Section
3 - RELEASE

 

3.1 Release
by the Loan Parties. Each Loan Party, on behalf of itself, its predecessors, successors, assigns, heirs, executors, trustees,
administrators, agents, and other legal representatives, and any Person claiming by or through such Loan Party (collectively,
the “Releasors”), hereby unconditionally remises, releases, waives, satisfies, acquits, and forever discharges
the Lender and its present, former, and future parents, predecessors, successors, assigns, assignees, affiliates, subsidiaries,
divisions, departments, subdivisions, owners, partners, principals, trustees, creditors, shareholders, joint ventures, co-venturers,
officers and directors (whether acting in such capacity or individually), attorneys, vendors, accountants, nominees, agents (alleged,
apparent, or actual), representatives, employees, managers, administrators, loan servicers, asset managers, each Person acting
or purporting to act for them or on their behalf, and the successors and assigns of any such Persons, as releasees (collectively,
the “Releasees”), of and from any and all manner of actions, causes of action, suits, debts, dues, accounts,
bonds, covenants, contracts, agreements, promises, warranties, guaranties, representations, liens, mechanics’ liens, judgments,
claims, counterclaims, crossclaims, defenses, costs, losses, demands, and/or liabilities whatsoever, including claims for contribution
and/or indemnity, whether now known or unknown, past or present, asserted or unasserted, contingent or liquidated, at law or in
equity, if any, which any of Releasors ever had, may have, or now have against any of the Releasees, for or by reason of any cause,
matter, or thing whatsoever, arising from the beginning of time to the Effective Date (collectively, “Claims”),
including, without limitation, any and all Claims that in any way arise out of, are connected to, are related to, or are in any
manner incidental to the dealings or relationships between the Releasors and Releasees related to the Loan Documents, the transactions
contemplated thereby, or any actions or omissions in connection therewith. The foregoing release will be construed in the broadest
sense possible. 

 

The
Loan Parties warrant and represent that they are the sole and lawful owners of all right, title, and interest in and to every
Claim being released hereby and they have not assigned, pledged, hypothecated, or otherwise divested or encumbered all or any
part of any Claim being released hereby. The Loan Parties hereby agree to indemnify, defend, and hold harmless any and all of
the Releasees from and against any Claims asserted against any Releasee based on, or arising in connection with, any such prior
assignment or transfer, whether actual or purported. The Loan Parties hereby absolutely, unconditionally, and irrevocably agree
never to commence, prosecute, cause to be commenced or prosecuted, voluntarily aid in any way, or foment any suit, action, or
other proceeding (at law, in equity, in any regulatory proceeding, or otherwise) or otherwise seek any recovery against any of
the Releasees based on any of the Claims being released hereby. The Loan Parties hereby specifically warrant, represent, acknowledge,
and agree that: (a) none of the provisions of this general release shall be construed as or constitute an admission of any liability
on the part of any Releasee; (b) the provisions of this general release shall constitute an absolute bar to any Claim of any kind,
whether any such Claim is based on contract, tort, warranty, mistake, or any other theory, whether legal, statutory, or equitable;
and (c) any attempt to assert a Claim barred by the provisions of this general release shall subject each Loan Party to the provisions
of applicable law setting forth the remedies for the bringing of groundless, frivolous, or baseless claims or causes of action,
and each Loan Party hereby agrees to pay, in addition to such other damages as any Releasee may recover as a result of any such
attempt, all attorneys’ fees and costs incurred by any Releasee as a result of any such attempt.

 

    -7-

     

    

 

Section
4 - FORBEARANCE COVENANTS

 

4.1 Payment
of Obligations. The Loan Parties shall make all payments due under the Loan Documents (a) as and when due and payable, (b)
in the full amounts and at the interest rates required under the Loan Documents; and (c) in immediately available funds. For the
avoidance of doubt, all interest that has accrued at the Default Rate, which was imposed effective as of March 1, 2019, through
the Effective Date, and remains unpaid as of the Effective Date, shall be paid in immediately available funds as and when due
and payable under the Loan Documents.

 

4.2 Interest
Rate During Forbearance Period. Effective as of the Effective Date, interest shall accrue on the Loans at the Stated Rate
(and not the Default Rate); provided, however, that upon the occurrence of a Forbearance Event of Default, the Default Rate shall
be deemed to retroactively apply effective as of the Effective Date.

 

4.3 Engagement
of Chief Restructuring Officer. At their sole cost and expense, the Loan Parties (excluding Mr. Deng) have retained and engaged,
and shall continue to retain and engage, a chief restructuring officer acceptable to the Lender pursuant to a retention agreement
in form and substance acceptable to the Lender (the “CRO”). For purposes of the Forbearance Period, Bert Weil
or Marjorie E. Kaufman of Getzler Henrich & Associates is a CRO acceptable to the Lender, and the Loan Parties’ (excluding
Mr. Deng) existing retention agreement with Getzler Henrich & Associates is in form and substance acceptable to the Lender.
The Loan Parties shall comply with all of the terms of the CRO’s retention agreement and shall fully cooperate with the
CRO in the performance of its duties and responsibilities under its retention agreement. Without limiting the generality of the
foregoing sentence, the Loan Parties shall permit the CRO to (a) have unfettered access to the books and records of, and unconditionally
inspect any of the property, locations, or operations of, the Loan Parties and (b) in the course thereof, make copies or abstracts
of such books and records and discuss the affairs, finances, books and records, and valuation of the Loan Parties with their accountants,
directors, officers, employees, and other representatives. The Loan Parties acknowledge and agree that (x) the CRO has been, and
will continue to be, retained and engaged by the Loan Parties and not the Lender and has not been, and will not be, an agent of
the Lender; and (y) the Lender shall not be responsible or otherwise liable for any actions or inactions taken by the Loan Parties
resulting from their engagement of the CRO. The Loan Parties hereby authorize any of the Lender’s officers or other representatives
to communicate directly with the CRO to discuss the Loan Parties’ affairs, finances, condition, and compliance with the
terms of this Agreement and other Loan Documents and shall cause the CRO to cooperate with such Persons in all such communications
and respond to all reasonable requests of such Persons for information regarding the Loan Parties.

 

    -8-

     

    

 

4.4 Repayment
Transaction. 

 

a. The
Loan Parties shall, and shall cause the CRO to, immediately and diligently pursue, and use commercially reasonable efforts to
consummate, a refinance, sale, and/or capital contribution transaction(s) on such terms and conditions, and with proceeds in sufficient
amount(s), that will enable the repayment in full of the outstanding Obligations in immediately available funds (a “Repayment
Transaction”). The Loan Parties shall authorize and permit the CRO to oversee and supervise the process by which the
Loan Parties pursue and consummate a Repayment Transaction.

 

b. As
reasonably requested by the Lender, the Loan Parties, together with the CRO, will provide telephonic updates to the Lender regarding
the status of a Repayment Transaction. The Loan Parties shall keep the Lender reasonably informed of the occurrence and substance
of any negotiations among the Loan Parties and any Person regarding any Repayment Transaction and shall promptly deliver a copy
to the Lender of any term sheet, commitment, letter of intent, offer, or other written expression of interest (a “Preliminary
Transaction Document”) sent or received by the Loan Parties to or from any Person regarding any Repayment Transaction.

 

c. On
or prior to the 89th day following the Effective Date, the Loan Parties shall deliver to the Lender a copy of a final,
definitive, and executed Preliminary Transaction Document(s) evidencing a binding commitment for one or more transactions that,
collectively, would constitute a Repayment Transaction, which Preliminary Transaction Document(s) shall be in form and substance
reasonably satisfactory to the Lender.

 

4.5 Reporting
Requirements.

 

a. The
Borrower shall deliver or cause to be delivered to the Lender as soon as available and in any event within thirty (30) days after
the end of each calendar month, internally prepared consolidated or consolidating balance sheets (as applicable) and related consolidated
or consolidating statements of income (as applicable), on a month-to-date and year-to-date basis, for the portion of the Fiscal
Year ending as of the end of such prior calendar month, which financial statements shall be prepared by the Borrower’s management
in consultation with the CRO, reviewed and approved by the CRO, and accompanied by (i) a certificate of a Certifying Officer that
such financial statements have been prepared in accordance with GAAP and are correct subject only to normal year end audit adjustments
and the absence of footnotes and (ii) a certificate of a Certifying Officer that such officer has caused the provisions of the
Credit Agreement and other Loan Documents to be reviewed and has no knowledge of any Default, other than the Specified Events
of Default, or if such Certifying Officer has such knowledge, specifying such additional Default and the nature thereof and what
action the Loan Parties have taken, are taking, or propose to take with respect thereto.

 

    -9-

     

    

 

b. On
or before 5:00 p.m. prevailing Eastern Time on Thursday, June 6, 2019 and on every Thursday of every other calendar week thereafter,
the Borrower shall deliver, or shall cause to be delivered, to the Lender a rolling thirteen-week cash flow projection in form
reasonably acceptable to the Lender, which reports actual cash flows versus projection, and projects on a weekly basis cash revenue,
receipts, expenses, and disbursements, of the Loan Parties (excluding Mr. Deng) (all of the foregoing documentation and information,
collectively, the “Cash Flow Projection”). Each Cash Flow Projection shall be shall be prepared by the Borrower’s
management in consultation with the CRO, reviewed and approved by the CRO, and certified by of a Certifying Officer. If requested
by the Lender, the Loan Parties, together with the CRO, shall have a telephone conference call with the Lender, during which the
Loan Parties and the CRO shall provide to the Lender a detailed oral report comparing actual weekly cash receipts and expenditures
to the Cash Flow Projection for the preceding week, explaining any percentage variance of actual weekly cash receipts and expenditures
from those set forth on the Cash Flow Projection, and providing such other details and information as may be reasonably requested
by the Lender.

 

4.6 Costs,
Expenses, and Attorneys’ Fees. The Loan Parties shall pay, in immediately available funds, all outstanding costs and
expenses, including, without limitation, attorneys’ fees and costs, of the Lender related to this Agreement and the other
Loan Documents, which costs and expenses shall be due and payable on the earlier of the Termination Date and the repayment in
full of the Obligations.

 

4.7 Flood
Insurance. On or before June 29, 2019, the Loan Parties shall deliver to the Lender evidence of flood insurance for the Milford
Property (as hereinafter defined) satisfactory to the Lender.

 

4.8 Voice
Road Judgment. On or before July 19, 2019, the Loan Parties shall deliver to the Lender evidence of a resolution of the Voice
Road Judgment in a manner satisfactory to the Lender.

 

Section
5- AMENDMENTS TO GUARANTY

 

5.1
Section 2.1 of the Guaranty is hereby amended by deleting the phrase “it being agreed by Guarantor that his obligations
under this Guaranty shall not be discharged until the latest to occur of (i) the Termination Date, (ii) the Maturity Date and
(iii) the Delayed Draw Maturity Date” where it appears in that Section and inserting in its place the phrase
“until the indefeasible payment in full of the Guaranteed Obligations other than contingent indemnification obligations
as to which no claim has been asserted) and termination of the Lender’s commitment to make any Loans or issue any
Letters of Credit under the Credit Agreement.”

 

5.2 Section
6.7 of the Guaranty is hereby amended and restated in its entirety as follows: “6.7 Termination. Subject to
Section 2.7 hereof, this Guaranty is a continuing guaranty and shall remain in full force and effect until the indefeasible payment
in full of the Guaranteed Obligations (other than contingent indemnification obligations as to which no claim has been asserted)
and termination of the Lender’s commitment to make any Loans or issue any Letters of Credit under the Credit Agreement.
Upon the indefeasible payment in full of the Guaranteed Obligations (other than contingent indemnification obligations as to which
no claim has been asserted) and termination of the Lender’s commitment to make any Loans or issue any Letters of Credit
under the Credit Agreement, the Lender shall deliver to Guarantor such documents as Guarantor may reasonably request to evidence
such termination.”

 

    -10-

     

    

 

Section
6 - REPRESENTATIONS AND WARRANTIES

 

To
induce the Lender to enter into this Agreement and as partial consideration for the terms and conditions contained herein, the
Loan Parties represent and warrant to the Lender that as of the Effective Date:

 

6.1 Organization
and Authority. Each Loan Party (excluding Mr. Deng) is duly organized, validly existing, and in good standing under the laws
of the state of its organization and has the right, power and authority and has taken all necessary corporate or other organizational
action to duly authorize the execution, delivery, and performance of this Agreement and any Loan Document executed in connection
herewith.

 

6.2 Other
Consents. No authority, permit, consent, waiver, approval, or other authorization of or other action by, notice to, or filing,
registration or declaration of or with any Governmental Authority or other Person is required in connection with the execution,
delivery, and performance of or compliance with this Agreement.

 

6.3 No
Conflict. The execution and delivery of this Agreement will not conflict with, or result in a breach of, (a) the terms, conditions,
or provisions of the organizational documents of any Loan Party (excluding Mr. Deng); (b) any applicable law; or (c) any material
agreement, instrument, order, writ, judgment, injunction, or decree to which a Loan Party is a party or by which it is bound or
to which it is subject, or will result in the creation or enforcement of any Lien whatsoever upon any property, whether now owned
or hereafter acquired, of a Loan Party.

 

6.4 Valid
and Binding Agreement. Each Loan Party has duly entered into this Agreement, and this Agreement is a legal, valid, and binding
obligation of and enforceable in accordance with its terms against each Loan Party.

 

6.5 Compliance
with Laws. Each Loan Party is in material compliance with, and its respective properties, business operations, and leaseholds
are in material compliance with, all laws applicable to such Loan Party, its properties, and the conduct of its businesses.

 

6.6 No
Untrue or Misleading Statements. Neither this Agreement nor any document, certificate, or statement furnished or to be furnished
by on or behalf of any Loan Party to Lender in connection with this Agreement or any other Loan Document contains or at the time
of delivery will contain any untrue statement of a material fact. There is no fact known to a Loan Party which with the giving
of notice, the passage of time, or both would be reasonably expected to have a Material Adverse Effect on the Loan Parties.

 

6.7 No
Default. Except for the Specified Events of Defaults, no Default or Event of Default exists or has occurred and is continuing
under the Credit Agreement or any other Loan Documents, and except for the Specified Events of Default, no violation or event
exists which, with the passage of time or the giving or notice or both, would constitute a Default or Event of Default under the
Credit Agreement or any other Loan Documents.

 

    -11-

     

    

 

6.8 Liens.
The Loan Parties have title to all of their property and assets, real and personal, that constitute Collateral. None of the Collateral
is subject to any Lien, security interest, encumbrance, or other claim of any nature, other than Liens and security interests
in favor of the Lender or expressly permitted under the Loan Documents.

 

6.9 Other
Representations and Warranties. The representations and warranties of the Loan Parties contained in the Loan Documents (a)
which are subject to a materiality qualifier, are true and correct in all respects and (b) which are not subject to a materiality
qualifier, are true and correct in all material respects; in each case, as of the Effective Date, as though made on and as of
the Effective Date, except to the extent that such representations and warranties expressly relate to (i) an earlier specified
date, in which case such representations and warranties are hereby reaffirmed as true and correct in all respects as of the date
when made or (ii) the existence of the Specified Events of Default.

 

Section
7 - CONDITIONS PRECEDENT

 

The
effectiveness of this Agreement and the Lender’s obligations hereunder are conditioned on the satisfaction by the Loan Parties
of the following conditions precedent:

 

7.1 Delivery
of Documents. The Loan Parties shall have delivered or cause to be delivered to the Lender the following, all satisfactory
to the Lender in form and substance and if requiring signature, then duly executed by all parties thereto:

 

a. this
Agreement;

 

b. a
limited guaranty from Mr. Deng in favor of the Lender, pursuant to which Mr. Deng shall agree to unconditionally guaranty the
prompt payment and performance of the Obligations, provided that Mr. Deng’s total liability under such limited guaranty
shall not exceed $2,000,000.00;

 

c. a
guaranty from NYM Milford in favor of the Lender, pursuant to which NYM Milford shall agree to unconditionally guaranty the prompt
payment and performance of the Obligations;

 

d. a
junior mortgage executed by NYM Milford in favor of the Lender securing all Obligations against the real property of NYM Milford
commonly known as 804 Boston Post Road, Milford, New Haven County, Connecticut 06460 (the “Milford Property”),
together with a “Notice to Borrower in Special Flood Hazard Area NFIP Participating Community” on the Lender’s
form; and

 

e. all
other agreements, instruments, or documents or other things reasonably requested by the Lender to effectuate the substance and
intent of this Agreement. 

 

7.2 Payment
of Forbearance Fee. The Loan Parties shall have paid, in immediately available funds, a non-refundable forbearance fee of
$60,000.00 which forbearance fee shall be deemed fully earned by the Lender on the Effective Date.

 

    -12-

     

    

 

Section
8 - FORBEARANCE EVENTS OF DEFAULT

 

Each
of the following constitutes an immediate default and event of default (a “Forbearance Event of Default”) under
this Agreement and, notwithstanding anything contained in any Loan Document, including, without limitation, any provision therein
requiring the Lender to provide the Loan Parties or any other Person with prior notice or an opportunity to cure, an immediate
Default and Event of Default under each Loan Document:

 

8.1 Payment.
Failure of the Loan Parties to pay any amounts as and when due and payable under this Agreement or any other Loan Document.

 

8.2 Covenants.
Failure of any Loan Party to observe any term, condition, or covenant set forth in this Agreement or any Loan Document, except
for the Specified Events of Default.

 

8.3 Representations
and Warranties. Any representation or warranty made by any Loan Party in this Agreement, any other Loan Document, or any document,
certificate or statement furnished or to be furnished from, by, or on behalf of any Loan Party to the Lender in connection with
this Agreement or any other Loan Document is false or misleading in any respect as of the date made.

 

8.4 Agreements
Invalid. The validity, binding nature of, or enforceability of any term or provision of this Agreement is disputed by, on
behalf of, or in the right or name of any Loan Party or any material term or provision of this Agreement is found or declared
to be invalid, avoidable, or unenforceable by any court of competent jurisdiction.

 

8.5 Material
Adverse Effect. An event occurs, or a circumstance or condition exists, which has a Material Adverse Effect on the Loan Parties.

 

8.6 Other
Defaults. An Event of Default (other than the Specified Events of Default) under the Credit Agreement or any other Loan Document
occurs and is continuing.

 

Section
9 - REMEDIES

 

9.1 Remedies.
On the Termination Date, the Lender will have, and may exercise, any and all of its rights and remedies set forth herein or in
any Loan Document, at law, or in equity.

 

9.2 Waiver.
In accordance with Section 9-624 of the Uniform Commercial Code, the Loan Parties hereby waive the right to (a) [reserved]; (b)
require disposition of collateral under Section 9-620(e) of the Uniform Commercial Code; and (c) redeem collateral under Section
9-623 of the Uniform Commercial Code.

 

9.3 No
Contest. Conditioned only on the occurrence of the Termination Date, the Lender will be entitled to, and the Loan Parties
hereby consent to, the appointment of a state or federal court receiver with respect to any or all of the Loan Parties (excluding
Mr. Deng) and/or any or all of the Collateral with notice to the Loan Parties, and the Loan Parties shall not oppose or otherwise
interfere with such a receiver or the Lender’s ability to obtain the appointment of such a receiver.

 

    -13-

     

    

 

Section
10 - MISCELLANEOUS

 

10.1 Ratification
and Confirmation. Each Loan Party hereby ratifies and confirms that, except as expressly modified and superseded hereby, all
of the terms of the Loan Documents, including, without limitation, all confirmations, acknowledgments, releases, waivers, consents,
indemnifications, and jury trial waivers contained in all such documents, remain in full force and effect and, as modified
and superseded hereby, are reaffirmed and continue to be legal, valid, and binding Obligations of the Loan Parties and enforceable
in accordance with their respective terms.

 

10.2 Effect
of Agreement; Reservation of Rights. This Agreement is not (a) a waiver of or consent to a modification of any term of any
Loan Document, except as expressly set forth herein, and (b) except as expressly set forth herein, does not prejudice any right
or rights which the Lender now has or may have in the future under or in connection with any Loan Document, at law, or in equity.
The Lender hereby reserves and preserves, and each Loan Party hereby acknowledges and agrees that the Lender has not waived, the
Lender’s rights and remedies under the Loan Documents, at law, and in equity with respect to the Specified Events of Default,
any Forbearance Event of Default, or any other matters.

 

10.3 References
to Loan Documents. On and after the Effective Date, all references to the Loan Documents will be deemed to be references to
the Loan Documents as amended or otherwise modified by this Agreement.

 

10.4 Conflict.
In the event and to the extent of any conflict between the terms of this Agreement and the terms of any Loan Document, the terms
of this Agreement with respect thereto will govern.

 

10.5 Survival
of Representations and Warranties. All representations and warranties contained in this Agreement and any other Loan Document
will survive the execution of this Agreement and are material and have been or will be relied on by the Lender, and no investigation
made by the Lender, any Loan Party or any other Person on the behalf of any of them affects the representations and warranties
or the right of the Lender to rely on them. No implied representations or warranties are created or arise as a result of this
Agreement. For purposes of this section, all statements in any certificate or other writing required by this Agreement or any
other Loan Document to be delivered to the Lender by or on behalf of any Loan Party are deemed to be representations and warranties
contained in this Agreement.

 

10.6 No
Waiver. No failure or delay on the part of the Lender in the exercise of any right, power, privilege, or remedy will operate
as a waiver thereof, nor will any single or partial exercise of any right, power, privilege, or remedy preclude any other or further
exercise thereof or the exercise of any other right, power, privilege, or remedy.

 

    -14-

     

    

 

10.7 Notices.
All notices, demands, and other communications required or permitted to be given under this Agreement must be given in accordance
with the notice provisions of the Credit Agreement.

 

10.8 Headings.
The headings and underscoring of articles, sections, and clauses have been included herein for convenience only and are not to
be considered in interpreting this Agreement.

 

10.9 Integration
and Entire Agreement. This Agreement is specifically limited to the matters expressly set forth herein. This Agreement constitutes
the sole, final, and entire agreement of the parties with respect to the subject matter hereof, supersedes any and all prior oral
and written communications with respect to the subject matter hereof, and may not be contradicted or varied by evidence of prior,
contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties
hereto relating to the subject matter hereof or any other subject matter relating to any Loan Document.

 

10.10 Amendment
and Waiver. No amendment of this Agreement and no waiver, discharge, or termination of any one or more of the terms or conditions
hereof, will be effective unless set forth in writing and signed by the Loan Parties and the Lender.

 

10.11 Successors
and Assigns. This Agreement (a) is binding on the Loan Parties, the Lender, and their respective nominees, successors, and
assigns, and (b) inures to the benefit of the Loan Parties, the Lender, and their respective nominees, successors, and permitted
assigns. Notwithstanding the foregoing, the Loan Parties shall not assign their rights hereunder or any interest herein without
obtaining the prior written consent of the Lender, and any assignment or attempted assignment by the Loan Parties without the
Lender’s prior written consent will be void and of no effect with respect to the Lender.

 

10.12 Severability
of Provisions. Any provision of this Agreement that is held to be illegal, inoperative, unenforceable, void, or invalid in
any jurisdiction will, as to that jurisdiction, be ineffective to the extent illegal, inoperative, unenforceable, void, or invalid
without affecting the remaining provisions in that jurisdiction or the legality, operation, enforceability, or validity of that
provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable.

 

10.13 Third-Party
Beneficiaries. No term of this Agreement is intended to benefit any Person other than the Loan Parties and the Lender, nor
will any term be enforceable by any other Person, provided, however, that each and every one of the Releasees shall be deemed
to be intended third-party beneficiaries of this Agreement.

 

10.14 Indemnification.

 

a. If,
after receipt of any transfer with respect to or payment of all or any part of the Obligations, the Lender is compelled to surrender
such transfer or payment to any Person for any reason (including, without limitation, a determination that such transfer or payment
is void or voidable as a preference or fraudulent conveyance or transfer, an impermissible setoff, or a diversion of trust funds),
then (i) each such transfer or payment will be deemed never to have occurred, and the outstanding Obligations will be adjusted
accordingly; (ii) this Agreement and the other Loan Documents will continue in full force and effect; and (iii) the Loan Parties
will be liable for and shall indemnify, defend, and hold harmless the Lender with respect to the full amount so surrendered.

 

    -15-

     

    

 

b. The
provisions of this Section will survive the termination of this Agreement and will be and remain effective notwithstanding the
payment to the Lender of any or all of the Obligations, the cancellation of any Loan Document, the release of any Lien or security
interest securing the Obligations, or any other action which the Lender may have taken in reliance on the receipt of such payment.
Any cancellation of any of the Loan Documents or other such action will be deemed to have been conditioned on any payment of any
or all of the Obligations having become final and irrevocable.

 

10.15 Costs,
Expenses, and Attorneys’ Fees. The Loan Parties shall, in immediately available funds, pay on demand (or reimburse the
Lender, as the Lender may elect, for) all expenses which the Lender have incurred or may incur hereafter in connection with this
Agreement, and all matters related hereto or thereto, including all reasonable attorneys’ fees and costs. The Loan Parties’
reimbursement Obligations under this section will survive any termination of this Agreement or any other Loan Document.

 

10.16 Further
Assurances. On the request of the Lender and at the sole expense of the Loan Parties, the Loan Parties hereby agree to promptly
and duly execute and deliver or have recorded such further agreements, instruments, or documents and take such further actions
as the Lender may reasonably request to effectuate the terms and conditions and purposes of this Agreement.

 

10.17 Governing
Law; Forum; Waiver of Jury Trial. THE TERMS AND PROVISIONS OF SECTIONS 11.8 and 11.9 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED
HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AGREEMENT AS IF FULLY SET FORTH HEREIN.

 

10.18 Counterparts.
This Agreement may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which
will be deemed an original and all of which taken together will constitute one and the same agreement, and this Agreement will
be binding on all of the parties hereto, even though such parties do not sign the same signature page. Signatures transmitted
electronically or by telecopy will be deemed original signatures.

 

10.19 Course
of Dealing. Acceptance of or acquiescence by the Lender in a course of performance or course of dealing rendered or taken
under or with respect to this Agreement or any other Loan Document will not be relevant in any respect to determine the Obligations
or meaning of this Agreement or any other Loan Document, even though the Lender had knowledge of the nature of the performance
and opportunity for objection.

 

10.20 Construction.
This Agreement has been entered into by parties who are experienced in sophisticated and complex matters similar to the transactions
contemplated hereby and are being entered into by the parties in reliance upon the economic and legal bargains contained herein
and in the Loan Documents and shall be interpreted and construed in a fair and impartial manner, without regard to such factors
as the party that prepared the instrument, the relative bargaining powers of the parties, or the domicile of any party, but shall
be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions
of all parties to this Agreement.

 

[signature
pages follow]

 

    -16-

     

    

 

The
undersigned have caused this Forbearance and Amendment Agreement to be executed on the date of this Agreement by their duly authorized
officers.

 

	 	Borrower:
	 	 
	 	NYM
    HOLDING, INC.
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	Chief Executive
    Officer
	 	 	 
	 	Guarantors:
	 	 	 
	 	IFRESH,
    INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	Chief Executive
    Officer
	 	 	 
	 	NEW
    YORK MART 8 AVE, INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART EAST BROADWAY INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK SUPERMARKET EAST BROADWAY INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President

 

     

     

    

 

	 	NEW
    YORK MART GROUP INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	MING’S
    SUPERMARKET, INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART MOTT ST., INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART ROOSEVELT, INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART SUNRISE, INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President

 

     

     

    

 

	 	ZEN
    MKT QUINCY, INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	STRONG
    AMERICA LIMITED
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	iFRESH
    E COLONIAL INC.
	 	 	 
	 	By:	/s/ Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	iFRESH
    GLEN COVE INC.
	 	 	 
	 	By:	/s/
Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	IFRESH
    BELLAIRE, INC.
	 	 	 
	 	By:	/s/
Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART AVE U 2ND INC.
	 	 	 
	 	By:	/s/
Long Deng
	 	Name:	Long Deng
	 	Title:	President

 

     

     

    

 

	 	NEW
    YORK MART CT, INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NEW
    YORK MART N. MIAMI INC.
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	President
	 	 	 
	 	NYM
    MILFORD, LLC
	 	 	 
	 	By:	/s/
    Long Deng
	 	Name:	Long Deng
	 	Title:	Member
	 	 	 
	 	LONG
    DENG, individually
	 	 	 
	 	Lender:	 
	 	 	 
	 	KEYBANK
    NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/
    Robert G. Krupka
	 	Name:	Robert G. Krupka
	 	Title:	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]