Document:

a6549604ex10_1.htm

Exhibit 10.1

[*] designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

SIXTH AMENDMENT TO PROGRAM AGREEMENT

This SIXTH AMENDMENT (“Sixth Amendment”) to the September 19th, 2007, Program Agreement as previously amended (the “Agreement”) by and between Republic Bank & Trust Company (“Republic”), a Kentucky banking corporation, and Jackson Hewitt Inc. (“JHI”), a Virginia corporation, is effective as of the 14th day of December, 2010.

RECITALS

WHEREAS, Republic and JHI entered into the Agreement on September 19, 2007.

WHEREAS, Republic and JHI amended the Agreement on December 2, 2008, November 23, 2009, December 29, 2009, June 30, 2010 and September 30, 2010.

WHEREAS, Republic and JHI desire to Amend certain terms of the Agreement.

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Republic and JHI do hereby agree to amend the Agreement as follows:

AMENDMENTS

	
 
1.

	Section 2.1 (c) is modified to read as follows:

	
  

	
(c)

	
For each of Tax Seasons 2011, 2012, 2013, 2014 and 2015 Republic shall be the exclusive provider of Refund Anticipation Loans and/or Assisted Refunds to Jackson Hewitt Tax Service Customers for all locations as set out in a list agreed upon by the parties prior to execution of this Agreement for Tax Season 2011 and substitutions to such list prior to November 15th in each additional year of this Agreement (such list as evidenced by the parties’ signatures and such ERO locations or substitute equivalent locations shall be referred to as “Designated ERO Locations” and are subject to the terms of Section 2.2 (c) below).  Notwithstanding the foregoing, the number of Designated ERO Locations for Tax Seasons 2012, 2013, 2014 or 2015 shall not exceed the Designated ERO Locations for Tax Season 2011 without the prior written consent of Republic.  In addition, it is understood that this Agreement solely relates to the provision of services to Customers in Designated ERO Locations by Jackson Hewitt Tax Service tax preparers and not any other method of distribution (e.g. online tax preparation services).

 

  

  

  

 

	
 
2.

	
Section 2.2 (c) is modified to read as follows:

 

	
  

	
(c)

	
For each of Tax Seasons 2011, 2012, 2013, 2014 and 2015 JHI shall designate Republic as the sole and exclusive Refund Anticipation Loan and/or Assisted Refund provider under the Program for the Designated ERO Locations, subject to the provisions of Section 2.1 (c) of the Agreement, as amended.  For each Tax Season, equivalent locations that may be substituted for the Designated ERO Locations, (1) shall be  no more than 5% of the Designated ERO Locations in total and in no event shall a removed location be permitted to be signed up with another RAL provider in the year of substitution; and (2) must meet Republic’s ERO underwriting criteria.  [*]

	
3.

	
Section 2.2 (e) is added in its entirety:

	
  

	
(e)

	
On or before June 30th of each year of the term, Republic shall notify JHI in writing whether or not Republic will be offering its RAL and/or AR products to any JHI ERO locations that did not make RALs available in the previous tax season through Republic or any other RAL provider (“AR Locations”).   For any AR Locations that Republic does not notify JHI that it will offer RALs, JHI has the right to obtain and contract for RALs and ARs through another RAL and AR provider.  Furthermore, JHI has the right to contract for multiple years through another RAL and AR provider in order to offer RALs and ARs through the AR Locations.  However, if JHI has not contracted to offer RALs and ARs through all AR Locations by October 15th of each year of the term, Republic shall have a right of first refusal to offer ARs through any AR Locations not offering RALs.  Republic shall notify JHI in writing on or before the earlier of (i) November 15th of each year of the term or (ii) thirty (30) days after the date JHI provides written notice in accordance with the preceding sentence if earlier than October 15, of its intent to offer ARs through the applicable AR Locations.  For any AR Locations that Republic does not notify JHI of its intent to offer ARs, JHI has the right to obtain and contract for ARs through another AR provider. The foregoing right of first refusal shall not be applicable for such years that JHI is contractually committed to another RAL or AR provider in accordance with the foregoing.

	
4.

	
Section 2.2 (f) is added in its entirety:

	
  

	
(f)

	
In the event that Republic ceases to offer RALs to JHI Customers in the Designated ERO Locations, Republic shall still have the sole and exclusive right to offer ARs in the Designated ERO Locations and those Designated ERO Locations will be subject to Section 2.1 (a) above.

	
5.

	
Section 7.4 (b) is modified to read as follows:

	
  

	
(b)

	
All Financial Product disbursements shall be made to the Customer net of all authorized fees, deductions or charges.  From the Customer’s refund, and after the RAL payoff (if applicable), disbursements will be made in the following order:  (1) Republic, for Tax Refund Administration Fees; (2) ERO, for tax preparation fees;  (3) JHI and ERO, as directed, for the Gold Guarantee Fee; (4) JHI, for the Transmitter Fee; (5) Republic, for prior year RAL obligation(s); (6) RAL provider other than Republic, for prior year obligation (if applicable); and (7) Customer, for all remaining funds.  However, in the event that following the RAL payoff Republic does not receive funds in excess of its Tax Refund Administration Fee, all funds received will be disbursed to the Customer.

 

  

  

  

 

	
6.

	Section 9.1 is modified to read as follows:

	
  

	
9.1

	
Term.  This Agreement shall be effective upon its execution and applicable to the Program for Tax Seasons 2011, 2012, 2013, 2014 and 2015 and all related periods.  This Agreement shall terminate and expire on October 31, 2015, unless extended by written agreement of the parties (the “Term”).

 

	
7.

	
Section 9.4 is modified to read as follows:

 

	
  

	
Termination by Republic.

	
  

	
(a)

	
On or before June 30th of each year of the term, Republic may, at its option, terminate this Agreement early by giving written notice of termination to JHI, which will terminate the Agreement with respect to the remaining Tax Seasons.

	
  

	
(b)

	
On or before September 16 of each year of the Term, Republic shall have the right to terminate this Agreement if  the Republic Customers who have obtained RALs during the Tax Season ending during such year have in the aggregate a RAL delinquency in excess of: (i) [*] based upon Republic’s RAL history as measured on August 31 of such year (and after taking into account all August fundings by the IRS) if the IRS did not provide a Debt Indicator (DI) in its acknowledgement record [*], or (ii) [*] based upon Republic’s RAL history as measured on August 31 of such year (and after taking into account all August fundings by the IRS) if the IRS did provide a DI in its acknowledgement record [*]; provided, however, that such termination shall only be effective if Republic first delivers notice to JHI no later than September 5 of such year requesting a meeting to discuss issues surrounding potential termination, and thereafter the parties mutually endeavored in good faith to modify the Program in a manner resolving such matter for a period of no less than ten (10) days after such notice was received by JHI, and within two days after such tenth day, a termination notice is delivered to JHI by Republic.  In the event of a termination by Republic pursuant to this Section 9.4, JHI shall pay to Republic a termination fee in an amount equal to [*].  No later than November 5, Republic shall deliver to JHI the detail of the calculation of such fee.  Republic will provide JHI with all additional information reasonably requested by JHI to validate such calculation.  If JHI agrees with such calculation, JHI shall make such payment no later than two (2) business days after its receipt of information requested from Republic.  If JHI disputes such calculation, such disagreement shall be resolved pursuant to the dispute resolution procedures set forth in this Agreement and JHI shall not make any payment until such dispute is resolved.  The remedy set forth in this Section 9.4 shall be Republic’s sole remedy with respect to RAL losses.

 

  

  

  

	
8.

	
Republic and JHI enter into this Sixth Amendment only for the purposes stated herein.  Unless otherwise amended herein, all other terms and conditions of the Agreement remain unchanged and in full force and effect.

IN WITNESS WHEREOF, this Sixth Amendment has been executed and delivered by a duly authorized officer of each party as of the date set forth above.

 

	
REPUBLIC BANK & TRUST COMPANY

	
JACKSON HEWITT INC.

	  	  
	
By: /s/ William R. Nelson                             

	
By: /s/ Daniel P. O’Brien                             

	  	  
	
Name: William R. Nelson                              

	
Name: Daniel P. O’Brien                              

	
 

	  
	
Title: President – TRS                       

	
Title:   EVP & CFOExhibit 10.1

                      LINE OF CREDIT AND SECURITY AGREEMENT

This Line of Credit and Security  Agreement  ("Agreement"),  dated  December 13,
2010, is entered into by and between  Boston Pizza  Restaurants  (USA),  Inc., a
Delaware  corporation,  whose mailing  address is 1501 LBJ Freeway,  Suite #450,
Dallas, TX 75234 (the "Lender") and Global Entertainment  Corporation,  a Nevada
corporation,  whose mailing  address is 1600 North Desert Drive Suite 301 Tempe,
Arizona 85281 (the "Borrower").

                                    RECITALS

Pursuant to that certain Loan &  Securitization  Agreement dated June 8, 2010 as
amended by that certain First Amendment to Loan & Securitization Agreement dated
August 31, 2010, Lender  established a revolving credit facility for Borrower in
the  principal  amount of $500,000 (the "Initial  Loan").  The unpaid  principal
balance  of the  Initial  Loan as of the date  hereof is  $500,000  with  unpaid
accrued interest in the amount of $10,260.

Borrower  desires to obtain an additional line of credit in the principal amount
of  $2,000,000  from  Lender  for the  purposes  set forth  herein and Lender is
willing to do so, subject,  however, to the terms and conditions hereinafter set
forth.

Now, therefore, the parties hereby agree as follows:

                                I. LINE OF CREDIT

1.1  GENERAL.  Subject  to the  terms  of  this  Agreement,  the  Lender  hereby
     establishes  a line of  credit  in  favor  of the  Borrower  (the  "Line of
     Credit")  under which the Lender will make  advances to the  Borrower  from
     time to time until April 30, 2011 (the "Final Advance  Date"),  pursuant to
     Section 1.2 hereof.  The aggregate  principal  amount of the Line of Credit
     established  herein shall be $2,000,000;  of which the  outstanding  unpaid
     balance of the Initial Loan in the amount of $510,260  shall be rolled into
     the outstanding balance of the Line of Credit.  Thereafter,  Lender agrees,
     on the terms and  conditions  hereinafter  set  forth,  to make  additional
     advances  to  Borrower  under the Line of Credit in  amounts  not to exceed
     $1,489,740 in the aggregate at any one time outstanding.

1.2  DRAWINGS.  The  Borrower  may draw on the Line of Credit  in the  following
     manner: By submitting a written "Notice of Borrowing" request to Lender, in
     the form attached hereto as Exhibit A, the terms of which are  incorporated
     by reference  herein,  for a cash advance under the Line of Credit,  not to
     exceed the following amounts during the applicable time period:

                  December 2010                     $875,000
                  January 2011                      $175,000
                  February 2011                     $175,000
                  March 2011                        $132,370
                  April 2011                        $132,370
<PAGE>
     Borrower may request a maximum of one (1) advance in any one calendar month
     prior  to April  30,  2011 not to  exceed  the  above  amounts  during  the
     applicable  time periods.  No advances to Borrower  shall be made by Lender
     after the Final Advance Date. Each request for an advance must be signed by
     the then current Chief Financial  Officer of the Borrower and by either the
     then current Chief Executive Officer or the Chief Administrative Officer.

1.3  PURPOSE.  The proceeds of the Line of Credit shall be used  exclusively for
     general  corporate  expenditures  as described on the  Borrower's  "Summary
     Business  Plan  Forecast  for the 18 months  ending  May 31,  2012,"  dated
     November  22,  2010,  the  terms of which are  incorporated  herein by this
     reference.  Any use of Line of Credit funds  deviating  from the above plan
     must be approved by Lenders in advance.

1.4  SECURITY.  The Line of Credit shall be secured by: (i) one hundred  percent
     (100%) of Borrower's  and its  subsidiaries'  accounts  receivable;  (ii) a
     Stock Pledge Agreement  pledging to and granting Lender a security interest
     in all of Borrower's shares of Western  Professional Hockey League, Inc., a
     Texas  corporation;  and (iii) a Stock  Pledge  Agreement  pledging  to and
     granting Lender a security  interest in all of Borrower's  shares of Global
     Entertainment  Ticketing,  Inc.,  a  Nevada  corporation.  Borrower  hereby
     expressly  grants to Lender a first position lien on and security  interest
     in the all of Borrower's and its subsidiaries  accounts receivable.  A copy
     of Borrower's  collectable  accounts receivable shall be provided to Lender
     within three (3) business  days  following  each  previous  month's end. In
     addition,  Lender shall cause a UCC-1 Financing  Statement to be filed with
     the Office of the  Secretary  of State of Arizona,  Nevada  and/or Texas to
     evidence the pledged security as described herein.

1.5  REQUESTS FOR LOANS OR CREDIT.  Within  three (3) business  days of Lender's
     receipt of a Notice of  Borrowing  from  Borrower  in  compliance  with the
     provisions  of this  Agreement,  Lender  shall send via wire  transfer  the
     requested  Loan amount to  Borrower's  bank  account as  designated  in the
     Notice of Borrowing.  Borrower shall be  responsible  for any and all costs
     associated with the wiring of said funds.

1.6  INTEREST; REPAYMENT OF LINE OF CREDIT.

     (a) Interest  Rate.  Borrower  agrees to pay  interest  on the  outstanding
         principal  balance  of the Line of Credit at the  annual  fixed rate of
         twelve and three quarter percent (12 3/4%) per annum.

         Interest shall be computed on the basis of the actual daily outstanding
         balance of the Line of Credit  multiplied by the daily Interest Rate on
         a 360-day year basis.

         In no event shall the  Borrower be  obligated  to pay any amount  under
         this Agreement that exceeds the maximum amount allowable by law. If any
         sum is collected in excess of the applicable  maximum amount  allowable
         by law, the excess  collected  shall,  at the Lender's  discretion,  be
         applied  to  reduce  the  principal  balance  of the Line of  Credit or
         returned to the Borrower.

                                       2
<PAGE>
     (b) Repayment of Line of Credit.

          Payment Schedule.

          (i)  All unpaid  principal and accrued  interest,  if not sooner paid,
               shall be due and payable on June 30, 2011 (the "Maturity  Date");
               provided,  however,  that if there  shall  then exist no Event of
               Default  hereunder nor any matter which with the giving of notice
               or lapse of time or both  would  constitute  an event of  default
               hereunder,  then  Borrower  shall  have the  right , upon 30 days
               written  notice to Lender prior to the Maturity  Date,  to extend
               the  Maturity  Date for up to two (2)  successive  six (6)  month
               periods upon payment to Lender of a fee in  consideration of each
               such  extension  equal to  $20,000.  Interest  shall  continue to
               accrue during any extension periods.

          (iii)The  Borrower  may make Line of Credit  payments to Lender at any
               time, without penalty,  on or before the Maturity Date in amounts
               of not less  than  $20,000  ("Loan  Pre-Payments")  per  payment,
               unless the total amount of any outstanding  and unpaid  principal
               balance of the Line of Credit, and any and all accrued and unpaid
               interest  and fees  ("Total  Outstanding  Balance")  is less than
               $20,000,  in which case such Loan  Pre-Payment  shall be equal to
               the Total  Outstanding  Balance.  Any Loan  Pre-Payments  paid by
               Borrower  will first be applied  to and  reduce any  accrued  and
               unpaid   interest  with  the   remaining   amount  of  such  Loan
               Pre-Payment(s)  applied to the outstanding  principal  balance of
               the Line of Credit.

          (iv) Notwithstanding  any Loan  Pre-Payments made by Borrower prior to
               the Final  Advance  Date and any date  thereafter,  the  Borrower
               shall  pay in full on or  before  the  Maturity  Date  the  Total
               Outstanding Balance under the Line of Credit.

1.7  EVIDENCE  OF  INDEBTEDNESS;  LOAN  DOCUMENTS.  The Line of Credit  shall be
     evidenced  and/or secured by this  Agreement,  a Line of Credit  Promissory
     Note in the form attached as Exhibit B, two (2) Stock Pledge  Agreements as
     provided for above, and appropriate UCC-1 Financing  Statements to be filed
     with the  Office of the  Secretary  of State of Arizona  (collectively  the
     "Loan Documents").

1.8  BORROWER'S  OBLIGATIONS.  The Borrower's  obligations  to pay,  observe and
     perform all  indebtedness,  liabilities  and covenants under this Agreement
     and the remainder of the Loan Documents are herein  collectively called the
     "Obligations."

                            II. CONDITIONS OF LENDING

2.1  EXTENSION OF CREDIT. The obligation of the Lender to make the first advance
     under the Line of Credit or other  extension of credit under this Agreement
     is subject to the  satisfaction  of all of the  following  conditions on or
     before  the date on which  the  Lender  shall  make such  advance  or other
     extension of credit to Borrower (the "Closing Date"):

         Documents  Required  Prior to  Closing  Date.  The  Lender  shall  have
         received fully executed originals of this Agreement and an accompanying
         Notice of Borrowing.

                                       3
<PAGE>
2.2  SUBSEQUENT  LINE OF CREDIT  ADVANCES.  The obligation of the Lender to make
     any  additional  advances  under the Line of Credit is  subject  to (i) the
     prior  satisfaction of all conditions stated above in Section 1.2; and (ii)
     the  delivery to the Lender of any such  additional  Loan  Documents as may
     have been reasonably  requested by the Lender in respect to such subsequent
     advance or other extension of credit.

2.3  FINANCIAL  INFORMATION.  The  obligation  of the Lender to make  additional
     advances under the Line of Credit is further subject to Borrower submitting
     to Lender,  monthly  financial  statement  consisting  of a Balance  Sheet,
     Income  Statement,  and Cash Flow Statement.  Lender may request such other
     financial information in its sole discretion, acting reasonably, to monitor
     Borrower's financial position and use of cash.

                   III. GRANT OF STOCK SHARE OPTIONS TO LENDER

     To further  induce the Lender to make the Line of Credit  available  to the
     Borrower,  the Borrower shall grant 50,000 options  ("Options") to eligible
     individuals  as  designated  by  Lender  to  purchase  an equal  number  of
     Borrower's shares of stock at a price equal to $0.20 per share. The Options
     shall be fully vested in Lender's designee, as applicable, on June 30, 2011
     and shall expire on June 30, 2021.

                      IV. THE LENDER'S RIGHTS UPON DEFAULT

4.1  EVENTS OF DEFAULT.  Each of the  following  events is an "Event of Default"
     under this  Agreement  and the date upon which such Events of Default occur
     shall collectively be referred to as the "Default Date":

     (a)  The  Borrower's  failure to pay when due any sum payable to the Lender
          under the Loan Documents or under any other  agreement or note between
          the  Lender  and the  Borrower,  whether  now  existing  or  hereafter
          executed;

     (b)  The Borrower's  failure to perform or observe any other  obligation of
          the  Borrower  to  the  Lender  (including,  without  limitation,  all
          obligations undertaken in any of the Loan Documents);

     (c)  The dissolution or insolvency of the Borrower;

     (d)  The  commencement  of any  proceeding  or the  taking of any act by or
          against the Borrower for any relief under  bankruptcy,  insolvency  or
          similar laws for the protection of debtors,  or for the appointment of
          a receiver of the business or assets of the Borrower or the Borrower's
          inability  (or admission of inability) to pay its debts as they become
          due.

     (e)  If an Event of Default has occurred under other than Sections 4.1 (a),
          (c), and/or (d), Lender shall send Borrower a notice of default within
          three  (3) days of the date the  Event of  Default  occurred  ("Notice
          Date"),  and/or if an Event of Default  occurred under Section 4.1(a),
          Lender  shall  afford  Borrower  a period  of ten (10)  days  from the
          Default  Date or Notice  Date,  as  applicable,  in which to cure said
          Event of Default ("Cure Period").

                                       4
<PAGE>
4.2  If an Event of  Default  shall  occur  and be  continuing  beyond  the Cure
     Period,  as  applicable,  the Lender shall have, in addition to any and all
     other  rights and  remedies,  legal or  equitable,  available to the Lender
     under any and all of the Loan Documents or at law, the following additional
     rights and remedies:

     (a)  The right,  at the option of the Lender,  to deny to the  Borrower any
          further advances under the Line of Credit (the Lender's  obligation to
          extend  any  further   credit  to  the  Borrower   shall   immediately
          terminate);

     (b)  The right,  at the option of the Lender,  to declare,  without notice,
          the Total Outstanding Balance under this Agreement,  plus any fees and
          charges  reasonably  incurred  by the  Lender  under  any of the  Loan
          Documents, immediately due and payable.

     (c)  In the event that an Event of Default  occurs under  Sections  4.1(a),
          (c),  and/or  (d),  or  Borrower  receives  a Notices  of  Default  in
          accordance with Section 4.1(e), Borrower agrees to pay interest on the
          outstanding balance of the Line of Credit at the rate of seventeen and
          three quarter percent (17 3/4%) per annum ("Default  Interest  Rate").
          The  Default  Interest  Rate shall begin to accrue on the later of the
          Default  Date or the Notice Date until such time as Borrower has cured
          the Event of Default.

                                V. MISCELLANEOUS

5.1  NOTICES. Any notices or consents required or permitted by this Agreement or
     the remainder of the Loan Documents shall be in writing and shall be deemed
     delivered  if delivered  in person or if sent by  certified  mail,  postage
     prepaid, return receipt requested, at the addresses first written above.

5.2  APPLICABLE LAW. The substantive laws of the State of Texas shall govern the
     construction  of this  Agreement and the rights and remedies of the parties
     hereto.

5.3  BINDING  EFFECT.  This Agreement  shall inure to the benefit of the parties
     hereto  and  their  respective  personal  representatives,  successors  and
     permitted  assigns,  and shall be binding on the  parties  hereto and their
     respective personal representatives, successors and assigns.

5.4  MERGER. This Agreement and any attached exhibits,  and the remainder of the
     Loan  Documents  constitute  the full and  complete  agreement  between the
     Lender and the Borrower  with respect to the Line of Credit,  and all prior
     oral and written agreements,  commitments, and undertakings shall be deemed
     to have been merged into the Loan Documents and such prior oral and written
     agreements,  commitments,  and undertakings  shall have no further force or
     effect except to the extent expressly incorporated in the Loan Documents.

5.5  AMENDMENTS; CONSENTS. No amendment, modification,  supplement, termination,
     or waiver of any provision of this  Agreement or the other Loan  Documents,
     and no consent to any departure by the Borrower therefrom, may in any event

                                       5
<PAGE>
     be effective  unless in writing signed by the Lender,  and then only in the
     specific instance and for the specific purpose given.

5.6  SEVERABILITY.  If any provision of any of the Loan Documents  shall be held
     invalid  under any  applicable  law, such  invalidity  shall not affect any
     other  provision of the Loan Documents that can be given effect without the
     invalid  provision,  and, to this end, the provisions of the Loan Documents
     are severable.

5.7  HEADINGS.  The headings of the various  provisions  of this  Agreement  are
     inserted for convenience of reference only and shall not affect the meaning
     or construction of any provision.

5.8  COUNTERPARTS. This Agreement may be executed in counterparts, each of which
     shall be an original  instrument and all of which shall together constitute
     one and the same agreement.

IN  WITNESS  WHEREOF,  the  Borrower  and the  Lender  have duly  executed  this
Agreement.

GLOBAL ENTERTAINMENT CORPORATION

By /s/ Richard Kozuback
  ----------------------------------
Title: Chief Executive Officer

BOSTON PIZZA RESTAURANTS (USA), INC.

By /s/ Michael F. Best
  ----------------------------------
Title: Chief Financial Officer

                                       6

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