Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 
 This First
Amendment to the Amended and Restated Loan and Security Agreement (this “Amendment”), dated as of September 16, 2022, is entered into among BGSL JACKSON HOLE FUNDING LLC (the “Company”), a Delaware limited
liability company, as borrower; the Lenders party hereto; BLACKSTONE SECURED LENDING FUND, in its capacity as portfolio manager (in such capacity, the “Portfolio Manager”); CITIBANK, N.A., in its capacity as collateral agent (in
such capacity, the “Collateral Agent”); CITIBANK, N.A., in its capacity as securities intermediary (in such capacity, the “Securities Intermediary”); VIRTUS GROUP, LP, in its capacity as collateral administrator (in
such capacity, the “Collateral Administrator”); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Reference is hereby made to the
Amended and Restated Loan and Security Agreement, dated as of December 16, 2021 (the “Loan and Security Agreement”), among parties hereto. Capitalized terms used herein without definition shall have the meanings assigned
thereto in the Loan and Security Agreement. 
 WHEREAS, the parties hereto are parties to the Loan and Security Agreement; 

WHEREAS, the parties hereto desire to amend the terms of the Loan and Security Agreement in accordance with Section 10.05 thereof as
provided for herein; and 
 ACCORDINGLY, the Loan and Security Agreement is hereby amended as follows: 

SECTION 1. AMENDMENTS TO THE LOAN AND SECURITY AGREEMENT 

The Loan and Security Agreement is hereby amended in accordance with Section 10.05 thereof to delete the stricken text (indicated
textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Loan and Security Agreement attached as Exhibit A hereto. Exhibit A hereto constitutes a conformed copy of the Loan and Security Agreement. 

SECTION 2. CONDITION PRECEDENT. It shall be a condition precedent to the effectiveness of the amendments set forth in Section 1 of
this Amendment that each of the following conditions is satisfied: 
 (a) The Administrative Agent shall have received executed counterparts
of this Amendment from each party hereto. 
 (b) The Company hereby certifies that (i) all of the representations and warranties set
forth in Section 6.01 of the Loan and Security Agreement are true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in
each case on and as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such
representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no Market Value Event has
occurred. 

  
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 SECTION 3. MISCELLANEOUS. 

(a) The Required Lenders’ execution of this Amendment shall constitute the written consent required under Section 10.05 of the Loan
and Security Agreement. 
 (b) The parties hereto hereby agree that, except as specifically amended herein, the Loan and Security Agreement
is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects. Except as specifically provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any
right, power or remedy of any party hereto under the Loan and Security Agreement, or constitute a waiver of any provision of any other agreement. 

(c) The Company hereby acknowledges and agrees that all outstanding Advances for the Calculation Period beginning on (and including)
June 1, 2022 and ending on (but excluding) the date of this Amendment (the “Transition Calculation Period”) shall bear interest by reference to (i) prior to the date of this Amendment, the LIBO Rate (as defined in the Loan
and Security Agreement immediately prior to the date of this Amendment) and (ii) from and including the date of this Amendment, Term SOFR. For the avoidance of doubt, the Interest Payment Date with respect to all interest accrued during the
Transition Calculation Period shall be the fifteenth day following the Transition Calculation Period, in accordance with the terms of the Loan and Security Agreement, as amended by this amendment. Notwithstanding anything to the contrary in the Loan
and Security Agreement, the Company shall not be responsible for any breakage costs in connection with the transition from the LIBO Rate to Term SOFR during the Transition Calculation Period. 

(d) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

(e) This Amendment may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be
deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. 

(f) Subject to the satisfaction of the conditions precedent specified in Section 2 above, this Amendment shall be effective as of the date
of this Amendment first written above. 
 (g) The Collateral Agent, the Collateral Administrator and the Securities Intermediary assume no
responsibility for the correctness of the recitals contained herein, and the Collateral Agent, the Collateral Administrator and the Securities Intermediary shall not be responsible or accountable in any way whatsoever for or with respect to the
validity, execution or sufficiency of this Amendment and makes no representation with respect thereto. In entering into this Amendment, the Collateral Agent, the Collateral Administrator and the Securities Intermediary shall be entitled to the
benefit of every provision of the Loan and Security Agreement relating to the conduct or affecting the liability of or affording protection to the Collateral Agent, the Collateral Administrator and the Securities Intermediary, including their right
to be compensated, reimbursed and indemnified in accordance with the terms thereof. The Administrative Agent, by its signature hereto, authorizes and directs the Collateral Agent, the Collateral Administrator and the Securities Intermediary to
execute this Amendment. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written. 
  

			
	BGSL JACKSON HOLE FUNDING LLC, as Company
		
	By	 	 /s/ Marisa J. Beeney

	Name: Marisa J. Beeney
	Title: Authorized Signatory
	
	BLACKSTONE SECURED LENDING FUND, as Portfolio Manager
		
	By	 	 /s/ Marisa J. Beeney

	Name: Marisa J. Beeney
	Title: Authorized Signatory

 Signature Page to 

First Amendment to Amended and Restated Loan and Security Agreement 

 
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By	 	 /s/ James Greenfield

	Name: James Greenfield
	Title: Executive Director
	
	The Lenders
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
		
	By	 	 /s/ James Greenfield

	Name: James Greenfield
	Title: Executive Director

 Signature Page to 

First Amendment to Amended and Restated Loan and Security Agreement 

 
			
	CITIBANK, N.A., as Collateral Agent
		
	By	 	 /s/ Trang Tran-Rojas

	Name: Trang Tran-Rojas
	Title: Senior Trust Officer
	
	CITIBANK, N.A., as Securities Intermediary
		
	By	 	 /s/ Trang Tran-Rojas

	Name: Trang Tran-Rojas
	Title: Senior Trust Officer
	
	VIRTUS GROUP, LP, as Collateral Administrator
	
	By: Rocket Partners Holdings, LLC, its General Partner
		
	By	 	 /s/ Paul Plank

	Name: Paul Plank
	Title: Authorized Signatory

 Signature Page to 

First Amendment to Amended and Restated Loan and Security AgreementDocument

EXHIBIT 10.1

ENERGY FOCUS, INC. 
PROMISSORY NOTE
U.S. $450,000.00                                                                                            September 16, 2022
                                                                                                                        Solon, Ohio

FOR VALUE RECEIVED, the undersigned, Energy Focus, Inc., a Delaware corporation, with its principal office at 32000 Aurora Road, Suite B, Solon, Ohio 44139 (the “Company”), unconditionally promises to pay to Mei-Yun Huang (the “Lender”) or her permitted assigns, transferees and successors (collectively, the “Holder”), on June 16, 2023, at such place as may be designated in writing by the Holder, the principal sum of Four Hundred Fifty Thousand Dollars (U.S. $450,000.00), together with interest thereon, which interest shall not be due and payable until the Maturity Date, accrued at a rate per annum equal to 8.0% (computed on the basis of a three hundred sixty-five (365)-day year and based upon the number of days actually elapsed, from and after the date of this Note (the “Original Issue Date”).  
ARTICLE 1: PAYMENTS AND OTHER PAYMENT TERMS.
1.1Principal and Interest.  The entire outstanding principal balance of this Note, together with all accrued interest thereon (the “Repayment Amount”), shall be due and payable on the Maturity Date.  Subject to prepayment as set forth in Section 1.2, any and all accrued interest shall be due and payable only on the Maturity Date.
1.2Prepayments.  This Note may be prepaid in whole or in part at any time prior to the Maturity Date.
1.3Cancellation of Note.  Upon payment in full of the outstanding principal balance of this Note and accrued and unpaid interest thereon, this Note will be automatically cancelled and the Company’s payment obligations hereunder will be extinguished. 
ARTICLE 2: TRANSFER RESTRICTIONS.
2.1Transfer Restrictions.  The Holder shall not sell, assign, transfer, pledge or dispose of all or any part of this Note, by operation of law or otherwise, nor may the Holder pledge as collateral this Note, in any case without the written consent of the Company.
ARTICLE 3: EVENTS OF DEFAULT.
The occurrence of any of the following events with respect to the Company shall constitute an event of default under this Note (an “Event of Default”).  The Company shall notify the Holder in writing within five (5) business days following the occurrence of any Event of Default.
3.1The Company fails to make any payment of principal or interest as required hereunder.
3.2Pursuant to or within the meaning of applicable law relating to insolvency or relief of debtors (a “Bankruptcy Law”), the Company (a) commences a voluntary case or proceeding, (b) consents to the entry of an order for relief against it in an involuntary case, (c) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official, (d) makes an assignment for the benefit of its creditors, or (e) admits in writing its inability to pay its debts as they become due.
3.3A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (a) is for relief against the Company in an involuntary case, (b) appoints a trustee, receiver, assignee, liquidator or similar official for the Company’s properties, or (c) orders the liquidation of the Company, and in each case the order or decree is not dismissed within ninety (90) days.
    

ARTICLE 4: REMEDIES IN THE EVENT OF DEFAULT.
4.1Upon the occurrence of an Event of Default, the Holder may, at its option, declare the aggregate amount of principal and interest outstanding under this Note immediately due and payable by providing written notice to the Company; provided, that such demand will be in addition to all other rights and remedies of the Holder under this Note and under applicable law.
4.2The Company shall pay all reasonable costs and expenses incurred by or on behalf of the Holder in connection with the Holder’s exercise of any or all of its rights and remedies under this Note, including, without limitation, reasonable attorneys’ fees.
4.3In the case of any Event of Default under this Note that is continuing and has not been waived in writing by the Holder, this Note will continue to bear interest at the interest rate otherwise in effect hereunder plus 2% per annum (but in any event not in excess of the maximum rate of interest permitted by applicable law).
ARTICLE 5: MISCELLANEOUS.
5.1Severability.  In the event that any provisions of this Note are determined to be invalid or unenforceable by a court of competent jurisdiction, the remainder of this Note shall remain in full force and effect without such provision.  Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
5.2Waivers and Amendments; Preservation of Remedies.  No waiver by the Holder of any right or remedy under this Note shall be effective unless in a writing signed by the Holder.  Neither the failure nor any delay in exercising any right, power or privilege under this Note will operate as a waiver of such right, power or privilege and no single or partial exercise of any such right, power or privilege by the Holder will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege.  To the maximum extent permitted by applicable law, (a) no claim or right of the Holder arising out of this Note may be discharged by the Holder, in whole or in part, by a waiver or renunciation of the claim or right unless in writing, signed by the Holder; (b) no waiver that may be given by the Holder will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on the Company will be deemed to be a waiver of any obligation of the Company or of the right of the Holder to take further action without notice or demand as provided in this Note.  The Company hereby waives presentment, demand, protest and notice of dishonor, protest, diligence, filing suit, nonpayment and all other notice.  The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies which any party may otherwise have at law or in equity.
5.3Headings.  The captions to the several Articles and Sections hereof are not a part of this Note, but are included merely for convenience of reference only and shall not affect its meaning or interpretation.
5.4Successors.  This Note shall be binding upon the Company and its successors and permitted assigns.
5.5Governing Law.  This Note will be governed by the laws of the State of New York without regard to conflicts of laws principles.
[Signature page follows]
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IN WITNESS WHEREOF, the Company has caused its duly authorized representative to execute this Note on the date first above written.

ENERGY FOCUS, INC.

By:      /s/ Lesley A. Matt                   
            Name: Lesley A. Matt
            Title: Chief Executive Officer

[Signature Page to Promissory Note]

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