Document:

EXHIBIT 10.1

 

Agreement

 

Effective Date: February 3rd, 2015

 

This Agreement is made by and between, Cachet Financial Solutions, Inc., a Delaware corporation (“Company”), and Michael Hanson (“Investor”) (collectively “Parties”) as of this 3rd day of February, 2015 (the “Agreement”); and

 

WHEREAS, Michael Hanson and Company entered into a Commitment Letter on July 30, 2014 (the “Letter”) whereby Michael Hanson agreed to provide funds of up to $2,500,000 to Company;

 

WHEREAS, Michael Hanson desires to convert $250,000 of the money he loaned to Company under the (“Letter”) into equity in the Company in conjunction with Company’s current Series B Convertible Preferred Stock Offering.

 

NOW THEREFORE, for valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties agree as follows:

 

·                  Michael Hanson agrees to convert $250,000 of the money loaned to Company under the Letter into equity in the Company in conjunction with Company’s current Series B Convertible Preferred Stock Offering.

 

This Agreement supersedes and replaces any other agreements relating to the subject matter hereof.

 

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed as of the Effective Date written above.

 

	
Michael Hanson
    	
 
    	
Cachet Financial Solutions,   Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Michael Hanson
    	
 
    	
By:
    	
/s/ Jeffrey C. Mack
    
	
 
    	
 
    	
 
    	
 
    	
Jeffrey C. Mack
    
	
Print Name: Michael Hanson
    	
 
    	
 
    	
Chief Executive OfficerExhibit 10.1

 

AMENDMENT NO. 6 TO SENIOR

SECURED REVOLVING CREDIT AGREEMENT 

 

This AMENDMENT NO. 6 (this “Amendment)
dated as of February 2, 2015, is made with respect to the Senior Secured Revolving Credit Agreement, dated as of August 4, 2011
(as amended by that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of August 31, 2012, Amendment
No. 2 to Senior Secured Revolving Credit Agreement, dated as of December 7, 2012, Amendment No. 3 to Senior Secured Revolving
Credit Agreement, dated as of March 28, 2012, Amendment No. 4 to Senior Secured Revolving Credit Agreement, dated as of May 1,
2013, Amendment No. 5 to Senior Secured Revolving Credit Agreement, dated as of June 2, 2014 and as further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among MEDLEY CAPITAL CORPORATION,
a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from
time to time party to the Credit Agreement as lenders (the “Lenders”), ING CAPITAL LLC, as administrative agent
for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative
Agent”), and solely for purposes of Section 2.8, MOF I BDC LLC, a Delaware limited liability company, MCC INVESTMENT
HOLDINGS LLC, a Delaware limited liability company (“MCCIH”), MCC INVESTMENT HOLDINGS SENDERO LLC, a Delaware
limited liability company (“MCCIHS”), MCC INVESTMENT HOLDINGS RT1 LLC, a Delaware limited liability company
(“MCC RT1”), MCC INVESTMENT HOLDINGS OMNIVERE LLC, a Delaware limited liability company (“MCC Omnivere”),
MCC INVESTMENT HOLDINGS AMVESTAR, LLC, a Delaware limited liability company (“MCC Amvestar”), MCC INVESTMENT
HOLDINGS AAR, LLC, a Delaware limited liability company (together with MOF I, MCCIH, MCCIHS, MCC RT1, MCC Omnivere and MCC Amvestar,
the “Subsidiary Guarantors”, and together with the Borrower, the “Obligors”). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (as amended hereby).

 

WITNESSETH:

 

WHEREAS, pursuant to the Credit Agreement,
the Lenders have made certain loans and other extensions of credit to the Borrower; and

 

WHEREAS, the Borrower has requested that
the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory hereto and
the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.

 

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

 

    	 

    	 

    

 

SECTION I AMENDMENT TO
CREDIT AGREEMENT

 

Effective as of the Effective Date (as defined
below), and subject to the terms and conditions set forth below, the Credit Agreement is hereby amended as follows:

 

(a)  Section 6.05(c)
of the Credit Agreement is hereby amended by deleting the word “and” directly following the semicolon therein;

 

(b)  Section 6.05(d)
of the Credit Agreement is hereby amended by deleting the period at the end of such section, replacing it with a semicolon and
adding the word “and” directly following the semicolon; and

 

(c)  Section 6.05 of
the Credit Agreement is hereby amended by adding the following Section 6.05(e) thereto:

 

“(e) the Borrower may make Restricted
Payments during the Availability Period to repurchase or redeem Equity Interests of the Borrower up to an aggregate amount equal
to $30,000,000 during such period, so long as on the date of such Restricted Payment and after giving effect thereto:

 

(1)         no
Default shall have occurred and be continuing;

 

(2)         prior
to and immediately after giving effect to such Restricted Payment, the Covered Debt Amount does not exceed 85% of the Borrowing
Base; and

 

(3)         prior
to and immediately after giving effect to such Restricted Payment, the Borrower is in pro forma compliance with each of the covenants
set forth in Sections 6.07(a), (b), (d) and (e).

 

SECTION II MISCELLANEOUS

 

2.1.         Conditions to Effectiveness of
Amendment. This Amendment shall become effective as of the date (the “Effective Date”) on which the Borrower
and each Subsidiary Guarantor party hereto have satisfied each of the following conditions precedent (unless a condition shall
have been waived in accordance with Section 9.02 of the Credit Agreement):

 

(a)  Documents.
The Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to
the Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(1)  Executed Counterparts.
From each of the Lenders, the Administrative Agent and the Obligors, either (1) a counterpart of this Amendment signed on
behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission
or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment.

 

    	 

    	 

    

 

(2)  Term Loan Amendment
No. 6. The Amendment No. 6, dated as of the date hereof, with respect to the Senior Secured Term Loan Credit Agreement, dated
as of August 31, 2012 (as amended by Amendment No. 1 dated as of December 7, 2012, Amendment No. 2 dated as of January 23, 2013,
Amendment No. 3 dated as of March 28, 2012, Amendment No. 4 dated as of May 1, 2013, Amendment No. 5 dated as of June 2, 2014
and as further amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”),
among the Borrower, the Subsidiary Guarantors, the lenders party thereto and ING, as administrative agent for the lenders under
the Term Loan Credit Agreement, duly executed and delivered by each of the parties thereto.

 

(3)  Officer’s
Certificate. A certificate, dated the Effective Date and signed by a Financial Officer of the Borrower, confirming compliance
with the conditions set forth in Sections  2.1(b) and (c) of this Amendment.

 

(b)  Default.
No Default or Event of Default shall have occurred and be continuing under the Credit Agreement, nor any default or event of default
that permits acceleration of any Material Indebtedness, immediately before and after giving effect to the Amendment, any incurrence
of Indebtedness under the Credit Agreement and the use of the proceeds thereof on a pro forma basis.

 

(c)   Financial Covenants.
The Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) of the Credit
Agreement (as amended hereby) at the time of the Effective Date.

 

(d)   Other Documents.
The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information as the
Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.

 

The contemporaneous exchange and release
of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Amendment effective and
any such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as
applicable) of any condition precedent to such effectiveness set forth above.

 

2.2.         Representations and Warranties.
To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent
and each of the Lenders that, as of the Effective Date and after giving effect to this Amendment:

 

(a)   This Amendment
has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes a legal, valid
and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms. The Credit Agreement,
as amended by the Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with
its respective terms.

 

(b)   The representations
and warranties set forth in Article 3 of the Credit Agreement as amended by this Amendment and the representations and warranties
in each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified
by materiality or Material Adverse Effect, which shall be true and correct is all respects) on and as of the Effective Date or
as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as
though made on and as of the Effective Date.

 

    	 

    	 

    

 

(c)   No Default or Event
of Default has occurred or is continuing under the Credit Agreement.

 

2.3.         Counterparts. This Amendment
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the entire contract
between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment by telecopy or electronic
mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

2.4.         Payment of Expenses. The
Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and
expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and disbursements
of legal counsel to the Administrative Agent, (but excluding, for the avoidance of doubt, the allocated costs of internal counsel).

 

2.5.         GOVERNING LAW. THIS AMENDMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

2.6.         Incorporation of Certain Provisions.
The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement are hereby incorporated by reference with respect
to Section I.

 

2.7.         Effect of Amendment. Except
as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or
otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower or the Subsidiary
Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter,
modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force
and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions
amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and
be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document shall mean the
Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

2.8.         Consent and Affirmation.
Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary Guarantors
hereby to the extent applicable as of the Effective Date (i) consents to this Amendment and the transactions contemplated, (ii)
agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) confirms
its guarantee (solely in the case of Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security Agreement
and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee
and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant is in full force and effect in respect
of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).

 

[Signature pages follow]

 

    	 

    	 

    

 

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

 

	 	MEDLEY CAPITAL CORPORATION, as Borrower
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MOF I BDC LLC, as Subsidiary Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS SENDERO LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS RT1 LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS OMNIVERE LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS AMVESTAR, LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	MCC INVESTMENT HOLDINGS AAR, LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

	 	BARCLAYS BANK PLC, as a Lender
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	CREDIT SUISSE AG, Cayman Islands Branch, as a Lender
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	ONEWEST BANK, FSB, as a Lender
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	Goldman Sachs Bank USA, as a Lender
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	KEY EQUIPMENT FINANCE, INC., a division of Keybank National Association, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	SIGNATURE BANK, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	WESTERN ALLIANCE BANK, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	CITY NATIONAL BANK, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	CIT FINANCE LLC, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	STATE STREET BANK AND TRUST COMPANY, as a Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	BANKUNITED, n.A., as a New Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	CUSTOMERS BANK, as a New Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

 

    	 

    	 

    

 

	 	EVERBANK COMMERCIAL FINANCE, as a New Lender,
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	 
	 	Title:

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