Document:

emma-ex102_6.htm

 

Exhibit 10.2

 

EMMAUS MEDICAL JAPAN

Promissory Note

 

Principal Amount: __JPY74,420,000____Loan Date:  ___05/26/2021_______

Currency:__Japanese Yen_____Term:         ___2 Years__________

Interest Rate:__11.0%________Loan Due Date: __Due on demand_______

Interest Payment Period:  __ Interest is payable annually _________________________________

Lender:  __________Shigeru Matsuda  __________________________________________

 

FOR VALUE RECEIVED, Emmaus Medical, Japan, a Japanese corporation, located at 2-20-11 Hongo Bunkyo-ku 113-0033 Tokyo Japan (“Borrower”) agrees to pay to Lender the sum of the Principal Amount in the stated Currency, together with any accrued interest at the stated Interest Rate, under the following terms and conditions of this this Promissory Note (“Note”).

 

1. Terms of Repayment (Balloon Payment): The entire unpaid Principal Amount and any accrued interest shall become immediately due and payable upon the stated Loan Due Date. Simple interest at the stated Interest Rate will accrue on the outstanding Principal Amount commencing on the Loan Date of this Note and the Borrower shall make payments of interest only as per the stated Interest Payment Period. 

 

2. Prepayment: This Note may be prepaid in whole or in part at any time after six months of the Loan Date without premium or penalty. All prepayments shall first be applied to interest, and then to principal payments.

 

3. Place of Payment: All payments due under this Note shall be sent to the Lender’s address, as noted in Attachment 1 hereto, or at such other place as the Lender or subsequently assigned holder of this Note may designate in writing in the future.

 

4. Default: In the event of default, the Borrower agrees to pay all costs and expenses incurred by the Lender, including all reasonable attorney fees as permitted by law for the collection of this Note upon default.

 

5. Acceleration of Debt: If the Borrower (i) fails to make any payment due under the terms

of this Note or seeks relief under the Japanese Bankruptcy Code, (ii) fails to deliver shares to the Lender by the deadline set forth in Section 4 hereof, (iii) suffers an involuntary petition in

bankruptcy or receivership that is not vacated within thirty (30) days, (iv) consents to the appointment of a receiver, trustee, assignee, liquidator or similar official or such appointment is not discharged or stayed within 30 days, (v) makes a general assignment for the benefit of its 

 

creditors or (vi) admits in writing that it is generally unable to pay its debts as they become due, the entire balance of this Note and any interest accrued thereon shall be immediately due and payable to the holder of this Note.

 

6. Modification: No modification or waiver of any of the terms of this Note shall be allowed unless by written agreement signed by the parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

7. Complete Note: This Note is the complete and exclusive statement of agreement of the parties with respect to matters in this Note. This Note replaces and supersedes all prior written or oral agreements or statements by and among the parties with respect to the matters covered by it. No representation, statement, condition or warranty not contained in this Note is binding on the parties.

 

8. Transfer of the Note: This Note may be transferred, in whole or in part, at any time or from time to time, by the Lender. The Borrower hereby waives any notice of the transfer of this Note by the Lender or by any subsequent holder of this Note, agrees to remain bound by the terms of this Note subsequent to any transfer, and agrees that the terms of this Note may be fully enforced by any subsequent holder of this Note. If this Note is to be transferred, the Lender shall surrender this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Lender a new Note registered as the Lender may request, representing the outstanding Principal Amount being transferred by the Lender and, if less then the entire outstanding Principal Amount is being transferred, a new Note to the Lender representing the outstanding Principal Amount not being transferred. This Note may not be transferred by the Borrower, by operation of law or otherwise, without the prior written consent of the Lender.

 

9. Lost, Stolen or Mutilated Note:  Upon receipt by the Borrower of evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Lender to the Borrower in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Borrower shall execute and deliver to the Lender a new Note representing the outstanding Principal Amount and accrued and unpaid interest thereon.

 

10. Remedies:  The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Lender’s right to pursue actual and consequential damages for any failure by the Borrower to comply with the terms of this Note.  

 

11. Severability of Provisions: If any portion of this Note is deemed unenforceable, all other provisions of this Note shall remain in full force and effect.

 

12. Insufficient Authorized Shares:  The Borrower shall take all reasonable best action necessary to increase the Borrower’s authorized shares of common stock to an amount sufficient to allow Borrower to reserve the Required Reserve Amount for the Note.

 

 

 13. Choice of Law: All terms and conditions of this Note shall be interpreted under the laws

in Japan.

 

 

 

 

 

Signed Under Penalty of Perjury, this _26th__ day of _May____, _2021_____

 

Emmaus Medical, Japan

 

 

 

_______________________________________

By: Yutaka Niihara, MD, Board of Director

 

 

 

 

________________________________________

By: Lender

 

ATTACHMENT 1

 

Lender’s Name: Shigeru Matsuda

 

Lender’s Address:Exhibit 10.1

 

AMENDMENT NUMBER 3 TO TERM LOAN AGREEMENT

 

This AMENDMENT NUMBER 3 TO
TERM LOAN AGREEMENT (this “Amendment”) dated as of August 30, 2021 is made by and among HALL OF FAME RESORT &
ENTERTAINMENT COMPANY, a Delaware corporation, HOF VILLAGE NEWCO, LLC; HOF VILLAGE PARKING, LLC; HOF VILLAGE YOUTH FIELDS, LLC;
HOF VILLAGE STADIUM, LLC; HOF VILLAGE LAND, LLC; HOF VILLAGE HOTEL I, LLC; HOF VILLAGE SPORTS BUSINESS, LLC; HOF VILLAGE PARKING MANAGEMENT
I, LLC; HOF VILLAGE RESIDENCES I, LLC; HOF VILLAGE CENTER FOR EXCELLENCE, LLC, HOF VILLAGE CENTER FOR PERFORMANCE, LLC; HOF VILLAGE WATERPARK,
LLC; HOF VILLAGE HOTEL WP, LLC; HOF EXPERIENCE, LLC; HOF VILLAGE MEDIA GROUP, LLC, HOF VILLAGE RETAIL I, LLC, and HOF VILLAGE RETAIL
II, LLC, each a Delaware limited liability company (collectively, the “Borrowers”), in favor of AQUARIAN
CREDIT FUNDING LLC, a Delaware limited liability company (together with its successors and assigns, the “Administrative
Agent”) and INVESTORS HERITAGE LIFE INSURANCE COMPANY, and LINCOLN BENEFIT LIFE COMPANY (collectively, together
with its successors and assigns, the “Lenders”).

 

PRELIMINARY STATEMENTS:

  

(1) The
Borrowers, the Lenders, the Administrative Agent, and the other parties named therein are parties to the Term Loan Agreement, dated as
of December 1, 2020, as amended by the Amendment Number 1 to Term Loan Agreement dated January 28, 2021, and Amendment Number 2 to Term
Loan Agreement dated February 15, 2021, as further amended, restated, supplemented, waived or otherwise modified from time to time, the
“Loan Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings ascribed to
such terms in the Loan Agreement, as amended hereby;

 

(2) On
the date hereof, Borrowers has prepaid, in its entirety, the Promissory Note, dated December 1, 2020
(the “Lincoln Note”), made by Borrowers, to Lincoln Benefit Life Company, as a Lender (“Lincoln
Lender”) in connection with the Loan Agreement;

 

(3) 
In accordance with such prepayment, Lincoln Lender is being removed as a “Lender” under the Loan Agreement; and

 

(4) The
Administrative Agent, the Borrowers, and the Lenders desire to amend the Loan Agreement as set forth below.

 

    

    

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

 

		1)	Lincoln Lender acknowledges that, as of the date hereof, all sums owed to Lincoln Lender under the Lincoln
Note and Loan Agreement have been paid in full and that Lincoln Lender’s $20,000,000 Loan Commitment has been terminated.

 

		2)	In connection with such prepayment, effective the date hereof:

 

		a)	the Loan Agreement and all applicable Loan Documents are hereby amended to remove Lincoln Lender as a
“Lender”, such that Lincoln Lender shall no longer constitute a “Lender” thereunder;

 

		b)	hereafter, all references to “Lender” or “Lenders” in the Loan Agreement and applicable
Loan Documents shall refer only to Investors Heritage Life Insurance Company and its successors and assigns, as a “Lender”
(“Remaining Lender”); and

 

		c)	each of Administrative Agent and Remaining Lender acknowledge and agree that, notwithstanding that the
Loan Agreement requires that prepayments shall be pro rata, as between the Lenders, in connection with the repayment in full of Lincoln
Lender, Remaining Lender will not require a simultaneous pro rata repayment of amounts owed to Remaining Lender and all such amounts owed
to Remaining Lender remain outstanding.

 

		3)	Representations and Warranties. This Amendment constitutes the legal, valid and binding obligations
of the Borrowers, enforceable against the Borrowers in accordance with its terms, has been duly authorized by all requisite corporate,
partnership or limited liability company and, if required, stockholder, partner or member action of each Borrower which is a party thereto
and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of Governing Documents of any Borrower, (B) any
order of any Governmental Authority or arbitrator or (C) any provision of any indenture, agreement or other instrument to which any Borrower
is a party or by which any of them or any of their property is or may be bound, including any Contractual Obligation, (ii) be in conflict
with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to
accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument
or any Contractual Obligation or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets
now owned or hereafter acquired by any Borrower (other than Permitted Liens and Liens created under the Security Documents).

 

		4)	Electronic Signatures. Transmission of a signature by facsimile or email or in .pdf format shall
bind the signing party to the same degree as the delivery of a signed original or electronic signature. This Amendment may be executed
by way of electronic signatures (including, but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe
Sign” or similar programs or replacements thereto) and that neither this Amendment, nor any part or provision of this Amendment,
shall be challenged or denied any legal effect, validity and/or enforceability solely on the grounds that it is in the form of an electronic
record.

 

		5)	No Other Changes; Ratification. Except as specifically amended hereby, the terms, provisions and
conditions of the Loan Agreement and the other Loan Documents shall remain unmodified and continue in full force and effect and, except
as amended hereby, all of the terms, provisions and conditions of the Loan Agreement and the Loan Documents are hereby ratified and confirmed
by Borrower, Remaining Lender and Administrative Agent in all respects.

 

		6)	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.

 

		7)	Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws
of the State of New York without regard to any conflicts of law principles that would direct the application of the laws of any jurisdiction.

 

[Signatures
follow]

 

    2 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	HALL OF FAME RESORT & ENTERTAINMENT COMPANY,
	 	    a Delaware corporation
	 	HOF VILLAGE NEWCO, LLC
	 	HOF VILLAGE PARKING, LLC
	 	HOF VILLAGE YOUTH FIELDS, LLC
	 	HOF VILLAGE STADIUM, LLC
	 	HOF VILLAGE LAND, LLC
	 	HOF VILLAGE HOTEL I, LLC
	 	HOF VILLAGE SPORTS BUSINESS, LLC
	 	HOF VILLAGE PARKING MANAGEMENT I, LLC
	 	HOF VILLAGE RESIDENCES I, LLC
	 	HOF VILLAGE CENTER FOR EXCELLENCE, LLC
	 	HOF VILLAGE CENTER FOR PERFORMANCE, LLC
	 	HOF VILLAGE WATERPARK, LLC
	 	HOF VILLAGE HOTEL WP, LLC
	 	HOF EXPERIENCE, LLC
	 	HOF VILLAGE MEDIA GROUP, LLC
	 	HOF VILLAGE RETAIL I, LLC
	 	HOF VILLAGE RETAIL II, LLC
	 	each, a Delaware limited liability company

 

	 	By:	/s/ Michael Crawford
	 	 	Name: 	Michael Crawford
	 	 	Title: 	President and Chief Executive Officer

 

[Signatures Continue on Next Page]

 

    

    

    

 

	 	AQUARIAN CREDIT FUNDING LLC,
	 	as Administrative Agent
	 	 	 	 
	 	By:	/s/ Rudy Sahay
	 	 	Name:	Rudy Sahay
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	INVESTORS HERITAGE LIFE INSURANCE COMPANY,
	 	as a Lender and Remaining Lender
	 	 	 	 
	 	By: 	Aquarian Holdings Investment Management LLC, as investment advisor
	 	 	 	 
	 	 	By:	/s/ Rudy Sahay
	 	 	Name:	Rudy Sahay
	 	 	Title:	Authorized Signatory

 

	 	LINCOLN BENEFIT LIFE COMPANY
	 	Withdrawing Lender
	 	 	 	 
	 	By:	/s/ Erik Braun
	 	 	Name: 	Erik Braun
	 	 	Title:	Chief Financial Officer

 

[Signatures Continue on Next Page]

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