SEC Contract Filing

Filing Date: 2019-12-02

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.1</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDED
AND RESTATED LOAN AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Amended and Restated Loan Agreement (this &ldquo;Agreement&rdquo;) is dated November 29, 2019 and is made and entered into by
and among <FONT STYLE="text-transform: uppercase">Hancock</FONT> WHITNEY BANK, a Mississippi state chartered bank (&ldquo;Bank&rdquo;),
and 1347 PROPERTY INSURANCE HOLDINGS, INC., a Delaware corporation (&ldquo;Borrower&rdquo;). This Agreement amends and restates
in its entirety that certain Loan Agreement dated August 20, 2019 among Bank and Borrower (the &ldquo;Prior Agreement&rdquo;)
pursuant to which Bank made a non-revolving line of credit loan in the maximum principal amount of Seven Million Dollars ($7,000,000.00)
(the &ldquo;Existing Line of Credit&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
THE LOAN.</B> Subject to the terms and conditions of this Agreement and provided Borrower timely and completely performs all obligations
in favor of Bank contained in this Agreement and in any other agreement, whether now existing or hereafter arising, Bank will
increase the Existing Line of Credit by an additional Ten Million Dollars ($10,000,000.00) (the &ldquo;Line of Credit Increase&rdquo;),
resulting in a <B>NON-REVOLVING LINE OF CREDIT LOAN</B> (collectively, the &ldquo;Line of Credit,&rdquo; which term shall include
all renewals, extensions or modifications thereof) to Borrower in the maximum aggregate principal amount of Seventeen Million
Dollars ($17,000,000.00), bearing interest per annum at the rate or rates provided in that certain Amended and Restated Commercial
Note dated on or about the date hereof (as further amended, modified, restated and/or supplemented at any time or from time to
time, the &ldquo;Note&rdquo;) in said principal sum from Borrower in favor of Bank, from date of advance until paid, with all
principal and outstanding interest due and payable on the first to occur of (i) the Closing (as defined and provided in the Equity
Purchase Agreement (as defined in Section D.(4) below)) and (ii) December 31, 2019 (the earliest of such dates, the &ldquo;Maturity
Date&rdquo;). The Line of Credit Increase will be drawn by Borrower in a single advance, at any time during the period of time
commencing on the date hereof through and including the day preceding the Maturity Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
EFFECT OF AGREEMENT AND DEFINITIONS. </B>The promissory note or notes referenced in Section A and any renewals, modifications
or replacements for such note(s) and any other notes that may from time to time be delivered by Borrower to Bank are subject to
the terms of this Agreement without further reference. &ldquo;Loan&rdquo; shall collectively mean any and all loans made available
to Borrower under Section A of this Agreement (including without limitation the Existing Line of Credit and the Line of Credit
Increase) and all renewals, extensions or modifications therefor as well as any other loans made available to Borrower by Bank
from time to time. &ldquo;Loan Documents&rdquo; shall mean this Agreement, any other loan agreement(s), the promissory note(s)
evidencing the Loan, any continuing guaranty(ies) by Borrower, any security document(s) provided for in this Agreement and any
and all other documents by Borrower evidencing or securing the obligations of Borrower to Bank, direct or contingent, due or to
become due, now existing or hereafter arising and any and all other documents evidencing or securing the obligations of Borrower
to Bank, including without limitation, all agreements with respect to any swap, forward, future, or derivative transaction or
option or similar agreement involving, or settled by reference to, one or more interest rates, currencies, commodities, equity
or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk
or value. The Loan and all other obligations of Borrower to Bank, direct or contingent, due or to become due, now existing or
hereafter arising, shall be secured by any