SEC Contract Filing

Filing Date: 2021-11-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ff_ex10z1.htm
<DESCRIPTION>THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
<TEXT>
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<TITLE>THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</TITLE>
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<DIV style=margin-left:72pt;width:468pt><P align=right style='font:12pt Garamond;margin:0'><FONT style='font-family:Times New Roman'><B>Exhibit 10.1</B></FONT></P>
<P align=center style='font:12pt Garamond;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Garamond;margin:0'><FONT style='font-family:Times New Roman'><B>THIRD</B><B> AMENDMENT TO </B><B>AMENDED AND RESTATED</B></FONT></P>
<P align=center style='font:12pt Garamond;margin:0'><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'><B>LOAN AND SECURITY AGREEMENT</B></FONT></P>
<P align=center style='font:12pt Garamond;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style='font-family:Times New Roman'>This Third Amendment to Amended and Restated Loan and Security Agreement (&#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Amendment</FONT><FONT style='font-family:Times New Roman'>&#8221;) is dated as of November 17, 2021 by and among 1<SUP>ST</SUP> FRANKLIN FINANCIAL CORPORATION (&#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Borrower</FONT><FONT style='font-family:Times New Roman'>&#8221;), WELLS FARGO BANK, N.A., as agent for Lenders (in such capacity, &#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Agent</FONT><FONT style='font-family:Times New Roman'>&#8221;) and the financial institutions a party hereto as lenders (collectively, the &#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Lenders</FONT><FONT style='font-family:Times New Roman'>&#8221; and each is a &#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Lender</FONT><FONT style='font-family:Times New Roman'>&#8221;).</FONT></P>
<P align=center style='font:12pt Garamond;margin:0'><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'><B>BACKGROUND</B></FONT></P>
<P align=center style='font:12pt Garamond;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:12pt Garamond;margin-left:0pt'>A.</KBD><KBD style=margin-left:36pt></KBD><FONT style='font-family:Times New Roman'>Borrower, Lenders, and Agent are parties to a certain Amended and Restated Loan and Security Agreement dated as of November 19, 2019 (as amended or modified from time to time, the &#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Loan Agreement</FONT><FONT style='font-family:Times New Roman'>&#8221;). &nbsp;Capitalized terms used but not otherwise defined in this Amendment shall have the meanings respectively ascribed to them in the Loan Agreement.</FONT>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:12pt Garamond;margin-left:0pt'>B.</KBD><KBD style=margin-left:36pt></KBD><FONT style='font-family:Times New Roman'>Borrower has requested and Agent and Lenders have agreed to amend the Loan Agreement in certain respects, all on the terms and conditions set forth herein.</FONT>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style='font-family:Times New Roman'>NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby promise and agree as follows:</FONT></P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:12pt Garamond;margin-left:0pt'>1.</KBD><KBD style=margin-left:36pt></KBD><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Amendments</FONT><FONT style='font-family:Times New Roman'>. &nbsp;&nbsp;</FONT>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin:0'><KBD style='position:absolute;font:12pt Garamond;margin-left:0pt'>(a)</KBD><KBD style=margin-left:36pt></KBD><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Definition</FONT><FONT style='font-family:Times New Roman'>. The following definitions contained in Section 1.1 of the Loan Agreement is hereby amended and restated as follows: </FONT>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:6pt;margin-left:72pt;margin-right:72pt'><FONT style='font-family:Times New Roman'>&#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Applicable Margin</FONT><FONT style='font-family:Times New Roman'>&#8221; means 2.75%.</FONT></P>
<P align=justify style='font:12pt Garamond;margin-top:0pt;margin-bottom:6pt;margin-left:72pt;margin-right:72pt'><FONT style='font-family:Times New Roman'>&#8220;</FONT><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Maturity Date</FONT><FONT style='font-family:Times New Roman'>&#8221; means February 28, 2024, as such date may be extended from time to time in accordance with the provisions of Section 2.4 of this Agreement. </FONT></P>
<P align=justify style='font:12pt Garamond;margin:0'><KBD style='position:absolute;font:12pt Garamond;margin-left:0pt'>(b)</KBD><KBD style=margin-left:36pt></KBD><FONT style='font-family:Times New Roman;border-bottom:1px solid #000000'>Accordion</FONT><FONT style='font-family:Times New Roman'>. &nbsp;The introductory paragraph of Section 2.13 is amended and restated as follows:</FONT>&nbsp;</P>
<P style='font:12pt Garamond;margin:0;margin-left: