SEC Contract Filing

Filing Date: 2021-06-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>ea142083ex10-3_1847goedeker.htm
<DESCRIPTION>TERM LOAN NOTE ISSUED BY 1847 GOEDEKER INC. AND APPLIANCES CONNECTION INC. TO FIRST HORIZON BANK ON JUNE 2, 2021
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERM LOAN NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12,857,142.86</FONT></TD>
 <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>06/02/21</B></FONT></TD>
 <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">New York, New York</FONT></TD></TR>
 </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>FOR VALUE RECEIVED,</B>
<FONT STYLE="text-transform: uppercase">1847 goedeker inc.</FONT>, a Delaware corporation (&ldquo;<U>Goedeker</U>&rdquo;), and <FONT STYLE="text-transform: uppercase">appliances
connection inc.</FONT>, a Delaware corporation (&ldquo;<U>Appliances</U>&rdquo;; Appliances together with Goedeker collectively, the
&ldquo;<U>Borrowers</U>&rdquo;), jointly and severally promise to pay FIRST HORIZON BANK (&ldquo;<U>Payee</U>&rdquo;) or its registered
assigns the principal amount of TWELVE MILLION EIGHT HUNDRED FIFTY-SEVEN THOUSAND ONE HUNDRED FORTY-TWO AND 86/100 DOLLARS ($12,857,142.86)
in the installments referred to below.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrowers also jointly and
severally promise to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at
the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of June
2, 2021 (as it may be amended, supplemented, restated or otherwise modified, the &ldquo;<U>Credit Agreement</U>&rdquo;; the terms defined
therein and not otherwise defined herein being used herein as defined in the Credit Agreement), by and among the Borrowers, certain Subsidiaries
of Borrowers, the financial institutions party thereto from time to time, Manufacturers and Traders Trust Company, as Administrative Agent
(the &ldquo;<U>Administrative Agent</U>&rdquo;) and Collateral Agent, and the other parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrowers shall make scheduled
principal payments on this Term Loan Note (this &ldquo;<U>Note</U>&rdquo;) as set forth in Section&nbsp;2.24 of the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Note is one of the &ldquo;Term
Loan Notes&rdquo; referred to in the Credit Agreement and is issued pursuant to and entitled to the benefits of the Credit Agreement,
to which reference is hereby made for a more complete statement of the terms and conditions under which the Term Loan evidenced hereby
was made and is to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All payments of principal and
interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office
of Administrative Agent or at such other place as shall be designated in writing for such purpose in accordance with the terms of the
Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced
hereby shall have been accepted by Administrative Agent and recorded in the Register, the Borrowers, each Agent and Lenders shall be entitled
to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee will make a notation hereon of
all principal payments previously made hereunder and of the date to which interest hereon has been paid to the extent consistent with
customary procedures of such Payee; <U>provided</U>, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the joint and several obligations of the Borrowers hereunder with respect to payments of principal of or interest on
this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Note is subject to mandatory
prepayment and to prepayment at the option of the Borrowers, each as provided in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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