SEC Contract Filing

Filing Date: 2023-06-13

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>brhc20054082_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
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 <div style="text-align: right; font-weight: bold;">EXECUTION COPY</div>
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 <div style="text-align: center; font-weight: bold;"><u>AMENDMENT NO. 5 TO LOAN AND SECURITY AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">THIS AMENDMENT NO. 5 TO LOAN AND SECURITY AGREEMENT (this &#8220;<u>Amendment</u>&#8221;) is entered into as of November __, 2022, by and among <font style="font-weight: bold;">KASPIEN INC.</font>, a
 Washington corporation (f/k/a Etailz Inc.) (the &#8220;<font style="font-weight: bold; font-style: italic;">Borrower</font>&#8221;), <font style="font-weight: bold;">KASPIEN HOLDINGS INC.</font>, a New York corporation (f/k/a Trans World Entertainment
 Corporation) (the &#8220;<font style="font-weight: bold; font-style: italic;">Parent</font>&#8221;), the Lenders party hereto, and <font style="font-weight: bold;">ECLIPSE BUSINESS CAPITAL LLC</font> (f/k/a Encina Business Credit, LLC), as agent for the
 Lenders (in such capacity, the &#8220;<font style="font-weight: bold; font-style: italic;">Agent</font>&#8221;).&#160; Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement, as defined below.</div>
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 <div style="text-align: center; font-weight: bold;"><u>RECITALS</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Parent, the Borrower, the Lenders and Agent are parties to that certain credit facility provided by the Agent and the Lenders to the Borrower pursuant to that certain Loan and
 Security Agreement, dated as of February 20, 2020 (as amended, modified, supplemented, extended, renewed, restated, or replaced from time to time, the &#8220;<u>Loan Agreement</u>&#8221;);</div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Parent and the Borrower have agreed to the modifications to the Loan Agreement as set forth herein, subject to the terms and conditions set forth herein; and</div>
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 <div style="text-align: justify; text-indent: 36pt;">NOW THEREFORE, in consideration of the foregoing premises and the mutual benefits to be derived by the Borrower, the Agent, and the Lenders from a continuing relationship under the Loan Agreement
 and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Borrower, the Agent and the Lenders hereby agree as follows:</div>
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 <td style="width: 36pt; vertical-align: top;">1.</td>
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 <div><u>Amendment to Loan Agreement</u>.&#160; The Loan Agreement is hereby amended to delete the bold, stricken text (indicated textually in the same manner as the following example: <font style="color: #FF0000;"><strike>stricken text</strike></font>)<font style="font-weight: bold;">&#160;</font>and to add the bold, double-underlined text (indicated textually in the same manner as the following example:<font style="font-weight: bold;">&#160;</font><font style="color: #3333FF;"><u style="border-bottom: 1px solid;">double-underlined text</u></font>)<font style="font-weight: bold;">&#160;</font>as set forth in the pages of the Credit Agreement attached as <u>Exhibit A</u> hereto.</div>
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 <div><u>Representations and Warranties</u>.&#160; Each of the Parent and the Borrower hereby represents and warrants that, after giving effect to this Amendment: (i) no Default or Event of Default exists under the Loan Agreement or any other
 Loan Document, (ii) each of the Parent and the Borrower has the full power and authority to execute, deliver, and perform its respective obligations under, the Loan Agreement and the other Loan Documents, as amended by this Amendment and
 the amendments to the other Loan Documents, and (iii) the representations and warranties contained or referred to in Section 7 of the Loan Agreement and the other Loan Documents are true and accurate in all material respects as of the
 date of this Amendment (or, to the extent any such representations or warranties are expressly made solely as of an earlier date, such representations and warranties are true and correct as of such earlier date).</div>
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 <td style="width: 36pt; vertical-align: top;">3.</td>
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