SEC Contract Filing

Filing Date: 2019-11-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_164992.htm
<DESCRIPTION>EXHIBIT 10.1 AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT
<TEXT>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:right;"><b>Exhibit 10.1</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>AMENDED AND RESTATED </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>SUBORDINATED LOAN AGREEMENT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">dated as of November 11, 2019</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>between</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>ENSERVCO CORPORATION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">as Borrower</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>and</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><b>CROSS RIVER PARTNERS, L.P.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;">as Lender</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>This instrument and the rights and obligations evidenced hereby are subordinate in the manner and to the extent set forth in that certain Subordination Agreement (the &#8220;</b><u><b>Subordination Agreement</b></u><b>&#8221;) dated as of August 10, 2017 among, CROSS RIVER PARTNERS, L.P. (&#8220;</b><u><b>Lender</b></u><b>&#8221;), ENSERVCO CORPORATION, a Delaware corporation (the &#8220;</b><u><b>Borrower</b></u><b>&#8221;) and EAST WEST BANK, a California state-chartered banking corporation (the &#8220;</b><u><b>Bank</b></u><b>&#8221;) to the indebtedness (including interest) owed by the Borrower pursuant to that certain Loan and Security Agreement among the Borrower and the Bank dated as of August 10, 2017, as amended&nbsp; by the First Amendment to Loan and Security Agreement dated as of November 20, 2017, the Second Amendment to Loan and Security Agreement dated as of October 26, 2018 and the Third Amendment to Loan and Security Agreement dated as of August 12, 2019 (the &#8220;</b><u><b>Senior Credit Agreement</b></u><b>&#8221;) and as hereafter may be amended, supplemented or otherwise modified from time to time and to indebtedness refinancing the indebtedness under that agreement as contemplated by the Subordination Agreement; and each holder of this instrument, by its acceptance hereof, irrevocably agrees to be bound by the provisions of the Subordination Agreement. </b></p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><u><b>AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>THIS AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT</b> (this &#8220;<u>Agreement</u>&#8221;) is made and entered into as of November 11, 2019, by and between CROSS RIVER PARTNERS, L.P., a Delaware limited partnership (&#8220;<u>Lender</u>&#8221;) and ENSERVCO CORPORATION, a Delaware corporation (the &#8220;<u>Borrower</u>&#8221;).</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:center;"><u><b>RECITALS:</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>WHEREAS</b>, pursuant to the original Subordinated Loan Agreement made and entered into as of June 28, 2017 between the parties, the Lender made subordinated loans in the aggregate of $2,500,000 to the Borrower; and</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>WHEREAS</b>, on or about June 29, 2018 Borrower paid $500,000 of principal and associated interest of one of the subordinated loans under the original Subordinated Loan Agreement; and</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b>WHEREAS</b>, the Lender and the Borrower desire to amend and restate the original Subordinated Loan Agreement in its entirety in this Agreement;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp