SEC Contract Filing

Filing Date: 2020-08-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_199555.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:1.5pt;margin-top:0pt;text-align:center;"><u>FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT</u></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt; text-align: justify;">THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND WAIVER (this &#8220;<u>Amendmen</u>t&#8221;) , dated as of July 6, 2020, is entered into by and among ENSERVCO CORPORATION, a Delaware corporation, DILLCO FLUID SERVICE, INC., a Kansas corporation, HEAT WA YES HOT OIL SERVICE LLC, a Colorado limited liability company, HEAT WAVES WATER MANAGEMENT LLC, a Colorado limited liability company (collectively, &#8220;<u>Borrowers</u>&#8221;), and EAST WEST BANK, a California banking corporation (&#8220;<u>Lender</u>&#8221;), with reference to the following facts:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:75.45pt;margin-right:74.9pt;margin-top:0pt;text-align:center;"><u>RECITALS</u></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt; text-align: justify;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers and Lender previously entered into that certain Loan and Security Agreement, dated as of August 10, 2017, as amended 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 and Waiver dated as of August 14, 2019 (collectively, the &#8220;<u>Loan Agreement</u>&#8221;), pursuant to which Lender provides certain loans and other credit accommodations to Borrowers..</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt; text-align: justify;">B.&nbsp; &nbsp; &nbsp; Borrower and Lender wish to make certain amendments to the Loan Agreement as set forth herein.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">NOW, THEREFORE, the parties hereto agree as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt; text-align: justify;">1.&nbsp; &nbsp; &nbsp;&nbsp;<u>Defined Terms</u>. Any and all initially capitalized terms used, but not expressly defined herein (including, without limitation, in the recitals hereto), shall have the respective meanings specified in the Loan Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">2.&nbsp; &nbsp; &nbsp; &nbsp;<u>Amendments to Agreement</u>.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 8.55pt 0pt -2pt; text-indent: 68.85pt; text-align: justify;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 of the Agreement is hereby amended by restating subpart (c) in its entirety as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt; text-align: justify;">&#8220;(c)&nbsp; &nbsp;<u>Payments</u>. Interest hereunder on each Prime Rate Loan shall be due and payable on the first calendar day of each month during the term hereof. Interest hereunder on each LIBOR Loan shall be due and payable on the last day of each Interest Period applicable to such LIBOR Loan, <u>provided</u><u> </u>that if the Interest Period for any LIBOR Loan is longer than three (3) months, interest on such LIBOR Loan shall be payable on the day that is three (3) months after the start of such LIBOR period and on the last day of such LIBOR period. Lender shall, at its option, charge such interest, all Lender Expenses, all Periodic Payments and all other Obligations against any of Borrowers' deposit accounts or against the Revolvin